Securities Roundup: Study Recommends Against Additional Money Fund Reforms, Lawmakers Disagree on Whether Dodd-Frank Wiped Out “Too Big to Fail” & An SEC Committee Approves Recommendations to Proposed General Solicitation Ban

Per a study released by the U.S. Chamber of Commerce, it is “ill-advised” to regulate money market mutual funds further due to the effective reforms that the SEC already implemented two yeas ago, including revisions that made the funds more transparent and liquid and not as high risk. The study comes in the wake of debate between lawmakers, market participants, and regulators about more regulations to the industry. For example, SEC Chairman Mary Schapiro has been pushing for the additional reforms because she believes the money market mutual fund industry continues to be a threat to the financial system.

The authors of the study derived their findings from money fund investment data that had been filed with the Commission, as well as from information on commercial paper from the Federal Reserve. Among its conclusions is that the reforms in 2010 made the funds more liquid and better equipped to deal with significant redemption changes. Also, in the last two years, the funds have begun to shift “more dynamically” through geographies and asset classes in reaction to “evolving risks.”

辩论的另一个领域是，《多德 - 弗兰克·华尔街改革和消费者保护法》实际上是否结束了“太大而不是失败”并取消救助。众议员巴尼·弗兰克（Barney Frank）（D-Mass）本月初发布了一项分析，称该法律确实如此。但是，众议院金融服务委员会主席众议员斯宾塞·巴库斯（R-Ala）的另一份报告不同意。

Dodd-Frank has sough to terminate “too big to fail,” which is the description for financial firms that are so big and interlinked that should they fail the consequences for the economy would be catastrophic. The government would therefore need to intervene should these entities get into trouble. While the analysis issued from Frank said that the law sets up a “framework” that lets big financial institutions fail without causing economic disaster, the report from Frank found that not only are the country’s largest banks still too big to fail-even bigger than during the recent financial crisis-but also, rather than ending bailouts, it institutionalized them and made them permanent via the act’s ‘Orderly Liquidation Authority in its Title II.

同时，SEC的投资者咨询委员会投票赞成采用其投资者作为购买者小组委员会提出的建议，以修改委员会对某些私人安置的一般招标禁令的拟议修正案。根据该提案，《我们的业务初创企业法》的《 II》将使发行人通常征求投资者/宣传D规则506和1933 Acciles Act规则第144A条规定，只要只有合格的机构买家和认可的投资者才是购买购买的人。bob200体育

Among the recommendations; adopting a new Form GS for issuers planning to depend on the new provisions, mandating that issuers provide materials that they use general solicitation to the SEC (which will in turn make it available to the public), making Form D a requirement to issuers depending on a Reg D exemption, taking action to make sure that performance claims found in materials for general solicitations are grounded in proper performance reporting standards, amending the “accredited investor” definition’s natural persons prong, including non-exclusive safe harbors for how issuers can confirm that the buyers of their generally solicited Rule 506 offerings are this type of investor, and making sure felons and bad actors are disqualified and unable to take part in the Rule 506 offerings.

Shepherd Smith Edwards和Kantas，Ltd，LLP是一个bob200体育证券律师事务所这代表了投资欺诈throughout the US.

自2010年监管改革以来的货币市场资金：更多的透明度，增加流动性和降低信用风险，美国商会
Find the analyses on Dodd-Frank and “Too big to fail” here, The Committee on Financial Services
Investor Committee OKs Recommendations For SEC’s Proposal on General Solicitation, BNA/Bloomberg, October 15, 2012

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法院坚持前NBA明星霍拉斯赠款146万美元的FINRA仲裁奖，获得了抵押贷款支持的债券损失, Stockbroker Fraud Blog, October 30, 2012

Plaintiff Must Arbitrate Faulty Investment Advice Claim With TD Ameritrade But Can Proceed With Litigation Against Oakwood Capital Management, Stockbroker Fraud Blog, October 29, 2012

If SEC JOBS Act Rule 506 Proposal is Made Final, Legal Challenges Are Likely, Institutional Investor Securities Blog, October 27, 2012