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BLACKROCK INC.

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BlackRock, Inc. : BlackRock Pursues Money-Fund Compromise at SEC

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10/25/2012 | 11:45pm EDT

WASHINGTON--BlackRock Inc. (BLK) and other asset managers plan Friday to restart discussions with U.S. regulators over tighter regulations to the $2.6 trillion money-market mutual fund industry, according to two people with knowledge of the meeting.

The meeting with top Securities & Exchange Commission officials and their staff marks an effort to head off more draconian action proposed by an elite council focused on systemic risk.

Officials from BlackRock, multiple money-fund companies and the Investment Company Institute--an industry trade group--plan to attend the meeting, these people said. BlackRock, ICI and an SEC spokesman declined comment on the meetings or couldn't be reached.

The U.S. Treasury Department, Federal Reserve and other top regulators see money-market mutual funds as an unresolved systemic risk left over from the last financial crisis, and SEC Chairman Mary Schapiro has been pushing for tighter rules on the industry. However, in late August, a majority of the five-member SEC blocked additional rules, saying they would lead to too many unintended consequences. Ms. Schapiro has asked the Financial Stability Oversight Council to intervene.

Ms. Schapiro's proposal would have required money funds either to float their share prices like other mutual funds or to post a capital "buffer" against losses on their asset holdings.

As part of the capital buffer, money funds would have had to hold back a small portion of investors' cash for 30 days when investors redeem all their shares, to reduce the incentive to flee at a first sign of trouble.

While many top money-fund firms say Ms. Schapiro's tighter rules would kill their business, BlackRock has long favored a compromise with regulators. Last month, it embraced a proposal designed to staunch investor stampedes out of money funds by imposing redemption fees in times of trouble.

Friday's meeting was first reported by Bloomberg News.

Write to Andrew Ackerman at andrew.ackerman@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK INC. 0.09% 444.39 Delayed Quote.13.13%
GET HOLDINGS LTD 0.00% 0.48 End-of-day quote.20.00%
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Financials (USD)
Sales 2019 14 382 M
EBIT 2019 5 479 M
Net income 2019 4 299 M
Finance 2019 1 468 M
Yield 2019 3,00%
P/E ratio 2019 16,2x
P/E ratio 2020 14,6x
EV / Sales2019 4,79x
EV / Sales2020 4,40x
Capitalization 70 381 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 518,31  $
Last Close Price 444,39  $
Spread / Highest target 27,6%
Spread / Average Target 16,6%
Spread / Lowest Target 0,14%
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Managers
NameTitle
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
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