IMA unveils new money market sectors

The Investment Management Association(IMA) has created new Short Term Money Market and Money Market sectors.

Providers have been granted a six month transition period to bring their funds into compliance with the new rules and sector definitions. The new sectors are based upon the ESMA "Short Term Money Market" and "Money Market" definitions introduced into the FSA Handbook in July 2011.  The IMA first announced plans to review its Money Market sector immediately after the publication of the new FSA definitions back in July. The new IMA sectors will become effective as of 1 January 2012. Ten funds will join the Short Term Money Market sector and six will join the Money Market sector. A...