White offers little on future of MM reform

MAY 05, 2013
Making her first major public speech to an audience of mutual fund executives, Securities and Exchange Commission Chairman Mary Jo White said next to nothing about one of their biggest concerns: a regulatory revamp for money market funds. “As the SEC works to develop and propose meaningful money market fund reform, our goal is to preserve the economic benefits of the product while addressing potential redemption pressures and the susceptibility of these funds to runs — runs in which retail investors are especially likely to suffer losses,” she told the audience at an Investment Company Institute conference in Washington last Friday. The SEC scrapped a proposal last summer that would have offered a couple of alternatives for strengthening rules. One would have allowed the net asset value of funds to fluctuate with changing market conditions; the other would have been to require funds to maintain capital reserves and institute redemption controls. The SEC will re-propose a money fund rule “in the near future,” Ms. White said without offering specifics, even when ICI president Paul Schott Stevens tried to draw her out during a Q&A session.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.