Tags: SEC | schapiro | iosco | money market

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

Thursday, 21 June 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.”

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Thursday, 21 June 2012 11:42 AM
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