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Contents
- Preliminary Material
- Main Text
- 1 Introduction
- Preliminary Material
- 1.01
- 1.02
- 1.03
- 1.04
- 1.05
- 1.06
- 1.07
- 1.08
- US and European Definitions of Money Market Funds
- Benefits of Money Market Funds
- 1.14
- Benefits to investors: creation of wealth and capital formation
- Benefits to the capital markets: diversification of funding and cost saving
- Benefits to non-financial corporations: access to capital markets and funding flexibility
- Benefits to banks: funding in foreign currencies and reduction of trade imbalance
- Benefits to securities firms: inventory funding and market liquidity
- Benefits to local government and municipalities: lowered borrowing cost
- Benefits to state governments: a major source of funding
- ‘Shadow Banks’ and Money Market Funds
- Why Money Market Funds Are Regulated
- Part 1 Money Market Funds in the EU
- Preliminary Material
- 2 European Money Market Funds: Background and Industry Structure
- Preliminary Material
- Introduction
- Origin of Money Market Funds in Europe: France, Ireland, Luxembourg, and other countries
- European Money Market Funds During the Financial Crisis
- Current State of European Money Market Funds
- Taxation is a Key Factor
- Varying Base Currencies
- Short-term Money Market Funds and Money Market Funds
- Asset Types
- Asset Valuation Methods
- Money Market Funds Respond to Low Interest Rates
- Investor Base
- 3 European Regulatory Framework of Money Market Funds
- Preliminary Material
- Introduction
- Money Market Funds and ESMA
- Self-regulation of European Money Market Funds: IMMFA’s Code of Practice
- Money Market Funds under the UCITS Regime
- Money Market Funds in MiFID
- Conclusion
- Part 2 Money Market Funds in the US
- Preliminary Material
- 4 Historical Rationale for US Money Market Funds
- 5 US Regulatory Framework for Money Market Funds
- Preliminary Material
- Introduction
- Money Market Fund Governance
- Investment Company Act Generally
- Rule 2a-7
- Maturity Requirements
- Portfolio Quality
- Portfolio Diversification
- Liquidity Requirements
- Downgrades, Defaults, and Other Credit Events
- Procedures
- Portfolio Disclosure
- The Future of US Money Market Fund Regulation
- Rule 2a-7 Proposed Amendments
- 6 Types of Money Market Mutual Funds in the US
- Preliminary Material
- Introduction
- Asset Types
- Retail and Institutional Money Market Mutual Funds
- Constant and Floating Net Asset Value Money Market Mutual Funds
- Other Cash Pools
- Conclusion
- Part 3 Comparative Analysis
- Preliminary Material
- 7 Comparative Analysis of US and EU Regulatory Models for Money Market Funds
- Preliminary Material
- Introduction
- Major Differences
- 7.04
- 7.05
- 7.06
- Conflicting money market fund definitions
- Divergent assessment of portfolio risks
- Divergent views on foreign currency exposures
- Divergent market infrastructure and varying levels of transparency
- Portfolio valuation practices
- Differences in treatment of capital gains and losses
- Divergent approach to holdings and pricing information transparency
- Divergent views on corporate governance
- Divergent views on ‘gating’
- Divergent regulatory oversight and enforcement
- Some Similarities
- Closing the Gap between the EU and the US Regulatory Models: IMMFA Code of Practice
- Conclusion
- 8 Money Market Fund Ratings
- Preliminary Material
- Introduction
- Money Market Fund Ratings versus Debt Ratings
- Credit Rating Agencies Providing Money Market Fund Ratings
- History of Money Market Fund Ratings
- Consumers of Money Market Fund Ratings
- Money Market Fund Rating Process
- Money Market Fund Rating Methodology
- Conclusion
- 9 Money Market Funds outside the EU and the US
- Preliminary Material
- Introduction
- Asia and Pacific: Australia
- Asia and Pacific: China
- Asia and Pacific: India
- Asia and Pacific: Other Countries
- Latin America: Mexico
- Latin America: Brazil
- Latin America: Other Countries
- North America: Canada
- Africa: South Africa
- Worldwide Approach to Money Market Fund Regulation: One Size Does Not Fit All
- 10 Systemic Risk Regulation and Money Market Funds
- Preliminary Material
- Introduction
- Systemic Risk and Money Market Funds—a Historical View
- Money Market Funds in the Global Financial Crisis
- Regulatory Responses to Systemic Risk in Money Market Funds
- Conclusion
- 1 Introduction
- Further Material
- Appendix 1 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS): Obligations Concerning the Investment Policies of UCITS
- Appendix 2 Excerpt from CESR’s Guidelines concerning eligible assets for investment by UCITS: The Committee of European Securities Regulators
- Appendix 3 Committee of European Securities Regulators: CESR’s Guidelines on a common definition of European Money Market Funds
- Appendix 4 IMMFA Institutional Money Market Funds Association: Code of Practice
- Appendix 5 Rule 2a-7, Rule 5b-3, Rule 17a-9, Rule 22e-3, and Rule 30b1-7 under the Investment Company Act of 1940
- Rule 2a-7—Money market funds
- Rule 5b-3—Acquisition of Repurchase Agreement or Refunded Security Treated as Acquisition of Underlying Securities
- Rule 17a-9—Purchase of Certain Securities From a Money Market Fund by an Affiliate, or an Affiliate of an Affiliate
- Rule 22e-3—Exemption for Liquidation of Money Market Funds
- Rule 30b1-7—Monthly Report for Money Market Funds
- Index
