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FSOC Will Defer to SEC on MMFs

The FSOC’s 2013 Annual Report states that the council will not issue final recommendations on money market fund reform if the SEC moves forward with “meaningful structural reforms.”  The report goes on to say that the “SEC, by virtue of its institutional expertise and statutory authority, is best positioned” to address money market funds.  In November 2012, the FSOC issued proposed recommendations on money market fund reform after the SEC decided not to release former Chairman Mary Schapiro’s money fund proposal for public comment.  The FSOC received approximately 150 comment letters on its proposal and, in its annual report, urges the SEC to consider these comments as it considers regulatory action.


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