FR19/2017 Update to the IOSCO Peer Review of Regulation of Money Market Funds

Update to the IOSCO Peer Review of Regulation of Money Market Funds THE BOARD OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FR19/2017 NOVEMBER 2017 Copies of publications are available from: The International Organization of Securities Commissions website www.iosco.org © International Organization of Securities Commissions 2017. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. Contents 1. EXECUTIVE SUMMARY .......................................................................................... 4 2. BACKGROUND .......................................................................................................... 6 2.1. 2015 PEER REVIEW ......................................................................................................... 6 2.2. 2015 PEER REVIEW FINDINGS ......................................................................................... 7 3. UPDATE REVIEW METHODOLOGY ................................................................... 8 3.1. OBJECTIVES AND SCOPE.................................................................................................. 8 3.2. REVIEW TEAM ................................................................................................................ 8 3.3. REVIEW PROCESS ............................................................................................................ 8 Table 1 — Reporting Scale used for Peer Review .............................................................. 9 4. KEY FINDINGS .......................................................................................................... 9 4.1. OVERVIEW ...................................................................................................................... 9 4.1.1. 2016 ........................................................................................................................ 9 4.1.2. 2017 ...................................................................................................................... 10 4.2. CHANGES IN REPORTED IMPLEMENTATION STATUS IN 2016 ......................................... 11 4.2.1. China .................................................................................................................... 11 4.2.2. Japan .................................................................................................................... 12 4.2.3. Saudi Arabia ......................................................................................................... 12 4.3. CHANGES IN REPORTED IMPLEMENTATION STATUS IN 2017 ......................................... 12 4.3.1. Japan .................................................................................................................... 12 4.3.2. Saudi Arabia ......................................................................................................... 13 4.3.3. United States ......................................................................................................... 14 4.4. SIGNIFICANT REFORMS NOT AFFECTING IMPLEMENTATION STATUS ............................ 14 4.4.1. Russia ................................................................................................................... 15 4.4.2. Switzerland ........................................................................................................... 16 4.4.3. European Union ................................................................................................... 17 4.5. OTHER REFORMS NOT AFFECTING IMPLEMENTATION STATUS ..................................... 19 4.5.1. Argentina .............................................................................................................. 19 4.5.2. Australia ............................................................................................................... 19 4.5.3. Brazil .................................................................................................................... 20 4.5.4. Hong Kong ............................................................................................................ 21 4.5.5. India ...................................................................................................................... 21 4.5.6. Indonesia .............................................................................................................. 21 4.5.7. Republic of Korea ................................................................................................. 22 4.5.8. South Africa .......................................................................................................... 22 5. SUMMARY OF IMPLEMENTATION STATUS .................................................. 24 5.1. UPDATE OF IMPLEMENTATION PROGRESS ..................................................................... 24 Table 2 — Implementation Status