BlackRock, Fidelity Seeking Money Fund Deal With SEC
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Investment managers including BlackRock Inc. and Fidelity Investments are seeking to end an impasse over money-fund reform and pre-empt action by a new super-committee of regulators.
Representatives of several firms and the Washington-based Investment Company Institute, or ICI, met today with the Securities and Exchange Commission and Treasury Department to discuss proposals for a potential compromise, according to a person briefed on the discussions. The plans included temporary withdrawal fees and other redemption restrictions that would be imposed when a money fund is under stress, said the person, who asked not to be identified because the discussions were private.