WASHINGTON – The Financial Stability Oversight Council (Council) announced today that it has extended the comment period for proposed recommendations for money market mutual fund (MMF) reform. At the request of the Chairman of the Securities and Exchange Commission, the Council voted to extend the comment period until February 15, 2013, to allow the public more time to review, consider, and comment on the proposed recommendations. This also allows the public to consider the information in the SEC staff report issued on November 30, 2012.
Under Section 120 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Council can issue recommendations to financial regulatory agencies to apply new or heightened standards and safeguards for a financial activity or practice.
On November 19, 2012, the Council published in the Federal Register proposed recommendations that the Securities and Exchange Commission proceed with structural reforms of MMFs. Prior to this extension, public comments on the proposed recommendations were due by January 18, 2013.
The proposed recommendations, released in November, are available at the following link: