WASHINGTON, July 16 The U.S. Securities and
Exchange Commission announced late Wednesday it will meet July
23 to vote on final rules aimed at reducing investor risk in
money market mutual funds.
The SEC did not disclose details on how the rule will look.
Reuters previously reported the agency is leaning toward
adopting two measures that will require prime funds to switch
from a stable $1 per share net asset value to a floating NAV,
and also permit fund boards to impose gates or fees on
The SEC also said it will repropose a set of money fund
rules that reference credit ratings. Under the 2010 Dodd-Frank
Wall Street reform law, all financial regulators must strip out
references in their rules to credit ratings, in an effort to
encourage investors not to rely on them too heavily as a
benchmark for credit quality.
(Reporting by Sarah Lynch; Editing by Eric Beech)