WASHINGTON - The Investment Company Institute yesterday announced a working group of money market fund industry leaders to develop recommendations to help "improve the functioning of the money market and the operation and regulation of funds investing in that market."

The panel, which will be headed by John J. Brennan, chairman of the Vanguard Group, will identify needed improvements in the market and industry practices; reforms that should be made to regulations, including the Securities and Exchange Commission's rules governing money market mutual funds; and possible legislative proposals. It plans to report its findings in the first quarter of next year, according to the ICI.

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