ICI Meets with SEC on 2a-7 Proposals
Last week, representatives of the Investment Company Institute had another meeting with the Securities and Exchange Commission to discuss the SEC's Money Market Reform Proposals. A statement entitled, "Memorandum from the Office of the Chairman regarding a December 1, 2009, meeting with representatives of the Investment Company Institute," says, "On December 1, 2009, representatives from the ICI and its members met with the following SEC representatives: Mary L. Schapiro, Chairman; Andrew J. Donohue, Director, Division of Investment Management; and Jennifer B. McHugh, Senior Advisor to the Chairman. Attending from the ICI and its members were Paul Stevens and Karrie McMillan of the ICI; George Gatch of JPMorgan Asset Management; John McGonigle of Federated Investors; Jack Brennan of Vanguard; Marty Flanagan of Invesco; and Jaques Perold of Fidelity. The ICI representatives discussed the proposals regarding money market fund reform contained in SEC Release No. IC-28807 and expressed their general support for the proposals. The ICI representatives also discussed their lack of support for idea of floating net asset values for money market funds." The final version of the SEC's proposals are expected in the first quarter of 2010, according to the December Money Fund Intelligence. The full Comments on Proposed Rule: Money Market Fund Reform may be seen here.
