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These recommendations recognize that market regulation varies by jurisdiction, and that money market funds operate differently in different markets. While this report offers up a series of recommendations designed to address the financial stability issues potentially raised by MMFs, regulators should first assess the role MMFs play in their markets and determine the appropriate policy responses. The recommendations offer a range of policy measures that regulators should use to mitigate these concerns. Compared to the reforms introduced in 2010 which mainly focused on the asset side of funds, the present recommendations also address vulnerabilities arising from the liability side, as well as the crucial issue of valuation and the display of a constant NAV. The recommendations are generally addressed to the entity/entities responsible for the overall operation of the MMF and in particular its compliance with the legal/regulatory framework in the respective jurisdiction and thus for the implementation of the recommendations (the responsible entity). Some recommendations are also addressed to regulators as well as to other market participants.