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SEC Seeks Money-Fund Changes

Schapiro says agency will propose floating NAV and capital buffers.

By Jesse Hamilton and Christopher Condon, Bloomberg | Updated on November 08, 2011

The U.S. Securities and Exchange Commission will soon propose revamping rules for money-market mutual funds, pushing the options of a floating net asset value and capital buffers, SEC Chairman Mary Schapiro said today.

“Money-market funds, while perhaps not the cause of the downward spiral of events, certainly exacerbated the financial breakdown,” Schapiro said in remarks prepared for a Securities Industry and Financial Markets Association conference in New York. The SEC is pursuing “further structural reform” in the $2.6 trillion industry, she said.

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