Fidelity Investments, the world's largest money market mutual fund provider, has finally weighed in on the SEC's proposed money market fund reforms, claiming that, as written, they would cost the company about $37 million.

"We believe that these costs, when coupled with the negative consequences to shareholders and municipal financing, far outweigh the benefits of further structural reforms," Fidelity said in its letter.

The costs would come from changes to systems, operational processes, shareholder communications and disclosures.

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