Le magazine du trésorier - n°70 - 2ème trimestre 2010 - (Page 6)

INTERVIEW with Mrs. Gail Le Coz, IMMFA Chief Executive Could you explain what IMMFA is and its role? IMMFA, or the Institutional Money Market Funds Association, is the trade association which represents the European triple-A rated money market funds industry. We are very focused, as we are the only European fund association which is uniquely specialised in money market funds. Our members include 26 managers of money market funds, with over 400 billion under management in IMMFA funds, and 8 service providers to these funds. IMMFA has three principal goals: 1. Ensuring that IMMFA members offer a consistently high quality product to investors, in particular by maintaining a set of standards in its Code of Practice; 2. Informing and influencing policy makers, regulators and authorities around Europe regarding money market fund issues; and 3. Educating investors about the money market fund industry and providing timely data on members’ funds. To sum up, we aim to be the European reference regarding money market funds for investors, regulators and authorities and industry participants. We notice that there are a lot of projects of new regulations related to MMF's (e.g CESR, SEC, etc...) at local or international level. Do you think all these initiatives are (sufficiently) coordinated? What could be the benefits of these new regulations? Can we talk about evolution or revolution for MMF's investors? Firstly, let me explain a little about the projects you are referring to. There have been a number of initiatives to further improve the resilience of money market funds, which we broadly support. For example, CESR just finalised the first pan-European definition of a money market fund, IMMFA revised its Code of Practice last December and the SEC recently updated US money market fund regulation (Rule 2a-7). All of these initiatives have several points in common, and they could best be described as a welcome evolution. This work involves looking at the different risk factors potentially stemming from money market funds – interest rate, credit, liquidity and operational – and trying to correctly quantify the INTERVIEW 6

Table des matières de la publication Le magazine du trésorier - n°70 - 2ème trimestre 2010

Cover
Contents
Editorial
Financial hightlights
Interview
Focus
Forum of advertisers
Treasurers' Associations
News

Le magazine du trésorier - n°70 - 2ème trimestre 2010

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