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Ratings Agency Reform Impacts Money Fund Regulations Says ICI

Mar 20 07
The U.​S. Securities and Exchange Commission'​s implementation of the recent "​Credit Rating Agency Reform Act of 2006", legislation is meant to increase competition among ratings agencies (NRSROs, or nationally recognized statistical ratings organizations). But it will also impact money market mutual funds. The Investment Company Institute comments, "​Given the large numbers of investors [​nearly 40 million] and assets [$​2.​4 trillion] in money market funds, we recommend that the Commission evaluate the need for any appropriate changes to Rule 2a-​7. The Commission'​s review can ensure that there are no unintended consequences for money market funds caused by the new NRSRO regulatory structure."
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