IMMFA Code of Practice

IMMFA Members are bound by a Code of Practice, the objective of which is to protect investors by requiring high and consistent standards in the management of IMMFA funds.

The Code of Practice is adhered to voluntarily by IMMFA members. The standards in the Code are significantly tighter than those required by the current pan-European regulation - the ESMA Guidelines. The Code will remain in place until the European money fund reforms are completed on 21 January 2019. More information will be provided on what will replace it later this year.

IMMFA is recognised as a quality label for the money market fund industry.

Download Code of Practice pdf SUPPLEMENT TO THE CODE OF PRACTICE pdf

Objective of the Code

The objective of the Code is to protect investors in IMMFA funds by establishing:

  1. minimum standards for risk management (including in relation to credit risk, interest rate risk, liquidity risk and market risk);
  2. general management obligations;
  3. disclosure obligations; and
  4. obligations for compliance with the Code.