Canadian securities regulators have begun on-site reviews of money market funds, fearing their exposure to devalued securities.

The Canadian Securities Administrators, which consists of the securities commissions for the country’s various provinces, and the Investment Industry Regulatory Organization of Canada, are conducting the review.

“The CSA is actively engaged in an examination of the issues related to the current market events and will continue to take regulatory action, where appropriate, to protect investors and market integrity in these extraordinary times,” said Jean St-Gelais, chairman of the CSA and head of the Quebec securities commission.

U.S. regulators have been monitoring money market funds to determine which funds are holding commercial paper of financial firms, and how much.

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