Eight large investment companies that manage nearly $1.2 trillion in U.S. money market mutual funds have asked the U.S. Securities and Exchange Commission to reconsider how the exemption for retail money market mutual funds is worded in the commission's proposed industry reforms.
The reforms, which could impact the defined contribution retirement plans that offer money-market funds, were introduced in June as a reaction to how the industry dealt with the 2008 financial crisis. The SEC wants to make investments in mutual funds safer for individuals who rely on them for future retirement income.
The commission proposed to define a retail fund as a fund that does not permit any shareholder of record to redeem more than $1 million of redeemable securities on any one business day.
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