The EU Commission issued its long awaited roadmap for Shadow Banking and Money Market Funds. This followed 
recommendations from the International Organization of Securities Commissions (IOSCO), the European Systemic Risk Board (ESRB), Financial Stability Board (FSB), consideration by the G20 leaders' summit and considerable debate in both the US and EU on this topic. The Regulation on Money Market Funds is of particular interest. It does not differ significantly from an earlier leaked draft Regulation. The new materials include:
  •  a press release on Shadow Banking and proposed new rules for Money Market Funds;
  •  a communication on Shadow Banking;
  •  a FAQ list on Shadow Banking;
  •  a memorandum on Money Market Funds; and
  •  a draft Regulation on Money Market Funds.