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.
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