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The Association of the Luxembourg Fund Industry (ALFI) today expresses its concern over the “Proposal for a Regulation of the European Parliament and of the Council on Money Market Funds” unveiled by the European Commission in Brussels on 4 September 2013. “We are concerned about the impact of this regulation,” says Marc Saluzzi, Chairman of ALFI.
“Money Market Funds represent 15% of the European investment fund industry. They are important source of short-term financing for the economy. The rules proposed by the Commission, especially those on eligible assets and diversification, are too stringent and even exceed the rules governing UCITS, which is unjustified. The proposal furthermore requires Constant Net Asset Value (CNAV) funds to hold a 3% cash buffer, which...
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