SEC: Money Fund Sweeps "Normal Oversight of Mutual Fund Industry". Yesterday, we reported that the SEC's "sweeps" were focusing on money market funds (see "SEC Conducts Sweep Inspection of Money-Mkt Funds" Says BoardIQ and see today's "Link of the Day: SEC Requests Money-Market Data" says WSJ). Today, we received a statement from the U.S. Securities & Exchange Commission. SEC spokesman John Nester says, "This is part of our normal oversight of the mutual fund industry. Our examiners are visiting a representative sample of money market mutual funds to better understand how fund advisors are responding to current conditions in the credit markets. We are looking at how funds complied with Rule 2a-7 that sets standards with respect to asset holdings, valuation and board oversight. Information from these reviews will assist the Commission and its staff in evaluating whether the rule is working effectively."

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