Watchdogs To Review Money-Market Funds After Virus Crisis
Law360, London (November 17, 2020, 3:08 PM GMT) -- A global forum of central bankers said on Tuesday that it will examine ways to strengthen the resilience of financial companies outside the traditional banking business after the coronavirus crisis highlighted weaknesses in the $7 trillion money-market funds sector.
The Financial Stability Board told leaders of the Group of 20 advanced economies that the economic fallout from the COVID-19 pandemic has exposed vulnerability in the financial services sector beyond banking. So-called non-banks are increasingly important to the economy as households and companies pump investments into them.
The board said it plans to investigate non-bank entities, including money market funds, in 2021....
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