BANKING & FINANCE - Dec. 28, 1995
Times Staff and Wire Reports
SEC to Change or Scrap Money Market Plan: The Securities and Exchange Commission said it expects to revise or scrap a rule proposal aimed at increasing the frequency with which money market funds must report their investment holdings. Citing objections from the mutual fund industry, SEC investment management chief Barry Barbash said that agency staff will propose revisions in the plan, or its elimination altogether, to commissioners by March 31. Many industry participants said that the July proposal was too costly, infringed on the confidentiality of companies’ investment strategies and would be ineffective at identifying rapidly changing portfolios. SEC rule proposals are typically revised rather than scrapped, Barbash said.
