IOSCO, the European-based International Organization of Securities Commissions, issued a notice late last week entitled, "Statement of the Chairman of the IOSCO Board on IOSCO's work on MMFs." It says, "The Chairman of the Board of IOSCO, Masamichi Kono, has issued the following statement following the press release by SEC Chair Mary Schapiro on August 22 on Money Market Fund Reform. "I have taken careful note of Mary Schapiro's statement on Money Market Fund Reform in the United States. While refraining from directly commenting on a statement of the Chair of a member organization, I would like to reaffirm that IOSCO will continue its work on the basis of the mandate given to it by the G20 Heads of State and the FSB, to develop policy recommendations for strengthening oversight and regulation of the shadow banking system, including Money Market Funds. IOSCO Committee 5 on Investment Management will meet at the end of August to consider the extensive public feedback received to its consultation report "Money Market Fund Systemic Risk Analysis and Reform Options" of 27 April 2012, and to elaborate draft final recommendations for addressing regulatory reforms to mitigate MMF's susceptibility to runs and other systemic risks. The IOSCO Board will determine IOSCO's further course of action on this important subject at its meeting in Madrid on 3/4 October, and will report to the G20 Finance Ministers meeting in November."

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