BISYS has won an exemptive order from the Securities and Exchange Commission to allow 12 of its mutual fund clients to invest greater amounts of non-money market funds in affiliated money market funds. The order will allow each of the funds to invest as much as 25% of total assets in un-invested cash or cash collateral raised through securities lending. The previous statutory limits would only permit a single fund to invest no more than 5% of its assets or a maximum of $2.5 million in an affiliated money market fund, and for all of the funds in a complex to invest no more than 10% of their assets.

The SEC has also agreed to allow the funds receiving money from affiliated managers to collect fees on those assets, pending board approval. Previously, the advisor had to waive fees on assets invested in affiliated funds.

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