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Acknowledgements »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Appendix 3 Committee of European Securities Regulators: CESR’s Guidelines on a common definition of European Money Market Funds »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Part 3 Comparative Analysis, 7 Comparative Analysis of US and EU Regulatory Models for Money Market Funds »

Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega
7.01 Parts 1 and 2 of this book revealed a fundamental divergence of approaches to money market fund regulation in the US and the EU. Risk disclosure has been the dominating thrust of the US federal securities law relating to investor protection. In connection with money market fund regulation, this approach has been translated into an exhaustive transparency regime that requires actual portfolio holdings and pricing information to be made available to any industry observer on a frequent basis. Moreover, from the beginning of 2013, a number of large US asset...

Contents »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Contributor Biographies »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Ch.3: European Regulatory Framework of Money Market Funds »

Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and US Noter-up 1
Edited By: Viktoria Baklanova, Joseph Tanega
N1 On 4 September 2013 the European Commission released a proposal intended to restructure the entire European money market fund industry: European Commission, “Proposal for a Regulation of the European Parliament and of the Council on Money Market Funds”, 2013/0306 (COD) (hereinafter “the EU Proposal”). The EU Proposal was released in response to the increased regulatory scrutiny of money market funds after the Global Financial Crisis at both European and international levels. The EU Proposal considered “Policy Recommendations for Money Market Funds” issued by...

Appendix 2 Excerpt from CESR’s Guidelines concerning eligible assets for investment by UCITS: The Committee of European Securities Regulators »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Foreword »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Appendix 4 IMMFA Institutional Money Market Funds Association: Code of Practice »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Index »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

1 Introduction »

Viktoria Baklanova, Joseph Tanega, Edmond Curtin
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega
1.01 The importance of money market funds as global financial intermediaries of short-term liquid capital is apparent from the size of the industry. Assets under management for these funds reached an all-time high of $5.8 trillion in the first quarter of 2009, exceeding the gross domestic product of Japan for the same year.1 By introducing millions of individuals to financial markets and investments, money market funds have had a profound impact on the contemporary financial landscape. Money market funds facilitate household savings, serve as a source of funding...

List of Abbreviations »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Money Market Funds in the EU and the US: Regulation and Practice »

Edited By: Viktoria Baklanova, Joseph Tanega

Money Market Funds in the EU and US Noter-up 1 »

Edited By: Viktoria Baklanova, Joseph Tanega

Part 3 Comparative Analysis, 9 Money Market Funds outside the EU and the US »

Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega
9.01 Since money market funds came into existence in the early 1970s in the US, other countries around the world have developed their own version of these funds. According to the worldwide assets under management statistics collected by the Investment Company Institute, 42 countries currently host money market funds with total assets under management of over $4.6 trillion.1 The US and European markets command the largest share of the worldwide assets, with 55 per cent and 29.4 per cent, respectively. Figure 9.1 illustrates an allocation of money market fund assets...

Preface »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Part 1 Money Market Funds in the EU, Preliminary Material »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Part 2 Money Market Funds in the US, Preliminary Material »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega

Part 3 Comparative Analysis, Preliminary Material »

Edited By: Viktoria Baklanova, Joseph Tanega
From: Money Market Funds in the EU and the US: Regulation and Practice
Edited By: Viktoria Baklanova, Joseph Tanega