US Chamber Asks SEC To Abandon Money Market Fund Regs

Law360, New York (May 31, 2012, 4:19 PM EDT) -- The U.S. Chamber of Commerce on Thursday urged the U.S. Securities and Exchange Commission to ditch a proposal for new rules restricting money market mutual funds, saying the regulation would fundamentally alter the funds to the detriment of investors.

The proposed rules could stop investors from using MMMFs, and existing rules are sufficient to ensure the safety of the instruments, a coalition of U.S. Chamber member businesses told SEC Chairwoman Mary Schapiro in Thursday's letter.

“Current rules governing MMMFs — updated as recently as 2010 —...
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