Reuters: Regulatory News: US SEC formally proposes new rules for money market funds

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US SEC formally proposes new rules for money market funds Jun 5th 2013, 15:52 WASHINGTON, June 5 | Wed Jun 5, 2013 11:52am EDT WASHINGTON, June 5 (Reuters) - U.S. securities regulators on Wednesday voted unanimously to propose reforms that would target a portion of the $2.6 trillion money market fund industry, aiming to reduce the risk that panicked investors might abruptly withdraw their money in times of stress. The Securities and Exchange Commission's two-pronged proposal would require prime funds used by institutional investors to move to a floating net asset value from a stable value. It would also allow fund boards of all non-government funds to impose a combination of liquidity fees and gates during times of stress. The two alternatives could be adopted alone or jointly.

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