ESMA published a letter by EC on the money market fund (MMF) regulation. The letter is in response to the cover letter of ESMA, which accompanied the November 2017 publication of its final report on Technical advice, draft implementing technical standards, and guidelines under the Money Market Fund (MMF) Regulation. EC had replied to ESMA on January 19.
In its cover letter, ESMA had noted that the views of the Legal Service of the Commission had been sought on the compatibility of the practice of share cancellation, also known as reverse distribution or share destruction, with the MMF Regulation. In its response dated January 19, EC indicates that this practice is not compatible with the Regulation. ESMA is now assessing the consequences of the letter and considering possible next steps, with a view to promoting convergent application of the Regulation across the EU.
Keywords: Europe, EU, Securities, MMF, MMFR, Reverse Distribution Mechanism, EC, ESMA
Previous ArticleESMA Publishes Results of the Second EU-Wide CCP Stress Test
US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.
EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.
EBA published a report on convergence of supervisory practices in 2019.
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
HKMA informed the authorized institutions that negative vetting, by the Legislative Council, of the Banking (Capital) (Amendment) Rules 2020 (BCAR) has now expired.
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.