WASHINGTON - The Investment Company Institute, which represents mutual funds and other investment companies, is pushing for a series of regulatory changes to make money market funds more liquid and transparent, as Obama administration advisers push for more sweeping changes to the industry.

In a 216-page report released yesterday, ICI called on the Securities and Exchange Commission to add provisions to its Rule 2a-7 that would require all money market funds to be able to sell at least 20% of their assets within seven days, if necessary to maintain liquidity. Taxable funds would be required to be able to sell at least 5% of their assets within one day under the money market fund rule.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.