On September 4, 2013, the European Commission released a proposal for regulation of money market funds established, managed and/or marketed in the European Union, meaning that the new rules would apply to U.S. fund managers that have money market funds offered in Europe. Although some of the proposed regulations have already been voluntarily adopted by a number of fund managers or otherwise track the SEC’s proposed requirements, other aspects would impose expanded requirements that are not currently being contemplated by the SEC. For example, the proposed rules include a requirement for money market funds that hold constant net asset values to maintain a 3% capital cushion to support stable redemptions in the event a fund’s assets decrease in value. The proposal would also limit the types of investments that can be held by money market funds and sets minimum requirements for liquid assets, requiring that a fund hold 10% in assets maturing daily and another 20% in assets maturing within a week. Additionally, the proposed rules would prohibit banks and other sponsors from supporting money market funds’ share prices. The European Commission must obtain approval for the new rules from EU member states and the European Parliament before European elections next spring. The proposal has been met with criticism. The Investment Company Institute released a statement saying that the proposal, “neither serves investors nor meets those basic standards for rulemaking."