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23 February, 2010 - cmfi

On February 23, 2010, the Securities and Exchange Commission ( 'SEC" ) posted new money market fund rules on its website  Click on the following link to review this 220-page document: http://www.sec.gov/rules/final/2010/ic-29132.pdf.

 
As a result of the financial crisis, the SEC is amending its current money market fund rules to make these funds more resilient to short-term market risks and to improve investor protections.

 
One of the provisions in the SEC' s  proposed rules...

13 October, 2009 - cmfi

On October 13, 2009, the Coalition of Mutual Fund Investors (CMFI) released a new study examining the payments being made by mutual funds to third-party financial intermediaries for shareholder servicing and recordkeeping activities.
 
This CMFI study concludes that as much as $9.6 billion in excess fees are being paid each year for servicing activities within hidden accounts managed by these financial intermediaries.  This excess cost is adding approximately 25 basis points to the average shareholder's account.
 
Remarkably, the payments...

10 September, 2009 - cmfi

On September 10, 2009, the Coalition of Mutual Fund Investors (CMFI) sent a comment letter to the Securities and Exchange Commission (SEC), regarding proposals by the SEC to reform its money market fund rules.
 
The CMFI comment letter advocates that the proposed rule amendments include a provision that requires full transparency in third-party hidden accounts, so that money market funds can evaluate liquidity risks at the investor level more accurately and on a real-time basis.
 
Click on the following link to review this CMFI comment letter to...

24 June, 2009 - cmfi

On June 24,2009, the Coalition of Mutual Fund Investors (CMFI) received a letter from SEC Chairman Mary Schapiro, regarding CMFI's request that the SEC add the issue of hidden mutual fund accounts to its regulatory agenda for 2009.
 
Chairman Schapiro responded to a CMFI letter of May 6, 2009, which included a copy of CMFI's recent White Paper on market timing and other risks to long-term shareholders within hidden accounts.
 
In her letter, Chairman Schapiro pledged to give careful consideration to the problems of hidden accounts and to...

30 March, 2009 - cmfi

On March 30, 2009, the Coalition of Mutual Fund Investors (CMFI) released a White Paper on the problems presented by hidden, third-party mutual fund accounts.  CMFI's White Paper analyzes the risks of increased arbitrage payments in hidden accounts, and suggests several solutions to bring full transparency to these accounts, in order to protect the interests of individual investors.
 
Click on this link to our CMFI Studies Page to review the CMFI White Paper: http://www....

29 January, 2009 - cmfi

On January 29, 2009, the Coalition of Mutual Fund Investors (CMFI) received a written response to its December 2008 letter to then-SEC Chairman Christopher Cox, urging the Commission to tackle the problems of hidden omnibus accounts and third-party payments to intermediaries.  Both of these regulatory problems require significantly more transparency, according to the Coalition's letter of December 15, 2008.
 
The SEC's response reflects the current views of the staff at the agency.  Click here to read this SEC letter:...

23 October, 2008 - cmfi

The Coalition of Mutual Fund Investors (CMFI) sent a letter to the Treasury Department and the Securities and Exchange Commission on October 23, 2008, regarding the Federal government's money market guarantee program.  The CMFI letter recommends that SEC Rule 22c-2 be used to improve the protections available to individual investors, if a money market fund is forced to liquidate in the current financial crisis.

 

Click on the following link to review this letter from the Regulatory Tracker section of the CMFI website:...