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The Boston Globe

Business

Fidelity happy SEC won’t tighten money market rules

Fidelity Investments on Thursday cheered the news that the Securities and Exchange Commission will not adopt stricter rules for money market mutual funds any time soon.

SEC chief Mary Schapiro had been pushing for new regulations on the $2.6 trillion business since the financial crisis. But Wednesday night, she was abandoning the effort for now, because she was unable to persuade enough of her colleagues on the five-member SEC board to support her proposal.

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