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Fund Groups Launch MMF Alternatives
May 21, 2013
In advance of anticipated SEC rule changes that would require institutional money market funds to float their NAVs, some fund groups are launching ultra-short bond funds that could compete directly with money funds for corporate cash. These ultra-short bond funds are considered money market… read more
Supreme Court to Hear Fidelity Whistleblower Case
May 20, 2013
The Supreme Court agreed to consider whether the Sarbanes-Oxley Act whistleblower protections apply to private advisers that provide services to mutual funds. The case involves two former Fidelity employees who reported possible security law violations, including the alleged improper retention of $10 million in fees. … read more
Chairman Mary Jo White Testifies on the Hill
May 17, 2013
SEC Chairman Mary Jo White testified in front of the House Financial Services Committee yesterday. In her testimony, the Chairman provided a summary of the agency’s current activities. With respect to the Division of Investment Management, she mentioned the staff’s current work on updating valuation… read more
Moody’s Analysts Predict MMF Industry to Shrink
May 14, 2013
Moody’s analysts are predicting that the money market fund reform proposal being considered by the SEC will cause some smaller providers to go out of business, according to Bloomberg. The proposal is reported to require institutional prime funds to float their NAV. Moody’s has… read more
SEC Cost-Benefit Analysis Bill to be Considered by House
May 14, 2013
The House of Representatives is expected to vote soon on legislation that would impose additional requirements on the SEC’s cost-benefit analysis process. The "SEC Regulatory Accountability Act" mandates that the SEC Office of the Chief Economist participate in any cost-benefit analysis and would require the… read more