WSJ on SEC Retail MMF Definition
The Wall Street Journal writes "SEC Set to Alter Stance on Money Funds". The article, which doesn't appear to contain anything new (retail money funds were exempted from the floating NAV in the SEC's June 2013 proposal), says, "U.S. securities regulators, under pressure from the asset-management industry, are preparing to exempt a majority of money-market mutual funds from a central plank of rules intended to curb risks in the $2.6 trillion market, according to people familiar with the agency's discussions. The Securities and Exchange Commission, poised to implement structural changes to money funds in coming months, is expected to broaden an exemption for mom-and-pop retail investors from requirements that certain money funds abandon their signature $1 share price and float in value like other mutual funds, these people said.... The revised approach would mark a victory for mutual-fund companies that have pressed the SEC to scale back provisions from a June proposal. It also would deal a blow to other regulators, including 12 regional Federal Reserve Bank presidents, who have argued for tougher rules requiring more funds, including those catering to retail investors, to float share prices.... If the SEC approves a final rule with those changes, as much as two-thirds of the industry could be exempt from the floating share-price requirements, according to Peter Crane, president of Crane Data, which tracks the industry."
