SEC Commissioner Luis A. Aguilar, the swing vote that put a halt to Chairman Mary Schapiro’s plans for money market regulatory reform, said in a statement issued on Thursday that the agency should look at the “cash management industry as a whole” instead of zeroing in only on money market funds.

“I am, and continue to be, supportive of the Commission putting forward a thoughtful and deliberative concept release that asks serious and probing questions about the cash management industry as a whole to diagnose its frailties and assess where reforms are required. This release should include all pooled cash management mechanisms so that the Commission is knowledgeable about how trillions of dollars are managed and understands how this money is able to move from the regulated, transparent money market fund market to the opaque, unregulated markets,” said Aguilar, a former attorney for Atlanta-based fund manager Invesco.

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