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ICI

ICI

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Published by: zerohedge on Mar 19, 2009
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06/16/2009

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Report of theMoney Market Working Group
march 17, 2009
Submitted to theBoard of Governorsof theInvestment Company Institute
 
The Investment Company Institute is the national association of U.S. investment companies, including mutualfunds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs). ICI seeks to encourageadherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds,their shareholders, directors, and advisers. Members of ICI manage total assets of $9.88 trillion and serve over93 million shareholders.
 
i
 
 
To: John V. MurphyChairman, Board of Governors of the Investment Company InstituteFrom: John J. BrennanChairman, Money Market Working GroupDate: March 17, 2009Re:
 Report of the Money Market Working Group
 I am pleased to submit the
 Report of the Money Market Working Group
to the Investment CompanyInstitute’s Board of Governors for its consideration and action. Since the formal establishment of the Working Group in November 2008, we have conducted a wide-ranging study of the money market, of money market funds and other participants in that market, and of recent market circumstances, thefindings of which are set forth in detail in our
 Report 
. Drawing on the difficult experience of the last year and a half, we also have developed a series of recommendations designed, among other things, tomake money market funds more resilient in the face of extreme market conditions such as thoseencountered in September 2008. We believe our recommendations respond directly to weaknesses in current money market fundregulation, identify additional reforms that will improve the safety and oversight of money marketfunds, and will position responsible government agencies to oversee the orderly functioning of themoney market more effectively.Many of our recommendations are of a nature that money market funds can and should implementthem immediately on a voluntary basis, pending appropriate rulemaking by the Securities andExchange Commission. Fund complexes represented on the Working Group have signaled theirreadiness to implement these recommendations voluntarily, and we recommend that the Boardapprove them and urge their swift voluntary adoption by
 all 
of the Institute’s money market fundmembers. It should be the goal of all money market funds to substantially implement theserecommendations by September 18, 2009, when authorization for the Treasury TemporaryGuarantee Program for Money Market Funds expires. This will provide additional assurance tomoney market fund investors and help facilitate an orderly transition out of the Guarantee Program.

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