Regulatory

Periodically we respond to consultations on behalf of the money market fund industry. This process has been particularly important as the future shape of European money market fund regulation has been agreed. Open consultations and our responses on the relevant issues are included below, as is the finished legislation.

Money Market Fund Reform

ESMA Final Report - Guidelines on stress test scenarios under the MMF Regulation

View consultation - ESMA Final Report - Guidelines on stress test scenarios under the MMF Regulation

Money Market Fund Reform

Financial Conduct Authority Policy Statement on Money Market Fund Regulation

View consultation - FCA Policy Statement on Money Market Fund Regulation

Money Market Fund Reform - UK

Financial Conduct Authority consults on implementing MMF Regulation January 2018.

View consultation - FCA CP18-04 on MMF Regulation implementation pdf
View IMMFA response - UK implementation of MMF Regulation March 2018 pdf

Money Market Fund Reform

European Commission sets out approach to MMF secondary legislation in Better Regulation Roadmap January 2018.

View consultation - European Commission Roadmap on MMFR Delegated Acts pdf

Money Market Fund Reform

ESMA (European securities regulators) submit advice to European Commission on secondary legislation November 2017.

View consultation - ESMA advice to Commission on MMF Regulation pdf

Money Market Fund Reform

ESMA (European securities regulators) consulted on secondary legislation during Summer 2017.

View consultation - ESMA consultation on the MMF Regulation 24 May 2017.pdf
View IMMFA response - IMMFA response to ESMA 240517 CP on MMF Regulation 030817 FINAL.pdf

Money Market Fund Reform

Political agreement reached during trilogues November 2016, text approved by European Parliament and Council in December 2016.

View consultation - http://data.consilium.europa.eu/doc/document/ST-14939-2016-INIT/en/pdf
View IMMFA response - IMMFA on MMF Reform - 14 September 2016

Money Market Fund Reform

Money Market Fund Reform - European Council position 10th June 2016

View consultation - http://data.consilium.europa.eu/doc/document/ST-9874-2016-INIT/en/pdf
View IMMFA response - IMMFA on MMF Reform - 24 February 2016

ESMA Call for Evidence / Consultation on Asset Segregation and Custody Services under AIFMD and UCITS - 15 July 2016

ESMA Call for Evidence / Consultation on Asset Segregation and Custody Services under AIFMD and UCITS - 15 July 2016. The deadline for responses is 23 September 2016.

View consultation - ESMA Call for Evidence - Asset Segregation and Custody Services - 15 July 2016
View IMMFA response - IMMFA Response to ESMA Call for Evidence - Asset Segregation and Custody Services - 23 September 2016

European Commission - Public Consultation - CMU Action on Cross-border Distribution of Funds Across the EU - 2 June 2016

European Commission - Public Consultation on Cross-border Distribution of Funds Across the EU - 2 June 2016

View consultation - European Commission - Public Consultation - CMU Action on Cross-border Distribution of Funds - 2 June 2016

BCBS Consultation on Identification and Measurement of Step-in Risk - December 2015

View consultation - BCBS Consultation on Identification and Measurement of Step-in Risk - December 2015
View IMMFA response - IMMFA Response BCBS step-in consultation Dec15 FINAL - 17 March 2016

EBA Guidelines on Exposures to Shadow Banking - 14 December 2015

The EBA has issued guidelines on limits on EU institutions' exposures to shadow banking entities, within which definition they include MMFs.

View consultation - EBA Consults on Exposures to Shadow Banking
View IMMFA response - EBA Guidelines - Limits on exposures to shadow banking entities - 14 December 2015

European Commission - Call for evidence: EU regulatory framework for financial services - 30 September 2015

European Commission- Call for evidence: EU regulatory framework for financial services - 30 September 2015

View consultation - European Commission - Call for evidence: EU regulatory framework for financial services
View IMMFA response - EC Call for Evidence - IMMFA Response - January 2016

Money Market Fund Reform

Money Market Fund Reform - European Commission Proposal - 4th September 2013

View consultation - http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52013PC0615&rid=2
View IMMFA response - IMMFA on MMF Reform - October 2014

ESMA Discussion Paper MIFID II / MiFIR - 22 May 2014

View consultation - ESMA Discussion Paper MIFID II / MiFIR - 22 May 2014

ESMA Final Report - Revision of the Provisions on Diversification of Collateral in ESMA's Guidelines on ETFs and other UCITS Issues - 24 March 2014

View consultation - ESMA Final Report - Revision of the Provisions of Collateral in ESMA's Gudeleines on ETFs and other UCITS Issues

ESMA Consultation Paper - Revision of the Provisions on Diversification of Collateral in ESMA’s guidelines on ETFs and other UCITS issues - 20 December 2013

View consultation - ESMA Consultation Paper - Revision of the Provisions on Diversification of Collateral - Dec 2013
View IMMFA response - IMMFA Response to ESMA Consultation - Jan 2014

ESRB Recommendations on Money Market Funds

The ESRB Recommendations on Money Market Funds. This was not a formal consultation but we responded to the report.

View consultation - ESRB Recommendations on MMF - Feb 2013
View IMMFA response - IMMFA response to ESRB - Feb 2013

FSB Consultation

'Strengthening Oversight and Regulation of Shadow Banking' - November 2012

View consultation - FSB Consultation
View IMMFA response - IMMFA Response to FSB Consultation

IOSCO Consultation - Money Market Fund Systemic Risk Analysis and Reform Options

The consultation issued by IOSCO considering potential reform to money market fund regulation

View consultation - IOSCO - Money Market funds Systemic Risk Analysis and Reform Options - April 2012
View IMMFA response - IMMFA response to IOSCO - May 2012