The PWG’s Report on Money Market Fund Reform

SIFMA and 12 other associations provide comments to the Securities and Exchange Commission (SEC) on the President’s Working Group (PWG’s) report on money market fund reform, File No. 4-619.  The SEC is contemplating further changes to the regulation of money market funds, including requiring these funds to abandon the stable $1.00 net asset value (NAV) in favor of a floating value, or combining significant capital requirements with holdback restrictions on redemptions.  The groups voice their strong concerns about these proposal, noting the proposals would fundamentally alter the structure of money market funds, rendering them far less desirable—if not unusable—for retirement savers and the plans they participate in. The groups urge the SEC not to pursue these proposals.