Contact: Lisa S. Cleveland
WASHINGTON (MMD Newswire) August 24, 2012 -- National Association of State Treasurer's (NAST) President Kate Marshall is heralding the decision of the Securities and Exchange Commission to not take a vote on proposed structural changes on Money Market Mutual Funds.
"State treasurers across the nation appreciate the SEC's difficult task and in 2010 supported its amendments to rule 2a-7 that strengthened the Money Market Fund industry," said Marshall. "However, NAST could not support the SEC's proposed additional regulatory changes to Money Market Mutual Funds as we concluded the result would be less liquidity, the destabilization of financial markets and increased fund administration costs. While we are pleased these specific regulatory changes were not adopted, NAST looks forward to working with the SEC to ensure the safety and soundness of Money Market Mutual Funds."
NAST has long opposed the proposed regulatory changes through an op-ed entitled, "Treasurers: Proposed SEC Money Funds Regs Bad for Municipalities," by passing a resolution entitled, "Federal Securities Regulation of Money Market Mutual Funds Resolution," and by testifying before a U.S. Senate hearing, "Perspectives on Money Market Reforms."
NAST membership is composed of all state treasurers, or state finance officials with comparable responsibilities from the United States, its commonwealths, territories and the District of Columbia. NAST is recognized as a national force whose work has influenced public fiscal policy at both the state and federal levels. NAST is instrumental in developing and promoting standards of excellence regarding ethical conduct, policy guidelines and accountability and model legislation and regulations.
Two networks have been developed through an association with NAST: the College Savings Plans Network (CSPN) and the State Debt Management Network (SDMN). In addition, the National Association of Unclaimed Property Administrators is an affiliated organization with NAST.
For more information on NAST, visit www.nast.org.