Regulators on either side of the Atlantic disagree over how to pursue further reform of the $4.7 trillion money-market fund industry, which played a key role in 2008's financial crisis.

On Tuesday, the International Organisation of Securities Commissions, which is made up of national finance regulators, recommended tightening up the rules on money-market funds, saying a previous round of reforms in the US and Europe in 2010 did not go far enough.