New Rules on the Definition of a European Money Market Fund, May 2010
24.05.2010
The Committee of European Securities Regulators (“CESR”) has published new guidelines on a common definition of European money market funds. CESR is following the US Securities and Exchange Commission (“SEC”) which adopted changes to its money market fund rules in January 2010. Whilst there are certain similarities in approach, there are also significant differences in the rules adopted by each regulatory body. Each is seeking to respond to the difficulties experienced by money market funds following the collapse of Lehman Brothers in September 2008.
