Update to the IOSCO Peer Review of Regulation of Money Market Funds THE BOARD OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FR14/2019 OCTOBER 2019 ii Copies of publications are available from: The International Organization of Securities Commissions website www.iosco.org © International Organization of Securities Commissions 2019. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. iii Contents 1. EXECUTIVE SUMMARY .......................................................................................... 1 2. BACKGROUND .......................................................................................................... 3 2.1. 2015 PEER REVIEW ................................................................................................................................... 3 2.2. 2015 PEER REVIEW FINDINGS ................................................................................................................... 4 3. UPDATE REVIEW METHODOLOGY ................................................................... 5 3.1. OBJECTIVES AND SCOPE ............................................................................................................................ 5 3.2. REVIEW TEAM ........................................................................................................................................... 6 3.3. REVIEW PROCESS ...................................................................................................................................... 6 Table 2 — Reporting Scale used for Peer Review .............................................................. 6 4. KEY FINDINGS .......................................................................................................... 7 4.1. OVERVIEW ................................................................................................................................................ 7 4.1.1 2018 ........................................................................................................................... 7 4.1.2 2019 ........................................................................................................................... 8 4.2. CHANGES IN REPORTED IMPLEMENTATION STATUS IN 2018/2019 ............................................................ 8 4.2.1. Argentina ................................................................................................................ 8 4.2.2. European Union ..................................................................................................... 9 4.2.2.1. France .............................................................................................................. 11 4.2.2.2. Germany ........................................................................................................... 11 4.2.2.3. Italy .................................................................................................................. 11 4.2.2.4. The Netherlands ............................................................................................... 12 4.2.2.5. Spain ................................................................................................................ 12 4.2.2.6. United Kingdom ............................................................................................... 12 4.2.3. Hong Kong ............................................................................................................ 12 4.2.4. South Africa .......................................................................................................... 14 4.2.5. Singapore .............................................................................................................. 15 4.2.6 Republic of Korea .................................................................................................... 16 4.5. OTHER REFORMS NOT AFFECTING IMPLEMENTATION STATUS ............................................................... 17 4.5.1. Australia ............................................................................................................... 18 4.5.2. China .................................................................................................................... 19 4.5.3. Mexico .................................................................................................................. 20 4.5.4. Saudi Arabia ......................................................................................................... 21 4.5.5. Turkey ................................................................................................................... 22 5. SUMMARY OF IMPLEMENTATION STATUS .................................................. 23 5.1. UPDATE OF IMPLEMENTATION PROGRESS ............................................................................................... 2