The world's biggest asset managers are pressing European Union regulators for extra time to adjust to new regulations that could upend about 80 billion euros (US$91 billion) of money-market funds.
The fund companies and their trade association say more time is needed because it has become clear only in recent days that a common industry practice will no longer comply with the rules as overseen by the Central Bank of Ireland, one of the main regulators for fixed–share-price funds. BlackRock Inc. and the asset-management arms of JPMorgan Chase & Co. and Goldman Sachs Group Inc. are among the biggest managers of the funds, and will need to adjust their euro-denominated funds by as early as Jan. 21, when the rule takes effect.
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