SEC Final Rules Page
We'll keep checking the SEC Final Rules Page for the full posting of the SEC's Money Market Fund Reform regulations, which are expected early this week. Click here to view last week's Open Meeting Webinar. Chairman Mary Schapiro, in her Statement on Money Market Funds Before the Open Commission Meeting, says, "The Commission today is considering adopting significant revisions to our oversight of money market funds -- revisions that include increasing credit quality, improving liquidity, shortening maturity limits, and requiring the disclosure of a fund's actual 'mark-to-market' net asset value, known as a 'shadow NAV,' on a delayed basis." Additional statements by SEC Commissioners include: Commissioner Luis A. Aguilar's "Fortifying the Money Market Framework Upon Which Investors and Issuers Rely," Commissioner Troy A. Paredes' brief "Statement at Open Meeting Regarding Money Market Fund Reform, and Kathleen L. Casey's "Statement on Proposing Release, Money Market Fund Reform. Casey, the only Commissioner to vote against the Money Market Fund Reform proposals, says, "While I appreciate many of the reform proposals set forth in today's adopting release, such as the enhancements to liquidity and maturity, they simply do not go far enough." Finally, click here for the SEC's Proposed Rules page (page down to June 30, 2009). See also, WSJ's "Short-Term Bonds May Disappoint Investors This Year" and WSJ's "Don't Ease Off the Repo Men". Look for Crane Data's Pete Crane Monday at the American Securitization Forum in Washington DC.
