Publication of two IOSCO reports on Money Market Funds

The CSSF would like to hereby inform market participants that IOSCO has recently published two reports relating to Money Market Funds.

The Thematic Review on consistency in implementation of Money Market Funds reforms assesses the legislative and regulatory frameworks of the 9 largest Money Market Fund domiciles in relation to the implementation of selected recommendations from the 2012 IOSCO Policy Recommendations on Money Market Funds. These recommendations had been elaborated in response to the stress observed during the global financial crisis in 2008 and were aimed at strengthening the resilience of Money Market Funds globally. According to IOSCO, the participating jurisdictions have generally implemented Money Market Fund reforms in line with the assessed 2012 Recommendations.

The Thematic Note on Money Market Funds during the March-April Episode examines across various jurisdictions COVID-19-related strains in the Money Market Fund sector that were observed in March and April this year. Beyond analysing diverging developments across different Money Market Fund types, currencies as well as fund domiciles it also mentions areas which might merit further consideration for regulatory work.