Eight leading managers of money-market mutual funds urged the SEC to alter the way it defines retail funds in proposed new rules for the industry.
The companies, including Fidelity Investments in Boston and New York-based BlackRock Inc., urged the commission in a letter yesterday to limit ownership of retail funds to natural persons, typically those with a social security number. The SEC has proposed that only funds restricting daily redemptions to $1 million be classified as retail.
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