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ARCHIVE
Sticking to the Facts of Money Market Fund Regulation
By Dan Waters
October 25, 2012
In a recent column, the Evening Standard’s Anthony Hilton includes money market funds as part of a network he suggests forms “an unregulated zone” with “no oversight.”
This line of thinking runs counter to the facts. European and U.S. money market funds are among the most heavily regulated and transparent financial products. After the financial crisis, the rules governing these funds were tightened considerably by regulators in North America (Canada and the United States), as well as by the Institutional Money Market Funds Association in its Code of Practice.
In the United States, the recent push to impose floating net asset values and other structural rule changes for money market funds was broadly opposed by investors who rely on these funds as conservative choices for cash management.
As regulators examine possible reforms for money market funds, they should harmonize the views expressed by investors and regulators in a range of other jurisdictions. This approach is most likely to foster systemic stability.
Dan Waters is the managing director of ICI Global.
TOPICS: Fund RegulationICI GlobalMoney Market Funds
IDC Paper Assists Boards in Oversight of ETFs
By Annette Capretta
October 19, 2012
The Independent Directors Council (IDC) has issued a new paper, Board Oversight of Exchange-Traded Funds in order to assist directors of exchange-traded funds (ETFs) in performing their oversight responsibilities. The demand for ETFs has grown markedly as investors—both institutional and retail—increasingly turn to ETFs as investment options in their portfolios. With the increase in demand, sponsors have offered more ETFs with a greater variety of investment objectives. Our paper also may be useful for directors who do not currently oversee ETFs but wish to be more familiar with a board’s oversight role, including those whose fund groups may currently invest in ETFs or intend to launch ETFs in the future.
TOPICS: Exchange-Traded FundsFund Governance
The Facts and Principles That Must Guide Money Market Fund Reform
By Dan Waters
October 3, 2012
In Madrid this week, the board of the International Organization of Securities Commissions will choose their course of action on money market funds.
Transparency and Inclusiveness Are Key to Addressing FATCA Challenges
By Keith Lawson
October 3, 2012
U.S. officials, their counterparts overseas, and representatives from the private sector continue to make impressive headway in implementing the Foreign Account Tax Compliance Act (FATCA).
TOPICS: ICI GlobalTaxes
The Wall Street Journal’s Blind Spot on Money Market Funds
By Paul Schott Stevens
October 3, 2012
The Wall Street Journal editors’ Sisyphean labors on money market fund regulation apparently have rendered them incapable of understanding the plain facts of the case.
TOPICS: Money Market Funds
How to Build on the Success of 401(k)s
By Paul Schott Stevens
October 1, 2012
The trend toward 401(k) plans has strengthened Americans’ prospects for secure retirement, as I discussed recently in a speech before the Commonwealth Club of California.
TOPICS: NONE
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