ICI Braces for SEC's Money Fund Proposals

Investment Company Institute chief public communications officer Mike McNamee is speaking out in anticipation of the Securities and Exchange Commission hearing on money market fund reform.

In a statement from the trade org, McNamee said: “We expect this proposal will reflect the extensive research and discussion among commissioners and staff since last summer. As Chairman [Mary Jo] White has said repeatedly, the goals of any reform must include preserving the economic benefits of money market funds—both for investors and for the businesses and state and local governments that rely upon these funds for financing.”

The meeting will be held June 5th at 10:00 am.

In her first major public address at the general membership meeting of the ICI, White said the fund industry should expect an "appropriate and balanced proposal in the near future" on a new round of reforms for the $2.7 trillion money market fund business.

She stopped short of providing any indication of what the content or nature of the proposal will be. But said the product will be "informed by and can be shared with other regulators in the global marketplace."