Alert January 22, 2013

Financial Stability Oversight Council Extends Comment Period for Money Market Fund Reform Proposals

On January 15, 2013, the Financial Stability Oversight Council (“FSOC”) announced that it was extending until February 15, 2013 the period for public comment on its proposed recommendations for money market mutual fund reform (which were discussed in the November 20, 2012 Financial Services Alert).  The comment period had been set to expire on January 18, 2013.  Granted in response to a request by the SEC Chairman, the extension is designed to give the public more time to comment on the proposed recommendations in the report, as well as to consider a report  from the SEC Staff issued in response to questions posed by SEC Commissioners Aguilar, Paredes and Gallagher relating to money market fund reform.  The SEC Staff’s report was discussed in the December 11, 2012 Financial Services Alert.