Global Regulators Highlight Need to Shore Up Money-Market Funds After March Turmoil

WASHINGTON—Global policy makers said market tumult triggered by the coronavirus pandemic in March exposed risks posed by nonbank financial firms and pledged to take steps to address them.

A long-awaited report released Monday by the Financial Stability Board, a global body that coordinates on financial regulation, highlighted money-market mutual funds that saw destabilizing investor runs and that prompted the Federal Reserve to intervene. The FSB said it would work to develop specific policy improvements sometime next year.