ICMA response to the European Commission’s Targeted Consultation on the functioning of the Money Market Fund Regulation
13 May 2022 ICMA responded to the European Commission’s Targeted Consultation on the functioning of the Money Market Fund Regulation. As well as addressing the technical points in the Consultation, ICMA suggested that a shift of focus away from individual MMF structures towards the efficiency and resilience of the underlying market would be more appropriate, by reference to its recent White Paper on The European Commercial Paper and Certificates of Deposit Market, which addresses potential vulnerabilities in the CP market, and proposes initiatives and recommendations that could support the development of market structure and enhance resilience.