Shapiro Mentions Money Funds
U.S. Securities and Exchange Commission Chairman Mary L. Schapiro gave a speach Friday entitled, "Evolving to Meet the Needs of Investors, an Address to the Practising Law Institute's SEC Speaks Program. The talk briefly mentioned money market mutual funds, saying, "Additionally, just this week, because of our actions, investors for the first time were able to access detailed information that money market funds file with the Commission -- including their "shadow NAV" or net asset value. While the Commission uses this information in its real-time oversight of money market funds, we believe that public disclosure can provide investors and market analysts with useful insight for their evaluation of funds. Going forward, we will be working with our regulatory colleagues to assess the various options for making sure these funds are as safe and structurally sound as investors are led to believe." In other news, some late entries to the President's Working Group Report on Money Market Fund Reform Request for Comment on the SEC's website have appeared, including: a Memorandum from the Office of the Chairman regarding a January 26, 2011, meeting with representatives of Fidelity, which says, "On January 26, 2011, Didem Nisanci, Ricardo Delfin, James Burns and Jennifer McHugh of the Chairman's Office, along with Robert Plaze and David Vaughan of the Division of Investment Management met with following representatives of Fidelity: Peter Stahl, John Lunter, Kevin Meagher, and James Febeo along with Laura Unger of Promontory Financial Group. Among other issues, the Fidelity representatives discussed the views expressed in Fidelity's January 10, 2011 comment letter on the President's Working Group Report on Money Market Fund Reform, including the letter's recommendation of the creation of a mandatory reserve within money market funds."
