PurposeThis paper seeks to explain the possible options detailed in the “Money Market Reform Options” report released by the President's Working Group on Financial Markets on October 21, 2010 for consideration by the Financial Stability Oversight Council (FSOC).Design/methodology/approachThe paper discusses reform options in the areas of: floating net asset values, privately sponsored emergency liquidity vehicles, mandatory redemptions in kind, insurance for money market funds (MMFs), a two‐tier system providing enhanced protections for stable net asset value (“NAV”) MMFs, a two‐tier system reserving stable NAV MMFs solely for institutional investors, regulating stable NAV MMFs as special purpose banks, and enhancing constraints on unregulated MMF substitutes.FindingsThe Report concludes that more should be done to address systemic risks presented by MMFs and the structural vulnerabilities of MMFs to runs, and discusses various reform options for the FSOC to consider, but does not recommend any particular reform.Originality/valueThe paper provides expert advice from experienced financial services lawyers.

PurposeThe aim of this paper is to explain the provisions of the US Foreign Corrupt Practices Act that may be applicable to investment advisers seeking investments from foreign governments.Design/methodology/approachThe paper explains the background of the FCPA and its applicability to investment advisers, recommends policies and procedures for advisers to employ to reduce the risk of FCPA actions, recommends due diligence practices for third‐party relationships, and reminds advisers seeking business opportunities outside the USA of the importance of compliance with foreign anti‐bribery laws.FindingsThe FCPA applies to investment advisers whenever they seek a benefit, directly or indirectly, from a foreign official, as in the course of seeking investments in a sovereign wealth fund.Practical implicationsGiven the SEC's increased interest in pay‐to‐play activities, investment advisers who are seeking investments outside the USA should carefully review their existing FCPA policies, or develop new policies if they have not done so already.Originality/valueThe paper provides practical guidance from experienced financial services lawyers.