During their history of 30-plus years, money market funds have emerged as a steady, predictable mainstay of finance, and a preferred vehicle of cash management for individuals, businesses, nonprofit organizations, and government agencies. Following the financial turmoil of 2008, regulators and industry alike began to examine ways to make money market funds more resilient under extreme market conditions.

To do so, ICI created in 2008 the Money Market Working Group, a panel of top fund industry executives supported by experts on the operation of the money market and money market funds. In March 2009, the Working Group released the Report of the Money Market Working Group. ICI’s Board of Governors unanimously endorsed its recommendations to make money market funds more resilient in the face of severe market pressures.

In June 2009, the U.S. Securities and Exchange Commission (SEC) proposed changes to the rules governing money market funds and the role of independent directors in overseeing such funds. The SEC proposal, like the Report of the Money Market Working Group, addressed new standards in several key areas, including credit quality, liquidity, disclosure, and maturity. On January 27, 2010, the SEC approved amendments to the rule governing money market funds.

This page will be updated to reflect the ongoing work of the Money Market Working Group. For more information on regulatory developments on the reform of money market funds, please visit ICI's Money Market Funds Resource Center.