WASHINGTON, July 23- U.S. regulators adopted moderate reforms for money market mutual funds on Wednesday, in what amounted to a compromise that aims to balance the need to reduce the risk of runs on the funds while still protecting the product's utility for investors.
WASHINGTON— Regulators have voted by a narrow margin to end a longtime staple of the investment industry— the fixed $1 share price for money-market mutual funds— at least for some money funds used by big investors.
The reform will impact a wide variety of asset managers, from Blackrock Inc, Fidelity and Vanguard to Charles Schwab Corp, Pimco and Federated Investors Inc.. The two-pronged reform for the $2.6 trillion industry comes after a long battle between the SEC, the industry and federal banking regulators.
NEW YORK/ WASHINGTON, June 4- A federal appeals court on Wednesday handed the U.S. Securities and Exchange Commission a big victory by voiding a judge's pathbreaking decision to reject the regulator's $285 million fraud settlement with Citigroup Inc..
The SEC's five commissioners are weighing a proposal to reduce the risk of runs on money market funds, like the one seen in 2008 when the Reserve Primary Fund's net asset value fell below $1 per share as panicked investors withdrew money to avoid exposure to Lehman Brothers.
Piwowar's comments come as the SEC's five commissioners are weighing a proposal to reduce run risks on money market funds, like the one seen in 2008 when the Reserve Primary Fund's net asset value fell below $1 per share as panicked investors yanked out their money to avoid exposure to Lehman Brothers.
Former SEC Chair Mary Schapiro shares her opinion on her successor Mary Jo White's "tough cop" image, as well as her confidence in the agency.
Former SEC Chair Mary Schapiro discusses whether capital markets are more transparent today than they were 5 years ago, derivatives regulation and Mark Cuban's take on the SEC.
The Senate Banking Committee is set to hold a hearing on Thursday to examine whether regulators inappropriately "outsource" oversight to consultants that are paid billions of dollars by the banks. The NY Times reports.
President Obama nominated Mary Jo White to lead the Securities and Exchange Commission, tapping an attorney with broad experience in prosecuting white-collar crimes to lead an agency that has a central role in implementing Wall Street reform.
Robert Khuzami, the enforcement director at the U.S. Securities and Exchange Commission who worked to rebuild the SEC's tarnished image after the Madoff scandal and the financial crisis, is departing the agency, the SEC announced on Wednesday.
SEC head Mary Schapiro is stepping down, and CNBC's Eamon Javers has word on her "desinated" successor. And John Harwood reports on movement toward avoiding the fiscal cliff as Congress returns to work following the Thanksgiving holiday.
SEC head Mary Schapiro is stepping down, and Commission Member Elisse Walter has been designated as her replacement, reports CNBC's Eamon Javers. Jeff Kilburg, Killir Kapital Management, weighs in.
Nov 2- The health of the U.S. economy has been central to the campaign for the White House, with both President Barack Obama and Republican challenger Mitt Romney seeking to convince voters they have a plan to usher in faster growth and job creation.
*Bair renews backing for ideas like ending $1 per share. *Fund firms seek compromise for oversight of $2.5 trillion industry.
*Geithner wants FSOC to step in after SEC failed to act.
*Citi fired top Internet analyst and junior analyst. BOSTON/ SAN FRANCISCO, Oct 26- Citigroup fired its top Internet analyst, Mark Mahaney, and paid a $2 million fine to a Massachusetts regulator to settle charges that the bank improperly disclosed research on Facebook IPO and information on other tech companies.
WASHINGTON, Oct 25- Two influential U.S. senators on Thursday urged regulators to resolve any differences and finish writing a controversial ban on proprietary trading known as the Volcker rule.
The financial overhaul law passed in 2010 called for new oversight of derivatives, the complex investments blamed for hastening the financial crisis, and required the SEC to write the rules.
Oct 11- U.S. prime money market funds continued to increase their investments in Canadian and Japanese entities during the third quarter of 2012, according to a new report by Fitch Ratings. In August 2012, Fitch-rated prime MMFs allocated 6.4% of their assets to ABCP and are expected to continue the declining trend.