秒撤退超过金钱基金规则

证券和交易委员会计划要求货币市场基金让他们的资产价值浮动看起来像是在水中死亡，从第二届努力划桨远离这个想法。

甚至被视为支持这个想法的专员似乎受到行业反对的悲痛。When SEC commissioner Elisse Walter, in a speech at the Investment Company Institute’s annual Mutual Funds and Investment Management Conference in Phoenix on March 19th, said she would speak on “a topic that is near and dear to your hearts and to mine — money market funds,” she also said she could “feel the oxygen leaving the room.”

Walter’s remarks followed those of ICI general counsel Karrie McMillan, who had termed the SEC’s plans for money fund reform “outrageous.”

What a difference a few months makes. Last November, SEC chairman Mary Schapiro已知that the SEC was going to go for a second round of rulemaking on money market funds as a follow-on to the original reforms it adopted in February 2010. In a major speech at the Securities Industry and Financial Markets Association’s annual meeting in New York City, Schapiro said the first round of reforms had “tightened credit quality standards, shortened weighted-average maturities and, for the first time, imposed a liquidity standard,” but she described the stable $1.00 net asset value (NAV), which is unique to money market funds, as “brittle” and said the SEC was considering making money funds float their NAVs — like all other mutual funds — while also requiring them to institute “capital buffers, possibly combined with redemption restrictions.”

Schapiro ended her speech by stating, “And I look forward to sharing a reform proposal with you very soon.”

但现在是五个月后，它看起来像由投资公司研究所领导的共同基金行业，已经努力播放，足以赢得无限期的缓刑。

Initially, “very soon” was understood by industry insiders to be by the end of March, but by now, “estimates of the first quarter have turned into springtime, sometime, and even that is sounding optimistic at this point,” says Peter Crane, the co-founder of Crane Data, the Westport, Massachusetts–based publisher of Money Fund Intelligence and other money fund products and publications.

“Nobody [at the SEC] is even clear on what they want to move,” says Crane.

Crane认为“妥协的道路很清楚，”虽然他也相信它将采取双方的“一段时间来实现这一点”。他认为解决方案是“紧急赎回费用和薄的资本缓冲区”。

提出资本缓冲区的问题 - 除了货币市场基金的收益率外，涵盖了覆盖了意外赎回的金额，如备用现金的垫子，所以基金可以在危机中自我支持而不是依赖在其赞助商的补贴 - 金币基金平均仅六个基点。

Therefore, Crane believes that initially the capital buffer will be three basis points, which is still “asking an awful lot” in the current environment but “enough, to get the concept started, to get the buffer in place,” he says. “Once interest rates normalize, it can grow to 30 basis points, if rates are at three percent,” he says.

起重机也认为那t the notion of restricting redemptions — where maybe three or five percent of an investor’s withdrawal of money from a fund would be subject to a hold of maybe a week or a month on a routine basis — is “silly, and not going to happen,” because “investors hate it, and the fund companies certainly hate it, too,” he says. He believes, however, that some sort of redemption fee or restriction “in case of emergency only” would be viable. “There would be some resistance, but it wouldn’t be a deal breaker,” he said. (Crane has always said that he believes a floating NAV is unlikely — “a long shot and a last resort.”)

业界的一部分的游说努力旨在表现出2010年的改革致力于提高流动性的程度。“它的流动性比其他任何事情都更加违约，”华盛顿州华盛顿州华盛顿律师事务所的律师John Hawke，John Hawke表示，他代表联邦投资者提交了几个冗长的评论信。

在该ICI会议于3月，在小组讨论开始时，ICI助理委员会Jane Heinrichs的一系列幻灯片揭示了一系列幻灯片，这些幻灯片显示了自2010年通过2010年改革以来的资金如何变化。

First, she noted that even though yields were currently next to nothing, total fund assets were at $2.5 trillion to $2.6 trillion — down from the 2008 high of $3.8 trillion but comparable to the precrisis level of $2.5 trillion in June 2007, when yields were averaging 4.70 percent.

然后，她证明了金钱市场投资组合如何在他们的持有人中成为“更保守的”。她说，1995年，他们的投资组合中的52％的投资组合投资于商业票据，但到2011年底，她说，该百分比下降到25％。她说，这笔资金现在“持有高度流动性证券的资产大部分资产，”如财政部和机构证券，CDS和REPOS“，以适应股东赎回，”她说。

The weighted-average maturities of all taxable money market funds are shorter, too, she said, noting that they were “hovering mostly between the 30- and 50-day range.” That is less than the 60-day maximum imposed by the 2010 reforms, which lowered the maximum from 90 days.

Most importantly, though, the 2010 reforms instituted requirements on daily and weekly liquidity for the first time. Heinrichs noted that during the week of September 15, 2008 — when Lehman Brothers failed and the Reserve Primary Fund “broke the buck” — prime money market funds experienced an estimated outflow of $310 billion. (“Prime” funds hold a mix of taxable, nongovernment securities.)

In comparison, taxable funds now hold an estimated $1.44 trillion in daily or weekly liquid assets, which includes $645 billion held by prime funds. That, Heinrichs’s slide noted, was more than two times the level of outflows experienced during “the worst week in money market fund history.”

So why push “reform” any further?

Schapiro has continued to voice her concerns in speeches.

在ICI赛事前几天，她在印第安纳波利斯致辞美国商业编辑和作家年度公约中，并指出，金钱基金经理“经常竭尽全力避免打破降压”，通过使用自己的资本或放弃投资者费用支撑资金的价值。Schapiro指出，第二次允许超过100个资金与2007 - 2008年与其母公司签订资本支持协议。减去，她说，其他资金“可能会破坏巴克，从其他稳定的运行中踢掉。”

沙皮罗也喜欢指出，当2008年奔跑发生时，美国财政部能够利用交换稳定基金来保证金钱资金并停止运行，但国会已经消除了该选项。“今天，金钱市场基金行业，并通过延期，短期信贷市场，在没有网的情况下工作，”她在2月的另一个演讲中说。

“我认为沙皮罗肯定想搬东西，”霍克说。

但两秒钟委员 - 丹尼尔加拉格尔和特洛伊·帕雷德斯 - 正在记录反对任何进一步的措施，第三个促使促使进一步监管可能会向投资者派遣投资者，尽管他尚未说过他会投票。随着沃尔特预计与她联系，Schapiro至少需要一个其他专员签署任何新提议的改革。

还有可能的可能性，如果SEC未能采取行动，由Dodd-Frank法案成立的新的金融稳定监督理事会（FSOC）可以将特定资金指定为“系统性重要的”金融机构，甚至会说资金一般是这样的。

但行业可能不会静坐。在ICI的货币市场资金小组上，前部队委员保罗阿特金斯，现在与华盛顿州帕托马姆全球合作伙伴的咨询公司D.C.表示，如果FSOC是采取行动，该行业将起诉。“我保证他们是否做法案，”阿特金斯说，“会有诉讼。”是否包括一所拥有的美联储和其他银行监管机构，这些银行监管机构一直推动此类法规将关心行业反对，因为SEC似乎是另一件事。