Indeed, it would appear that one of the recommendations of IOSCO – which was mandated by the FSB to look at MMFs as part of the Shadow Banking system – is to seek tighter rules on the liquidity of MMFs so as to ensure that there is enough liquidity to meet redemptions.
It is worth noting that the SEC addressed this with their MMF reforms in 2010. The other key issue exposed by the financial crisis was that investors expected sponsors to support MMFs where assets show excessive volatility to the downside.