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Petr Ježek
Born in Prague in 1965. A graduate of Prague’s University of Economics, Petr Ježek joined his country’s Ministry of Foreign Affairs and served as a diplomat. For some ten years, he held relatively high posts related to the country’s ties with the EU, e.g. heading the Foreign Ministry’s European Integration Department and serving as Deputy State Secretary for European Affairs. He also worked as chief of staff of then Czech Prime Minister Vladimír Špidla. In 2014, Petr Ježek was elected Member of the European Parliament on the ballot of the ANO 2011 party.
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MEPs have adopted today new laws aimed at making “money market funds” more robust, transparent and stable, by ensuring the smooth operation of the short-term funding market.
The regulation lays down rules for MMFs, in particular the composition of their portfolios and the valuation of their assets, to ensure the stability of their structure and to guarantee that they invest in well-diversified assets of good credit quality.
ALDE shadow rapporteur MEP Petr Ježek said today:
“Money Market Funds are worth approximately €1tn in the EU, and constitute around 15% of the funds industry. It was thus a Liberal and Democrat priority to unblock this important file and to make sure that MMFs keep their main function of providing cash management on a short term basis, but at the same time to make sure that investors are aware of the level of risk they are taking.”
“I am confident the reforms we have adopted today will create an MMF environment that is better regulated, more secure and more transparent. These new standards will address the issue of ‘run risk’ and first mover advantage."
The report adopted today can be found here.