16 August 2023

Addressing vulnerabilities in money market funds is a key element of the FSB’s work programme to enhance the non-bank financial intermediation sector.

The Financial Stability Board (FSB) is seeking feedback from stakeholders as part of its thematic peer review on money market fund (MMF) reforms. The objective of the review is to take stock of the progress made by FSB member jurisdictions in assessing and addressing MMF vulnerabilities in their domestic markets, including their evidence-based explanation of relevant MMF vulnerabilities and policy choices made.

The Summary Terms of Reference provide more details on the objectives, scope, and process for this review. The FSB has distributed a questionnaire to member jurisdictions to collect information. In addition, as part of this peer review, the FSB invites feedback from stakeholders on the following issues:

• How MMF vulnerabilities differ across jurisdictions depending on MMF structure, investor composition, asset profile, or other factors.

• Progress made by FSB member jurisdictions in addressing MMF vulnerabilities.

• Operational and other challenges faced by the industry in implementing MMF reforms

Feedback should be submitted by 8 September 2023 to fsb@fsb.org under the subject heading “FSB Thematic Peer Review on MMFs reforms”. Individual submissions will not be made public.

The peer review report is expected to be published by end 2023.