"IMA to monitor Money Market fund holdings" writes U.K.'s Citywire. It says, "The [London-based] Investment Management Association will for the first time monitor the portfolio holdings of funds within the Money Market sector from the start of January next year. The move comes after the IMA announced it will adopt the new definition of money market funds outlined by the European Securities and Markets Authority, with effect from July 1 this year. Although the Financial Services Authority has said it requires the IMA's Money Market sector to comply with the European regulator's model, the exact definition of these funds has not yet been finalised and the IMA is still in discussion with its members. Due to this transition, the IMA will monitor the portfolio holdings of funds within the Money Market sector.... In April, Standard Life pulled out of the [U.K.] Money Markets sector, due to mounting regulation.... The FSA has also issued a policy statement on its consultation to introduce ESMA's guidelines on a common definition for European Money Market funds into the Collective Investment Schemes Sourcebook."
