This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FEI Committee Submits Comments To Financial Stability Oversight Council On Proposed Money Market Fund Reform

MORRISTOWN, N.J. and WASHINGTON, Feb. 14, 2013 /PRNewswire/ -- Financial Executives International (FEI), the association of choice for CFOs and other senior-level finance executives, today announced that its Committee on Corporate Treasury has filed a comment letter with the Financial Stability Oversight Council (FSOC) on the "Proposed Recommendations Regarding Money Market Mutual Fund Reform."

FEI advocates the need to preserve the structure of money market mutual funds (MMF) and has concerns with the three proposed reform options, which would require funds either to float their value (Floating NAV), create a capital buffer with certain investor redemption delays (NAV Buffer and Minimum Balance at Risk), or implement a capital buffer combined with other measures (NAV Buffer and Other Measures). The comment letter states the committee's continued belief that the reform options are unnecessary and may have a dampening effect on the money market industry and then a collateral effect on corporate treasurers and their companies.

The committee believes that the U.S. Securities and Exchange Commission's (SEC) 2010 amendments to Rule 2a-7 have been adequate MMF reforms, and cautions regulators from implementing any changes that would significantly modify their structure or undermine their usefulness to U.S. businesses.

"Corporate treasurers, many of which play the role of chief liquidity officers for their companies, consider money market mutual funds to be a valuable investment and financing vehicle for cash management purposes," said Marie Hollein, CEO and president, Financial Executives International. "In the wake of the financial crisis, it is ever more critical that money market funds remain a strong tool for businesses and we are concerned about the impact these proposed reforms could have on both the money market industry and the economy as a whole. As one of the leadings organizations representing corporate treasurers, we appreciate the opportunity to comment on these proposed options by the FSOC, and look forward to working with regulators on a resolution that will benefit companies."

FEI's Committee on Corporate Treasury (CCT) formulates policy positions regarding treasury matters for FEI in line with the views of the membership and when appropriate, works to educate relevant policymakers and regulators on issues impacting corporate treasurers. The full comment letter can be found at can be viewed at http://www.financialexecutives.org/fly/CCT-Comments-to-FSOC

About FEI Financial Executives International is the leading advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, teleconferences and publications. Members participate in the activities of 86 chapters, 74 in the U.S., 11 in Canada and 1 in Japan. FEI is headquartered in Morristown, NJ, with additional offices in Washington, D.C. and Toronto.  Visit www.financialexecutives.org for more information.

SOURCE Financial Executives International

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs