Activities of Brian HAYES related to 2013/0306(COD)
Plenary speeches (3)
Money market funds (debate)
Money market funds (A8-0041/2015 - Neena Gill)
Money market funds (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on Money Market Funds PDF (304 KB) DOC (244 KB)
Amendments (61)
Amendment 97 #
Proposal for a regulation
Recital 1
Recital 1
(1) Money market funds (MMF) provide short-term finance to financial institutions, corporates or governments. By providing finance to these entities, money market funds contribute to the financing of the European economy. Such entities use their investments in MMFs as an efficient way to spread their credit risk and exposure, rather than solely relying on bank deposits.
Amendment 115 #
Proposal for a regulation
Recital 10
Recital 10
(10) In the absence of a Regulation setting out rules on MMFs, diverging measures might continue to be adopted at national level, which would continue to cause significant distortions of competition resulting from important differences in essential investment protection standards. Diverging requirements on portfolio composition, eligible assets, their maturity, liquidity and diversification, as well as on credit quality of issuers of money market instruments lead to different levels of investor protection because of the different levels of risk attached to the investment proposition associated with a money market fund. The failure to adopt strict common rules applicable to MMFs in the internal market prevents uniform investor protection and gives investors different incentives to redeem their investments and thereby trigger a run. It is therefore essential to avoid contagion into the short term funding market and to the sponsors of the MMF which would largely put at risk the stability of the Union's financial market by adopting a uniform set of rulesIt is therefore essential to adopt a uniform set of rules in order to avoid contagion into the short term funding market and to the sponsors of the MMF which would largely put at risk the stability of the Union's financial market. In order to mitigate systemic risk, Constant Net Asset Value MMFs (CNAV MMFs) should only be operated in the Union as a (1) Government CNAV MMF, (2) Retail CNAV MMF or (3) a Low Volatility NAV MMF from the date of entry into force of this Regulation. All references in this Regulation to CNAV MMFs relate to Government CNAV MMFs, Retail CNAV MMFs and Low Volatility NAV MMFs unless otherwise specified. Existing CNAV MMFs may also choose to operate as variable net asset value MMFs (VNAV MMFs) instead.
Amendment 119 #
Proposal for a regulation
Recital 22
Recital 22
(22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits, commercial papers, certain types of high quality asset backed securities, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits or in the case of asset backed securities are eligible as high quality assets according to the liquidity rules in part six of Regulation (EU) No 575/2013 and are considered by the MMF to be of high credit quality.
Amendment 126 #
Proposal for a regulation
Recital 23
Recital 23
(23) ACertain asset Bbacked Commercial Papers (ABCPs)securities that are of major significance for the real economy should be considered eligible money market instruments to the extent that they arespect additional requirements. Due to the fact that dur eligible as high quality liquid assets according to the liquidity rules in part six of Regulation (EU) No 575/2013, specified ing the crisis certain securitisations were particularly unstable, it is necessary to impose maturity limits and quality criteria on the underlying assets. Not all categories of underlying assets should be eligible because some were more confrontedCommission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013. This shall apply for qualified high quality liquid asset backed securities comprising one of the following subcategories of securitised underlying assets as referred to in Article 13, para. 2 (g) in point (iii) or (iv) of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013, namely auto loans and/or auto leases to borrowers or lessees established or resident in a Member State as referred to in point (iv) or commercial loans, leases or credit facilities to undertakings established in a Member State to finstabilityance capital expenditures or business operations other than others. For this reason the underlying assets should be exclusively composed of short-term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, equipment leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked acquisition or the development of commercial real estate as referred to in point (iii). The reference to certain subcategories of securitised underlying assets as referred to in the delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 is important to ensure a uniform definition of eligible underlying securitised assets for the purpose of the liquidity regulations for credit institutions and this regulation which in turn is of importance for the liquidity of such instruments to avoid impediments to real economy securitisations. Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the facquisition or financing of services or goods by consumers should not be eligiblet that during the crisis certain securitisations were particularly unstable, it is necessary to impose quality criteria on the underlying assets. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and the conditions and numerical thresholds determining when corporate debt is of high credit quality and liquid. .
Amendment 147 #
Proposal for a regulation
Recital 35
Recital 35
(35) In order to strengthen MMFs' ability to face redemptions and prevent MMFs assets from being liquidated at heavily discounted prices, MMFs should hold on an on-going basis a minimum amount of liquid assets that mature daily or weekly. To calculate the proportion of daily and weekly maturing assets, the legal redemption date of the asset should be used. The possibility for the manager to terminate a contract on a short term basis can be taken into consideration. For instance, if a reverse repurchase agreement can be terminated with a one day prior notice, it should count as a daily maturing asset. If the manager has the possibility to withdraw money from a deposit account with a one day prior notice, it can count as a daily maturing asset. Government securities may be included as daily maturing assets, where a MMF Manager has determined the government securities to be of high credit quality.
Amendment 154 #
Proposal for a regulation
Recital 39
Recital 39
(39) It is important thatTo avoid the risk management of MMFs not bebeing biased by short-term decisions influenced by the possible rating of the MMF. Therefore, it is necessary to prohibit a MMF or its manager from requesting that the MMF is rated by a credit rating agency in order to avoid that this, controls shall be put in place to ensure the fairness and transparency of any external credit rating of the MMF on which investors in the MMF may seek to rely. Where a MMF seeks an external rating this used for marketing purposes. The MMF or its manager should also refrain from using alternative methods for obtaining a rating of the MMFwill be subject to and carried out in accordance with the requirements of the national competent authority of the credit rating agency. Should the MMF be awarded an unsolicited external rating, either on the own initiative of the credit rating agency or following request by a third party that is independent of the MMF or the manager and which does not act on behalf of any of them, the MMF manager should refrain from relying on criteria that would be attached to that external rating. For ensuring appropriate liquidity management it is necessary that the MMFs establish sound policies and procedures to know their investors. The policies that the manager has to put in place should help understanding the MMF's investor base, to the extent that large redemptions could be anticipated. In order to avoid that the MMF faces sudden massive redemptions, particular attention should be paid to large investors representing a substantial portion of the MMF's assets, as with one investor representing more than the proportion of daily maturing assets. In this case the MMF should increase its proportion of daily maturing assets to the proportion of that investor. The manager should whenever possible look at the identity of the investors, even if they are represented by nominee accounts, portals or any other indirect buyer.
Amendment 158 #
Proposal for a regulation
Recital 41
Recital 41
(41) In order to reflect the actual value of assets, the use of marking to market should be the preferred method for valuing the assets of MMFs. A manager should not be allowed to use the marking to model valuation method when marking to market provides a reliable value of the asset, as the mark to model method is prone to provide less accurate valuation. Assets such as treasury and local authority bills, medium- or short-term notes are generally the ones that are expected to have a reliable marking to market. For valuing commercial papers or certificates of deposit, the manager should check if accurate pricing is provided by a secondary market. The buy- back price offered by the issuer should also be considered to represent a good estimate of the value of the commercial paper. In all other cases tThe manager should estimate the value, for example using market data such as yields on comparable issues and comparable issuers and/or use the internationally regarded amortised cost accounting method as set out under recognised international accounting standards.
Amendment 184 #
Proposal for a regulation
Recital 45
Recital 45
(45) In order to be able to absorb day-to- day fluctuations in the value of a CNAV MMF's assets and allow it to offer a constant NAV per unit or share, the CNAV MMF should have at all times a NAV buffer amounting to at least 3% of its assets. The NAV buffer should serve as an absorbing mechanism for maintaining the constant NAV. All differences between the constamitigate client redemptions in times of market stress, whereby investors have a real choice of being able to invest in a CNAV or VNAV MMF whilst ensuring that CNAV MMF managers perform their fiduciary duty in terms of treating all shareholders fairly, the CNAV MMF, other than a Government CNAV per unit or share and the NAV per unit or share should be neutralized by using the NAV buffer. During stressed market situations, when the differences can rapidly increase, a procedure should ensure that the whole chain of management is involved. This escalation procedure should permit the senior management to take rapid remedy acMMF, shall have in place provisions for liquidity fees and redemption gates to prevent significant redemptions in times of market stress and to prevent other investors being unfairly exposed to the prevailing market conditions.
Amendment 192 #
Proposal for a regulation
Recital 46
Recital 46
(46) As a CNAV MMF that does not maintain the NAV buffer at the required level is not capable of sustaining a constant NAV per cannot meet the minimum amounit or share, it should be required to fluctuate the NAV anf weekly liquidity requirements should cease to be a CNAV MMF. Therefore, where despite the use of the escalation procedure the amount ofredemption gate, the CNAV buffer remains for one month below theMMF has not been requpaired 3% bywithin 105 bausis pointness days, the CNAV MMF should automatically convert into a MMF that is not allowed to use amortised cost accounting or rounding to the nearest percentage point. If before the end of the one month allowed for the replenishmentVNAV MMF or be liquidated. If a liquidity fee is implemented it may remain in place at least until the MMF meets the minimum weekly liquidity requirements. If a competent authority has justifiable reasons demonstrating the incapacability of the CNAV MMF to replenish the buffer, it should have the power to convert the CNAV MMF into a MMF other than a CNAV MMF. The NAV buffer is the only vehicle through which external support to a CNAV MMF can be providedmeet certain conditions, such conditions to be determined by the competent authorities, it should have the power to request the MMF manager to either convert the CNAV MMF into a MMF other than a CNAV MMF or to liquidate the CNAV MMF.
Amendment 205 #
Proposal for a regulation
Recital 48
Recital 48
(48) Investors should be clearly informed, before they invest in a MMF, if the MMF is of a short-term nature or of a standard nature and if the MMF is of a CNAV type or not. In order to avoid misplaced expectations from the investor it must also be clearly stated in any marketing document that MMFs are not a guaranteed investment vehicle. CNAV MMFs should clearly explain to investors the buffer mechanism they are applying to maintain the constant NAV per unit or shareprovisions for liquidity fees and redemption gates. Investors should clearly acknowledge their understanding of the risk of this investment product.
Amendment 222 #
Proposal for a regulation
Recital 54
Recital 54
(54) It is essential to carry out a review of this Regulation in order to assess the appropriateness of exempting certain CNAV MMFs that concentrate their investment portfolios on debt issuDebt issued or guaranteed by thea Member States from the requirement to establish a capital buffer that amounts to at least 3 % of the total value of the CNAV MMF's assets. Therefore, during the three years after the entry into force of this Regulation, the Commission should analyse the experience acquired in applying this Regulation and the impacts on the different economic aspects attached to the MMFs. The debt issued or guaranteed by the Member States, by its local authorities, by a third country or by a public international body represents a distinct category of investment displaying specific credit and liquidity traits. In addition, as sovereign debt plays a vital role in financing the Member States. The Commission should evaluate the evolution of the market for sovereign debt issued or guaranteed by the Member States and the possibility to create and in providing EU investors with a high quality and liquid pool of investable assets, a special framework for MMF that concentrate their investment policy on that type of debt should be created for Government CNAV MMFs, as defined in point (22 a) of Article 2.
Amendment 229 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Types of CNAV MMF As from the date of the entry into force of this Regulation, CNAV MMFs shall operate in the Union only as a (1) Government CNAV MMF, (2) Retail CNAV MMF or (3) a Low Volatility NAV MMF. All references in this Regulation to CNAV MMFs relate to Government CNAV MMFs, Retail CNAV MMFs and Low Volatility NAV MMFs, unless otherwise specified.
Amendment 235 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) "high quality liquid asset backed security" means a qualified asset-backed security referred to in Article 12, para. 1(a) meeting the requirements laid down in Article 13 of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013 defined for a uniform specification to be eligible transferable assets of high liquidity and credit quality according to Article 416, para. 1(d) of Regulation (EU) No 575/2013;
Amendment 242 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12 a (new)
Article 2 – paragraph 1 – point 12 a (new)
(12a) "Retail CNAV MMF" means a CNAV MMF that is available for subscription only to charities, non-profit organisations, public authorities, public foundations and natural persons, including any account for which the ultimate beneficiary is a natural person;
Amendment 248 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12 b (new)
Article 2 – paragraph 1 – point 12 b (new)
(12b) "Low Volatility NAV MMF" means a MMF that is available for subscription to all investors but which: (a) is not permitted to utilise the amortised cost method of valuation for non-Government Securities with remaining maturities greater than 90 days and, (b) may not invest more than 25% of its NAV in non- Government Securities with remaining maturities greater than 90 days;
Amendment 257 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22a) "Government CNAV MMF" means a CNAV MMF which within 12 months of the adoption of this Regulation invests 99.5% of its assets in Government Securities, as defined in point (22b) and is subject to the diversification requirements outlined in Article 14(6).
Amendment 258 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 b (new)
Article 2 – paragraph 1 – point 22 b (new)
(22b) "Government Securities" means public debt instruments that are cash, government assets or reverse repos secured with government debt of any eligible sovereign, as determined by the manager of the MMF.
Amendment 267 #
Proposal for a regulation
Article 3 – paragraph 7 a (new)
Article 3 – paragraph 7 a (new)
7 a. Without prejudice to Article 3, paragraph 1, a Member State shall not be required to authorise a CNAV MMF.
Amendment 297 #
Proposal for a regulation
Article 9 – paragraph 1 – point b – point ii a (new)
Article 9 – paragraph 1 – point b – point ii a (new)
(iia) it is eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 304 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while either not having a residual maturity exceeding 2 years or being eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 306 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Amendment 321 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1 a. High quality liquid asset backed securities referred to in Article 2, paragraph 7 (a) shall be considered eligible provided that the underlying securitized assets consist of assets as referred to in Article 13, paragraph 2 (g) point (iii) or (iv) of Commission delegated regulation (EU) No... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013.
Amendment 322 #
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1 b. Asset Backed Commercial Papers shall be considered as eligible provided that they are liquid and that the underlying exposures are of high credit quality.
Amendment 325 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – introductory part
Article 10 – paragraph 2 – subparagraph 1 – introductory part
For the purpose of a consistent application of paragraph 1, ESMA shall develop draft regulatory technical standards specifying: conditions determining when asset backed commercial papers are liquid and when the underlying debt is of high credit quality.
Amendment 326 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point a
Article 10 – paragraph 2 – subparagraph 1 – point a
Amendment 330 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point b
Article 10 – paragraph 2 – subparagraph 1 – point b
Amendment 379 #
Proposal for a regulation
Article 14 – paragraph 5 – introductory part
Article 14 – paragraph 5 – introductory part
5. Notwithstanding the individual limits laid down in paragraphs 1 and 3, a MMF shall not combine, where this would lead to investment of more than 105% of its assets in a single body, any of the following:
Amendment 384 #
Proposal for a regulation
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5 a. A MMF may not invest in unsecured paper issued by an affiliate of the manager of the MMF.
Amendment 392 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. A MMF may not hold more than 105% of the money market instruments issued by a single body.
Amendment 435 #
Proposal for a regulation
Article 21 – paragraph 1 – point c
Article 21 – paragraph 1 – point c
(c) at least 10% of its assets shall be comprised of daily maturing assets. For the purpose of this calculation, government debt or government agency securities may be included within the daily maturing assets, providing they may be sold for settlement on a 'same-day' basis. A short-term MMF shall not acquire any asset other than a daily maturing asset when such acquisition would result in the short-term MMF investing less than 10% of its portfolio in daily maturing assets;
Amendment 437 #
Proposal for a regulation
Article 21 – paragraph 1 – point d
Article 21 – paragraph 1 – point d
(d) at least 230% of its assets shall be comprised of weekly maturing assets. A short-term MMF shall not acquire any asset other than a weekly maturing asset when such acquisition would result in the short-term MMF investing less than 230% of its portfolio in weekly maturing assets. For the purpose of this calculation, government debt or government agency securities may be included within the daily maturing assets, providing they may be sold for settlement within the next 5 business days.
Amendment 451 #
Proposal for a regulation
Article 22 – paragraph 1 – point c
Article 22 – paragraph 1 – point c
(c) at least 105% of its assets shall be comprised of daily maturing assets. A standard MMF shall not acquire any asset other than a daily maturing asset when such acquisition would result in the standard MMF investing less than 105% of its portfolio in daily maturing assets;
Amendment 455 #
Proposal for a regulation
Article 22 – paragraph 1 – point d
Article 22 – paragraph 1 – point d
(d) at least 230% of its assets shall be comprised of weekly maturing assets. A standard MMF shall not acquire any asset other than a weekly maturing asset when such acquisition would result in the standard MMF investing less than 230% of its portfolio in weekly maturing assets.
Amendment 476 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
Amendment 503 #
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. In addition, in the case of CNAV MMFs, the stress tests shall estimate for different scenarios the difference between the constant NAV per unit or share and the NAV per unit or share, including the impact of the difference on the NAV buffer.
Amendment 515 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1
Article 26 – paragraph 3 – subparagraph 1
Amendment 516 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 2 – introductory part
Article 26 – paragraph 3 – subparagraph 2 – introductory part
When marking to market only quality market data provided by recognised independent pricing vendors shall be used. The quality of the market data shall be assessed on the basis of all of the following factors:
Amendment 518 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 3
Article 26 – paragraph 4 – subparagraph 3
Amendment 520 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 3 a (new)
Article 26 – paragraph 4 – subparagraph 3 a (new)
When marking to model, only pricing data from independent and recognised pricing vendors may be used and the model's pricing methodology should be subject to approval by the competent authority of the MMF.
Amendment 547 #
Proposal for a regulation
Article 27 – paragraph 6
Article 27 – paragraph 6
6. The difference between the constant NAV per unit or share and NAV per unit or share of a CNAV MMF shall be continuously monitored and its NAV per unit share ('shadow NAV') published daily on the website of the MMF.
Amendment 565 #
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
Amendment 574 #
Proposal for a regulation
Article 29 – paragraph 2 – point a
Article 29 – paragraph 2 – point a
Amendment 580 #
Proposal for a regulation
Article 29 – paragraph 2 – point b
Article 29 – paragraph 2 – point b
Amendment 585 #
Proposal for a regulation
Article 29 – paragraph 2 – point c
Article 29 – paragraph 2 – point c
Amendment 590 #
Proposal for a regulation
Article 29 – paragraph 2 – point d
Article 29 – paragraph 2 – point d
(d) the rules or instruments of incorporation of the CNAV MMF provide clear procedures for the conversion of the CNAV MMF into a MMF that is not allowed to use the amortised cost accounting or the rounding methodsVNAV MMF;
Amendment 593 #
Proposal for a regulation
Article 29 – paragraph 2 – point f
Article 29 – paragraph 2 – point f
(f) the CNAV MMF has established clear and effective communication tools towards investors that ensure prompt information in relation to any use or replenishment of the NAV buffer and the conversion of the CNAV MMF;
Amendment 597 #
Proposal for a regulation
Article 29 – paragraph 2 – point g
Article 29 – paragraph 2 – point g
Amendment 604 #
Proposal for a regulation
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
Amendment 609 #
Proposal for a regulation
Article 30
Article 30
Amendment 636 #
Proposal for a regulation
Article 31
Article 31
Amendment 652 #
Proposal for a regulation
Article 33
Article 33
Amendment 664 #
Proposal for a regulation
Article 34
Article 34
Amendment 683 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. A CNAV MMF may not receive external support other than in the form and under the conditionas laid down in Articles 30 to 345 (3).
Amendment 719 #
Proposal for a regulation
Article 37 – paragraph 2 – point c a (new)
Article 37 – paragraph 2 – point c a (new)
(ca) that investors can obtain information on the investment portfolio and the liquidity levels of the MMF on the website of the MMF.
Amendment 720 #
Proposal for a regulation
Article 37 – paragraph 2 a (new)
Article 37 – paragraph 2 a (new)
2a. A MMF shall provide to investors on its website, and update at least weekly, - the liquidity levels of the fund, - the weighted average maturity (WAM) and weighted average life (WAL) of the MMF, - the portfolio of investments of the MMF.
Amendment 724 #
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
5. In addition to the information to be provided in accordance with paragraphs 1 to 4, a CNAV MMF shall explain clearly to investors and potential investors the use of the amortised cost method and/or of rounding. A CNAV MMF shall indicate the amount of its NAV buffer, the procedure to equalise the constant NAV per unit or share and the NAV per unit or share and shall state clearly the role of the buffer and the risks related to it. The CNAV MMF shall clearly indicate the modalities of replenishing the NAV buffer and the entity expected to fund the replenishment. It shall make available to investors all information concerning compliance with the conditions set out in Article 29(2)(a) to (g)procedure to apply liquidity fees and redemption gates and the circumstance under which these will be triggered.
Amendment 736 #
Proposal for a regulation
Article 38 – paragraph 2 – subparagraph 1 – point c
Article 38 – paragraph 2 – subparagraph 1 – point c
Amendment 762 #
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. Within the six24 months following the date of entry into force of this Regulation, an existing UCITS or AIF that invests in short term assets and has as distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment shall submit an application to its competent authority together with all documents and evidence necessary to demonstrate the compliance with this Regulation.
Amendment 765 #
Proposal for a regulation
Article 43 – paragraph 3
Article 43 – paragraph 3
Amendment 782 #
Proposal for a regulation
Article 43 – paragraph 4
Article 43 – paragraph 4
Amendment 791 #
Proposal for a regulation
Article 45 – paragraph 1 – introductory part
Article 45 – paragraph 1 – introductory part
By three years after the entry into force of this Regulation, the Commission shall review the adequacy of this Regulation from a prudential and economic point of view. In particular the review shall consider the operation of the CNAV buffer and the operation of the CNAV buffer to those CNAV MMFs that, in future, might concentrate their portfolios on debt issued or guaranteed by the Member States. The review shall: