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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.

Read more…

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:

Read more…

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.

Read more…

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.

Read more…

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.

Read more…

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.

Read more…

TOPICS: InternationalTaxes

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.”

Read more…

TOPICS: InternationalOperations and Technology

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.

Read more…

TOPICS: Fund Regulation

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