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ARTICLE · 22 APRIL 2013

ESRB Issues Recommendations On Money Market Funds

Mason Hayes & Curran LLP
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On 19 February 2013, the European Systemic Risk Board published its recommendations on money market funds.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Mark Browne
Mark Browne
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On 19 February 2013, the European Systemic Risk Board (the “ESRB”) published its recommendations on money market funds (“MMFs”) (the “Recommendations”).

The ESRB considers MMFs to comprise a key component of the shadow banking system and that investors may view them as safe alternatives to bank deposits. Given their key role in the banking sphere, as such, they may pose a systemic risk. As a result, the ESRB has issued its Recommendations to propose regulatory reform in respect of MMFs. The Recommendations are aimed at providing guidance to the European Commission (the “Commission”) as it considers if it is appropriate to have more detailed and harmonised regulation of MMFs.

The Recommendations look at 4 key areas, each of which are disclosed below.

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