ESMA Mulls Beefing Up Money-Market Rules After COVID

Law360, London (March 26, 2021, 11:52 AM GMT) -- Europe's top securities regulator said on Friday that it is considering whether to reform the $7 trillion money-market funds sector after the revenue source used by non-bank finance companies came under intense pressure during the COVID-19 pandemic.

The European Securities and Markets Authority said it is consulting the sector on how to toughen its supervision of so-called money-market funds, or MMFs, which are used by individuals and businesses mainly for investing excess cash for short periods. The consultation is due to end on June 30.

"The COVID-19 crisis has been challenging for MMFs," Steven Maijoor, the watchdog's chairman, said. "A number of EU...

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