SEC Seeks Money-Fund Changes

Schapiro says agency will propose floating NAV and capital buffers.

The U.S. Securities and Exchange Commission will soon propose revamping rules for money-market mutual funds, pushing the options of a floating net asset value and capital buffers, SEC Chairman Mary Schapiro said today.

“Money-market funds, while perhaps not the cause of the downward spiral of events, certainly exacerbated the financial breakdown,” Schapiro said in remarks prepared for a Securities Industry and Financial Markets Association conference in New York. The SEC is pursuing “further structural reform” in the $2.6 trillion industry, she said.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.