CESR has published its guidelines on a common definition for money market funds. The criteria CESR suggests a fund should meet to call itself a money market fund reflect the fact investors expect their interest in these funds to hold its value while enabling them to make withdrawals. CESR distinguishes between money market funds and short-term money market funds. The guidelines will take effect in July 2011 with UCITS III. CESR also published feedback on its consultation.