? The Securities and Exchange Commission voted unanimously June 24 to propose rule amendments to require money market funds to maintain a portion of their portfolios in highly liquid investments, reduce their exposure to long-term debt, and limit their investments to only the highest quality portfolio securities. The Commission requests comment on altering the current regime of the $1 stable net asset value (NAV) for money market funds. In response to the proposal, the Investment Company Institute says it “continues to strongly oppose a move to floating NAVs because such a change would be so unpopular with investors that it would likely push them into riskier, less-regulated products.”

? Certified Financial Planner Board of Standards, Inc. Chair Marilyn Capelli Dimitroff outlined the Board’s proposals to enhance consumer safeguards for investors who use target date funds, in testimony before a joint Securities and Exchange Commission/Department of Labor hearing. Dimitroff told the panel that the SEC should amend Rule 35d-1 (the Investment Company Names rule), to include target date funds. She also recommended that the Department of Labor work with the SEC to establish industry-wide standards to stipulate an appropriate range of asset allocations for each date reflected in a target date fund.

? The Investment Management Consultants Association (IMCA) has implemented changes to the Certified Investment Management Analyst (CIMA) certification program stemming from the findings of a job analysis survey conducted in 2007. The changes are designed to meet third-party accreditation standards. Candidates must continue to successfully complete the education portion of the program, offered in conjunction with The Wharton School, University of Pennsylvania, and the Haas School of Business, University of California, Berkeley. Candidates enrolled after July 1 must also now pass a criterion-based certification examination developed from the findings of the job analysis. The examination is designed to objectively test a level of knowledge, skill, and competency needed by an advanced investment professional in the real world.