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While money market funds have attracted regulatory attention on both sides of the Atlantic since the financial crisis, in Europe, the industry has had a more fundamental issue to tackle: defining for the first time what can and cannot be called a money market fund. In the United States, the legal framework for the money fund industry is relatively straightforward: Such funds are defined and regulated by Rule 2a-7 of the Investment Company Act of 1940. That said, Rule 2a-7 has had to keep up with the times.

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