Law360, New York ( November 28, 2012, 1:52 PM EST) -- On Nov. 13, 2012, stating that "[r]eforms to address the structural vulnerabilities of money market mutual funds … are essential to safeguard financial stability," the Financial Stability Oversight Council (FSOC) voted unanimously to propose for public comment possible recommendations for money market fund reform. FSOC's vote signals a growing impatience with the status quo and in effect rejects reform measures proposed by the money market fund industry such as implementing liquidity fees and/or temporary restrictions on redemptions during times of market stress....
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