FA Mag on Aguilar, "Making Progress"
Financial Advisor Magazine writes on "SEC's Aguilar", speaking at the Hispanic Heritage Foundation Latino pension fund trustee forum in Washington, D.C., "The commissioner said the SEC has been making progress developing new money market mutual fund rules and he expects a public proposal soon. A year ago this month, the SEC presented two options for comment that it said could have been used in tandem or separately. One proposal is to allow the net asset value of money market shares to float, rather than be fixed at $1, in funds primarily used by institutional investors. The other proposal would allow funds to impose fees and other limits to prevent runs by retail and institutional investors. SEC Chair Mary Jo White said the aim of the rules would be to prevent runs like the one on the Reserve Primary Fund, which lowered the price of its shares below $1 in September 2008 because of its exposure to Lehman Brothers debt. The fund's move to "break the buck" helped fuel the financial crisis." (Note: Aguilar doesn't mention money funds in his prepared remarks, so we assume the magazine is quoting from a Q&A or private discussion afterwards.)
