Deadline for the consultation on common definition of European money market funds

CESR proposes a two-tiered approach for a definition of European money market funds: Short-term money market funds Longer-term money market fundsThis approach recognises the distinction between short-term money market funds, which operate a very short weighted average maturity and weighted average life, and longer-term money market funds, which operate with a longer duration and weighted average life.The definitions will apply to harmonised (UCITS) European money market funds. CESR recommends that the same approach is followed at national level for non-UCITS money market funds which are authorised by the Member States.