Next event: Final act published in Official Journal 2017/06/30 more...
- Draft final act 2017/06/21
- Final act signed 2017/06/14
- End of procedure in Parliament 2017/06/14
- Commission response to text adopted in plenary 2017/06/07
- Act adopted by Council after Parliament's 1st reading 2017/05/16
- Council Meeting 2017/05/16
- Results of vote in Parliament 2017/04/05
- Decision by Parliament, 1st reading/single reading 2017/04/05
- Debate in Parliament 2017/04/04
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations 2016/12/08
- Debate in Council 2016/06/17
- Council Meeting 2016/06/17
- Decision by Parliament, 1st reading/single reading 2015/04/29
- Matter referred back to the committee responsible 2015/04/29
- Debate in Parliament 2015/04/28
- Committee report tabled for plenary, 1st reading/single reading 2015/03/04
- Vote in committee, 1st reading/single reading 2015/02/26
- Amendments tabled in committee 2015/01/12
- Amendments tabled in committee 2015/01/12
- Amendments tabled in committee 2015/01/12
- Amendments tabled in committee 2015/01/12
- Committee draft report 2014/11/26
- Committee referral announced in Parliament, 1st reading/single reading 2014/10/20
- Responsible Committee 2014/07/22
- Contribution 2014/01/16
- Contribution 2014/01/15
- Contribution 2013/12/23
Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | GILL Neena ( S&D) | HAYES Brian ( PPE), KAMALL Syed ( ECR), JEŽEK Petr ( ALDE), DE MASI Fabio ( GUE/NGL), LAMBERTS Philippe ( Verts/ALE) |
Former Responsible Committee | ECON | EL KHADRAOUI Saïd ( S&D) |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
PURPOSE: to ensure uniform prudential, governance and transparency requirements that apply to money market funds (MMFs) throughout the Union,
LEGISLATIVE ACT: Regulation (EU) 2017/1131 of the European Parliament and of the Council on money market funds.
CONTENT: by providing short-term financing to financial institutions, corporations and governments, money market funds (MMFs) contribute to the financing of the economy of the Union . MMFs are mainly used by corporations seeking to invest their excess cash for a short time frame.
The Regulation lays down rules for money market funds established, managed or marketed in the Union, concerning the financial instruments eligible for investment by a MMF, the portfolio of an MMF, the valuation of the assets of an MMF, and the reporting requirements in relation to an MMF.
The rules and standards aim to:
· make MMFs less vulnerable to crises and limit the risks of contagion within the short-term funding market that could risk the stability of the Union's financial market;
· increase the liquidity of MMFs , to ensure that they can face substantial and sudden redemption requests from investors, especially during stressed market situations.
Three types of MMFs: the Regulation covers three types of money market funds:
· a public debt Constant Net Asset Value (CNAV) MMFs which aims to maintain the intrinsic value of the asset at a constant value;
· variable net asset value MMFs (VNAV);
· low volatility net asset value MMFs (LVNAV).
Requirements on diversification of the portfolio: the Regulation lays down rules regarding the composition of MMF portfolios and the valuation of their assets, to ensure the stability of their structure and to guarantee that they invest in well-diversified assets of a good credit quality .
An MMF may invest no more than 5 % of its assets in money market instruments, securitisations and securitisations and asset-backed commercial paper (ABCP) issued by the same body or no more than 10 % of its assets in deposits made with the same credit institutions . There is some flexibility allowed concerning the diversification requirement for deposits with the same credit institution.
The aggregate of all of an MMF's exposures to securitisations and ABCPs shall not exceed 20 % of assets .
As regards liquidity , the Regulation includes the following requirements:
· for LVNAVs and CNAVs, a minimum 10% portfolio investment in daily maturing assets and minimum 30% portfolio investment in weekly maturing assets;
· for VNAVs, a minimum 7.5% portfolio investment in daily maturing assets and minimum 15% portfolio investment in weekly maturing assets.
The Regulation prohibits external support from sponsors, notably banks.
Specific requirements for public debt CNAV MMFs and LVNAV MMFs: the manager of such funds shall establish, implement and consistently apply prudent and rigorous liquidity management procedures for ensuring compliance with the weekly liquidity thresholds applicable to such funds. In order to be able to mitigate potential investor redemptions in times of severe market stress, public debt CNAV MMFs and LVNAV MMFs should have in place provisions for liquidity fees and redemption gates to ensure investor protection.
Credit quality: the manager of an MMF shall establish, implement and consistently apply a prudent internal credit quality assessment procedure for determining the credit quality of money market instruments, securitisations and ABCPs, taking into account the issuer of the instrument and the characteristics of the instrument itself.
Transparency requirements: the common rules aim to ensure that the manager of an MMF knows the behaviour of its investors. The latter should be clearly informed before investing in a money market fund. MMFs should also make available certain other information to investors on a weekly basis, including the maturity breakdown of the portfolio, the credit profile and details of the 10 largest holdings in the MMF.
Fund managers should also supply the appropriate information to competent authorities regarding surveillance matters.
Review clause: by 21 July 2022, the Commission should undertake a review of the Regulation, including whether changes are to be made to the regime for public debt CNAV MMFs and LVNAV MMFs.
ENTRY INTO FORCE: 20.7.2017.
APPLICATION: from 21.7.2018 (with the exception of certain provisions that apply from 20.7.2017).
DELEGATED ACTS: the Commission may adopt delegated acts in order to supplement non-essential elements of the Directive. The power to adopt such acts is conferred on the Commission for an indeterminate period from the date of entry into force of the Regulation. The European Parliament or the Council have the right to object to a delegated act within two months (which may be extended by two months) from the date of notification of the act.
The European Parliament adopted by 514 votes to 179, with 9 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on Money Market Funds.
Parliament’s position adopted in first reading following the ordinary legislative procedure amended the Commission proposal as follows:
Subject matter and scope : the objective of this Regulation is to ensure uniform prudential, governance and transparency requirements that apply to money market funds (MMFs) throughout the Union.
Money market funds provide short-term finance to financial institutions, corporations and governments. By providing finance to those entities, MMFs contribute to the financing of the economy of the Union. Those entities use their investments in MMFs as an efficient way to spread their credit risk and exposure, rather than relying solely on bank deposits.
It is necessary to lay down rules regarding the operation of MMFs, in particular on the composition of the portfolio of MMFs. Those rules are intended to:
make MMFs more resilient and limit contagion channels of the short-term funding market which would put at risk the stability of the Union's financial market; ensure that MMFs are able to face substantial and sudden redemption requests by a large group of investors during stressed market situations.
Types of money market funds : the Regulation covers three types of MMFs:
Variable net asset value MMF (“VNAV MMF”); Public Debt Constant net asset value MMF (“Public Debt CNAV MMF” or “CNAV MMF”), which invest at least 99.5% of their assets in public debt instruments or cash; Low Volatility Net asset value MMF (“LVNAV MMF”).
Eligible assets : money market funds may invest in:
money market instruments including financial instruments issued or guaranteed separately or jointly by the Union, the national, regional and local administrations of the Member States or their central banks, the European Central Bank, the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility; eligible securitisations and asset-backed commercial paper (ABCPs) provided they meet certain requirements. Given that certain securitisations were particularly volatile during the financial crisis, the proposed Regulations would impose certain quality criteria on securitisations and ABCPs to ensure that only securitisations and successful ABCPs are eligible; reverse repurchase agreements and repurchase agreements that meet certain conditions; units or shares of other MMFs , subject to certain conditions.
Diversification : an MMF shall invest no more than 5% of its assets in money market instruments, securitisations and ABCPs issued by the same body or 10 % of its assets in deposits made with the same credit institution. Some flexibility in the diversification requirement for deposits with the same credit institution should be allowed.
The aggregate of all of an MMF’s exposures to securitisations and ABCPs shall not exceed 20 % of the assets of the MMF.
Credit quality : an MMF should have a prudent internal credit quality assessment procedure for determining the credit quality of the money market instruments, securitisations and ABCPs in which it intends to invest. MMFs should be able to use ratings as a complement to their own assessment of the quality of eligible assets.
Specific requirements for Public Debt CNAV MMFs and LVNAV MMFs : the managers of such funds should establish, implement and consistently apply prudent and rigorous, liquidity management procedures for ensuring compliance with the weekly liquidity thresholds applicable to those MMFs.
In order to be able to mitigate potential client redemptions in times of severe market stress, those MMFs should have in place provisions for liquidity fees and redemption gates to ensure investor protection.
These funds should also be allowed to make limited use of the amortised cost method of valuing assets.
A MMF shall not receive external support by a third party.
Transparency requirements : investors should be clearly informed whether the MMF is of a short-term nature or of a standard nature and whether the MMF is a public debt CNAV MMF, a LVNAV MMF or a VNAV MMF. MMFs should also make available certain other information to investors on a weekly basis, including the maturity breakdown of the portfolio, the credit profile and details of the 10 largest holdings in the MMF.
Supervision : competent authorities should be given all the supervisory and investigatory powers, including the ability to impose certain penalties and measures, necessary for the exercise of their functions with respect to this Regulation.
Review : by five years after the date of entry into force of this Regulation, the Commission shall review and examine whether changes are to be made to the regime for public debt CNAV MMFs and LVNAV MMFs.
The European Parliament adopted amendments on the proposal for a regulation of the European Parliament and of the Council on Money Market Funds (MMFs).
The matter was referred for review to the competent Committee . The vote was postponed to a later meeting.
Subject matter and scope : money market funds (MMF) provide short-term finance to financial institutions, corporates or governments and thus contribute to the financing of the European economy. For such entities, using their investments in MMFs is an efficient way to spread their credit risk and exposure, rather than relying solely on bank deposits.
In the absence of a regulation laying down MMF rules, Parliament stressed the necessity of adopting a uniform set of rules in order to avoid contagion of the short term funding market and of the sponsors of the MMF, which would put at risk the stability of the Union's financial market.
In order to mitigate systemic risk, the amended text provides that the Constant Net Asset Value MMFs (CNAV MMFs) should, from the date of the entry into force of this Regulation, only operate in the Union:
as an EU "public debt CNAV MMF", namely, a CNAV MMF which invests 99.5% of its assets in public debt instruments and, by 2020, at least 80% of its assets in EU public debt instruments; as Retail CNAV MMFs for small investors , that is, a CNAV MMF that is available for subscription only to charities, non-profit organisations, public authorities and public foundations; or as a "Low Volatility Net Asset Value Money Market Fund" (LVNAV MMF) .
Eligible securitisations: the amended test underlines that not all categories of underlying assets have proved to be unstable, including in particular those securitisations where the underlying assets were associated with supporting the working capital of manufacturers and the sales of real economy goods and services.
That is why it is proposed that high quality liquid asset backed securities are deemed to be eligible securitisations. The high quality liquid asset backed securities would be deemed eligible if they are liquid in line with Regulation (EU) No 575/2013 , and if the underlying exposures have a high credit quality. Within six months following publication of this regulation, the Commission shall, adopt delegated acts concerning the specification of the criteria for identifying simple, transparent and standardised securitisation.
Specific requirements for Public Debt CNAV MMFs, Retail CNAV MMFs and LVNAV MMFs: the managers of such funds should establish, implement and consistently apply a prudent, rigorous, systematic and continuous internal assessment procedure for determining the weekly liquidity thresholds applicable to the MMFs.
In order to be able to mitigate potential client redemptions in times of severe market stress, all the MMFs should 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 prevailing market conditions:
Public Debt CNAV MMFs and Retail CNAV MMFs for small investors should cease to be CNAV MMFs where they cannot meet the minimum amount of weekly liquidity requirements within 30 days of having used the liquidity fees or redemption gates. LVNAV MMFs should only be authorised for a period of five years . The Commission should review the appropriateness of LVNAV MMFs four years after the entry into force of this Regulation.
The MMFs should not receive external support on the part of any third party, including the sponsor of the MMF, that is intended for, or would result in, guaranteeing the liquidity of the MMF or stabilising the NAV per unit or share of the MMF.
Transparency requirements : in order to develop a transparent and coherent credit assessment procedure, the manager should document the procedures used for the credit assessment . This should ensure that the procedure follows a clear set of rules that can be monitored and that the methodologies employed are communicated upon request to the interested stakeholders, as well as to the competent national authority.
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. 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.
Investors in a MMF should, at least weekly, receive the following information: a) the liquidity profile of the MMF including the cumulative percentage of investments maturing overnight and within one week and how that liquidity is achieved; b) the credit profile and portfolio composition.
Supervision by the competent authorities : the competent authorities shall supervise compliance with this Regulation on an on-going basis. Authorisation of a MMF shall be withdrawn in the event of a breach of the ban on sponsor support.
The Committee on Economic and Monetary Affairs adopted the report by Neena GILL (S&D, UK) on the proposal for a regulation of the European Parliament and of the Council on Money Market Funds (MMFs).
The parliamentary committee recommended that the European Parliament adopts its position at first reading, following the ordinary legislative procedure, amending the Commission proposal as follows.
Subject matter and scope: Members stressed the necessity of adopting a uniform set of rules in order to avoid contagion of the short term funding market and of the sponsors of the MMF, which would put at risk the stability of the Union's financial market.
In order to mitigate systemic risk, the amended text provides that the Constant Net Asset Value MMFs (CNAV MMFs) should, from the date of the entry into force of this Regulation, only operate in the Union:
· as an EU "public debt CNAV MMF", namely, a CNAV MMF which invests 99.5% of its assets in public debt instruments and, by 2020, at least 80% of its assets in EU public debt instruments:
· as Retail CNAV MMFs;
· or as a "Low Volatility Net Asset Value Money Market Fund" (LVNAV MMF).
Eligible assets: the MMFs may also be invested in:
· financial instruments issued or guaranteed separately or jointly i) by the national, regional and local administrations of the Member States or their central banks; ii) or by the institutions, bodies, offices or agencies of the Unions, including among others the European Central Bank; iii) or by the European Investment Bank, the European Investment Fund, the new European Fund for Strategic Investments; iv) but also the European stability mechanism, the International Monetary Fund, the International Bank for Reconstruction and Development, the Council of Europe Development Bank and the European Bank for Reconstruction and Development;
· eligible derivative instruments used exclusively for hedging purposes;
· reverse repurchase agreements or repurchase agreements provided that certain conditions are fulfilled.
Eligible securitisations: the amended test underlines that not all categories of underlying assets have proved to be unstable, including in particular those securitisations where the underlying assets were associated with supporting the working capital of manufacturers and the sales of real economy goods and services. Those securitisations have performed well and should be considered to be eligible money market instruments to the extent that they are eligible as high quality liquid assets.
That is why it is proposed that high quality liquid asset backed securities are deemed to be eligible securitisations. The high quality liquid asset backed securities would be deemed eligible if they are liquid in line with Regulation (EU) No 575/2013 , and if the underlying exposures have a high credit quality.
Specific requirements for Public Debt CNAV MMFs, Retail CNAV MMFs and LVNAV MMFs: the manager of a Public Debt CNAV MMF or a Retail CNAV MMF or LVNAV MMF should establish, implement and consistently apply a prudent, rigorous, systematic and continuous internal assessment procedure for determining the weekly liquidity thresholds applicable to the MMFs.
In order to be able to mitigate potential client redemptions in times of severe market stress, all the MMFs should 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 prevailing market conditions.
LVNAV MMFs should only be authorised for a period of five years . The Commission should review the appropriateness of LVNAV MMFs four years after the entry into force of this Regulation.
The MMFs should not receive external support.
Transparency requirements: in order to develop a transparent and coherent credit assessment procedure, the manager should document the procedures used for the credit assessment . This should ensure that the procedure follows a clear set of rules that can be monitored and that the methodologies employed are communicated upon request to the interested stakeholders, as well as to the competent national authority.
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. 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.
Investors in a MMF should, at least weekly, receive the following information: a) the liquidity profile of the MMF including the cumulative percentage of investments maturing overnight and within one week and how that liquidity is achieved; b) the credit profile and portfolio composition.
PURPOSE: to ensure uniform prudential requirements that apply to money market funds throughout the Union.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: money funds (MMF, money market funds) offer a short-term cash management tool that provides a high degree of liquidity, diversification, stability of value combined with a market-based yield.
The majority of MMFs, around 80% of the assets and 60% of the funds, operate under the rules of the Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities (UCITS). The rest of MMFs should been operating, since July 2013, under the rules of the Alternative Investment Fund Manager (AIFM) Directive 2011/61/EU .
Events that occurred during the financial crisis have shed light on several features of MMFs that make them vulnerable when there are difficulties in financial markets and therefore may spread or amplify risks through the financial system. When the prices of the assets in which the MMFs are invested in start to decrease, especially during stressed market situations, the MMF cannot always maintain the promise to redeem immediately and to preserve the principal value of a unit or share issued by the MMF to investors. This situation may trigger massive and sudden redemption requests, potentially causing broader macroeconomic consequences.
In order to preserve the integrity and stability of the internal market by promoting more resilient MMFs and limiting contagion channels, it is necessary to lay down rules regarding the operation of MMFs , in particular on the composition of the portfolio of MMFs. Uniform rules across the Union are necessary to ensure smooth operation of the short term funding market for financial institutions, corporate issuers of short term debt and governments.
This proposal is in line with the Commission Green Paper (March 2012) on shadow banking. In response to the Green Paper, the European Parliament adopted a resolution on shadow banking in November 2012 where it invites the Commission to submit a proposal with particular focus on the MMF issue.
IMPACT ASSESSMENT: in order to ensure the liquidity and the stability of MMFs, a total of 16 options were analysed. The impacts including the costs and benefits on the various stakeholders, investors, asset managers, issuers of short term debt, sponsors were analysed. Such analysis concluded in favour of the creation of a more robust framework for MMFs, increased liquidity levels and more stable structure.
LEGAL BASIS: Article 114 of the Treaty on the Functioning of the European Union (TFEU).
CONTENT: the proposed Regulation aims to create a regulatory framework for MMFs in view of ensuring an increased protection of investors in MMFs, as well as enhancing financial stability by preventing contagion risk. It also aims to ensure that the liquidity of the fund is adequate to face investor redemption requests and to render the structure of MMFs safe enough to withstand adverse market conditions.
The more specific objectives of this initiative: (i) to prevent the risk of contagion to the real economy, (ii) to prevent the risk of contagion to the sponsor and, (iii) to reduce the disadvantages for late redeemers, especially with respect to redemptions in stressed market conditions.
The proposal introduces uniform requirements that will deal, amongst others with the scope of eligible assets, with diversification rules, rules related to exposures to credit, interest rate and liquidity risks, as well as rules regarding the authorisation of the funds intending to engage in money market investment. These are essentially prudential product rules that aim to render the European MMFs more secure and efficient, mitigating hereto related systemic risk concerns.
The taking up of activities as fund manager is regulated either by the UCITS Directive or by the AIFM Directive. The activities of the managers will continue to be subject to AIFMD and UCITS Directive but the product rules contained under UCITS framework will be supplemented by the product rules contained in this proposed Regulation.
BUDGETARY IMPLICATION: this proposal has no implications for the EU budget.
DELEGATED ACTS: the proposal contains provisions empowering the Commission to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (TFEU).
Documents
- Final act published in Official Journal: Regulation 2017/1131
- Final act published in Official Journal: OJ L 169 30.06.2017, p. 0008
- Draft final act: 00059/2016/LEX
- Commission response to text adopted in plenary: SP(2017)363
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T8-0109/2017
- Debate in Parliament: Debate in Parliament
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE604.806
- Debate in Council: 3475
- Decision by Parliament, 1st reading/single reading: T8-0170/2015
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, 1st reading/single reading: A8-0041/2015
- Amendments tabled in committee: PE546.594
- Amendments tabled in committee: PE546.595
- Amendments tabled in committee: PE546.610
- Amendments tabled in committee: PE546.613
- Committee draft report: PE541.543
- Contribution: COM(2013)0615
- Contribution: COM(2013)0615
- Contribution: COM(2013)0615
- Contribution: COM(2013)0615
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2013)0315
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2013)0316
- Legislative proposal published: COM(2013)0615
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2013)0315
- Document attached to the procedure: EUR-Lex SWD(2013)0316
- Committee draft report: PE541.543
- Amendments tabled in committee: PE546.594
- Amendments tabled in committee: PE546.595
- Amendments tabled in committee: PE546.610
- Amendments tabled in committee: PE546.613
- Commission response to text adopted in plenary: SP(2017)363
- Draft final act: 00059/2016/LEX
- Contribution: COM(2013)0615
- Contribution: COM(2013)0615
- Contribution: COM(2013)0615
- Contribution: COM(2013)0615
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Amendments | Dossier |
392 |
2013/0306(COD)
2013/12/12
ECON
392 amendments...
Amendment 100 #
Proposal for a regulation 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
Amendment 101 #
Proposal for a regulation 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.
Amendment 102 #
Proposal for a regulation 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.
Amendment 103 #
Proposal for a regulation 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 and VNAV MMFs should clearly explain to investors the
Amendment 104 #
Proposal for a regulation 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 buffers mechanism they are applying to maintain the constant NAV per unit or share.
Amendment 105 #
Proposal for a regulation Recital 49 (49) To ensure that competent authorities are able to detect, monitor and respond to risks in the MMF market, MMFs should report to their competent authorities a detailed list of information, in addition to reporting already required under Directives 2009/65/EC or 2011/61/EU. Competent
Amendment 106 #
Proposal for a regulation Recital 54 (54)
Amendment 107 #
Proposal for a regulation Recital 54 (54)
Amendment 108 #
Proposal for a regulation Recital 54 (54) It is essential to carry out a review of this Regulation in order to assess the appropriateness of
Amendment 109 #
Proposal for a regulation Recital 54 (54) It is essential to carry out a review of this Regulation in order to assess the appropriateness of
Amendment 110 #
Proposal for a regulation Recital 54 (54) It is essential to carry out a review of this Regulation in order to assess the appropriateness
Amendment 111 #
Proposal for a regulation Article 1 – paragraph 2 Amendment 112 #
Proposal for a regulation Article 2 – point 2 (2) ‘money market instruments’ means
Amendment 113 #
Proposal for a regulation Article 2 – point 2 (2) ‘money market instruments’ means money market instruments as defined in Article 2(1)(o) of Directive 2009/65/EC and Article 3 of Directive 2007/16/CE;
Amendment 114 #
Proposal for a regulation Article 2 – point 4 (4) ‘repurchase agreement’ means any agreement in which one party
Amendment 115 #
Proposal for a regulation Article 2 – point 8 (8)
Amendment 116 #
Proposal for a regulation Article 2 – point 13 (13) ‘Short-term MMF’ (or ST MMF) means a money market fund that invests in eligible money
Amendment 117 #
Proposal for a regulation Article 2 – point 14 (14) ‘Standard MMF’ (or STD MMF) means a money market fund that invests in eligible money market instruments referred to in Article 9(1) and (2);
Amendment 118 #
Proposal for a regulation Article 2 – point 17 a (new) (17a) "MMF Host Member State" means the Member States where a significant proportion of MMF unit of shares are marketed;
Amendment 119 #
Proposal for a regulation Article 2 – point 22 a (new) (22a) "gates" or "gating" means the ability of an MMF to impose restrictions on the right of shareholders or unitholders to redeem their shares or units in an MMF on any dealing day;
Amendment 120 #
Proposal for a regulation Article 2 – point 22 b (new) (22b) "a liquidity fee" means a fee imposed by an MMF on shareholders or unitholders redeeming their shares or units in the MMF which is intended to ensure that costs associated with such redemptions are borne by the redeeming shareholders or unitholders;
Amendment 121 #
Proposal for a regulation Article 2 – paragraph 1 a (new) Amendment 122 #
Proposal for a regulation Article 3 – paragraph 1 – subparagraph 1 No collective investment undertaking shall be established, marketed or managed in the Union as MMF unless it has been authorised in accordance with this Regulation. An MMF or an MMF manager may be established in a third country or jurisdiction provided that that third country or jurisdiction is not a country or jurisdiction: - where there are no or nominal taxes, - where there is a lack of effective exchange of information with foreign tax authorities, - where there is a lack of transparency in legislative, judicial or administrative provisions, - where there is no requirement for a substantive local presence, or - which acts as an offshore financial centre.
Amendment 123 #
Proposal for a regulation Article 3 – paragraph 2 2. A collective investment undertaking that requires authorisation as a UCITS under Directive 2009/65/EC shall be authorised as a MMF as part of the authorisation procedure pursuant to Directive 2009/65/EC, provided that it performs MMF activities pursuant to this Regulation within 12 months after its authorisation.
Amendment 124 #
Proposal for a regulation Article 3 – paragraph 5 – point f (f) any other information or document requested by the competent authority of the home or host MMF to verify compliance with the requirements of this Regulation.
Amendment 125 #
Proposal for a regulation Article 3 – paragraph 7 a (new) 7a. In order to ensure uniform conditions of application of this article, ESMA shall develop draft implementing technical standards defining the format of information to be provided in accordance with paragraphs 5, 6 and 7. ESMA shall submit those draft implementing technical standards to the Commission by 31 December 2014. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 126 #
Proposal for a regulation Article 4 – paragraph 1 1. An AIF shall be authorised as a MMF only if its competent authority has approved the application of an AIFM authorised under Directive 2011/61/EU to manage the AIF, the fund rules and the choice of the depositary
Amendment 127 #
Proposal for a regulation Article 4 – paragraph 2 a (new) 2a. In order to ensure uniform conditions of application of paragraph 2, ESMA shall develop draft implementing technical standards defining the format of information to be provided in accordance with paragraphs 2. ESMA shall submit those draft implementing technical standards to the Commission by 31 December 2014. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. The competent authority of the MMF may ask the competent authority of the AIFM for clarification and information as regards the documentation referred to in the previous subparagraph or an attestation as to whether MMFs fall within the scope of the AIFM's management authorisation. The competent authority of the AIFM shall respond within 10 working days of the request by the MMF competent authority.
Amendment 128 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 A UCITS or AIF shall use a designation that suggests a money market fund
Amendment 129 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 a (new) A UCITS or AIF which uses the designations referred to in paragraph 1 without being authorised in accordance with this Regulation shall be subject to the sanctions referred to in in Directive [MIFID]
Amendment 130 #
Proposal for a regulation Article 5 – paragraph 2 2. The use of the designation ‘money market fund’, ‘MMF’
Amendment 131 #
Proposal for a regulation Article 6 – paragraph 5 5. This Regulation shall not prevent MMFs from applying investment limits that are stricter than those required by this Regulation in such case the MMF shall inform the competent authority of the stricter investments limits applied.
Amendment 132 #
Proposal for a regulation Article 8 – paragraph 1 – point d (d) reverse repurchase agreements or repurchase agreements provided that the cash received is not reinvested and the exposure to repurchase agreements does not exceed 10% of the assets of a MMF;
Amendment 133 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) (da) repurchase agreements.
Amendment 134 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) (da) debt securities
Amendment 135 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) (da) units or shares of other MMFs.
Amendment 136 #
Proposal for a regulation Article 8 – paragraph 1 – point d b (new) (db) units or shares of other MMFs;
Amendment 137 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) Amendment 138 #
Proposal for a regulation Article 8 – paragraph 2 – point c (c) taking direct or indirect exposure to equity, bonds, ETFs or commodities, including via derivatives, certificates representing them, indices based on them or any other mean or instrument that would give an exposure to them;
Amendment 139 #
Proposal for a regulation Article 8 – paragraph 2 – point e Amendment 140 #
Proposal for a regulation Article 9 – paragraph 1 – point c (c)
Amendment 141 #
Proposal for a regulation Article 9 – paragraph 1 – point c (c)
Amendment 142 #
Proposal for a regulation Article 9 – paragraph 1 – point c (c) the issuer of the money market instrument has
Amendment 143 #
Proposal for a regulation Article 10 – paragraph 1 – point a Amendment 144 #
Proposal for a regulation Article 10 – paragraph 1 – point a (a) the underlying exposure or pool of exposures consists exclusively of
Amendment 145 #
Proposal for a regulation Article 10 – paragraph 1 – point b (b) the
Amendment 146 #
Proposal for a regulation Article 10 – paragraph 1 – point b (b) the underlying corporate debt is of high credit quality and liquid and the pool of exposure is sufficiently diversified according to the principle of risk spreading and as demonstrated by a low average default correlation;
Amendment 147 #
Proposal for a regulation Article 10 – paragraph 1 – point b (b) the underlying
Amendment 148 #
Proposal for a regulation Article 10 – paragraph 1 – point c (c) the underlying
Amendment 149 #
Proposal for a regulation Article 10 – paragraph 1 – point c (c) the underlying
Amendment 150 #
Proposal for a regulation Article 10 – paragraph 1 – point c a (new) (ca) the Asset Backed Commercial Paper has a legal maturity at issuance or a residual maturity of 397 days or less.
Amendment 151 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – introductory part For the purpose of a consistent application of paragraph 1, ESMA in close cooperation with EBA shall develop draft
Amendment 152 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point a Amendment 153 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point a (a) the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of
Amendment 154 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point a (a) the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and whether it is considered to be sufficiently diversified;
Amendment 155 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point b (b) conditions and numerical thresholds determining when
Amendment 156 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point b (b) conditions and numerical thresholds determining when
Amendment 157 #
Proposal for a regulation Article 11 – paragraph 1 – point b (b) the deposit matures in no more than 12 months or 24 months for standard MMF;
Amendment 158 #
Proposal for a regulation Article 12 – paragraph 1 – introductory part A financial derivative instrument shall be eligible for investment by a MMF if it is dealt in on a regulated market referred to in Article 50(1)(a), (b) or (c) of Directive 2009/65/EC or o
Amendment 159 #
Proposal for a regulation Article 12 – paragraph 1 – point c (c) the counterparties to
Amendment 160 #
Proposal for a regulation Article 12 – paragraph 1 – point d (d) the
Amendment 161 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) (da) the OTC derivatives are subject to clearing or to bilateral margin requirements.
Amendment 162 #
Proposal for a regulation Article 12 – paragraph 1 a (new) For the purpose of a consistent application of this article, ESMA shall develop draft regulatory technical standards specifying the conditions and circumstances under which the derivative instrument serves the purpose of hedging the duration and exchange risks inherent to other investments of the MMF ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 163 #
Proposal for a regulation Article 13 – paragraph 4 4. The assets received by the MMF as part of a reverse repurchase agreement shall not be included for the purpose of calculating the limits on diversification and concentration laid down in this Regulation.
Amendment 164 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 1 – point b (b) they are issued or guaranteed by a central authority or central bank of a third country, provided that the third country issuer of the asset
Amendment 165 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 2 Amendment 166 #
Proposal for a regulation Article 13 – paragraph 5 a (new) Amendment 167 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 1 Amendment 168 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 1 Amendment 169 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 2 For this purpose
Amendment 170 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 2 For this purpose
Amendment 171 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 2 a (new) ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 172 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 3 Amendment 173 #
Proposal for a regulation Article 13 a (new) Amendment 174 #
Proposal for a regulation Article 13 b (new) Amendment 175 #
Proposal for a regulation Article 14 – paragraph 1 – introductory part 1. A MMF shall invest no more than
Amendment 176 #
Proposal for a regulation Article 14 – paragraph 1 – introductory part 1. A MMF shall invest no more than
Amendment 177 #
Proposal for a regulation Article 14 – paragraph 2 2. The aggregate of all exposures to securitisations shall not exceed
Amendment 178 #
Proposal for a regulation Article 14 – paragraph 2 a (new) 2a. A MMF shall invest no more than 20% of its asset in eligible assets issued in a third country currency
Amendment 179 #
Proposal for a regulation Article 14 – paragraph 3 3. The aggregate risk exposure to the same counterparty of the MMF stemming from
Amendment 180 #
Proposal for a regulation Article 14 – paragraph 4 4. The aggregate amount of cash provided to the same counterparty of a MMF in reverse repurchase agreements shall not exceed
Amendment 181 #
Proposal for a regulation Article 14 – paragraph 4 4. The aggregate amount of cash provided to the same counterparty of a MMF in reverse repurchase agreements shall not exceed
Amendment 182 #
Proposal for a regulation 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 1
Amendment 183 #
Proposal for a regulation Article 14 – paragraph 5 – point c (c)
Amendment 184 #
Proposal for a regulation Article 14 – paragraph 5 – point c a (new) (ca) units or shares of other MMFs.
Amendment 185 #
Proposal for a regulation Article 14 – paragraph 6 – subparagraph 2 – point a (a) the MMF holds money market instruments from at least
Amendment 186 #
Proposal for a regulation Article 14 – paragraph 6 – subparagraph 2 – point b (b) the MMF limits the investment in money market instruments from the same issue to maximum
Amendment 187 #
Proposal for a regulation Article 14 – paragraph 6 – subparagraph 2 – point c Amendment 188 #
Proposal for a regulation Article 15 – paragraph 1 1. A MMF may not hold more than
Amendment 190 #
Proposal for a regulation Article 16 – paragraph 2 2. The internal assessment procedure shall be based on
Amendment 191 #
Proposal for a regulation Article 16 – paragraph 3 – point a (a) a manager of a MMF shall ensure that the information used
Amendment 192 #
Proposal for a regulation Article 16 – paragraph 3 – point b (b) a manager of a MMF shall adopt and implement adequate measures to ensure that the assignment of its internal ratings is based on a thorough analysis of
Amendment 193 #
Proposal for a regulation Article 16 – paragraph 3 – point b (b) a manager of a MMF shall adopt and implement adequate measures to ensure that the
Amendment 194 #
Proposal for a regulation Article 16 – paragraph 3 – point c (c) a manager of a MMF shall monitor its
Amendment 195 #
Proposal for a regulation Article 16 – paragraph 3 – point c (c) a manager of a MMF shall monitor its assignments of internal ratings on an ongoing basis and review all assignments of internal rating at least
Amendment 196 #
Proposal for a regulation Article 16 – paragraph 3 – point d (d) where a credit rating agency registered with the European Securities and Market Authority (ESMA) assigns a credit rating to an issuer of money market instruments, the downgrade below the two highest short term credit ratings used by that agency shall be considered to be material change for the purposes of point (c) and require the manager to undertake a new ass
Amendment 197 #
Proposal for a regulation Article 16 – paragraph 3 – point e (e) assignment methodologies shall be reviewed at least annually to determine whether they remain appropriate for the current portfolio and external conditions and shall be transmitted to competent authorities. The competent authority shall send the assignement mathodologies to ESMA;
Amendment 198 #
Proposal for a regulation Article 16 – paragraph 3 – point f (f) when methodologies, models or key rating assumptions used in the internal assessment procedures are changed, the manager of a MMF shall review all affected internal
Amendment 199 #
Proposal for a regulation Article 16 – paragraph 3 – point g (g) assignments of internal
Amendment 200 #
Proposal for a regulation Article 17 Amendment 201 #
Proposal for a regulation Article 17 Amendment 202 #
Proposal for a regulation Article 17 – paragraph 1 1. Each
Amendment 203 #
Proposal for a regulation Article 17 – paragraph 1 1. Each
Amendment 204 #
Proposal for a regulation Article 17 – paragraph 1 1. Each issuer of a money market instrument in which a MMF intends to invest shall be assigned an internal rating pursuant to the internal assessment procedure established in conformity with the MMF internal rating system.
Amendment 205 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) the internal rating system shall be based on a single rating scale which
Amendment 206 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) the internal rating system shall be based
Amendment 207 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) the internal rating system shall be based on a single rating scale which
Amendment 208 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) the internal rating system shall be based on a single rating scale which exclusively reflects quantification of the credit risk of the issuer.
Amendment 209 #
Proposal for a regulation Article 17 – paragraph 3 – point a (a) comprise at least quantitative and qualitative indicators on the issuer of the instrument, including idiosyncratic characteristics of the issuer and the macro-economic and financial market situation;
Amendment 210 #
Proposal for a regulation Article 17 – paragraph 3 – point c a (new) (ca) the rating system will apply more than one methodology and include a mechanism for combing their results.
Amendment 211 #
Proposal for a regulation Article 17 – paragraph 3 – point c b (new) (cb) the sensitivity of the resulting rating values to a range of plausible changes in input values. The assumptions shall be reported with each rating and regularly reviewed
Amendment 212 #
Proposal for a regulation Article 18 Amendment 213 #
Proposal for a regulation Article 18 – paragraph 1 – introductory part 1. A manager of a MMF shall document its internal assessment procedure
Amendment 214 #
Proposal for a regulation Article 18 – paragraph 1 – point a (a) the design and operational details of its internal assessment procedures
Amendment 215 #
Proposal for a regulation Article 18 – paragraph 1 – point b (b) the rationale for and the analysis supporting the manager's choice of the
Amendment 216 #
Proposal for a regulation Article 18 – paragraph 1 – point d (d) the organisation of the internal assessment procedure, including the
Amendment 217 #
Proposal for a regulation Article 18 – paragraph 1 – point e (e) complete internal
Amendment 218 #
Proposal for a regulation Article 18 – paragraph 1 – point f (f) the dates of
Amendment 219 #
Proposal for a regulation Article 18 – paragraph 1 – point g (g) the key data and methodology used to derive the
Amendment 220 #
Proposal for a regulation Article 18 – paragraph 1 – point h (h) the person or persons responsible for the
Amendment 221 #
Proposal for a regulation Article 18 – paragraph 2 2. The internal assessment procedure shall be detailed in the fund rules or rules of incorporation of the MMF and all documents referred to in paragraph 1 shall be made available upon request by the competent authorities of the MMF and the competent authorities of the manager of the MMF. The internal rating system shall be transmitted to the competent authority. The competent authority shall send the internal rating system to ESMA.
Amendment 222 #
Proposal for a regulation Article 19 Amendment 223 #
Proposal for a regulation Article 19 – title Amendment 224 #
Proposal for a regulation Article 19 – paragraph 1 – introductory part Amendment 225 #
Proposal for a regulation Article 19 – paragraph 1 – point b Amendment 226 #
Proposal for a regulation Article 19 – paragraph 1 – point c Amendment 227 #
Proposal for a regulation Article 19 – paragraph 1 a (new) ESMA shall submit those draft regulatory technical standards to the Commission no later than 31 December 2014. Power is conferred on the Commission to adopt the regulatory technical standards referred to in this Article in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council.
Amendment 228 #
Proposal for a regulation Article 20 Amendment 229 #
Proposal for a regulation Article 20 – paragraph 1 – subparagraph 2 These parties shall have a good understanding of the internal assessment procedures,
Amendment 230 #
Proposal for a regulation Article 20 – paragraph 2 2. Internal
Amendment 231 #
Proposal for a regulation Article 21 – paragraph 1 – point c Amendment 232 #
Proposal for a regulation Article 21 – paragraph 1 – point c Amendment 233 #
Proposal for a regulation Article 21 – paragraph 1 – point c (c) at least 1
Amendment 234 #
Proposal for a regulation Article 21 – paragraph 1 – point c (c) at least 10% of its assets shall be comprised of daily maturing assets. 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; A daily maturing asset shall include sovereign debt traded on transparent markets with an ongoing turnover.
Amendment 235 #
Proposal for a regulation Article 21 – paragraph 1 – point d Amendment 236 #
Proposal for a regulation Article 21 – paragraph 1 – point d Amendment 237 #
Proposal for a regulation Article 21 – paragraph 1 – point d (d) at least 2
Amendment 238 #
Proposal for a regulation Article 21 – paragraph 1 – point d (d) at least 20% 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 20% of its portfolio in weekly maturing assets. A weekly maturing asset shall include liquid sovereign debt on transparent markets with an ongoing turnover.
Amendment 239 #
Proposal for a regulation Article 21 – paragraph 1 a (new) Amendment 240 #
Proposal for a regulation Article 21 – paragraph 1 a (new) 1a. A short-term MMF shall ensure: (a) at least 10% of its assets are comprised of daily maturing assets. 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; and (b) at least 30% of its assets are 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 30% of its portfolio in weekly maturing assets.
Amendment 241 #
Proposal for a regulation Article 21 – paragraph 1 a (new) In order to ensure compliance with the thresholds in accordance with paragraph 1 points (c) and (d) and to take necessary precautions MMFs shall be obliged to implement comprehensive liquidity policies on a permanent basis that also anticipate situations of stressed market conditions and adverse market developments.
Amendment 242 #
Proposal for a regulation Article 21 – paragraph 1 a (new) In cases where the level of assets falls below either of the above thresholds, the MMF shall impose liquidity penalties on redeeming investors which are appropriate to disincentive withdrawals and balance the interests of all investors. [Penalty level and calibration of requirements to be set by ESMA]
Amendment 243 #
Proposal for a regulation Article 22 – paragraph 1 – introductory part 1. A
Amendment 244 #
Proposal for a regulation Article 22 – paragraph 1 – point c Amendment 245 #
Proposal for a regulation Article 22 – paragraph 1 – point d Amendment 246 #
Proposal for a regulation Article 22 – paragraph 1 – point d (d) at least
Amendment 247 #
Proposal for a regulation Article 22 – paragraph 1 a (new) 1a. In order to ensure compliance with the thresholds in accordance with paragraph 1 points (c) and (d) and to take necessary precautions MMFs shall be obliged to implement comprehensive liquidity policies on a permanent basis that also anticipate situations of stressed market conditions and adverse market developments.
Amendment 248 #
Proposal for a regulation Article 22 – paragraph 2 2. A standard MMF
Amendment 249 #
Proposal for a regulation Article 22 – paragraph 2 2.
Amendment 250 #
Proposal for a regulation Article 22 – paragraph 2 2. A
Amendment 251 #
Proposal for a regulation Article 22 – paragraph 3 Amendment 252 #
Proposal for a regulation Article 22 – paragraph 3 Amendment 253 #
Proposal for a regulation Article 22 – paragraph 3 – introductory part 3. Notwithstanding the individual limit laid down in paragraph 2, and by way of derogation from article 14 a standard MMF may combine, where this would lead to investment of up to 15% of its assets in a single body, any of the following:
Amendment 254 #
Proposal for a regulation Article 22 – paragraph 3 – introductory part 3. Notwithstanding the individual limit laid down in paragraph 2, a standard MMF may combine, where this would lead to investment of up to 1
Amendment 255 #
Proposal for a regulation Article 22 – paragraph 3 – point c (c)
Amendment 256 #
Proposal for a regulation Article 22 – paragraph 3 a (new) 3a. Notwithstanding the provisions of Article 10(1)(c), a Standard MMF may invest in securitisations (i) with a legal maturity at issuance or a residual maturity of 2 years or less and (ii) the underlying pool of exposures of which has an aggregate weighted average life (WAL) of 2 years or less.
Amendment 257 #
Proposal for a regulation Article 22 – paragraph 4 Amendment 258 #
Proposal for a regulation Article 22 – paragraph 4 4. All portfolio assets that a
Amendment 259 #
Proposal for a regulation Article 22 – paragraph 5 Amendment 260 #
Proposal for a regulation Article 23 Amendment 261 #
Proposal for a regulation Article 23 Amendment 262 #
Proposal for a regulation Article 23 – paragraph 1 Amendment 263 #
Proposal for a regulation Article 23 – paragraph 1 The MMF or the manager of the MMF shall not solicit or finance a credit rating agency for rating the MMF and shall not rely on any external rating for establishing or updating its internal assessment procedure referred to in article 16.
Amendment 264 #
Proposal for a regulation Article 23 a (new) Article 23a Each MMF needs to establish appropriate mechanisms for its internal credit risk assessment. External ratings should only be one out of several elements that the fund managers take into consideration when they assess the credit quality of a specific instrument.
Amendment 265 #
Proposal for a regulation Article 24 – paragraph 1 – point b (b) the
Amendment 266 #
Proposal for a regulation Article 24 – paragraph 1 – point b (b) the
Amendment 267 #
Proposal for a regulation Article 24 – paragraph 1 – point c Amendment 268 #
Proposal for a regulation Article 24 – paragraph 1 – point c Amendment 269 #
Proposal for a regulation Article 24 – paragraph 1 – point d a (new) (da) the cyclical evolution of the number of shares in the fund.
Amendment 270 #
Proposal for a regulation Article 24 – paragraph 1 a (new) 1a. Where the MMF investors route their investments via an intermediary, the MMF manager should seek, and the intermediary should provide, data allowing the manager of the MMF to manage appropriately the liquidity and investor concentration of the MMF.
Amendment 271 #
Proposal for a regulation Article 24 – paragraph 2 – introductory part 2.
Amendment 272 #
Proposal for a regulation Article 24 – paragraph 2 – point a Amendment 273 #
Proposal for a regulation Article 24 – paragraph 2 – point b Amendment 274 #
Proposal for a regulation Article 24 a (new) Amendment 275 #
Proposal for a regulation Article 24 b (new) Article 24b Liquidity Fees and Partial Gates 1. A CNAV MMF shall impose a 2% liquidity fee on each shareholder's redemptions when its weekly maturing assets fall or remain below 20% of its total assets, unless the board of directors of the manager of the CNAV MMF determines that such a fee would not be in the best interest of the fund or determines that a lower fee would be in the best interest of the fund. Any fee imposed shall be lifted automatically once the level of weekly maturing assets of the CNAV MMF rise to or above 30%, and it shall be lifted at any time by the board of directors of the manager of the CNAV MMF if the board determines to impose a different fee or if it determines that imposing the fee is no longer in the best interest of the fund. 2. A CNAV MMF shall be allowed to utilize a partial gate in order to limit redemptions by any particular shareholder to a certain percentage of its shareholdings, to a certain percentage of its outstanding shares, or to a certain EUR amount per day when its weekly maturing assets fall or remain below 20% of its total assets. Those limited redemptions shall not be charged a liquidity fee. Any partial gate shall be lifted within 30 days and a CNAV MMF shall not impose a gate for more than 30 days in any 90- day period.
Amendment 276 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 Amendment 277 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 For each MMF there shall be in place sound stress testing processes that allow identifying possible events or future
Amendment 278 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – introductory part The stress tests shall be based on objective criteria and consider the effects of severe plausible scenarios.
Amendment 279 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point a Amendment 280 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point b Amendment 281 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point c Amendment 282 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point c (c) hypothetical
Amendment 283 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point c a (new) (ca) hypothetical widening or narrowing of spreads among indexes to which interest rates of portfolio securities are tied;
Amendment 284 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point d Amendment 285 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point d (d) hypothetical
Amendment 286 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point d a (new) (da) hypothetical macro systemic shocks affecting the economy as a whole.
Amendment 287 #
Proposal for a regulation Article 25 – paragraph 1 a (new) 1a. The Board of Directors or the manager of the MMF may establish additional scenarios or reference parameters on which the tests should be based and tailor the tests, as appropriate, for different market conditions and potential risks that the MMF may face;
Amendment 288 #
Proposal for a regulation Article 25 – paragraph 2 2. In
Amendment 289 #
Proposal for a regulation 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
Amendment 290 #
Proposal for a regulation 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
Amendment 291 #
Proposal for a regulation Article 25 – paragraph 4 4. Stress tests shall be conducted at a frequency determined by the board of directors of the manager of the MMF, after considering what an appropriate and reasonable interval in light of the market conditions is and after considering any envisaged changes in the portfolio of the MMF. Such frequency shall be at least yearly. For CNAV MMFs, the frequency shall be at least quarterly.
Amendment 292 #
Proposal for a regulation Article 25 – paragraph 5 – subparagraph 1 An extensive report with the results of the stress testing shall be submitted for examination to the board of directors of the MMF's manager. The board of directors
Amendment 293 #
Proposal for a regulation Article 25 – paragraph 6 6. The report with the results of the stress testing shall be submitted to the competent authorities of the manager and of the MMF. The competent authorities shall send the report to ESMA. For CNAV MMFs, the competent authority shall analyse the results of the stress test and the potential related action plan.
Amendment 294 #
Proposal for a regulation Article 25 – paragraph 7 7. ESMA shall
Amendment 295 #
Proposal for a regulation Article 26 – paragraph 3 – subparagraph 1 When marking to market the assets shall be valued at the more prudent side of bid and offer
Amendment 296 #
Proposal for a regulation Article 26 – paragraph 3 – subparagraph 2 – introductory part When marking to market only quality market data from recognised and independent sources shall be used. The quality of the market data shall be assessed on the basis of all of the following factors:
Amendment 297 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 3 Amendment 298 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 3 Amendment 299 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 3 When marking to model,
Amendment 300 #
Proposal for a regulation Article 26 – paragraph 5 5. In addition to the marking to market method referred to in paragraphs 2 and 3 and marking to model method referred to in paragraph 4, the assets of a
Amendment 301 #
Proposal for a regulation Article 26 – paragraph 5 5. In addition to the marking to market method referred to in paragraphs 2 and 3 and marking to model method referred to in paragraph 4, the assets of a CNAV MMF may also be valued by using the amortised cost method. Amortised cost accounting shall be applied only where it is deemed to allow for an appropriate approximation of the price of the instrument. The use of amortisation shall be restricted to instruments with low residual maturity not exceeding 60 days and that do not present significant vulnerability to credit or market risks. Materiality thresholds of 10 basis points and escalation procedures shall be in place to ensure that corrective actions are promptly taken when the amortised cost no longer provides a reliable approximation of the price of the instruments. In addition, a review of discrepancies between the market value and the amortized cost value of the money market instruments shall be carried out on a weekly basis.
Amendment 302 #
Proposal for a regulation Article 26 – paragraph 5 a (new) 5a. ESMA shall develop draft Regulatory technical standards specifying what instruments are to be considered as significantly vulnerable to market risks as referred to in paragraph 5. Power is conferred on the Commission to adopt the Regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 303 #
Proposal for a regulation 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 published on the MMF website on a daily basis.
Amendment 304 #
Proposal for a regulation Article 29 – paragraph 1 1. A CNAV MMF shall
Amendment 305 #
Proposal for a regulation Article 29 – paragraph 1 1. A CNAV MMF shall
Amendment 306 #
Proposal for a regulation Article 29 – paragraph 1 a (new) 1a. ESMA shall determine the nature of the trigger for redemption gates and/or fees and how the fee should be calculated to ensure that the fee is no greater than that which would be charged for redemptions in normal market conditions.
Amendment 307 #
Proposal for a regulation Article 29 – paragraph 2 Amendment 308 #
Proposal for a regulation Article 29 – paragraph 2 Amendment 309 #
Proposal for a regulation Article 29 – paragraph 2 – introductory part 2. A CNAV MMF shall
Amendment 310 #
Proposal for a regulation Article 29 – paragraph 2 – point a Amendment 311 #
Proposal for a regulation Article 29 – paragraph 2 – point a Amendment 312 #
Proposal for a regulation Article 29 – paragraph 2 – point a (a) it has established
Amendment 313 #
Proposal for a regulation Article 29 – paragraph 2 – point b Amendment 314 #
Proposal for a regulation Article 29 – paragraph 2 – point b Amendment 315 #
Proposal for a regulation Article 29 – paragraph 2 – point c Amendment 316 #
Proposal for a regulation Article 29 – paragraph 2 – point c Amendment 317 #
Proposal for a regulation Article 29 – paragraph 2 – point c (c) the competent authority of the CNAV MMF is satisfied with the CNAV MMF's arrangements to replenish the buffer and to fill the countercyclical buffer and with the financial strength of the entity expected to fund the replenishment;
Amendment 318 #
Proposal for a regulation Article 29 – paragraph 2 – point d Amendment 319 #
Proposal for a regulation 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 an
Amendment 320 #
Proposal for a regulation 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
Amendment 321 #
Proposal for a regulation 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
Amendment 322 #
Proposal for a regulation Article 29 – paragraph 2 – point f (f) the CNAV MMF has established clear
Amendment 323 #
Proposal for a regulation Article 29 – paragraph 2 – point g Amendment 324 #
Proposal for a regulation Article 29 – paragraph 2 – point g (g) the rules or instruments of incorporation of the CNAV MMF state clearly that the CNAV MMF cannot receive external support
Amendment 325 #
Proposal for a regulation Article 29 – paragraph 2 – point g (g) the rules or instruments of incorporation of the CNAV MMF state clearly that the CNAV MMF cannot receive external support other than through the NAV buffers.
Amendment 326 #
Proposal for a regulation Article 29 – paragraph 2 a (new) 2a. If the weekly maturing assets of a CNAV MMF fall below 15% of the fund's total assets at the end of any business day, the MMF shall impose a redemption fee to investors redeeming their shares of up to 2%. Any fee imposed would be lifted automatically once the MMF's level of weekly liquidity returns to 30% of its total assets, or after 20 business days. The fee could be lifted at any time if the board of directors of the MMF, upon consultation with the competent authority, determine it to be in the best interest of the fund. 4. If the weekly maturing assets of a CNAV MMF fall below 15% of the fund's total assets at the end of any business day, the MMF shall impose a suspension of redemption for up to ten business days. Any suspension imposed would be lifted automatically once the MMF's level of weekly liquidity returns to 30% of its total assets, or after ten business days. The suspension could be lifted at any time if the board of directors of the MMF, upon consultation with the competent authority, determine it to be in the best interest of the fund. Notwithstanding the threshold specified above, a CNAV MMF may, at the discretion of the board of directors of the MMF, temporarily suspend share redemptions for up to ten business days at any time if determined to be necessary to assure fair treatment of investors. 5. ESMA will provide guidance on the common procedures for provisions within paragraphs 3 and 4 of this Article.
Amendment 327 #
Proposal for a regulation Article 29 – paragraph 2 a (new) 2a. in case of the money market fund's weekly liquid assets falling below 15% of its total assets, the fund must impose a liquidity fee on all redemptions, unless the board of directors of the fund, including a majority of its independent directors, after having consulted the competent authority, concludes that imposing such a fee would not be in the best interest of the fund.
Amendment 328 #
Proposal for a regulation Article 29 – paragraph 2 b (new) 2b. in case of the money market fund's weekly liquid assets falling below 15% of its total assets, the money market fund board, after having consulted the competent authority, is entitled to impose a temporary suspension of redemptions for a limited period of time, of up to 30 days, unless the board of directors of the fund, including a majority of its independent directors, after having consulted the competent authority, concludes that imposing such a temporary suspension would not be in the best interest of the fund.
Amendment 329 #
Proposal for a regulation Article 29 – paragraph 2 c (new) 2c. ESMA shall develop the criteria for the additional safeguard mechanisms, in particular how the liquidty fee should be calculated as well as how the temporary suspension of redemptions should be designed.
Amendment 330 #
Proposal for a regulation Article 29 a (new) Article 29a Diversification limits for CNAV MMFs 1. By way of derogation from Article 14(1)(a), a CNAV fund shall invest no more than 5% of its assets in money market instruments issued by the same body. 2. By way of derogation from Article 14(5), and notwithstanding the individual limits laid down in paragraph 1 and Article 14(3), a CNAV fund shall not combine, where this would lead to investment of more than 10% of its assets in a single body, any of the following : (a) investments in money market instruments issued by that body; (b) deposits made with that body; (c) OTC financial derivative instruments giving counterparty risk exposure to that body.
Amendment 336 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 1 Each CNAV MMF shall establish and maintain by 31 December 2014 a NAV buffer amounting at all times to at least 3% of the total value of the CNAV MMF's assets. The total value of the CNAV MMF's assets shall be calculated as the sum of the values of each asset of the MMF determined in accordance with Article 26(3) or (4).
Amendment 337 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 2 The NAV buffers shall be used exclusively to cover differences between the CNAV MMF's constant NAV per unit or share and the CNAV MMF's NAV per unit or share as laid down in Article 31.
Amendment 338 #
Proposal for a regulation Article 30 – paragraph 2 2. The amounts in the NAV buffers shall not be included in the calculation of the NAV or constant NAV of the CNAV MMF.
Amendment 339 #
Proposal for a regulation Article 30 – paragraph 3 3. The NAV buffers shall be composed only of cash.
Amendment 340 #
Proposal for a regulation Article 30 – paragraph 4 – subparagraph 1 The NAV buffer shall be held in a
Amendment 341 #
Proposal for a regulation Article 30 – paragraph 4 – subparagraph 1 The NAV buffers shall be held in a protected reserve account opened with a credit institution that fulfils the requirements in Article 11(c), in the name and on behalf of the MMF.
Amendment 342 #
Proposal for a regulation Article 30 – paragraph 4 – subparagraph 2 The reserve account shall be segregated from any other account of the MMF, from the accounts of the manager of the MMF, from the accounts of the other clients of the credit institution, and from the accounts of any other entity financing the NAV buffers.
Amendment 343 #
Proposal for a regulation Article 30 – paragraph 4 – subparagraph 3 The reserve account or any amounts in the reserve account shall not be subject to any pledge, lien or collateral arrangement. In the event of the insolvency of the manager of the MMF or of
Amendment 344 #
Proposal for a regulation Article 30 – paragraph 4 – subparagraph 3 The reserve account or any amounts in the reserve account shall not be subject to any pledge, lien or collateral arrangement. In the event of the insolvency of the manager of the MMF or of the credit institution where the account is opened or of any entity that financed the NAV buffers, the reserve account shall not be available for distribution among or realisation for the benefit of creditors of the insolvent entity.
Amendment 345 #
Proposal for a regulation Article 31 Amendment 346 #
Proposal for a regulation Article 31 Amendment 347 #
Proposal for a regulation Article 31 Amendment 348 #
Proposal for a regulation Article 31 Amendment 349 #
Proposal for a regulation Article 32 Amendment 350 #
Proposal for a regulation Article 32 Amendment 351 #
Proposal for a regulation Article 32 Amendment 352 #
Proposal for a regulation Article 32 – paragraph 1 1. A CNAV MMF shall establish and implement an escalation procedure that ensures that the negative difference between the constant NAV per unit or share and the NAV per unit or share is considered by persons competent to act for the fund in a timely manner. The escalation procedure shall be included in the recovery plan referred to in article 25.
Amendment 353 #
Proposal for a regulation Article 32 – paragraph 2 – point c Amendment 354 #
Proposal for a regulation Article 32 – paragraph 2 – point c (c) the competent persons assess the cause of the negative difference and take appropriate action including, as appropriate, the actions identified to in the recovery plan referred to in article 25 to reduce the negative effects.
Amendment 355 #
Proposal for a regulation Article 33 Amendment 356 #
Proposal for a regulation Article 33 Amendment 357 #
Proposal for a regulation Article 33 Amendment 358 #
Proposal for a regulation Article 33 Amendment 359 #
Proposal for a regulation Article 33 – paragraph 2 – subparagraph 2 The CNAV MMF shall inform immediately the competent authority and ESMA as well as each investor thereof in writing and in a clear and comprehensible way.
Amendment 360 #
Proposal for a regulation Article 34 Amendment 361 #
Proposal for a regulation Article 34 Amendment 362 #
Proposal for a regulation Article 34 Amendment 363 #
Proposal for a regulation Article 34 Amendment 364 #
Proposal for a regulation Article 34 – paragraph 4 4. Following the notification in paragraph 2, the competent authority shall control that the NAV buffer has been replenished within any specified period by the competent authority or the MMF has ceased to hold itself as a CNAV MMF and informed accordingly its investors.
Amendment 365 #
Proposal for a regulation Article 35 – paragraph 1 Amendment 366 #
Proposal for a regulation Article 35 – paragraph 1 Amendment 367 #
Proposal for a regulation Article 35 – paragraph 1 1. A
Amendment 368 #
Proposal for a regulation Article 35 – paragraph 2 2.
Amendment 369 #
Proposal for a regulation Article 35 – paragraph 2 2.
Amendment 370 #
Proposal for a regulation Article 35 – paragraph 3 – subparagraph 1 External support shall mean a direct or indirect support offered by a third party that is intended for or in effect would result in guaranteeing the liquidity of the MMF or stabilising the NAV per unit or share of the MMF. External support shall not be given by any Member State, regional or local public authority or any undertaking under public control.
Amendment 371 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1.
Amendment 372 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. In exceptional circumstances justified by systemic implications or adverse market conditions the competent authority or ESMA may allow a MMF other than a CNAV MMF to receive external support referred to in Article 35 that is intended for or in effect would result in guaranteeing the liquidity of the MMF or stabilising the NAV per unit or share of the MMF provided that all of the following conditions are fulfilled:
Amendment 373 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. In exceptional circumstances justified by systemic implications or adverse market conditions the competent authority may allow a MMF
Amendment 374 #
Proposal for a regulation Article 36 – paragraph 1 – point c a (new) (ca) External support shall not be given by any Member State, regional or local public authority or any undertaking under public control.
Amendment 375 #
Proposal for a regulation Article 36 – paragraph 2 2. For the purposes of paragraph 1(c), in case the provider of the external support is an entity subject to prudential supervision the agreement of the supervisory authority of that entity shall be sought in view of ensuring that the support to be granted by the entity is subject to adequate own funds provided by that entity and is in line with the risk management system of that entity and provided that any possible losses resulting from the external support would not put the support provider in a situation of early intervention as referred to in article 23 of Directive [BRRD] or of being failing or likely to fail as defined in Directive [BRRD].
Amendment 376 #
Proposal for a regulation Article 36 – paragraph 2 a (new) 2a. Where the conditions referred to in paragraph 1 for receiving external support are fulfilled the competent authority shall inform all relevant authorities from other Member States, ESMA, EBA and the ESRB.
Amendment 377 #
Proposal for a regulation Article 36 – paragraph 3 3. Where the conditions referred to in paragraph 1 for receiving external support are fulfilled the MMF shall immediately inform each investor thereof in writing and in a clear and comprehensible way. ESMA shall develop draft regulatory technical standards in order to specify the maximum amounts to be provided by means of external support as well as the conditions referred to in paragraph 1. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 378 #
Proposal for a regulation Article 36 – paragraph 3 3. Where the conditions referred to in paragraph 1 for receiving external support are fulfilled the MMF shall
Amendment 379 #
Proposal for a regulation Article 37 – paragraph 1 a (new) 1a. A MMF will provide to investors on its website, and update at least monthly, the portfolio of investment of the MMF. A MMF will provide to investors on its website, and update at least weekly, the liquidity levels of the fund, the WAM, the WAL, and the aggregated percentage of the top 5 clients of the MMF.
Amendment 380 #
Proposal for a regulation Article 37 – paragraph 2 – point c a (new) (ca) that investors can obtain information on the portfolio of investment and the liquidity levels of the fund on the fund's website.
Amendment 381 #
Proposal for a regulation Article 37 – paragraph 4 a (new) 4a. Investors in an MMF shall receive at least monthly the following information: a) the liquidity profile of the MMF including the cumulative percentage of investments maturing overnight and within one week and how that liquidity is achieved; b) the credit profile and portfolio composition; c) the WAM and WAL of the MMF; d) the cumulative concentration of the top 5 investors in the MMF.
Amendment 382 #
Proposal for a regulation 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
Amendment 383 #
Proposal for a regulation 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
Amendment 384 #
Proposal for a regulation 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
Amendment 385 #
Proposal for a regulation 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
Amendment 386 #
Proposal for a regulation Article 37 – paragraph 5 – subparagraph 1a (new) Amendment 387 #
Proposal for a regulation Article 37 – paragraph 5 a (new) 5a. A CNAV MMF shall transmit to its competent authority its Net Asset Value (NAV) per unit or share and the amount of its NAV buffer on a daily basis.
Amendment 388 #
Proposal for a regulation Article 37 – paragraph 5 a (new) 5a. An MMF shall disclose on a regular basis how much of its overall portfolio consists of: a) money market instruments issued by the MMF sponsor; b) if applicable, securitisations issued by the MMF sponsor; c) if the sponsor is a credit institution, cash deposits with the MMF sponsor; and d) exposure to the MMF sponsor as a counterparty to OTC derivative transactions.
Amendment 389 #
Proposal for a regulation Article 37 – paragraph 5 b (new) 5b. Where and when the MMF sponsor invests in the shares or units of the MMF, the fund shall disclose to the other investors in the MMF the total amount the sponsor has invested in the MMF, and shall subsequently notify the other investors of any change to the total shares or units held.
Amendment 390 #
Proposal for a regulation Article 38 – paragraph 1 1. For each MMF managed, the manager of the MMF shall report information to the competent authority of the MMF,
Amendment 391 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point b (b) portfolio indicators such as the total value of assets, NAV, WAM, WAL, maturity breakdown, liquidity and yield as of the closing date of the reporting period;
Amendment 392 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point c Amendment 393 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point c (c) For CNAV MMFs, the size and the evolution of the NAV
Amendment 394 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point d (d) the results of stress tests on a quarterly basis for CNAV funds and yearly for VNAV;
Amendment 395 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point d a (new) (da) the action plans referred to in article 25;
Amendment 396 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point e – introductory part (e) information on the assets held in the portfolio of the MMF as of the closing date of the reporting period:
Amendment 397 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point e – point i (i) the characteristics of each asset, such as name, country, issuer category,
Amendment 398 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point f – introductory part (f)
Amendment 399 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 2 If necessary and duly justified, competent authorities or ESMA may solicit additional information.
Amendment 400 #
Proposal for a regulation Article 38 – paragraph 2 a (new) 2a. In addition, for each MMF managed, the manager of the MMF shall disclose daily on on a public website the following information : (a) daily and weekly liquid assets as of previous business day, with chart or graph showing six-month history; (b) previous day's net inflow or outflow, with chart or graph showing six-month history; (c) previous day's NAV per share, with chart or graph showing six-month history;
Amendment 401 #
Proposal for a regulation Article 38 – paragraph 3 – subparagraph 1 ESMA shall develop draft implementing
Amendment 402 #
Proposal for a regulation Article 38 – paragraph 4 – subparagraph 1 Competent authorities shall
Amendment 403 #
Proposal for a regulation Article 38 – paragraph 4 – subparagraph 2 ESMA shall collect the information to create a central database of all MMFs established, managed or marketed in the Union. The European Central Bank shall
Amendment 404 #
Proposal for a regulation Chapter 7 a (new) Chapter VIIa Article 38a Obligations concerning the remuneration policy of MMFs 1. The remuneration policy of MMFs shall be transparent. Accordingly, MMFs shall establish and apply remuneration policies and practices that are consistent with and that promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the MMF they manage. 2. The remuneration policies and practices shall cover fixed and variable components of salaries and discretionary pension benefits. 3. The variable component of salaries shall not exceed 100 % of the fixed component of the total remuneration for each individual. Member States may set a lower maximum percentage. 4. The remuneration policies and practices shall apply to those categories of staff, including employees and other members of staff such as, but not limited to, temporary or contractual staff, at fund or subfund level who are: (a) fund managers; (b) persons other than fund managers, who take investment decisions that affect the risk position of the fund; (c) persons other than fund managers, who have the power to exercise influence on staff, including investment policy advisors and analysts; (d) senior management, risk takers, personnel in control functions; and (e) any other employee or member of staff such as, but not limited to, temporary or contractual staff receiving total remuneration that falls within the remuneration bracket of senior management and decision takers and whose professional activities have a material impact on the risk profiles of the management companies or of the MMF they manage.
Amendment 405 #
Proposal for a regulation Article 39 – paragraph 1 1.
Amendment 406 #
Proposal for a regulation Article 39 – paragraph 1 1.
Amendment 407 #
Proposal for a regulation Article 39 – paragraph 2 2. The competent authority of the MMF shall be responsible for
Amendment 408 #
Proposal for a regulation Article 40 – paragraph 1 1. Competent authorities and ESMA shall have all supervisory and investigatory powers that are necessary for the exercise of their functions pursuant to this Regulation.
Amendment 409 #
Proposal for a regulation Article 42 – title Cooperation between authorities and ESMA binding mediation
Amendment 410 #
Proposal for a regulation Article 42 – paragraph 1 1. The competent authority of the MMF
Amendment 411 #
Proposal for a regulation Article 42 – paragraph 2 2. Competent authorities and ESMA shall cooperate with each other for the purpose of carrying out their respective duties under this Regulation in accordance with Regulation (EU) No 1095/2010. In case of disagreement between competent authorities regarding the implementation of this Regulation, any relevant home, host or the manager competent authority may request ESMA to proceed to a binding mediation in accordance with article 19 of Regulation [ESMA]
Amendment 412 #
Proposal for a regulation Article 42 – paragraph 3 3. Competent authorities
Amendment 413 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 414 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 415 #
Proposal for a regulation Article 43 – paragraph 1 1. Within
Amendment 416 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 417 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 418 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 419 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 42 #
Proposal for a regulation Recital 2 (2) On the demand side, MMFs are short- term cash management tools that provide a high degree of liquidity, diversification, stability of value of the principal invested combined with a market-based yield. MMFs are
Amendment 420 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 421 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 422 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 423 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 424 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 425 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 426 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 427 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 428 #
Proposal for a regulation Article 44 Amendment 429 #
Proposal for a regulation 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
Amendment 43 #
Proposal for a regulation Recital 3 (3) Events that occurred during the financial crisis have shed light on several features of MMFs that make them vulnerable when there are difficulties in financial markets
Amendment 430 #
Proposal for a regulation 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.
Amendment 431 #
Proposal for a regulation 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.
Amendment 432 #
Proposal for a regulation 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.
Amendment 433 #
Proposal for a regulation 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 buffers and the operation of the CNAV buffers to those CNAV MMFs that, in future, might concentrate their portfolios on debt issued or guaranteed by the Member States. The review shall:
Amendment 44 #
Proposal for a regulation Recital 3 (3) Events that occurred during the financial crisis have shed light on several features of MMFs that make them vulnerable when there are difficulties in financial markets
Amendment 45 #
Proposal for a regulation Recital 3 a (new) (3a) In the context of the financial crisis, it must be noted that the underlying cause of risks to financial stability operating through money market funds did not originate in money markets. In particular, risks arose within the banking sector (due to securitised loan assets) that fed through to prime MMFs and due to the behaviour of investors in response to falling NAVs. Moreover, the impact on MMF investors in terms of realised losses were either zero or very small.
Amendment 46 #
Proposal for a regulation Recital 4 (4) Large redemption requests force MMFs to sell some of their investment assets in a declining market, fuelling a liquidity crisis. In these circumstances, money market issuers can face severe funding difficulties if the market of commercial papers and other money market instruments dries up. Any contagion to the short term funding
Amendment 47 #
Proposal for a regulation Recital 4 (4) Large redemption requests may force MMFs that have not maintained sufficient levels of liquidity to sell some of their investment assets in a declining market
Amendment 48 #
Proposal for a regulation Recital 5 (5) Asset managers, helped by sponsors, may decide to provide discretionary support to maintain the liquidity and the stability of their MMFs.
Amendment 49 #
Proposal for a regulation Recital 6 a (new) Amendment 50 #
Proposal for a regulation Recital 7 (7) Uniform rules on MMFs are also necessary to ensure smooth operation of the short term funding market for financial institutions, corporate issuers of short term debt and governments. They are also required to ensure equal treatment among MMF investors and to avoid that late redeemers have to support additional inconvenience when redemptions are temporarily suspended or when the MMF is liquidated. However in stressed market conditions, redemption gates and/or fee provisions may be used by the CNAV MMF manager in order to eliminate the 'first mover' advantage whilst protecting investors' money.
Amendment 51 #
Proposal for a regulation Recital 17 (17) It is important that UCITS and AIFs that have the characteristics of MMFs be identified as MMFs and that their capacity to comply on an on-going basis with the new uniform rules on MMFs be explicitly verified. For this purpose competent authorities should authorise MMFs. For UCITS the authorisation as MMF should be part of the authorisation as UCITS in accordance with the harmonised procedures envisaged in Directive 2009/65/EC. For AIFs, as they are not subject to harmonised authorisation and supervision procedures under Directive 2011/61/EU, it is necessary to provide for common basic rules on authorisation that mirror the existing UCITS harmonised rules. Such procedures should ensure that an AIF authorised as a MMF has as
Amendment 52 #
Proposal for a regulation Recital 22 (22) Money market instruments are transferable instruments normally dealt in on the money market, such as treasury and local authority bills, certificates of deposits, commercial papers, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits and are considered by the MMF to be of high credit quality.
Amendment 53 #
Proposal for a regulation Recital 23 (23) Asset Backed Commercial Papers (ABCPs), consisting of both commercial and consumer loans, should be considered eligible money market instruments
Amendment 54 #
Proposal for a regulation Recital 23 (23) Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during the crisis certain securitisations were particularly unstable, it is necessary to impose maturity limits and quality criteria on the underlying assets.
Amendment 55 #
Proposal for a regulation Recital 23 (23) Asset Backed Commercial Papers (ABCPs) should be considered eligible
Amendment 56 #
Proposal for a regulation Recital 23 (23) Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during 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 confronted to instability 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 to the acquisition or financing of services or goods by consumers should
Amendment 57 #
Proposal for a regulation Recital 23 a (new) (23a) In order to assess the eligibility of certain instruments and their underlying assets, ESMA shall develop a set of criteria to define 'high-quality securitisation'. These criteria should take into consideration the need for more standardisation and transparency to avoid securitisation structures of high complexity.
Amendment 58 #
Proposal for a regulation Recital 25 (25) Financial derivative instruments eligible for investment by a MMF should only serve the purpose of hedging interest rate and currency risk and should only have as an underlying instrument interest rates, exchange currencies or indices representing these categories. Any use of derivatives for another purpose or on other underlying assets should be prohibited. Derivatives should only be used as a complement to the fund strategy but not as the main tool for achieving the fund's objectives. Should a MMF invest in assets labelled in another currency than the currency of the fund, it is expected that the MMF manager would hedge the entire currency risk exposure, including via derivatives. MMFs should be allowed to invest in financial derivative instruments if those instruments are traded on an MTF or OTF as defined in Directive [MiFID]. 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 derivative instruments are considered to serve the purpose of hedging the duration and exchange risks inherent to other investments of the MMF.
Amendment 59 #
Proposal for a regulation Recital 26 (26) Reverse repurchase agreements could be used by MMFs as a means to invest excess cash on a very short-term basis, provided that the position is fully collateralized. In order to protect the interests of the investors it is necessary to ensure that the collateral provided in the framework of reverse repurchase agreements be of high quality. All other efficient portfolio management techniques, including securities lending and borrowing, should not be used by the MMF as they are likely to impinge on achieving the investment objectives of the MMF. ESMA in close cooperation with EBA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the quantitative and qualitative requirements applicable to the collateral provided in the framework of reverse repurchase agreements.
Amendment 60 #
Proposal for a regulation Recital 26 a (new) (26a) A MMF should be allowed to invest in shares of other MMFs. In order not to further systemic risk within the industry, a MMF should only be allowed to invest a maximum of 5% of its total assets in another MMF, and a maximum of 10% of its total assets in an aggregate of MMF shares.
Amendment 61 #
Proposal for a regulation Recital 27 (27) In order to limit risk-taking by MMFs it is essential to reduce counterparty risk by subjecting the portfolio of MMFs to clear diversification requirements. To this effect it is also necessary that the reverse repurchase agreements be fully collateralized and that, for limiting the operational risk, one reverse repurchase agreement counterparty cannot account for more than 20% of the MMF's assets. All
Amendment 62 #
Proposal for a regulation Recital 29 Amendment 63 #
Proposal for a regulation Recital 29 (29) The MMF should have a responsibility to invest in high quality eligible assets. Therefore, a MMF should
Amendment 64 #
Proposal for a regulation Recital 29 a (new) (29a) Taking note of the work done by international bodies, such as IOSCO and the FSB, as well as in European legislation, such as Regulation 462/2013 and Directive 2013/14/EU, on reducing investor overreliance on credit ratings, it is not appropriate to explicitly ban any product, not just MMFs, from soliciting or financing an external credit rating.
Amendment 65 #
Proposal for a regulation Recital 30 Amendment 66 #
Proposal for a regulation Recital 30 (30) For the purpose of avoiding that MMF managers use different assessment criteria for evaluating the credit risk of a money market instrument and thus attribute different risk characteristics to the same instrument, it is essential that managers rely on the same criteria. To this effect the
Amendment 67 #
Proposal for a regulation Recital 31 Amendment 68 #
Proposal for a regulation Recital 31 (31) In order to develop a transparent and coherent internal rating system, the manager should document the procedures used for the internal assessment. This should ensure that the procedure follows a clear set of rules that can be monitored and that the methodologies employed are transmitted to the competent authority, ESMA and communicated upon request to the interested stakeholders.
Amendment 69 #
Proposal for a regulation Recital 31 (31) In order to develop a transparent and coherent internal
Amendment 70 #
Proposal for a regulation 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. A temporary deviation below these minimum amounts should be possible following a redemption of units or shares, provided that such deviation is remedied within a reasonable timeframe, in the best interests of unit-holders. 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.
Amendment 71 #
Proposal for a regulation 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
Amendment 72 #
Proposal for a regulation Recital 35 a (new) (35a) If redemptions cause the daily and weekly liquidity ratios to fall below the required minimums, new investments should only be made in liquid assets maturing on a daily or weekly basis, as applicable.
Amendment 73 #
Proposal for a regulation Recital 38 a (new) (38a) In exceptional circumstances justified by systemic implications or adverse market conditions, competent authorities should have the power to impose the temporary suspension of redemption of units or shares of a MMF. Furthermore, given their higher susceptibility to runs, CNAV MMFs should be required to establish liquidity fees and partial gates in certain circumstances. Such tools could ease redemption pressures and thus prevent a run or other herding behaviour among investors.
Amendment 74 #
Proposal for a regulation Recital 38 a (new) (38a) Fees on redemptions combined with the temporary suspension of redemptions, or 'gating', stops runs and minimises contagion by allowing the MMF to reposition its investments, reopen, or to proceed with an orderly liquidation. If weekly maturing assets of a CNAV MMF fall below 50% of the required weekly liquidity ratio, both redemption fees and suspensions should be automatically triggered, unless the board of directors of the MMF, upon consultation with the competent authority, determines it to be in the best interest of the investors not to impose one or both of these conditions. At any time, it should remain at the discretion of the board of directors of the CNAV MMF, upon consultation of the competent authority, to impose a suspension of up to ten business days if it is determined to be necessary to assure fair treatment of investors.
Amendment 75 #
Proposal for a regulation Recital 39 (39)
Amendment 76 #
Proposal for a regulation Recital 39 (39)
Amendment 77 #
Proposal for a regulation Recital 39 (39) It is important that the risk management of MMFs not be biased by short-term decisions influenced by the possible rating of the MMF.
Amendment 78 #
Proposal for a regulation Recital 39 (39) It is important that the risk management of MMFs not be 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
Amendment 79 #
Proposal for a regulation Recital 39 (39) It is important that the risk management of MMFs not be 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 external rating is used for marketing purposes. The MMF or the manager of the MMF should also not rely on external rating for establishing or updating its internal assessment procedure. The MMF or its manager should also refrain from using alternative methods for obtaining a rating of the MMF. Should the MMF be awarded an 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 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 80 #
Proposal for a regulation Recital 39 a (new) (39a) 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 81 #
Proposal for a regulation Recital 40 (40) As part of a prudent risk management, MMFs should periodically conduct stress testing. Stress tests should be of particular relevance for CNAV funds in order to assess the resilience of their capital buffer. The managers of MMFs are expected to act in order to strengthen the MMF's robustness whenever the results of stress testing point to vulnerabilities.
Amendment 82 #
Proposal for a regulation Recital 40 (40) As part of a prudent risk management, MMFs should periodically
Amendment 83 #
Proposal for a regulation 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 the manager should estimate the value, for example using market data such as yields on comparable issues and comparable issuers. Any model used in 'mark-to-model' pricing should be reviewed and approved by the appropriate competent authority and pricing data should be provided by recognised independent pricing vendors.
Amendment 84 #
Proposal for a regulation Recital 41 a (new) (41a) During the financial crisis, both CNAV and VNAV funds experienced dramatic and serious outflows due to investors' fears about their exposure to the financial sector, rather than concerns about the MMF vehicle itself. Although it is true that many CNAV funds in the US were subject to extreme pressures, in the EU, many VNAV funds faced similar problems. There is no evidence to suggest that CNAVs are more systemically risky than VNAV funds, a point born out by the European Commission's Economic Paper 472, published in 2012, "Non-bank financial institutions: Assessment of their impact on the stability of the financial system".
Amendment 85 #
Proposal for a regulation Recital 43 (43) To allow for the specificities of CNAV MMFs it is necessary that CNAV MMFs be permitted to use also the amortised cost accounting method for the purpose of determining the constant net asset value (NAV) per unit or share. This notwithstanding, for the purpose of ensuring at all times the monitoring of the difference between the constant NAV per unit or share and the NAV per unit or share, a CNAV MMF should also calculate the value of its assets on the basis of the marking to market or marking to model methods and make it available to the public on a daily basis.
Amendment 86 #
Proposal for a regulation Recital 43 (43) To allow for the specificities of CNAV MMFs it is necessary that CNAV MMFs be permitted to use also the amortised cost accounting method for the purpose of determining the constant net asset value (NAV) per unit or share. Amortised cost accounting should be applied only where it is deemed to allow for an appropriate approximation of the price of the instrument. The use of amortisation should be restricted to instruments with low residual maturity that do not present significant vulnerability to market risks such as credit or interest rate risks. A residual maturity of 60 days should be considered as the maximum. Materiality thresholds of 10 basis points and escalation procedures should be in place to ensure that corrective actions are promptly taken when the amortised cost no longer provides a reliable approximation of the price of the instruments. This notwithstanding, for the purpose of ensuring at all times the monitoring of the difference between the constant NAV per unit or share and the NAV per unit or share as well as its disclosure on the MMF website on a daily basis, a CNAV MMF should also calculate the value of its assets on the basis of the marking to market or marking to model methods.
Amendment 87 #
Proposal for a regulation Recital 45 Amendment 88 #
Proposal for a regulation Recital 45 Amendment 89 #
Proposal for a regulation Recital 45 Amendment 90 #
Proposal for a regulation Recital 45 (45) In order to be able to
Amendment 91 #
Proposal for a regulation Recital 45 (45) In order to be able to
Amendment 92 #
Proposal for a regulation Recital 45 (45) In order to be able to absorb day-to- day fluctuations in the value of a CNAV
Amendment 93 #
Proposal for a regulation Recital 46 Amendment 94 #
Proposal for a regulation Recital 46 Amendment 95 #
Proposal for a regulation Recital 46 Amendment 96 #
Proposal for a regulation Recital 46 (46) A
Amendment 97 #
Proposal for a regulation Recital 46 (46) A
Amendment 98 #
Proposal for a regulation Recital 47 (47) External support provided to a MMF other than a CNAV MMF with the intention of ensuring either liquidity or stability of the MMF or de facto having such effects increases the contagion risk between the MMF sector and the rest of the financial sector. Third parties providing such support have an interest in doing so, either because they have an economic interest in the management company managing the MMF or because they want to avoid any reputational damage should their name be associated with the failure of
Amendment 99 #
Proposal for a regulation Recital 47 (47) External support provided to a MMF
source: PE-524.881
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The European Parliament adopted by 514 votes to 179, with 9 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on Money Market Funds. Parliaments position adopted in first reading following the ordinary legislative procedure amended the Commission proposal as follows: Subject matter and scope: the objective of this Regulation is to ensure uniform prudential, governance and transparency requirements that apply to money market funds (MMFs) throughout the Union. Money market funds provide short-term finance to financial institutions, corporations and governments. By providing finance to those entities, MMFs contribute to the financing of the economy of the Union. Those entities use their investments in MMFs as an efficient way to spread their credit risk and exposure, rather than relying solely on bank deposits. It is necessary to lay down rules regarding the operation of MMFs, in particular on the composition of the portfolio of MMFs. Those rules are intended to:
Types of money market funds: the Regulation covers three types of MMFs:
Eligible assets: money market funds may invest in:
Diversification: an MMF shall invest no more than 5% of its assets in money market instruments, securitisations and ABCPs issued by the same body or 10 % of its assets in deposits made with the same credit institution. Some flexibility in the diversification requirement for deposits with the same credit institution should be allowed. The aggregate of all of an MMFs exposures to securitisations and ABCPs shall not exceed 20 % of the assets of the MMF. Credit quality: an MMF should have a prudent internal credit quality assessment procedure for determining the credit quality of the money market instruments, securitisations and ABCPs in which it intends to invest. MMFs should be able to use ratings as a complement to their own assessment of the quality of eligible assets. Specific requirements for Public Debt CNAV MMFs, Retail CNAV MMFs and LVNAV MMFs: the managers of such funds should establish, implement and consistently apply a prudent, rigorous, systematic and continuous internal assessment procedure for determining the weekly liquidity thresholds applicable to the MMFs. In order to be able to mitigate potential client redemptions in times of severe market stress, all the MMFs should have in place provisions for liquidity fees and redemption gates to ensure investor protection. These funds should also be allowed to make limited use of the amortised cost method of valuing assets. A MMF shall not receive external support by a third party. Transparency requirements: investors should be clearly informed whether the MMF is of a short-term nature or of a standard nature and whether the MMF is a public debt CNAV MMF, a LVNAV MMF or a VNAV MMF. MMFs should also make available certain other information to investors on a weekly basis, including the maturity breakdown of the portfolio, the credit profile and details of the 10 largest holdings in the MMF. Supervision: competent authorities should be given all the supervisory and investigatory powers, including the ability to impose certain penalties and measures, necessary for the exercise of their functions with respect to this Regulation. Review: by five years after the date of entry into force of this Regulation, the Commission shall review and examine whether changes are to be made to the regime for public debt CNAV MMFs and LVNAV MMFs. New
The European Parliament adopted by 514 votes to 179, with 9 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on Money Market Funds. Parliaments position adopted in first reading following the ordinary legislative procedure amended the Commission proposal as follows: Subject matter and scope: the objective of this Regulation is to ensure uniform prudential, governance and transparency requirements that apply to money market funds (MMFs) throughout the Union. Money market funds provide short-term finance to financial institutions, corporations and governments. By providing finance to those entities, MMFs contribute to the financing of the economy of the Union. Those entities use their investments in MMFs as an efficient way to spread their credit risk and exposure, rather than relying solely on bank deposits. It is necessary to lay down rules regarding the operation of MMFs, in particular on the composition of the portfolio of MMFs. Those rules are intended to:
Types of money market funds: the Regulation covers three types of MMFs:
Eligible assets: money market funds may invest in:
Diversification: an MMF shall invest no more than 5% of its assets in money market instruments, securitisations and ABCPs issued by the same body or 10 % of its assets in deposits made with the same credit institution. Some flexibility in the diversification requirement for deposits with the same credit institution should be allowed. The aggregate of all of an MMFs exposures to securitisations and ABCPs shall not exceed 20 % of the assets of the MMF. Credit quality: an MMF should have a prudent internal credit quality assessment procedure for determining the credit quality of the money market instruments, securitisations and ABCPs in which it intends to invest. MMFs should be able to use ratings as a complement to their own assessment of the quality of eligible assets. Specific requirements for Public Debt CNAV MMFs and LVNAV MMFs: the managers of such funds should establish, implement and consistently apply prudent and rigorous, liquidity management procedures for ensuring compliance with the weekly liquidity thresholds applicable to those MMFs. In order to be able to mitigate potential client redemptions in times of severe market stress, those MMFs should have in place provisions for liquidity fees and redemption gates to ensure investor protection. These funds should also be allowed to make limited use of the amortised cost method of valuing assets. A MMF shall not receive external support by a third party. Transparency requirements: investors should be clearly informed whether the MMF is of a short-term nature or of a standard nature and whether the MMF is a public debt CNAV MMF, a LVNAV MMF or a VNAV MMF. MMFs should also make available certain other information to investors on a weekly basis, including the maturity breakdown of the portfolio, the credit profile and details of the 10 largest holdings in the MMF. Supervision: competent authorities should be given all the supervisory and investigatory powers, including the ability to impose certain penalties and measures, necessary for the exercise of their functions with respect to this Regulation. Review: by five years after the date of entry into force of this Regulation, the Commission shall review and examine whether changes are to be made to the regime for public debt CNAV MMFs and LVNAV MMFs. |
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activities/0/commission/0/DG/url |
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http://ec.europa.eu/dgs/internal_market/New
http://ec.europa.eu/dgs/economy_finance/index_en.htm |
other/0/commissioner |
Old
BARNIER MichelNew
MOSCOVICI Pierre |
other/0/dg/title |
Old
Internal Market and ServicesNew
Economic and Financial Affairs |
other/0/dg/url |
Old
http://ec.europa.eu/dgs/internal_market/New
http://ec.europa.eu/dgs/economy_finance/index_en.htm |
activities/2 |
|
activities/3 |
|
activities/1/committees/0/shadows/3 |
|
committees/0/shadows/3 |
|
activities/2 |
|
activities/1/committees/0/date |
2014-07-22T00:00:00
|
activities/1/committees/0/rapporteur |
|
activities/1/committees/0/shadows |
|
committees/0/date |
2014-07-22T00:00:00
|
committees/0/rapporteur |
|
committees/0/shadows |
|
activities/1/committees/1/rapporteur/0/mepref |
Old
4de184760fb8127435bdbd94New
4f1ac7bcb819f25efd0000a7 |
committees/1/rapporteur/0/mepref |
Old
4de184760fb8127435bdbd94New
4f1ac7bcb819f25efd0000a7 |
activities/1/committees/1 |
|
committees/1 |
|
activities/1/committees/0/date |
2013-09-10T00:00:00
|
activities/1/committees/0/rapporteur |
|
activities/1/committees/0/shadows |
|
committees/0/date |
2013-09-10T00:00:00
|
committees/0/rapporteur |
|
committees/0/shadows |
|
procedure/dossier_of_the_committee |
Old
ECON/7/13748New
ECON/8/00218 |
activities/0/docs/0/url |
Old
http://old.eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2013&nu_doc=615New
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2013&nu_doc=615 |
activities/0/docs/0/url |
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2013&nu_doc=615New
http://old.eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2013&nu_doc=615 |
activities/2 |
|
activities/3 |
|
activities/2 |
|
activities/2 |
|
activities/2 |
|
activities/2 |
|
activities/2/date |
Old
2014-02-13T00:00:00New
2014-02-17T00:00:00 |
activities/2/date |
Old
2014-02-12T00:00:00New
2014-02-13T00:00:00 |
activities/0 |
|
activities/0/body |
Old
EPNew
EC |
activities/0/commission |
|
activities/0/date |
Old
2013-11-15T00:00:00New
2013-09-04T00:00:00 |
activities/0/docs/0/celexid |
CELEX:52013PC0615:EN
|
activities/0/docs/0/text |
|
activities/0/docs/0/title |
Old
PE523.111New
COM(2013)0615 |
activities/0/docs/0/type |
Old
Committee draft reportNew
Legislative proposal published |
activities/0/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE523.111New
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2013&nu_doc=615 |
activities/0/type |
Old
Committee draft reportNew
Legislative proposal published |
activities/3 |
|
activities/3/docs/0 |
|
activities/3/docs/1/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE524.882
|
activities/3 |
|
activities/1/committees/0/shadows/4 |
|
committees/0/shadows/4 |
|
activities/0/docs/0/celexid |
CELEX:52013PC0615:EN
|
activities/0/docs/0/celexid |
CELEX:52013PC0615:EN
|
activities/2/docs/0/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE523.111
|
activities/2 |
|
links/National parliaments |
|
activities/1/committees/0/shadows/1 |
|
committees/0/shadows/1 |
|
activities/1/committees/0/shadows/2 |
|
committees/0/shadows/2 |
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activities/1/committees/0/shadows/2 |
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committees/0/shadows/2 |
|
activities/1/committees/0/shadows/2 |
|
committees/0/shadows/2 |
|
activities/1/committees/0/shadows/2 |
|
committees/0/shadows/2 |
|
activities/0/docs/0/text |
|
activities/1/committees/0/shadows/2 |
|
activities/3 |
|
committees/0/shadows/2 |
|
activities/1/committees/0/date |
2013-09-10T00:00:00
|
activities/1/committees/0/rapporteur |
|
activities/2 |
|
committees/0/date |
2013-09-10T00:00:00
|
committees/0/rapporteur |
|
activities/1/committees/0/shadows |
|
committees/0/shadows |
|
activities/0/docs/0/celexid |
CELEX:52013PC0615:EN
|
activities/0/commission/0 |
|
activities/1 |
|
other/0 |
|
procedure/dossier_of_the_committee |
ECON/7/13748
|
procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
activities |
|
committees |
|
links |
|
other |
|
procedure |
|