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Schapiro Affirms the Role of Directors in Money Market Reform

Last week, the Mutual Fund Directors Forum received a letter from SEC Chairman Mary Schapiro, thanking the Forum for its May 22 letter concerning directors' views of potential changes in money market fund regulation. As we reported in our June 1 post, "Forum Comments on Potential Money Market Reforms," the Forum sent a letter on behalf of independent directors to the Commission providing reaction to proposals that have been made by others to either radically change or eliminate money market funds.

In her letter to the Forum, Chairman Schapiro affirms the "critical role in the oversight of money market funds" that independent directors play. She notes that "[g]iven the overall importance of independent directors to the regulatory framework for mutual funds," she looks forward to hearing the thoughts of fund directors about any proposed regulatory changes in this area.

The Forum will continue to monitor developments in this area and will provide comments and other input to the Commission where appropriate on behalf of fund independent directors.

Chairman Schapiro's response to the Forum's letter is available here.

The Forum's May 22, 2009 letter to the Commission is available here.

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