EU OKs Law Making €1 Trillion In Money Market Funds Safer

Law360, London (April 5, 2017, 6:48 PM BST) -- The European Parliament voted by a wide majority Wednesday to pass tough new rules covering the €1 trillion ($1.07 trillion) money market funds sector, bringing more oversight to areas of shadow banking after more than three years of hard negotiating among European Union members.

The rules were adopted by the parliament with 514 votes in favor, 109 against and 71 abstentions, four months after representatives of the European Council, the 28-nation bloc’s political arm, rubber-stamped them.

“I believe this is a win-win deal for both major European MMF sectors, variable and constant net asset value MMFs (VNAVs and CNAVs) respectively,” said...

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