Global watchdog presses ahead on money market funds

A global supervisory body for securities published its final recommendations for new rules for the $4.7 trillion money market fund sector despite opposition from its U.S. member.

The International Organization of Securities Commissions said the recommendations cover valuations, liquidity management, use of ratings and disclosures to investors.

The recommendations were called for by leaders of the world's top economies (G20) as part of efforts to crack down on "shadow banks" like money market funds that handle credit but have been less regulated than traditional banks.

(Reporting by Huw Jones, editing by Laurence Fletcher)