January 24, 2018

FCA published the consultation paper CP18/4 on changes to FCA Handbook to ensure that it is consistent with the requirements of the EU Money Market Funds (MMF) Regulation. The paper also proposes to introduce application fees for the authorization of MMF under the MMF Regulation, along with the periodic fees to help meet the cost of supervising MMF adherence to the Regulation. Comments are due by March 23, 2018.

The EU MMF Regulation came into force on July 21, 2017. It applies to new MMFs from July 21, 2018 and to the existing MMFs from January 21, 2019. The MMF Regulation is directly applicable under EU law and does not require implementation by individual member states. However, FCA and the Treasury have identified areas of the UK regulatory framework that require changes so that the MMF Regulation can work properly in the UK. The Treasury intends to grant certain powers to ensure that FCA can supervise firms’ adherence to the requirements of the regulation. The consultation paper will be of interest to all managers, depositories, and distributors of, and investors in, MMFs. FCA plans to publish the feedback on comments and final rules in a Handbook Notice as soon as possible, after the end of the consultation period. It also aims to make application forms for authorization of new MMFs available on its website from early May 2018.

 

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Comment Due Date: March 23, 2018

Keywords: Europe, UK, Securities, Banking, MMF Regulation, CP18/4, FCA

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