European Union:
Implementing Technical Standards Published For Reporting By Money Market Fund Managers
25 May 2018
Shearman & Sterling LLP
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On May 15, 2018, a Commission Implementing Regulation was
published in the Official Journal of the European Union, setting
out ITS for a standard reporting template to be used by money
market fund managers when complying with their reporting
requirements under the Money Market Funds Regulation. The
Commission Implementing Regulation is based on the final draft ITS
submitted by the European Securities and Markets Authority to the
European Commission in November 2017.
The MMFR requires MMF managers to report quarterly to the
relevant national regulator, supplying information including on the
characteristics, portfolio indicators, assets and liabilities of
the MMF. This information is required to enable those national
regulators to detect, monitor and respond to risks in the MMF
market. The information is also forwarded to ESMA, which maintains
a central database of MMFs.
The ITS will enter into force on June 4, 2018 and apply directly
across the EU from July 21, 2018.
The Commission Implementing Regulation (EU) 2018/708 is
available at https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R0708&from=EN
and ESMA's final report is available at: https://www.esma.europa.eu/press-news/esma-news/esma-publishes-final-report-money-market-funds-rules.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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