“Norm has proven himself to be a natural leader and an expert at managing programs that bolster our financial markets and protect investors,” said SEC Chairman Mary Schapiro.
A 337-page draft for reform of the $2.7 trillion money-market fund industry is circulating at the SEC, MarketWatch also said. “This is a proposal to the commission, nothing has been made public, but it does have an economic analysis.” Schapiro said of the proposed reform.
Champ will take over the unit on July 9, and will be responsible for proposing and administering new rules for money-market funds, mutual funds, hedge funds, private equity and other investment classes.
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