ICI’s Stevens ‘Surprised’, ‘Disappointed’ With IOSCO

ICI president and CEO Paul Schott Stevens and ICI Global Managing Director Dan Waters today fired back at IOSCO’s report on money market funds that includes a number of regulatory recommendations.

Specifically, the pair said they were “disappointed” that IOSCO’s report on money market funds “endorses the false notion that constant net asset value (CNAV or “stable”) money market funds are more susceptible to runs than variable NAV (VNAV or “floating”) money market funds. This claim is contrary to empirical evidence and analysis of the history of CNAV and VNAV money market funds, including the 2008 financial crisis.”