Money Market Fund Resource Center
On June 24, the U.S. Securities and Exchange Commission (SEC) proposed changes to the rules governing money market funds. The fund industry has also extensively studied the need for new regulatory and oversight standards, principally through the efforts of the Money Market Working Group, a body convened by ICI in 2008 to study how to strengthen the money market and money market funds. ICI’s Board of Governors unanimously endorsed recommendations contained the Report of the Money Market Working Group in March 2009.
The SEC proposal, like the Report of the Money Market Working Group, addresses new standards in several key areas, including: credit quality, liquidity, and maturity. In September 2009, ICI filed a comment letter on the proposal, expressing generally strong support while reinforcing key points made in the Report of the Money Market Working Group. ICI will update this page as the regulatory reform process moves forward.
The SEC Proposal on Money Market Funds
- Wall Street Journal v. The Facts on Money Market Funds (letter to the editor)
- ICI Comments on SEC's Money Market Reforms (press release)
- IDC Comments on SEC's Money Market Reforms (press release)
- Chairman Mary L. Schapiro Statement at SEC Open Meeting: January 27, 2009 (statement)
- SEC Open Meeting Fact Sheet (pdf)
- Archived SEC Open Meetings Webcast: January 27, 2009 (webcast)
- Independent Directors Council Comment Letter on SEC Proposal on Money Market Fund Reform (comment letter)
- ICI Comment Letter on SEC Proposal on Money Market Fund Reform (comment letter)
- ICI Opposes Floating Net Asset Value for Money Market Funds (news release)
- ICI Statement on SEC Proposal on Money Market Fund Reform (news release)
- Archived SEC Open Meetings Webcast: June 24, 2009 (webcast)
The Money Market Working Group
- Mutual Fund Leaders Endorse Reforms to Strengthen Money Market Funds (news release)
- Report of the Money Market Working Group (pdf)
- Summary of Recommendations (pdf)
- Resolution of the Board of Governors
- Independent Directors Council Strongly Supports Recommendations of ICI Money Market Working Group (news release)
- Frequently Asked Questions About the Report
Fact Sheets from the Report
- Final Recommendations (pdf)
- Rejected Proposals (pdf)
- Role of Money Market Funds (pdf)
Background on the Money Market Working Group
- ICI Establishes Money Market Working Group (news release)
- Group of Thirty Money Market Proposals Will Harm Investors and the Economy (op-ed)
- Of Black Swans and Money Market Funds (speech)
- Weathering the Financial Crisis (webcast)
- Do Money Market Funds Have a Future in the New Financial System? (webcast)
Background on Money Market Funds
