Report of the ICI Money Market Working Group and Other Money Market Fund Reform Proposals

April 06, 2009
In response to the financial crisis, various governmental authorities and non-governmental organizations have released proposals to reform the regulation and oversight of money market mutual funds. The Investment Company Institute’s (“ICI”) Money Market Working Group recently issued a series of recommendations designed to “respond directly to weaknesses in current money market fund regulation, identify additional reforms that will improve the safety and oversight of money market funds, and . . . position responsible government agencies to oversee the orderly functioning of the money market more effectively.” This update discusses the ICI’s recommendations and compares them with other money market fund reform proposals.