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IOSCO Publishes Updates To Peer Reviews Of Regulation Of MMFs And Securitization

Date 03/11/2017

The Board of the International Organization of Securities Commissions (IOSCO) today published two update reports titled Update to the IOSCO Peer Review of Regulation of Money Market Funds and Update to the IOSCO Peer Review of Implementation of Incentive Alignment Recommendations for Securitisation.

These reports summarize IOSCO’s ongoing efforts in monitoring implementation of reforms for money market funds (MMF) and securitization since IOSCO published its two peer reviews in September 2015. The reports address progress by IOSCO members in FSB jurisdictions in adopting legislation, regulation and other policies in the G20 priority reform areas covering MMF and securitization. The reports set out the background, methodology and findings that were reported to the G20 Leaders in 2016 and 2017 and  were included in the Annual Reports on Implementation and Effects of the G20 Financial Regulatory Reforms.[1]

The MMF report covers three topics (valuation, liquidity management and MMFs that offer a stable NAV) and finds that most jurisdictions have implemented the fair value approach for the valuation of MMF portfolios, but progress in liquidity management is less advanced and less even. The securitization report covers two topics (incentive alignment arrangements and disclosure requirements) and finds that overall, progress remains mixed across participating jurisdictions in implementing the recommendations for incentive alignment for securitization.

The update reports also takes note of new regulations yet to come into force or into application in various jurisdictions that may contribute towards more complete implementation of IOSCO’s recommendations for future implementation monitoring exercises.