Money Market Funds and Reform

MMF Reform Overview

In 2008 the G20 group of countries agreed to reforms for money market funds. The European Commission proposed legislation in response in 2013. The culmination of this work in Europe is a new Regulation on money market funds which was published on 30 June 2017 in the official journal.

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Investor Help

The European money market fund reform legislation is complex and also very different from the US money fund reforms. We publish papers and guidance to help investors find their way through the complexities.

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Reform Timeline

The European money market fund reform timeline begins in earnest with the publication of the new Regulation in the Official Journal. We explain the other milestones that have to be passed before the reforms are complete.

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About MMF

Money market funds are mutual funds that invest in short-term money market instruments. These funds allow investors to participate in a more diverse and high-quality portfolio than if they were to invest independently.

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About MMF Industry

IMMFA represents the European money market fund industry. At the end of 2016, approximately €1.2 trillion of assets were managed in European money market funds.

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About MMF Ratings

Money market funds have preservation of capital and liquidity as their primary objectives. The ratings process methodically identifies, assesses and weighs each fund in terms of its ability to deliver on these objectives.

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Benefits to Investors

Money market funds offer several advantages to investors: diversification across a wide range of credits, outsourcing of credit analysis to a professional team and same day or next day liquidity with no redemption penalties.

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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 for IMMFA funds.

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Glossary

A guide to some of the more frequently used acronyms and industry terms

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