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Fidelity to SEC: Money funds don't need further reform

Fidelity says any additional overhaul should exclude Treasury, government and tax-exempt funds.

By Melanie Waddell | Updated on January 28, 2013

Fidelity Investments told the Securities and Exchange Commission on Friday that the investment company believes that the 2010 reforms made to money market funds were “sufficient,” and that if the SEC decides to issue further reform proposals that they “be based on data and facts that are accurate and complete” and that Treasury, government and tax-exempt money-market mutual funds be exempt from any further reform.

Scott Goebel, senior vice president and general counsel at Fidelity, told the SEC in his Jan. 24 comment letter that Fidelity was responding to the SEC study issued last November on money-market funds that was requested by three SEC commissioners, Luis Aguilar, Troy Paredes and Daniel Gallagher.

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