On 16 August 2023, the Financial Stability Board (FSB) published summary terms of reference for a thematic peer review on money market fund (MMF) reforms. The peer review will take stock of the measures adopted by FSB member jurisdictions to enhance MMF resilience in response to the FSB’s 2021 policy proposals. The FSB has also distributed a questionnaire to member jurisdictions to collect information. In addition, as part of the peer review, the FSB invites feedback from stakeholders on the following issues:

  • How MMF vulnerabilities differ across jurisdictions depending on MMF structure, investor composition, asset profile, or other factors.
  • Progress made by FSB member jurisdictions in addressing MMF vulnerabilities.
  • Operational and other challenges faced by the industry in implementing MMF reforms.

The deadline for feedback on these questions is 8 September 2023.

The FSB expects to publish a report that describes the results of the peer review by the end of 2023. The report may identify areas where members face common challenges, document practices that have proved effective, and make recommendations (where appropriate) to address common challenges.