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Global regulators published tougher rules on Wednesday for managers of open-ended investment funds to ensure they can meet investor cash calls in a crisis without the need for emergency liquidity from central banks. Regulators have been scrutinising the ability of open ended funds, a sector worth over $40 trillion globally, after central banks had to intervene to stop money market and other types of funds freezing in the face of a "dash for cash" when economies went into COVID-19 lockdowns in March 2020. The reforms from the G20's Financial Stability Board and IOSCO, a global umbrella group for securities watchdogs, aim to end so-called first mover advantage or investors leaving a fund being less worse off than those who remain.

LondonCity ofUnited kingdomTomasz janowskiHuw jonesReutersStability boardInvestment fundsOpen ended fundsCoscoFinancial stability boardProperty funds