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On September 2, 2015, IOSCO published its final report on the
peer review of the regulation of Money Market Funds. The report
sets out the implementation progress of 31 jurisdictions in
adopting legislation, regulation and policies relating to MMFs. The
review covers eight areas of reform: (i) the scope of regulatory
reform, including a definition of MMFs in regulation and other
investment products that have similar features and investment
objectives to MMFs; (ii) limitations to the types of risks and
assets that are taken by MMFs; (iii) valuation practices of MMFs;
(iv) liquidity management for MMFs; (v) possible risks that may
arise that could affect the stability of MMFs offering a stable net
asset value; (vi) use of credit ratings by the MMF industry; (vii)
disclosure to investors; and (viii) practices related to repurchase
agreement transactions. The review found that all participating
jurisdictions had progressed in the implementation of measures
across the areas of reform, that progress varied between different
jurisdictions and that the global MMF market was dominated by five
jurisdictions, being the US, France, Luxembourg, Ireland and China.
The US, Brazil, India, Italy and Thailand are the only
jurisdictions that have fully implemented measures across all eight
reform areas.
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