Tags: SEC | schapiro | iosco | money market

SEC’s Schapiro: IOSCO Money Market Release Was ’Screwup’

Thursday, 21 Jun 2012 11:42 AM

U.S. Securities and Exchange Commission Chairman Mary Schapiro said the International Organization of Securities Commissions prematurely released a study of potential changes to money-market fund regulation in April.

The study’s release, which drew objections from three of the SEC’s five commissioners, was a “genuine screwup,” Schapiro said at a Senate Banking Committee hearing Thursday in Washington. IOSCO, based in Madrid, is an international organization of securities regulators, including the SEC.

Options in the study included changing the money-market fund industry’s stable net asset value. The two Republican members of the SEC, Troy Parades and Daniel Gallagher, joined Commissioner Luis Aguilar, a Democrat, in issuing a rare statement on May 11 saying IOSCO’s report “does not reflect the views and input of a majority of the Commission.”

© Copyright 2017 Bloomberg News. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved