SEC Commissioners Fault Schapiro

Gallagher and Paredes critize chairman's handling of discussions on money-fund regulations.

Two U.S. Securities and Exchange Commission members faulted chairman Mary Schapiro’s handling of discussions over rules governing money-market funds, saying she misrepresented other commissioners’ dissents after proposing regulations that could “severely compromise” the industry.

“The changes the Chairman advocated were not supported by the requisite data and analysis, were unlikely to be effective in achieving their primary purpose, and would impose significant costs on issuers and investors while potentially introducing new risks into the nation’s financial system,” Republican commissioners Daniel Gallagher and Troy Paredes said yesterday in a statement.

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 This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.