S&​P writes "​Irish Regulator Supports Greater Harmonization Of Irish Money Market Funds Leading To Safer Framework", which says, "Europe lacks standard regulation specifically governing money market funds, comparable to Rule 2a-​7 of the U. S. Securities and Exchange Commission. European money market funds therefore may differ across jurisdictions, exhibiting at times a much wider investment scope than their U.​S. equivalents. Recently, however, the Irish Financial Services Regulatory Authority (​IFSRA) issued a guidance note with the intention of achieving greater harmony across Dublin-​domiciled offshore money market funds. Essentially, the IFSRA has set new requirements for money market funds' investment scope, ratings, and asset manager expertise, and has clarified permitted valuation techniques. The IFSRA took into account rating agencies' fund rating criteria to elaborate its guidance, amounting to an endorsement of those ratings and guidelines. Standard & Poor'​s Ratings Services sees the harmonization of Dublin-​based money market funds as an important step toward ensuring the safety of these funds' invested principal and liquidity."

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