Trigger Portfolio Oversight
Money Market Fund Reform Proposal to be Voted on August 29th
August 09, 2012
On August 29th the SEC plans to vote on whether to propose money market reform, according to the Wall Street Journal. The article states that the SEC has set a date for the public vote in an effort to force all five commissioners to take a public position. However, the August 29th date "could be delayed as Ms. Schapiro works to gain support." An official notice of the meeting has not yet been posted on the SEC's website. If a majority of the SEC commissioners vote for the proposal, the regulatory changes would be submitted to the public for comment. The SEC would then have to approve a final rule before any changes could take effect.
The money market fund reform proposal under consideration by the SEC would require funds to either float their NAV or maintain a capital buffer and implement holdback provisions so that investors could not withdraw their entire investment at one time.
- Tags: none