Major firms are willing to consider a compromise on a key
issue delaying a new regulatory plan for the $2.6 trillion money-market
mutual-fund industry, the WSJ reports. The
firms said in a May 8 meeting in Washington that they would consider supporting
a watered-down version of a plan floated by the Securities and Exchange
Commission to limit how quickly investors can withdraw their money, people
familiar with the matter told the Journal.
The SEC, which called the meeting, was receptive to the
idea. If the two sides can come together, it would represent a major turning
point in SEC Chairman Mary Schapiro's long-running campaign to beef up
regulation of money funds. Officials
from fund giants BlackRock, Vanguard Group Inc., J.P. Morgan Chase, and Invesco
attended the meeting. Another meeting is scheduled in June. The talks still
could fall apart….
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