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Money Market Funds
The global financial crisis has highlighted the need to make the financial system more robust, stable and transparent. In this perspective, the difficulties experienced by a small number of money market funds in Europe and the United States raised concerns about the risk characteristics of money market funds. These concerns led EFAMA and IMMFA to work on a European definition of money market funds, which was published in July 2009. This work has led CESR to publish an official common definition of money market funds in May 2010. The crisis has also convinced the G20, the Financial Stability Board (FSB) and the European Commission to review the current regulation of money market funds to reduce their susceptibility to runs. EFAMA is participating actively to the consultations organized by the authorities to assess the strengths and weaknesses of current regulatory requirements.