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ARCHIVE
In Case You Missed It: Coverage of House Financial Services Committee Hearing on Funds
By Ianthé Zabel
June 28, 2011
The future of money market funds, how to define “systemic risk” to the financial system, and fiduciary standards for retirement plans were among the topics discussed at a hearing last week before the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises. ICI President Paul Schott Stevens testified at the hearing, along with representatives from ICI member firms Fidelity Management & Research Company and the Vanguard Group.
The hearing itself drew coverage in the news media, notably the following stories:
- SEC’s Floating-NAV Proposal Slowly Sinking
InvestmentNews - U.S. Mutual Funds: We Don’t Pose Systemic Risk
Reuters - U.S. House Witness Says Greek Default Not a Risk to Money Funds
Dow Jones Newswires
Here are a few more items of interest related to the hearing:
- Video Coverage: “Oversight of the Mutual Fund Industry: Ensuring Market Stability and Investor Confidence”
C-SPAN - U.S. Money Market Funds and Exposure to Greek Risk
Bloomberg TV
- Could Greek Crisis Affect Money Market Funds?
NPR Marketplace Radio
Ianthé Zabel is ICI’s Senior Director for Media Relations.
TOPICS: Fund RegulationGovernment Affairs
Before Congress, an Outpouring of Support for Money Market Funds
By Mike McNamee
June 28, 2011
Groups representing businesses and government officials from across the country recently sent a message to Congress: policymakers should preserve the fundamental features of money market funds. The occasion was last week’s hearing, “Oversight of the Mutual Fund Industry: Ensuring Market Stability and Investor Confidence,” held by the House Financial Services Committee’s Subcommittee on Capital Markets and Government Sponsored Enterprises.
TOPICS: Money Market Funds
Wall Street Journal Editorial Gets It Wrong Again on Money Market Funds
By Mike McNamee
June 27, 2011
The Wall Street Journal posted another misleading editorial on money market funds. ICI President and CEO Paul Schott Stevens has submitted a letter to the editor in print and online to respond. Here is the text of his submission:
TOPICS: Money Market Funds
Money Market Funds and European Debt: Setting the Record Straight
By Sean Collins and Chris Plantier
June 20, 2011
Recent events in Greece have drawn the media’s attention to indirect exposure that U.S. money market funds may have to European sovereign debt through their holdings of securities issued by European banks.
TOPICS: Money Market Funds
DOL Should Allow E-Delivery as Default for Plan Communications, Says ICI
By Anna Driggs
June 17, 2011
Given dramatic changes in technology over the last decade, the Department of Labor (DOL) should allow retirement plans to make e-delivery the default method for communicating plan information, ICI said in a recent comment letter. E-delivery will enhance communication and improve the security and privacy of personal and account information.
TOPICS: Retirement Policy
ICI Supports Treasury Proposal to Maintain Efficiency and Transparency of Foreign Exchange Swaps and Forwards Market
By Heather L. Traeger
June 16, 2011
Foreign exchange swaps and forwards are contracts that mutual funds and other investors use to help manage their portfolios. ICI members therefore have a strong interest in ensuring the market for foreign exchange (FX) swaps and forwards is highly competitive, efficient, transparent, and fair.
TOPICS: Financial Markets
Cracking Down on Tax Evaders Without Cracking Up U.S. Capital Markets
By Keith Lawson
June 15, 2011
The Foreign Account Tax Compliance Act (FATCA) is a law designed to ensure that U.S. persons holding assets through accounts in foreign financial institutions comply with their U.S. tax obligations. In other words, the law aims to crack down on tax evasion through offshore investments. It is set to apply to payments made beginning January 1, 2013.
TOPICS: TaxesInternational
Switching to International Accounting Standards Wouldn’t Likely Benefit U.S. Fund Investors, ICI Tells SEC
By Gregory M. Smith
June 14, 2011
A key issue for ICI’s Operations team is regulator interest in harmonizing worldwide accounting standards. As Donald Boteler, ICI’s Vice President for Operations and Continuing Education, said in ICI’s latest annual report, “It’s a noble purpose, but it’s a big, big challenge.”
TOPICS: Operations and TechnologyInternational
Take One Idea Off the Table: Forcing Money Market Funds to Float
By Mike McNamee
June 3, 2011
The Investment Company Institute would like to thank the Wall Street Journal for its balanced approach in analyzing the debate over money market fund regulation—providing countervailing views from Yale University Professor Jonathan Macey and Columbia Law School Professor Jeffery Gordon about how to make money market funds even more resilient in the face of the next financial crisis.
TOPICS: Fund Regulation
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