We learned from the new IMMFA about an article from U.K. publication, Treasury Today entitled, "UK government minister strongly supports MMFs." It says, "In his speech at the annual dinner of the Institutional Money Market Funds Association (IMMFA), Economic Secretary to the Treasury, Sajid Javid, gave the industry some hope that the UK would work with the industry when considering new MMF regulations. UK Treasury Secretary, Sajid Javid, made some very supportive remarks at the annual Institutional Money Market Funds Association (IMMFA) dinner last month, and Treasury Today has obtained a copy of the transcript of his speech which makes very interesting reading. It is reproduced in full here. To summarise, Javid said that the UK government was aware of the "vital function" played by money market funds (MMFs) but some form of legislation was inevitable. Crucially, Javid wants to make sure that "these interventions are worthwhile, helpful and effectively address the legitimate concerns about MMFs, without impairing the crucial role they can play in our economy.""
