On December 4, FASB issued an exposure draft that proposes to delay the effective date of FAS 167 for some funds (possibly including mutual funds, hedge funds, private equity funds, and venture capital funds) until late 2010 when the joint IASB/FASB consolidation project is completed. Securitization entities, asset-backed financing entities, or entities which were qualifying special purpose entities (QSPEs) are not affected by the proposal. FASB also similarly deferred the effective date of FAS 167 for money market mutual funds that must comply with Rule 2a-7 of the Investment Act. Comments are requested by January 6, 2010. FASB Exposure Draft. FASB Summary.