Fund industry bristles at rush to re-write MMF rules
ICI questions regulators’ assumptions about the role MMFs played in Covid-19 liquidity crunch
The fund industry’s main lobby group has complained that a review of rules governing money market funds (MMFs) is being driven by “quick”, “unhelpful” and “incorrect” assumptions over the role they played in the pandemic-induced liquidity crisis in March 2020.
Eric Pan, chief executive of the Investment Company Institute (ICI), criticised the Financial Stability Board’s decision to prioritise a review of the sector ahead of a broader assessment of non-bank financial institutions (NBFIs) in its
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