"​EU money market fund rules delayed" writes the Reuters for the Irish Examiner. The article says, "EU lawmakers have delayed new rules to regulate money market funds used by big companies to park billions of euros after they clashed over how tough the changes should be. The funds are also used by banks for short-​term funding and the most contested element is a requirement for one type of fund, known as constant net asset value, to hold a cash buffer equivalent to 3% of assets. The draft rules, and a separate draft law on regulating benchmarks such as the scandal-​hit Libor interest rate, aim to make markets more transparent after the 2007-​09 financial crisis, but both measures now face delays. The European Parliament'​s economic affairs committee found itself split yesterday over regulating money market funds, a trillion euro sector in the 28-​country bloc. The aim is to stem any runs on the funds by investors during future financial crises." The article adds, "MEP Gay Mitchell, a member of the committee, said few lawmakers really understood what constant net asset values were and hasty rulemaking could see such funds flee the EU." They quote him, "It'​s outrageous the way we are rushing through this legislation."

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