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Money Funds Need Time for Compliance

Funds with $91 billion in assets ask for transition period to meet new EU regulation.

By Silla Brush | Updated on November 26, 2018

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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