EC Issues Standards on Template for Use by MMF Managers for Reporting
EC published, in the Official Journal of the European Union, the Commission Implementing Regulation (EU) 2018/708. This regulation lays down implementing technical standards for the template to be used by managers of money market funds (MMFs) when reporting to competent authorities, as stipulated by Article 37 of the Money Market Fund Regulation or MMFR (EU Regulation 2017/1131). The regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from July 21, 2018.
Article 37 of MMFR requires MMFs to provide their competent authorities with a detailed list of information. To ensure consistency in the way these authorities collect such data and to ensure that the said authorities are informed of the main developments in the MMF market and can facilitate a collective analysis of the potential impact of the MMF market in EU, the information needs to be conveyed to the competent authorities in a uniform fashion throughout EU. Moreover, using a standard reporting template makes it easier to carry out the procedures and processes associated with the reporting requirements of MMFs and minimizes the associated costs. To ensure effective supervision in EU, such data must be forwarded to ESMA, so that a central database for MMFs is established. This regulation is based on the draft implementing technical standards submitted by ESMA to EC.
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Effective Date: June 04, 2018
Keywords: Europe, EU, Banking, MMF Regulation, Reporting, Regulation 2018/708, Implementing Technical Standards, EC
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