Next event: Final act published in Official Journal 2017/06/30 more...
- Draft final act 2017/06/21
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- 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
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
Activities
- Doru-Claudian FRUNZULICĂ
Plenary Speeches (3)
- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill)
- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill)
- 2016/11/22 Money market funds (debate)
- Brian HAYES
Plenary Speeches (3)
- 2016/11/22 Money market funds (debate)
- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill)
- 2016/11/22 Money market funds (debate)
- Petr JEŽEK
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- 2016/11/22 Money market funds (debate)
- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill)
- 2016/11/22 Money market funds (debate)
- Notis MARIAS
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- 2016/11/22 Money market funds (debate) EL
- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill) EL
- 2016/11/22 Money market funds (debate) EL
- Pervenche BERÈS
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- 2016/11/22 Money market funds (debate) FR
- 2016/11/22 Money market funds (debate) FR
- Gianluca BUONANNO
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- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill) IT
- 2016/11/22 Money market funds (debate) IT
- Valdis DOMBROVSKIS
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- 2016/11/22 Money market funds (debate)
- 2016/11/22 Money market funds (debate)
- Ivan JAKOVČIĆ
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- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill) HR
- 2016/11/22 Money market funds (debate) HR
- Barbara KAPPEL
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- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill) DE
- 2016/11/22 Money market funds (debate) DE
- Bernard MONOT
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- 2016/11/22 Money market funds (debate) FR
- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill) FR
- Theodor Dumitru STOLOJAN
Plenary Speeches (2)
- 2016/11/22 Money market funds (debate) RO
- 2016/11/22 Money market funds (debate) RO
- Miguel VIEGAS
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- 2016/11/22 Money market funds (debate) PT
- 2016/11/22 Money market funds (A8-0041/2015 - Neena Gill) PT
- Jakob von WEIZSÄCKER
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- 2016/11/22 Money market funds (debate) DE
- 2016/11/22 Money market funds (debate)
- Steven WOOLFE
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- 2016/11/22 Money market funds (debate)
- 2016/11/22 Money market funds (debate)
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- Marie-Christine ARNAUTU
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- Burkhard BALZ
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- Zigmantas BALČYTIS
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- Alberto CIRIO
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- Javier COUSO PERMUY
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- Michel DANTIN
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- Philippe DE BACKER
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- 2016/11/22 Money market funds (debate) DE
- Gérard DEPREZ
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- Mireille D'ORNANO
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- Georgios EPITIDEIOS
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- Enrico GASBARRA
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- Elena GENTILE
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- Sylvie GOULARD
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- Tania GONZÁLEZ PEÑAS
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- Roberto GUALTIERI
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- 2016/11/22 Money market funds (debate) IT
- Antanas GUOGA
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- Marian HARKIN
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- Pablo IGLESIAS
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- Carlos ITURGAIZ
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- Marc JOULAUD
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- Krišjānis KARIŅŠ
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- Philippe JUVIN
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- Béla KOVÁCS
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- Stanisław OŻÓG
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- 2016/11/22 Money market funds (debate) PL
- Florian PHILIPPOT
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- Marijana PETIR
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- Andrej PLENKOVIĆ
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- Salvatore Domenico POGLIESE
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- Franck PROUST
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- Liliana RODRIGUES
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- Dariusz ROSATI
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- 2016/11/22 Money market funds (debate)
- Claude ROLIN
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- Fernando RUAS
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- Paul RÜBIG
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- 2016/11/22 Money market funds (debate) DE
- Matteo SALVINI
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- Remo SERNAGIOTTO
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- Maria Lidia SENRA RODRÍGUEZ
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- Siôn SIMON
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- Davor Ivo STIER
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- Catherine STIHLER
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- Beatrix von STORCH
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- Kay SWINBURNE
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- 2016/11/22 Money market funds (debate)
- Neoklis SYLIKIOTIS
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- Eleftherios SYNADINOS
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- Pavel TELIČKA
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- Ramon TREMOSA i BALCELLS
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- Adina-Ioana VĂLEAN
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- 2016/11/22 Money market funds (debate)
- Marco VALLI
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- Ángela VALLINA
Plenary Speeches (1)
- Derek VAUGHAN
Plenary Speeches (1)
- Marie-Christine VERGIAT
Plenary Speeches (1)
- Inês Cristina ZUBER
Plenary Speeches (1)
Votes
A8-0041/2015 - Neena Gill - Am 1cp/1 #
A8-0041/2015 - Neena Gill - Am 1cp/2 #
A8-0041/2015 - Neena Gill - Am 1cp/3 #
A8-0041/2015 - Neena Gill - Am 1cp/4 #
A8-0041/2015 - Neena Gill - Am 1cp/5 #
A8-0041/2015 - Neena Gill - Am 1cp/6 #
A8-0041/2015 - Neena Gill - Am 1cp/7 #
A8-0041/2015 - Neena Gill - Am 1cp/8 #
A8-0041/2015 - Neena Gill - Am 2 #
A8-0041/2015 - Neena Gill - Am 6 #
A8-0041/2015 - Neena Gill - Am 7 #
A8-0041/2015 - Neena Gill - Am 1cp/1 #
A8-0041/2015 - Neena Gill - Am 1cp/2 #
A8-0041/2015 - Neena Gill - Am 1cp #
A8-0041/2015 - Neena Gill - Am 4 #
A8-0041/2015 - Neena Gill - Proposition modifiée #
Amendments | Dossier |
1128 |
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
2013/12/20
JURI
32 amendments...
Amendment 45 #
Proposal for a regulation Recital 36 (36) In a context of progressive migration to ‘all IP networks’, the lack of availability of connectivity products based on the IP protocol for different classes of services with a
Amendment 46 #
Proposal for a regulation Recital 45 (45) The internet has developed over the past decades as an open platform for innovation with low access barriers for end-users, content and application providers and internet service providers. Fundamentally equal treatment and non- discrimination in forwarding data packages, irrespective of content, service, application, origin or destination, must be safeguarded by law throughout the EU, to provide a lasting guarantee that all internet users can in principle access or provide all online content, services or applications. Access network operators are under a general obligation to forward data packages while providing users with transfer services of suitable quality and constantly adapted to technological progress, regardless of the origin, destination or nature of the content, services and applications to be transferred. The open and non- discriminatory nature of the internet is the key to stimulating innovation and economic efficiency. These essential characteristics help ensure freedom and diversity of expression in the media and in the cultural sector. The existing regulatory framework aims at promoting the ability of end-users to access and distribute information or run applications and services of their choice. Recently, however, the report of the Body of European Regulators for Electronic Communications (BEREC) on traffic management practices published in May 2012 and a study, commissioned by the Executive Agency for Consumers and Health and published in December 2012, on the functioning of the market of internet access and provision from a consumer perspective, showed that a significant number of end-users are affected by traffic management practices which block or slow down specific applications. These tendencies require clear rules at the Union level to maintain the open internet and to avoid fragmentation of the single market resulting from individual Member States' measures. An open internet operating exclusively on the best-effort principle should not be impaired or restricted by the development of other products and services.
Amendment 47 #
Proposal for a regulation Recital 45 (45) The internet has developed over the past decades as an open platform for innovation with low access barriers for end-users, content and application providers and internet service providers. The key driver of the unprecedented innovation and economic activity in the digital age has been the fact that all internet traffic is treated equally, without discrimination, restriction or interference, independent of its sender, receiver, type, content, device, service or application; conform the principle of net neutrality. The existing regulatory framework aims at promoting the ability of end-users to access and distribute information or run applications and services of their choice. Recently, however, the report of the Body of European Regulators for Electronic Communications (BEREC) on traffic management practices published in May 2012 and a study, commissioned by the Executive Agency for Consumers and Health and published in December 2012, on the functioning of the market of internet access and provision from a consumer perspective, showed that a significant number of end-users are affected by traffic management practices which block or slow down specific applications. These tendencies require clear rules to enshrine the principle of net neutrality in law at the Union level to maintain the open internet and to avoid fragmentation of the single market resulting from individual Member States'
Amendment 48 #
Proposal for a regulation Recital 47 (47) In an open internet, providers of electronic communications to the public sh
Amendment 49 #
Proposal for a regulation Recital 47 a (new) (47a) This Regulation is without prejudice to Directive 2002/58/EC of the European Parliament and of the Council of 12 July 2002 concerning the processing of personal data and the protection of privacy in the electronic communications sector (Directive on privacy and electronic communications).
Amendment 50 #
Proposal for a regulation Recital 50 (50) In addition, there is demand on the part of content, applications and services providers, for the provision of transmission services based on
Amendment 51 #
Proposal for a regulation Recital 50 (50) In addition, there is demand on the part of content, applications and services providers, for the provision of transmission services based on flexible quality parameters, including lower levels of priority for traffic which is not time- sensitive. The possibility for content, applications and service providers to negotiate such flexible quality of service levels with providers of electronic communications to the public
Amendment 52 #
Proposal for a regulation Recital 51 (51) National regulatory authorities play an essential role in ensuring that end-users are effectively able to exercise this freedom to avail of open internet access. To this end national regulatory authorities should have monitoring and reporting obligations, and ensure compliance of providers of electronic communications to the public and the availability of non-discriminatory internet access services of high quality which are not impaired by specialised services. National regulatory authorities should establish clear and comprehensible notification and redress mechanisms for end-users subjected to discrimination, restriction or interference of online content, services or applications. In their assessment of a possible general impairment of internet access services, national regulatory authorities should take account of quality parameters such as timing and reliability parameters (latency, jitter, packet loss), levels and effects of congestion in the network, actual versus advertised speeds, performance of internet access services compared with specialised services, and quality as perceived by end- users. National regulatory authorities should be empowered to impose minimum quality of service requirements on all or individual providers of electronic communications to the public if this is necessary to prevent general impairment/degradation of the quality of service of internet access
Amendment 53 #
Proposal for a regulation Article 1 – paragraph 2 – point e a (new) ea) to ensure that all internet traffic is treated equally, without discrimination, restriction or interference, independent of its sender, receiver, type, content, device, service or application;
Amendment 54 #
Proposal for a regulation Article 2 – paragraph 2 – point 12 Amendment 55 #
Proposal for a regulation Article 2 – paragraph 2 – point 12 a (new) (12a) "net neutrality" means the principle that all internet traffic is treated equally, without discrimination, restriction or interference, independent of its sender, receiver, type, content, device, service or application;
Amendment 56 #
Proposal for a regulation Article 2 – paragraph 2 – point 14 (14)
Amendment 57 #
Proposal for a regulation Article 2 – paragraph 2 – point 15 (15)
Amendment 58 #
Proposal for a regulation Article 2 – paragraph 2 – point 15 (15) ‘specialised service’ means an electronic communications service, o
Amendment 59 #
Proposal for a regulation Article 19 Amendment 60 #
Proposal for a regulation Article 20 – paragraph 2 2. The Commission may adopt implementing acts laying down uniform technical and methodological rules for the implementation of one or more of the European access products within the meaning of Articles 17 and
Amendment 61 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 1 End-users
Amendment 62 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 Amendment 63 #
Proposal for a regulation Article 23 – paragraph 2 – subparagraph 1 Amendment 64 #
Proposal for a regulation Article 23 – paragraph 2 – subparagraph 1 End-users shall also be free to agree with either providers of electronic communications to the public or with providers of content, applications and services on the provision of specialised services with an enhanced quality of service. Where such agreements are concluded with the provider of internet access services, that provider shall ensure that the enhanced quality of service is not to the detriment of the performance, affordability or quality of internet access services, in accordance with the principle of net neutrality.
Amendment 65 #
Proposal for a regulation Article 23 – paragraph 2 – subparagraph 2 Amendment 66 #
Proposal for a regulation Article 23 – paragraph 2 – subparagraph 2 In order to enable the provision of specialised services to end-users, providers of content, applications and services and providers of electronic communications to the public shall be free to enter into agreements with each other to transmit the related data volumes or traffic within closed electronic communications networks as specialised services with a defined quality of service or dedicated capacity, which are not functionally identical to services available over the public internet access service. The provision of specialised services shall not impair
Amendment 67 #
Proposal for a regulation Article 23 – paragraph 5 – subparagraph 1 – introductory part Amendment 68 #
Proposal for a regulation Article 23 – paragraph 5 – subparagraph 1 – point a a) implement a legislative provision or a court order
Amendment 69 #
Proposal for a regulation Article 23 – paragraph 5 – subparagraph 1 – point d d) minimise the effects of temporary or exceptional network congestion provided
Amendment 70 #
Proposal for a regulation Article 23 – paragraph 5 – subparagraph 2 Reasonable traffic management shall only entail processing of data that is necessary and proportionate to achieve the purposes set out in this paragraph. Therefore all techniques to inspect or analyse data shall be in accordance with privacy and data protection legislation. By default, such techniques should only examine header information.
Amendment 71 #
Proposal for a regulation Article 24 – paragraph 1 1. National regulatory authorities shall closely monitor and ensure the effective ability of end-users to benefit from the freedoms provided for in Article 23 (1) and (2), compliance with Article 23 (5), and the continued availability of non- discriminatory internet access services in accordance with the principle of net neutrality and at levels of quality that reflect advances in technology and that are not impaired by specialised services. They shall, in cooperation with other competent national
Amendment 72 #
Proposal for a regulation Article 24 – paragraph 1 a (new) 1a. National regulatory authorities shall establish clear and comprehensible notification and redress mechanisms for end-users subjected to discrimination, restriction, interference, blocking or throttling of online content, services or applications.
Amendment 73 #
Proposal for a regulation Article 28 – paragraph 2 (2) Consumers, and other end-users unless they have otherwise agreed, shall have the right to terminate a contract with a one- month notice period, where
Amendment 75 #
Proposal for a regulation Article 37 – paragraph 1 – point 3 a (new) Regulation (EU) No 531/2012 Article 6a (3a) The following article is inserted: Article 6a Abolition of retail roaming charges With effect from 1 July 2015, roaming providers shall not levy any surcharge in comparison to the charges for mobile communications services at domestic level on roaming customers for any regulated roaming call made or received, for any regulated roaming SMS message sent, for any roaming MMS message sent or for any regulated data roaming services used- or any general charge to enable the terminal equipment or service to be used abroad.
Amendment 76 #
Proposal for a regulation Annex 2 source: PE-526.174
2015/01/09
ECON
329 amendments...
Amendment 472 #
Proposal for a regulation Article 23 Amendment 473 #
Proposal for a regulation Article 23 Amendment 474 #
Proposal for a regulation Article 23 Amendment 475 #
Proposal for a regulation Article 23 – paragraph 1 The
Amendment 476 #
Proposal for a regulation Article 23 – paragraph 1 Amendment 477 #
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
Amendment 478 #
Proposal for a regulation Article 24 Amendment 479 #
Proposal for a regulation Article 24 – paragraph 1 – introductory part 1. The manager of the MMF shall establish, implement and apply procedures and exercise all due diligence to identify the number of investors in a MMF, their needs and behaviour, the amount of their holdings with a view to correctly anticipate the effect of concurrent redemptions by several investors, taking at least into account the type of investors, the number of shares in the fund owned by a single investor and the evolution of inflows and outflows. To this effect the manager of the MMF shall consider at least the following factors:
Amendment 480 #
Proposal for a regulation Article 24 – paragraph 1 – point b (b) the
Amendment 481 #
Proposal for a regulation Article 24 – paragraph 1 – point b (b) the
Amendment 482 #
Proposal for a regulation Article 24 – paragraph 1 – point c Amendment 483 #
Proposal for a regulation Article 24 – paragraph 1 – point c Amendment 484 #
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 485 #
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 486 #
Proposal for a regulation Article 24 – paragraph 2 Amendment 487 #
Proposal for a regulation Article 24 – paragraph 2 – introductory part 2.
Amendment 488 #
Proposal for a regulation Article 24 – paragraph 2 – point a Amendment 489 #
Proposal for a regulation Article 24 – paragraph 2 – point a (a) the value of the units or shares held by a single professional end-investor does not exceed at any time the value of daily maturing assets;
Amendment 490 #
Proposal for a regulation Article 24 – paragraph 2 – point b Amendment 491 #
Proposal for a regulation Article 24 – paragraph 2 – point b Amendment 492 #
Proposal for a regulation Article 24 a (new) Article 24 a Temporary suspension of redemption 1. In exceptional circumstances justified by systemic implications or adverse market conditions the competent authority may require the temporary suspension of redemption of units or shares of a MMF; 2. For the purpose of a consistent application of paragraph 1, ESMA shall develop draft regulatory technical standards specifying the conditions and circumstances under which the temporary suspension of redemption may be required; 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 493 #
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 changes in economic conditions that could have unfavourable effects on the MMF. The manager of a MMF shall
Amendment 494 #
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 changes in economic conditions that could have unfavourable effects on the MMF. The manager of a MMF shall
Amendment 495 #
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 changes in economic conditions that could have unfavourable effects on the MMF. The manager of a MMF shall regularly and at least on a yearly basis conduct stress testing and develop action plans for different possible scenarios including a recovery plan. The action plans shall be approved by the competent authorities.
Amendment 496 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 a (new) The Board of Directors of the manager of the MMF is authorized to establish additional scenarios or reference parameters on which the tests should be based and to tailor the tests, as appropriate, for different market conditions and potential risks that the MMF may face;
Amendment 497 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point c (c) hypothetical
Amendment 498 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point d (d) hypothetical
Amendment 499 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point d a (new) (da) hypothetical widening or narrowing of spreads among indexes to which interest rates of portfolio securities are tied
Amendment 500 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 – point d b (new) (db) hypothetical macro systemic shocks affecting the economy as a whole.
Amendment 501 #
Proposal for a regulation Article 25 – paragraph 2 Amendment 502 #
Proposal for a regulation Article 25 – paragraph 2 Amendment 503 #
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 504 #
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 505 #
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 506 #
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, including the impact of the difference on the NAV buffer for EU public debt CNAV MMFs.
Amendment 507 #
Proposal for a regulation Article 25 – paragraph 2 a (new) 2a. Where the stress test reveals any vulnerability of the MMF, the manager of the MMF shall take action to strengthen the robustness of the MMF, including actions that reinforce the liquidity or the quality of the assets of the MMF.
Amendment 508 #
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
Amendment 509 #
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
Amendment 510 #
Proposal for a regulation Article 25 – paragraph 7 7. ESMA shall
Amendment 511 #
Proposal for a regulation Article 25 – paragraph 7 7. ESMA shall
Amendment 513 #
Proposal for a regulation Article 26 – paragraph 1 1. The assets of a MMF shall be valued at least on a daily basis. The results of the assessments shall be published daily on the MMF website.
Amendment 514 #
Proposal for a regulation Article 26 – paragraph 1 1. The assets of a MMF shall be valued at least on a daily basis. The result of this valuation shall be published daily on the website of the MMF. The valuation based both through the mark-to-market and the mark-to-model method should be made by a third independent party (i.e. not the same MMF itself, its related asset manager or its "sponsor").
Amendment 515 #
Proposal for a regulation Article 26 – paragraph 3 – subparagraph 1 Amendment 516 #
Proposal for a regulation Article 26 – paragraph 3 – subparagraph 2 – introductory part When marking to market only quality market data provided by recognised independent pricing vendors shall be used. The quality of the market data shall be assessed on the basis of all of the following factors:
Amendment 517 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 3 Amendment 518 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 3 Amendment 519 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 3 Amendment 520 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 3 a (new) When marking to model, only pricing data from independent and recognised pricing vendors may be used and the model's pricing methodology should be subject to approval by the competent authority of the MMF.
Amendment 521 #
Proposal for a regulation Article 26 – paragraph 5 Amendment 522 #
Proposal for a regulation Article 26 – paragraph 5 Amendment 523 #
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 524 #
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
Amendment 525 #
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 exceptionally may also be valued by using the amortised cost method.
Amendment 526 #
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. As the risk of mispricing increases with longer term underlying assets, the use of amortisation shall be restricted to instruments with low residual maturity and in the absence of any particular sensitivity of the instruments to market factors. A residual maturity of 90 days shall be considered to be the maximum. Materiality thresholds 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: at the level of the overall portfolio, thresholds of 10 basis points shall be deemed to be appropriate.
Amendment 527 #
Proposal for a regulation Article 26 – paragraph 5 5. Amortised cost accounting shall be applied only where it allows 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 90 days and not presenting 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 amortised cost value of the money market instruments shall be carried out on a weekly basis. 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 528 #
Proposal for a regulation Article 26 – paragraph 5 a (new) 5a. A MMF shall not use the amortised cost method when valuing its assets.
Amendment 529 #
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 531 #
Proposal for a regulation Article 27 – paragraph 1 – subparagraph 1 1. The
Amendment 532 #
Proposal for a regulation Article 27 – paragraph 1 – subparagraph 2 Amendment 533 #
Proposal for a regulation Article 27 – paragraph 1 – subparagraph 2 The NAV per unit or share shall be calculated for each MMF
Amendment 534 #
Proposal for a regulation Article 27 – paragraph 2 2. The NAV
Amendment 535 #
Proposal for a regulation Article 27 – paragraph 3 Amendment 536 #
Proposal for a regulation Article 27 – paragraph 4 Amendment 537 #
Proposal for a regulation Article 27 – paragraph 4 Amendment 538 #
Proposal for a regulation Article 27 – paragraph 4 Amendment 539 #
Proposal for a regulation Article 27 – paragraph 4 4. The ‘constant NAV per unit or share’ shall be calculated as the difference between the sum of all assets of a CNAV MMF and the sum of all liabilities of a CNAV MMF valued in accordance with the amortised cost method (in accordance with existing rules on UCITS), divided by the number of outstanding units or shares of the CNAV MMF.
Amendment 540 #
Proposal for a regulation Article 27 – paragraph 4 4. The
Amendment 541 #
Proposal for a regulation Article 27 – paragraph 5 Amendment 542 #
Proposal for a regulation Article 27 – paragraph 5 Amendment 543 #
Proposal for a regulation Article 27 – paragraph 5 5. The
Amendment 544 #
Proposal for a regulation Article 27 – paragraph 6 Amendment 545 #
Proposal for a regulation Article 27 – paragraph 6 Amendment 546 #
Proposal for a regulation Article 27 – paragraph 6 Amendment 547 #
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 its NAV per unit share ('shadow NAV') published daily on the website of the MMF.
Amendment 548 #
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
Amendment 549 #
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 550 #
Proposal for a regulation Article 27 – paragraph 6 a (new) 6a. After three years after the entry into force of this Regulation the LVNAVs should be transformed into Variable NAV MMFs.
Amendment 551 #
Proposal for a regulation Article 27 a (new) Article 27 a Calculation of NAV per share or unit 1. The 'Net Asset Value (NAV) per unit or share' shall be calculated as the NAV divided by the number of outstanding units or shares of the MMF. The NAV per unit or share shall be calculated for each MMF 2. The NAV per unit or share shall be rounded to the nearest basis point or its equivalent when the NAV is published in a currency unit. 3. The NAV per unit or share of a MMF shall be calculated at least daily.
Amendment 552 #
Proposal for a regulation Article 27 b (new) Amendment 553 #
Proposal for a regulation Article 28 – paragraph 2 Amendment 554 #
Proposal for a regulation Article 28 – paragraph 2 Amendment 555 #
Proposal for a regulation Article 28 – paragraph 2 2. By way of derogation from paragraph 1, the units or shares of a CNAV MMF shall be issued or redeemed at a price that is equal to the MMF's constant NAV per unit or share provided the number of outstanding investor units or shares is adjusted as described in article 27b.
Amendment 556 #
Proposal for a regulation Article 28 – paragraph 2 2. By way of derogation from paragraph 1, the units or shares of a
Amendment 557 #
Proposal for a regulation Article 28 a (new) Article 28a Accounting Treatment Units or shares of MMF should be considered as cash equivalents in compliance with the definition provided in IAS 7.
Amendment 560 #
Proposal for a regulation Article 29 A
Amendment 561 #
Proposal for a regulation Article 29 Amendment 562 #
Proposal for a regulation Article 29 – title Amendment 564 #
Proposal for a regulation Article 29 – paragraph 1 Amendment 565 #
Proposal for a regulation Article 29 – paragraph 1 Amendment 566 #
Proposal for a regulation Article 29 – paragraph 1 1. A CNAV MMF shall have in place redemption gates and/or fee provisions. The weekly maturing assets in the portfolio of a CNAV MMF shall constitute at least 30% of the assets of that CNAV MMF. The manager of a CNAV MMF shall establish, implement and consistently apply prudent and rigorous liquidity management procedures for controlling the weekly liquidity thresholds applicable to such funds. The liquidity management procedures should be clearly described in the fund rules or instruments of incorporation, as well as in the prospectus and any marketing materials. Whenever the proposition of weekly maturing assets falls below 30% the manager of the CNAV MMF shall immediately inform the Board of the MMF. Following a thorough assessment of the situation and acting exclusively in the best interest of the investors, the MMF board or management company shall decide whether to implement a redemption gate and/or fees. If the MMF board or management company decides to implement a redemption and/or fees, the MMF board or management company must inform the competent authority. The redemption fee should be set to ensure that remaining shareholders do not suffer the liquidity costs of redeeming shareholders. The redemption fee shall be equivalent to the actual cost of liquidating assets to meet the client redemption in stressed market conditions and not a penal charge over and above what would offset losses imposed on other investors by the redemption. If the redemption gate and/or fee have not repaired the CNAV MMF within 30 days, the CNAV MMF shall convert to a VNAV MMF or be liquidated. MMF shall not use the amortised cost method for valuation, or advertise a
Amendment 567 #
Proposal for a regulation Article 29 – paragraph 1 1.
Amendment 568 #
Proposal for a regulation Article 29 – paragraph 1 1. A MMF shall not use the amortised cost method for valuation, or
Amendment 569 #
Proposal for a regulation Article 29 – paragraph 2 Amendment 570 #
Proposal for a regulation Article 29 – paragraph 2 Amendment 571 #
Proposal for a regulation Article 29 – paragraph 2 Amendment 572 #
Proposal for a regulation Article 29 – paragraph 2 – introductory part 2. An EU public debt CNAV MMF shall satisfy all the following additional requirements:
Amendment 573 #
Proposal for a regulation Article 29 – paragraph 2 – introductory part 2. A CNAV MMF shall satisfy
Amendment 574 #
Proposal for a regulation Article 29 – paragraph 2 – point a Amendment 575 #
Proposal for a regulation Article 29 – paragraph 2 – point a Amendment 576 #
Proposal for a regulation Article 29 – paragraph 2 – point a (a)
Amendment 577 #
Proposal for a regulation Article 29 – paragraph 2 – point a (a) it has established
Amendment 578 #
Proposal for a regulation Article 29 – paragraph 2 – point a a) it has established a NAV buffer in accordance with the requirements in Article 3
Amendment 579 #
Proposal for a regulation Article 29 – paragraph 2 – point a a (new) Amendment 580 #
Proposal for a regulation Article 29 – paragraph 2 – point b Amendment 581 #
Proposal for a regulation Article 29 – paragraph 2 – point b Amendment 582 #
Proposal for a regulation Article 29 – paragraph 2 – point b (b) the competent authority of the EU public debt CNAV MMF is satisfied with a detailed plan by the EU public debt CNAV MMF specifying the modalities of the use of the buffer in accordance with Article 31;
Amendment 583 #
Proposal for a regulation Article 29 – paragraph 2 – point b (b)
Amendment 584 #
Proposal for a regulation Article 29 – paragraph 2 – point b (b) the competent authority of the CNAV MMF, after consultation with ESMA, is satisfied with a detailed plan by the CNAV MMF specifying the modalities of the use of the buffer in accordance with Article 31;
Amendment 585 #
Proposal for a regulation Article 29 – paragraph 2 – point c Amendment 586 #
Proposal for a regulation Article 29 – paragraph 2 – point c Amendment 587 #
Proposal for a regulation Article 29 – paragraph 2 – point c (c) the competent authority of the EU public debt CNAV MMF is satisfied with the EU public debt CNAV MMF's arrangements to replenish the buffer and with the financial strength of the entity expected to fund the replenishment;
Amendment 588 #
Proposal for a regulation Article 29 – paragraph 2 – point c (c)
Amendment 589 #
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
Amendment 590 #
Proposal for a regulation Article 29 – paragraph 2 – point d (d) the rules or instruments of incorporation of the CNAV MMF provide clear procedures for the conversion of the CNAV MMF into a
Amendment 591 #
Proposal for a regulation Article 29 – paragraph 2 – point d (d)
Amendment 592 #
Proposal for a regulation Article 29 – paragraph 2 – point f Amendment 593 #
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 594 #
Proposal for a regulation Article 29 – paragraph 2 – point f (f) the EU public debt CNAV MMF has established clear and effective communication tools towards
Amendment 595 #
Proposal for a regulation Article 29 – paragraph 2 – point f (f) the CNAV MMF has established clear and effective communication tools
Amendment 596 #
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 use or replenishment of the NAV buffers and the conversion of the CNAV MMF;
Amendment 597 #
Proposal for a regulation Article 29 – paragraph 2 – point g Amendment 598 #
Proposal for a regulation Article 29 – paragraph 2 – point g Amendment 599 #
Proposal for a regulation Article 29 – paragraph 2 – point g Amendment 600 #
Proposal for a regulation Article 29 – paragraph 2 – point g (g) the rules or instruments of incorporation of the EU public debt CNAV MMF state clearly that the EU public debt CNAV MMF cannot receive external support other than through the NAV buffer.
Amendment 601 #
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 602 #
Proposal for a regulation Article 29 – paragraph 2 – point g a (new) (ga) it shall not be offered to retail investors as defined in Article 4 (11) of Directive 2014/64/EU [MIFID II].
Amendment 603 #
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 3%. Any fee imposed would be lifted automatically once the MMF's level of weekly liquidity returns to 30% of its total assets.
Amendment 604 #
Proposal for a regulation Article 29 – paragraph 2 a (new) Amendment 605 #
Proposal for a regulation Article 29 – paragraph 2 a (new) 2a. A CNAV MMF may only be a short- term MFF as defined in Article 22, even though it shall comply with additional requirements: (a) its portfolio shall have a weighted average maturity (WAM) of no more than 45 days; (b) its portfolio shall have a weighted average life (WAL) of no more than 90 days; (c) at least 15% of its assets shall be comprised of daily maturing assets. A CNAV MMF shall not acquire any daily maturing asset when such acquisition would result in the CNAV MMF investing more than 15% of its portfolio in daily maturing assets; (d) at least 30% 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 30% of its portfolio in weekly maturing assets.
Amendment 606 #
Proposal for a regulation Article 29 a (new) Article 29 a A CNAV MMF shall have in place redemption gate and/or fee provisions. The CNAV MMF board or management company shall decide whether to implement redemption gates and/or fees once a trigger is breached. The redemption fee should be set to ensure that remaining shareholders do not suffer the liquidity costs of redeeming shareholders. If the redemption gate and/or fee have not repaired the CNAV MMF within 30 days, the CNAV MMF shall convert to a VNAV MMF or be liquidated. ESMA shall determine the nature of the trigger for redemption gates and/or fees and the calculation of the redemption fee.
Amendment 607 #
Proposal for a regulation Article 29 a (new) Article 29 a CNAV MMF shall not be offered to retail investors.
Amendment 616 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 1 Amendment 617 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 1 Each CNAV MMF shall establish and maintain
Amendment 618 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 1 Each CNAV MMF shall establish and maintain a NAV buffer amounting at all times to at least 3% of the total value of the CNAV MMF's assets. The
Amendment 619 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 1 Each CNAV MMF shall establish and maintain 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
Amendment 620 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 1 Each CNAV MMF shall establish and maintain by 31 December 2015 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). By [OJ please insert date: five years after entry into force of this Regulation], all CNAV MMF established, managed or marketed in the Union shall be converted into VNAV or a variable share constant CNAV MMF unless such a CNAV MMF applies for and obtains authorisation as a credit institution in accordance with Article 8 of Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and complies with the prudential requirements established in that Directive and in Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms .
Amendment 621 #
Proposal for a regulation Article 30 – paragraph 1 – subparagraph 2 The NAV buffer shall be used exclusively to cover differences between the EU public debt CNAV MMF's constant NAV per unit or share and the EU public debt CNAV MMF's NAV per unit or share as laid down in Article 31.
Amendment 622 #
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 623 #
Proposal for a regulation Article 30 – paragraph 2 2. The amounts in the NAV buffer shall not be included in the calculation of the NAV or constant NAV of the EU public debt CNAV MMF.
Amendment 624 #
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 625 #
Proposal for a regulation Article 30 – paragraph 3 3. The NAV buffers shall be composed only of cash.
Amendment 626 #
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 627 #
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 628 #
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 629 #
Proposal for a regulation Article 30 – paragraph 5 5. The reserve account shall be used solely for the benefit of the EU public debt CNAV MMF. A transfer of funds from the reserve account shall only be made under the conditions laid down in Article 31(2)(b) and Article 31(3)(a).
Amendment 630 #
Proposal for a regulation Article 30 – paragraph 5 5. The reserve account shall be used solely for the benefit of the MMF. A transfer of funds from the reserve account shall only
Amendment 631 #
Proposal for a regulation Article 30 – paragraph 6 6. The depositary of the EU public debt CNAV MMF shall verify that any transfer from the reserve account is in accordance with the provisions of this Chapter.
Amendment 632 #
Proposal for a regulation Article 30 – paragraph 7 – subparagraph 1 The EU public debt CNAV MMF shall establish in writing clear and detailed arrangements with the entity expected to fund the replenishment of the NAV buffer. The arrangements shall contain an explicit commitment to fund the replenishment and require the entity to fund the replenishment using its own financial resources.
Amendment 633 #
Proposal for a regulation Article 30 – paragraph 7 – subparagraph 2 The arrangements for the replenishment and the identity of the entity expected to fund the replenishment shall be disclosed in the fund rules or instruments of incorporation of the EU public debt CNAV MMF.
Amendment 634 #
Proposal for a regulation Article 30 – paragraph 7 a (new) 7a. The percentage of the portfolio invested in public debt issued or guaranteed by at least one Member State or by EU institutions shall not be taken into account for the purposes of calculating the liquidity buffer laid down by this article.
Amendment 635 #
Proposal for a regulation Article 30 a (new) Article 30 a Variable Shares In order for variable shares to comply with this Regulation, all investors to whom variable shares apply must be made aware that: (a) the number of shares they hold and the total monetary value of their holdings may fluctuate; (b) the total value of their holding will decrease if a number of shares are redeemed or cancelled for the benefit of the MMF; (c) variable shares may result in losses to the investors at the time of redemption.
Amendment 636 #
Proposal for a regulation Article 31 Amendment 637 #
Proposal for a regulation Article 31 Amendment 638 #
Proposal for a regulation Article 31 Amendment 639 #
Proposal for a regulation Article 31 Amendment 640 #
Proposal for a regulation Article 31 Amendment 641 #
Proposal for a regulation Article 31 Amendment 642 #
Proposal for a regulation Article 32 Amendment 643 #
Proposal for a regulation Article 32 Amendment 644 #
Proposal for a regulation Article 32 Amendment 645 #
Proposal for a regulation Article 32 Amendment 646 #
Proposal for a regulation Article 32 Amendment 647 #
Proposal for a regulation Article 32 – paragraph 1 1. An EU public debt 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.
Amendment 648 #
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.
Amendment 649 #
Proposal for a regulation Article 32 – paragraph 2 – point a (a) where the negative difference reaches 10 basis points or its equivalent when the NAV is published in a currency unit, the senior management of the manager of the EU public debt CNAV MMF be informed;
Amendment 650 #
Proposal for a regulation Article 32 – paragraph 2 – point b (b) where the negative difference reaches 15 basis points or its equivalent when the NAV is published in a currency unit, the board of directors of the manager of the EU public debt CNAV MMF, the competent authorities of the EU public debt CNAV MMF and ESMA be informed; ;
Amendment 651 #
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 652 #
Proposal for a regulation Article 33 Amendment 653 #
Proposal for a regulation Article 33 Amendment 654 #
Proposal for a regulation Article 33 Amendment 655 #
Proposal for a regulation Article 33 Amendment 656 #
Proposal for a regulation Article 33 Amendment 657 #
Proposal for a regulation Article 33 Amendment 658 #
Proposal for a regulation Article 33 – paragraph 1 1. Whenever the amount of the NAV buffer falls below
Amendment 659 #
Proposal for a regulation Article 33 – paragraph 1 a (new) 1a. When the NAV buffer has not been replenished and for 30 days the amount of the NAV buffer stays below the applicable limit defined in accordance with Article 31(1) by 3%, the MMF shall automatically cease to be a CNAV MMF and be prohibited from using the amortised cost or rounding methods. The CNAV MMF shall inform immediately each investor thereof in writing and in a clear and comprehensible way, as well as the competent authority of the MMF.
Amendment 660 #
Proposal for a regulation Article 33 – paragraph 2 – subparagraph 1 When the NAV buffer has not been replenished and for one month the amount of the NAV buffer stays below the 3% referred to in Article 30(1) by 10 basis points the MMF shall automatically cease to be an EU public debt CNAV MMF and be prohibited from using the amortised cost or rounding methods.
Amendment 661 #
Proposal for a regulation Article 33 – paragraph 2 – subparagraph 2 The EU public debt CNAV MMF shall inform immediately each investor thereof in writing and in a clear and comprehensible way.
Amendment 662 #
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 663 #
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
Amendment 664 #
Proposal for a regulation Article 34 Amendment 665 #
Proposal for a regulation Article 34 Amendment 666 #
Proposal for a regulation Article 34 Amendment 667 #
Proposal for a regulation Article 34 Amendment 668 #
Proposal for a regulation Article 34 Amendment 669 #
Proposal for a regulation Article 34 Amendment 670 #
Proposal for a regulation Article 34 – paragraph 1 1. The competent authority of the EU public debt CNAV MMF shall be immediately notified of any decrease below 3% in the amount of the NAV buffer.
Amendment 671 #
Proposal for a regulation Article 34 – paragraph 1 1. The competent authority of the CNAV MMF and ESMA shall be immediately notified of the necessary documents proving the existence of the buffer and of any decrease below 3% in the amount of the NAV buffer.
Amendment 672 #
Proposal for a regulation Article 34 – paragraph 1 1. The competent authority of the CNAV MMF shall be immediately notified of any decrease
Amendment 673 #
Proposal for a regulation Article 34 – paragraph 2 2. The competent authority of the EU public debt CNAV MMF and ESMA shall be immediately notified when the amount of the NAV buffer decreases by 10 basis points below the 3% referred to in Article 30(1).
Amendment 674 #
Proposal for a regulation Article 34 – paragraph 2 2. The competent authority of the CNAV
Amendment 675 #
Proposal for a regulation Article 34 – paragraph 3 3. Following the notification referred to in paragraph 1, the competent authority shall closely monitor the EU public debt CNAV MMF.
Amendment 676 #
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 or the MMF has ceased to hold itself as an EU public debt CNAV MMF and informed accordingly its investors.
Amendment 677 #
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 678 #
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 680 #
Proposal for a regulation Article 35 – paragraph 1 Amendment 681 #
Proposal for a regulation Article 35 – paragraph 1 Amendment 682 #
Proposal for a regulation Article 35 – paragraph 1 1. A
Amendment 683 #
Proposal for a regulation Article 35 – paragraph 1 1. A CNAV MMF may not receive external support
Amendment 684 #
Proposal for a regulation Article 35 – paragraph 1 1. A CNAV MMF may not receive external support
Amendment 685 #
Proposal for a regulation Article 35 – paragraph 1 1.
Amendment 686 #
Proposal for a regulation Article 35 – paragraph 1 1. A CNAV MMF may not receive external support
Amendment 687 #
Proposal for a regulation Article 35 – paragraph 2 Amendment 688 #
Proposal for a regulation Article 35 – paragraph 2 Amendment 689 #
Proposal for a regulation Article 35 – paragraph 2 Amendment 690 #
Proposal for a regulation Article 35 – paragraph 2 2.
Amendment 691 #
Proposal for a regulation Article 35 – paragraph 2 2. MMFs other than CNAV MMFs shall not be allowed to receive external support, except under the conditions laid down in Article 3
Amendment 692 #
Proposal for a regulation Article 35 – paragraph 2 2.
Amendment 693 #
Proposal for a regulation Article 35 – paragraph 2 2.
Amendment 694 #
Proposal for a regulation Article 35 – paragraph 3 Amendment 695 #
Proposal for a regulation Article 35 – paragraph 3 Amendment 696 #
Proposal for a regulation Article 35 – paragraph 3 – subparagraph 1 Amendment 697 #
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 sovereign, regional or local public authority.
Amendment 698 #
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
Amendment 699 #
Proposal for a regulation Article 35 – paragraph 3 – subparagraph 2 Amendment 700 #
Proposal for a regulation Article 35 – paragraph 3 a (new) 3a. MMFs other than EU public debt CNAV MMFs shall not be allowed to receive external support, except under the conditions laid down in Article 36.
Amendment 701 #
Proposal for a regulation Article 36 Amendment 702 #
Proposal for a regulation Article 36 Amendment 703 #
Proposal for a regulation Article 36 Amendment 704 #
Proposal for a regulation Article 36 Amendment 705 #
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 other than a CNAV MMF to receive external support referred to in Article 3
Amendment 706 #
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 707 #
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 other than a
Amendment 708 #
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 709 #
Proposal for a regulation Article 36 – paragraph 1 a (new) 1a. External support shall not be given by any sovereign, regional or local public authority.
Amendment 710 #
Proposal for a regulation Article 36 – paragraph 1 a (new) 1a. External support shall not be given by any sovereign, regional or local public authority.
Amendment 711 #
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 712 #
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 713 #
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 714 #
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 715 #
Proposal for a regulation Article 37 – paragraph 1 – subparagraph 2 Amendment 716 #
Proposal for a regulation Article 37 – paragraph 1 – subparagraph 2 Amendment 717 #
Proposal for a regulation Article 37 – paragraph 1 – subparagraph 2 A CNAV MMF shall indicate clearly that it is a CNAV MMF in any external or internal document, report, statement, advertisement, letter or any other written evidence issued by it or its manager, addressed to or intended for distribution to prospective investors, unit-holders, shareholders or competent authorities of the MMF or its manager. Upon the request of the investor, the CNAV MMF shall communicate the NAV.
Amendment 718 #
Proposal for a regulation Article 37 – paragraph 2 – point b (b) that the MMF does not rely on external support for guaranteeing the liquidity of the MMF
Amendment 719 #
Proposal for a regulation Article 37 – paragraph 2 – point c a (new) (ca) that investors can obtain information on the investment portfolio and the liquidity levels of the MMF on the website of the MMF.
Amendment 720 #
Proposal for a regulation Article 37 – paragraph 2 a (new) 2a. A MMF shall provide to investors on its website, and update at least weekly, - the liquidity levels of the fund, - the weighted average maturity (WAM) and weighted average life (WAL) of the MMF, - the portfolio of investments of the MMF.
Amendment 721 #
Proposal for a regulation Article 37 – paragraph 4 – subparagraph 1 a (new) Furthermore, the CNAV MMF shall make the following information available to its investors: (a) the total value of assets; (b) the weighted average maturity (WAM) and the weighted average life (WAL); (c) the maturity breakdown; (d) the proportion of assets in the portfolio reaching maturity in one day; (e) the proportion of assets in the portfolio reaching maturity in one week; (f) the net yield; (g) the daily indicative value at the market rate to four decimal places; (h) information on the assets held in the MMF’s portfolio, such as the name, country, maturity and asset type (including details on the counterparty in the case of resale agreements).
Amendment 722 #
Proposal for a regulation Article 37 – paragraph 5 Amendment 723 #
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 724 #
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 725 #
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. An EU public debt CNAV MMF shall indicate the amount of its NAV buffer, the procedure to equalise the constant NAV per unit or share and the NAV per unit or share and shall state clearly the role of the buffer and the risks related to it. The EU public debt CNAV MMF shall clearly indicate the modalities of replenishing the NAV buffer and the entity expected to fund the replenishment. It shall make available to investors all information concerning compliance with the conditions set out in Article 29(2)(a) to (g).
Amendment 726 #
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
Amendment 727 #
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.
Amendment 728 #
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 amount of its NAV buffer, the procedure to equalise the constant NAV per unit or share and the NAV per unit or share and shall state clearly the role of the buffer and the risks related to it. The CNAV MMF shall clearly indicate the modalities of replenishing the NAV buffer and the entity expected to fund the replenishment. It shall make available to investors all information concerning compliance with the conditions set out in Article 29(2)(a) to (g). The CNAV MMF shall publish on its website its NAV in accordance with paragraph 2a of article 38.
Amendment 729 #
Proposal for a regulation Article 37 – paragraph 5 a (new) Amendment 730 #
Proposal for a regulation Article 37 – paragraph 5 a (new) 5a. All of the information referred to in the preceding paragraphs shall be posted on the MMF website. The information, with particular reference to the fund’s investment portfolio and liquidity levels, shall be updated weekly.
Amendment 731 #
Proposal for a regulation Article 37 – paragraph 5 a (new) Amendment 732 #
Proposal for a regulation Article 37 – paragraph 5 b (new) 5b. 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 733 #
Proposal for a regulation Article 37 – paragraph 5 c (new) 5c. 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 735 #
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, at least on a
Amendment 736 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point c Amendment 737 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point c Amendment 738 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point c Amendment 739 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point c Amendment 740 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point c a (new) (ca) the results of stress tests;
Amendment 741 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 – point d a (new) (da) the action plans referred to in article 25;
Amendment 742 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 2 If necessary and duly justified, competent authorities or ESMA may solicit additional information.
Amendment 743 #
Proposal for a regulation Article 38 – paragraph 2 a (new) Amendment 744 #
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 have right to access this database for statistical purposes only. On the basis of the information collected, ESMA shall publish an annual report identifying the main developments of MMF in the Union including inter alia its market size and the main features regarding assets and liabilities of EU MMFs.
Amendment 745 #
Proposal for a regulation Article 38 a (new) Amendment 746 #
Proposal for a regulation Article 39 – paragraph 1 – subparagraph 1 a (new) MMF authorisation shall be withdrawn if this regulation is infringed.
Amendment 747 #
Proposal for a regulation Article 39 – paragraph 1 1.
Amendment 748 #
Proposal for a regulation Article 39 – paragraph 2 2. The competent authority of the MMF shall be responsible for
Amendment 749 #
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 750 #
Proposal for a regulation Article 42 – title Cooperation between authorities and ESMA binding mediation
Amendment 751 #
Proposal for a regulation Article 42 – paragraph 1 1. The competent authority of the MMF
Amendment 752 #
Proposal for a regulation Article 42 – paragraph 2 2. Competent authorities, including authorities designated by a Member State in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and Directive 2013/36/EU for credit institutions in the MMF's home Member State, SSM and ECB, 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.
Amendment 753 #
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 754 #
Proposal for a regulation Article 42 – paragraph 3 3. Competent authorities, including authorities designated by a Member State in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and Directive 2013/36/EU for credit institutions in the MMF's home Member State, SSM and ECB, and ESMA shall exchange all information and documentation necessary to carry out their respective duties under this Regulation in accordance with Regulation (EU) No 1095/2010, in particular to identify and remedy breaches of this Regulation.
Amendment 755 #
Proposal for a regulation Article 42 – paragraph 3 3. Competent authorities
Amendment 756 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 757 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 758 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 759 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 760 #
Proposal for a regulation Article 43 – paragraph 1 1. Within t
Amendment 761 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 762 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 763 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 764 #
Proposal for a regulation Article 43 – paragraph 1 1. Within the
Amendment 765 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 766 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 767 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 768 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 769 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 770 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 771 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 772 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 773 #
Proposal for a regulation Article 43 – paragraph 3 Amendment 774 #
Proposal for a regulation Article 43 – paragraph 3 - introductory part Amendment 775 #
Proposal for a regulation Article 43 – paragraph 3 – introductory part 3. By way of derogation from the first sentence of Article 30(1), an existing UCITS or AIF that meets the criteria for the definition of a CNAV MMF set out in Article 2(1
Amendment 776 #
Proposal for a regulation Article 43 – paragraph 3 – point a Amendment 777 #
Proposal for a regulation Article 43 – paragraph 3 – point a (a) (a) up to 1% of the total value of the
Amendment 778 #
Proposal for a regulation Article 43 – paragraph 3 – point b Amendment 779 #
Proposal for a regulation Article 43 – paragraph 3 – point b (b) up to 2% of the total value of the
Amendment 780 #
Proposal for a regulation Article 43 – paragraph 3 – point c Amendment 781 #
Proposal for a regulation Article 43 – paragraph 3 – point c (c) up to 3% of the total value of the
Amendment 782 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 783 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 784 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 785 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 786 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 787 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 788 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 789 #
Proposal for a regulation Article 43 – paragraph 4 Amendment 790 #
Proposal for a regulation Article 43 – paragraph 4 4. For the purposes of paragraph 3 of this Article, the reference to
Amendment 791 #
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 792 #
Proposal for a regulation Article 45 – paragraph 1 – introductory part By three years after the entry into force of
Amendment 793 #
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 794 #
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 795 #
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 796 #
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 buffer and the operation of the CNAV buffer to those CNAV MMFs that, in future, might concentrate their portfolios on debt issued or guaranteed by the Member States as well as the mandatory conversion into VNAVs for those funds. The review shall:
Amendment 797 #
Proposal for a regulation Article 45 – paragraph 1 – introductory part By t
Amendment 798 #
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 799 #
Proposal for a regulation Article 45 – paragraph 1 – point e a (new) (ea) Analyse the impact on the real economy and financial stability of the changes required by this Regulation.
Amendment 800 #
Proposal for a regulation Article 45 – paragraph 1 – point e a (new) (ea) take into account the impact of the regulation on the short-term financing markets
source: 546.610
2015/01/12
ECON
375 amendments...
Amendment 100 #
Proposal for a regulation Recital 2 a (new) (2a) They can be considered part of the Shadow Banking System on the basis that they perform maturity and liquidity transformation. However, in contrast with bank deposits, MMFs do not have access to official support and backstop facilities, and, whereas they have little ability to absorb losses, they also do not have explicit support from sponsor companies. Moreover, investors may perceive MMFs, in particular constant net asset value (CNAV) funds that seek to maintain an unchanging face value, as safe alternatives to bank deposits.
Amendment 101 #
Proposal for a regulation Recital 2 a (new) (2a) MMFs accept funding with deposit- like characteristics, perform maturity and liquidity transformation and engage in credit risk transfer. Hence, they are shadow banks in the strict sense of the word.
Amendment 102 #
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 103 #
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 and they may therefore
Amendment 104 #
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 105 #
Proposal for a regulation Recital 3 b (new) Amendment 106 #
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 market could then also represent direct and major difficulties for the financing of the financial institutions, corporations and governments, thus the economy. In the absence of a credible solution to the too- big-too fail problem for banks this has major implications from an economic stability point of view.
Amendment 107 #
Proposal for a regulation Recital 4 a (new) (4a) During the 2008 crisis, it was only dollar-denominated CNAV funds which experienced mass redemptions, not those denominated in sterling or euro, which in fact experienced mass inflows. There was a flight to quality within the CNAV fund sector, not a flight from the CNAV sector itself.
Amendment 108 #
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. Sponsors are often forced to support their sponsored MMFs when losing value due to the reputational risk and fear that panic could spread into the sponsor other businesses. Depending on the size of the fund and the extent of redemption pressure, sponsor support may reach proportions that exceed their readily available reserves. In the case of banks in particular, this can lead to panic spreading to account holders who then wish to withdraw their deposits as quickly as possible, posing a risk that the bank may become insolvent. Therefore, it is important to provide for a framework of uniform rules in order to prevent the failure of the sponsor and risk contagion to other businesses and other entities that sponsor MMFs.
Amendment 109 #
Proposal for a regulation Recital 6 (6) In order to
Amendment 110 #
Proposal for a regulation Recital 6 a (new) (6a) In view of the many bank-like characteristics of MMFs and the systemic interconnections to bank stability, MMFs should be subject to the supervision of the banking supervisors.
Amendment 111 #
Proposal for a regulation Recital 6 b (new) (6b) As MMFs do not contribute to the SRF they are not to benefit from direct support by the SRF.
Amendment 112 #
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.
Amendment 113 #
Proposal for a regulation Recital 10 (10) In the absence of a Regulation setting out rules on MMFs, diverging measures might continue to be adopted at national level, which would continue to cause significant distortions of competition resulting from important differences in essential investment protection standards. Diverging requirements on portfolio composition, eligible assets, their maturity, liquidity and diversification, as well as on credit quality of issuers of money market instruments lead to different levels of investor protection because of the different levels of risk attached to the investment proposition associated with a money market fund. The failure to adopt strict common rules applicable to MMFs in the internal market prevents uniform investor protection and gives investors different incentives to redeem their investments and thereby trigger a run. It is therefore essential to avoid contagion into the short
Amendment 114 #
Proposal for a regulation Recital 10 (10) In the absence of a Regulation setting out rules on MMFs, diverging measures might continue to be adopted at national level
Amendment 115 #
Proposal for a regulation Recital 10 (10) In the absence of a Regulation setting
Amendment 116 #
Proposal for a regulation Recital 10 (10) In the absence of a Regulation setting out rules on MMFs, diverging measures might continue to be adopted at national level, which would continue to cause significant distortions of competition resulting from important differences in essential investment protection standards. Diverging requirements on portfolio composition, eligible assets, their maturity, liquidity and diversification, as well as on credit quality of issuers of money market instruments lead to different levels of investor protection because of the different levels of risk attached to the investment proposition associated with a money market fund.
Amendment 117 #
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
Amendment 118 #
Proposal for a regulation Recital 22 (22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits,
Amendment 119 #
Proposal for a regulation Recital 22 (22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits, commercial papers, certain types of high quality asset backed securities, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits or in the case of asset backed securities are eligible as high quality assets according to the liquidity rules in part six of Regulation (EU) No 575/2013 and are considered by the MMF to be of high credit quality.
Amendment 120 #
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 121 #
Proposal for a regulation Recital 23 Amendment 122 #
Proposal for a regulation Recital 23 (23) Asset Backed Commercial Papers (ABCPs) should not be considered eligible money market instruments
Amendment 123 #
Proposal for a regulation Recital 23 (23) Asset Backed Commercial Papers (ABCPs) and Asset Backed Securities 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 inter alia maturity limits
Amendment 124 #
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
Amendment 125 #
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 126 #
Proposal for a regulation Recital 23 (23)
Amendment 127 #
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 128 #
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 as well as to ensure that the pool of exposures is sufficiently diversified 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 and liquid 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 not be eligible. 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 conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and the conditions, whether it is sufficiently diversified as well as the and numerical thresholds determining when corporate debt is of high credit quality and liquid.
Amendment 129 #
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 entitled to invest in financial derivate instruments if that instrument is traded on a regulated market referred to in Article 50(1)(a), (b) or (c) of Directive 2009/65/EC or over- the-counter (OTC), or on an organised venue as referred to in Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
Amendment 130 #
Proposal for a regulation Recital 25 (25) Financial derivative instruments eligible for investment by a MMF should
Amendment 131 #
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
Amendment 132 #
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
Amendment 133 #
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 134 #
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
Amendment 135 #
Proposal for a regulation Recital 28 (28) For prudential reasons and for avoiding the exercise of significant influence over the management of an issuing body by the MMF, it is necessary to avoid excessive concentration by a MMF in investments issued by the same issuing body. For the purpose of this Regulation a body shall consist of an entity or group of connected entities that meets the definition of a group of connected clients in Regulation (EU) No 575/2013.
Amendment 136 #
Proposal for a regulation Recital 29 Amendment 137 #
Proposal for a regulation Recital 29 Amendment 138 #
Proposal for a regulation Recital 29 (29) The MMF should have a responsibility to invest in high quality eligible assets. Therefore, a MMF should have a prudent and rigorous
Amendment 139 #
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 (EU) No 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 140 #
Proposal for a regulation Recital 30 Amendment 141 #
Proposal for a regulation Recital 30 Amendment 142 #
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 143 #
Proposal for a regulation Recital 31 Amendment 144 #
Proposal for a regulation Recital 31 Amendment 145 #
Proposal for a regulation Recital 31 (31) In order to develop a transparent and
Amendment 146 #
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 notified to the competent authority, ESMA and communicated upon request to the interested stakeholders.
Amendment 147 #
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
Amendment 148 #
Proposal for a regulation Recital 38 a (new) (38a) In exceptional circumstances justified by systemic implications or adverse market conditions, ESMA should have the power to impose the temporary suspension of redemption of units or shares of a MMF.
Amendment 149 #
Proposal for a regulation Recital 39 Amendment 150 #
Proposal for a regulation Recital 39 (39)
Amendment 151 #
Proposal for a regulation Recital 39 (39)
Amendment 152 #
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 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.
Amendment 153 #
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
Amendment 154 #
Proposal for a regulation Recital 39 (39)
Amendment 155 #
Proposal for a regulation Recital 40 (40) As part of a prudent risk management,
Amendment 156 #
Proposal for a regulation Recital 40 (40) As part of a prudent risk management, MMFs should periodically
Amendment 157 #
Proposal for a regulation Recital 41 (41) In order to reflect the actual value of assets, the use of marking to market should
Amendment 158 #
Proposal for a regulation Recital 41 (41) In order to reflect the actual value of assets, the use of marking to market should
Amendment 159 #
Proposal for a regulation Recital 42 Amendment 160 #
Proposal for a regulation Recital 42 Amendment 161 #
Proposal for a regulation Recital 42 a (new) (42a) As a MMF should publish a NAV that reflects all movements in the value of its assets, the published NAV should be rounded at maximum to the nearest basis point or its equivalent. As a consequence, when the NAV is published in a specific currency, for example €1, the incremental change in value should be done every €0.0001. In the case of a NAV at €100, the incremental change in value should be done every €0.01.
Amendment 162 #
Proposal for a regulation Recital 42 a (new) (42a) The financial crisis is evidence of the fact that the conduct and nature of constant net asset value MMFs make them more vulnerable to destabilising investor runs, which can spread quickly among funds, impairing liquidity and the availability of short-term credit, in particular for banks. Against this background, CNAV MMF should not be offered to retail investors.
Amendment 163 #
Proposal for a regulation Recital 43 Amendment 164 #
Proposal for a regulation Recital 43 Amendment 165 #
Proposal for a regulation Recital 43 Amendment 166 #
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
Amendment 167 #
Proposal for a regulation Recital 43 (43) To allow for the specificities of CNAV MMFs it is necessary that CNAV MMFs, until they have been fully converted into VNAV 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, subject to the agreement of national competent authorities. 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.
Amendment 168 #
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 169 #
Proposal for a regulation Recital 43 a (new) (43a) External support provided to a 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 a MMF. Because these third parties do not commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it. In these circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur. This uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs. For these reasons, MMFs should not rely on external support in order to maintain their liquidity and the stability of their NAV per unit or share unless the competent authority of the MMF has specifically allowed the external support in order to maintain stability of financial markets.
Amendment 170 #
Proposal for a regulation Recital 44 (44) As a MMF should publish a NAV that reflects all movements in the value of its assets, the published NAV should be rounded at maximum to the nearest basis point or its equivalent. As a consequence, when the NAV is published in a specific currency, for example €1, the incremental change in value should be done every €0.0001. In the case of a NAV at €100, the incremental change in value should be done every €0.01.
Amendment 171 #
Proposal for a regulation Recital 44 (44) As a MMF should publish a NAV that reflects all movements in the value of its assets, the published NAV should be rounded at maximum to the nearest basis point or its equivalent. As a consequence, when the NAV is published in a specific currency, for example €1, the incremental change in value should be done every €0.0001. In the case of a NAV at €100, the incremental change in value should be done every €0.01. Only if the MMF is a CNAV MMF, the MMF can publish a
Amendment 172 #
Proposal for a regulation Recital 44 a (new) (44a) 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.
Amendment 173 #
Proposal for a regulation Recital 45 Amendment 174 #
Proposal for a regulation Recital 45 Amendment 175 #
Proposal for a regulation Recital 45 Amendment 176 #
Proposal for a regulation Recital 45 Amendment 177 #
Proposal for a regulation Recital 45 (45) In order to be able to
Amendment 178 #
Proposal for a regulation Recital 45 (45) In order to be able to
Amendment 179 #
Proposal for a regulation Recital 45 (45) In order to be able to absorb day-to- day fluctuations in the value of a CNAV MMF's assets and allow it to offer a constant NAV per unit or share, the CNAV MMF should have at all times a NAV buffer amounting to
Amendment 180 #
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 181 #
Proposal for a regulation Recital 45 (45)
Amendment 182 #
Proposal for a regulation Recital 45 (45) In order to be able to absorb day-to- day fluctuations in the value of a EU public debt CNAV MMF's assets and allow it to offer a constant NAV per unit or share, the
Amendment 183 #
Proposal for a regulation Recital 45 (45) In order to be able to absorb day-to- day fluctuations in the value of a CNAV MMF's assets and allow it to offer a constant NAV per unit or share, the CNAV MMF should have at all times a NAV buffer amounting to at least 3% of its assets. The NAV buffer should serve as an absorbing mechanism for maintaining the constant NAV. All negative differences between the constant NAV per unit or share and the NAV per unit or share should be neutralized by using the NAV buffer.
Amendment 184 #
Proposal for a regulation Recital 45 (45) In order to be able to
Amendment 185 #
Proposal for a regulation Recital 45 a (new) (45a) In addition to NAV buffers, MMFs should impose redemption fees of up to 3% in case the weekly maturing assets fall below 15% of the fund's total assets at the end of any business day.
Amendment 186 #
Proposal for a regulation Recital 46 Amendment 187 #
Proposal for a regulation Recital 46 Amendment 188 #
Proposal for a regulation Recital 46 Amendment 189 #
Proposal for a regulation Recital 46 Amendment 190 #
Proposal for a regulation Recital 46 (46) A
Amendment 191 #
Proposal for a regulation Recital 46 (46) As an EU public debt CNAV MMF that does not maintain the NAV buffer at the required level is not capable of sustaining a constant NAV per unit or share, it should be required to fluctuate the NAV and cease to be an EU public debt CNAV MMF. Therefore, where despite the use of the escalation procedure the amount of the NAV buffer remains for one month below the required 3% by 10 basis points, the EU public debt CNAV MMF should automatically convert into a MMF that is not allowed to use amortised cost accounting or rounding to the nearest percentage point. If before the end of the one month allowed for the replenishment a competent authority has justifiable reasons demonstrating the incapacity of the EU public debt CNAV MMF to replenish the buffer, it should have the power to convert the EU public debt CNAV MMF into a MMF other than an EU public debt CNAV MMF. The NAV buffer is the only vehicle through which external support to an EU public debt CNAV MMF can be provided.
Amendment 192 #
Proposal for a regulation Recital 46 (46) A
Amendment 193 #
Proposal for a regulation Recital 46 (46) As a CNAV MMF that does not maintain the NAV buffer at the required level is not capable of sustaining a constant NAV per unit or share, it should be required to fluctuate the NAV and cease to be a CNAV MMF. Therefore, where despite the use of the escalation procedure the amount of the NAV buffer remains for
Amendment 194 #
Proposal for a regulation Recital 46 a (new) (46a) After a transitional phase of five years after publication of this regulation in the Official Journal all CNAV MMFs should be converted into VNAV MMFs.
Amendment 195 #
Proposal for a regulation Recital 47 (47) External support provided to a MMF
Amendment 196 #
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 a MMF. Because these third parties do not commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it. In these circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur. This uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs. For these reasons, MMFs should not rely on external support in order to maintain their liquidity and the stability of their NAV per unit or share
Amendment 197 #
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 a MMF. Because these third parties do not commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it. In these circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur. This uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs. For these reasons, MMFs should not rely on external support in order to maintain their liquidity and the stability of their NAV per unit or share unless the competent authority of the MMF has specifically allowed the external support in order to maintain stability of financial markets. In order to avoid putting at risk taxpayers' money, Member States should ensure that external support is not given by any sovereign, regional or local public authority.
Amendment 198 #
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 a MMF. Because these third parties do not commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it. In these circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur. This uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs. For these reasons, MMFs should not rely on external support in order to maintain their liquidity and the stability of their NAV per unit or share unless the competent
Amendment 199 #
Proposal for a regulation Recital 47 (47) External support provided to a MMF
Amendment 200 #
Proposal for a regulation Recital 47 (47) External support provided to a MMF
Amendment 201 #
Proposal for a regulation Recital 47 (47)
Amendment 202 #
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
Amendment 203 #
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
Amendment 204 #
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 205 #
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 206 #
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 207 #
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 and that they do not benefit from any explicit or implicit sponsor support as defined in point (22 b) of Article 2, unless the procedure under Article 35 is respected. CNAV MMFs should clearly explain to investors the
Amendment 208 #
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. EU public debt CNAV MMFs should clearly explain to investors the buffer mechanism they are applying to maintain the constant NAV per unit or share.
Amendment 209 #
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
Amendment 210 #
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 211 #
Proposal for a regulation Recital 48 a (new) (48a) Investors shall be also informed of where they can access information on the portfolio of investment and the fund's levels of liquidity.
Amendment 212 #
Proposal for a regulation Recital 49 Amendment 213 #
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 authorities should collect these data in a consistent way throughout the Union in order to obtain a substantive knowledge of the main evolutions of the MMF market. To facilitate a collective analysis of potential impacts of the MMF market in the Union, such data should be transmitted to the European Securities and Markets Authority (ESMA) who should create a central database for MMFs and publish annually a report identifying the main developments of MMFs in the Union.
Amendment 214 #
Proposal for a regulation Recital 50 a (new) (50a) During the three years after the entry into force of this Regulation, the Commission should analyse the experience acquired in applying this Regulation and the impacts on the different economic aspects attached to the MMFs. The debt issued or guaranteed by the Member States represents a distinct category of investment displaying specific credit and liquidity traits. In addition, sovereign debt plays a vital role in financing the Member States. The Commission should evaluate the evolution of the market for sovereign debt issued or guaranteed by the Member States and the possibility to create a special framework for MMF that concentrate their investment policy on that type of debt.
Amendment 215 #
Proposal for a regulation Recital 54 Amendment 216 #
Proposal for a regulation Recital 54 (54)
Amendment 217 #
Proposal for a regulation Recital 54 (54)
Amendment 218 #
Proposal for a regulation Recital 54 (54)
Amendment 219 #
Proposal for a regulation Recital 54 (54)
Amendment 220 #
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 exempting certain CNAV MMFs that concentrate their investment portfolios on debt issued by the Member States from the requirement to establish a capital buffer
Amendment 221 #
Proposal for a regulation Recital 54 (54)
Amendment 222 #
Proposal for a regulation Recital 54 (54)
Amendment 223 #
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 exempting certain CNAV MMFs that concentrate their investment portfolios on debt issued by the Member States from the requirement to establish a capital buffer that amounts to at least 3 % of the total value of the CNAV MMF's assets or the mandatory convergence into VNAV MMFs. Therefore, during the three years after the entry into force of this Regulation, the Commission should analyse the experience acquired in applying this Regulation and the impacts on the different economic aspects attached to the MMFs. The debt issued or guaranteed by the Member States represents a distinct category of investment displaying specific credit and liquidity traits. In addition, sovereign debt plays a
Amendment 224 #
Proposal for a regulation Article 1 – paragraph 1 – subparagraph 2 This Regulation applies to collective investment undertakings that require authorisation as UCITS under Directive 2009/65/EC or are AIFs under Directive 2011/61/EU, invest in short term assets and have as distinct or cumulative objectives offering returns in line with money market rates
Amendment 225 #
Proposal for a regulation Article 1 – paragraph 1 a (new) 1a. By entry of force of this Regulation, CNAV MMF shall only be allowed to operate as either EU public debt CNAV MMFs or Retail CNAV MMFs. Accordingly, all references in this Regulation to CNAV MMFs shall refer to both, EU public debt CNAV MMFs and Retail CNAV MMFs, unless otherwise specified.
Amendment 226 #
Proposal for a regulation Article 1 – paragraph 2 Amendment 227 #
Proposal for a regulation Article 1 – paragraph 2 Amendment 228 #
Proposal for a regulation Article 1 – paragraph 2 – subparagraph 1 a (new) Member States in which CNAV MMF may be offered, shall apply Chapter V.
Amendment 229 #
Proposal for a regulation Article 1 a (new) Article 1a Types of CNAV MMF As from the date of the entry into force of this Regulation, CNAV MMFs shall operate in the Union only as a (1) Government CNAV MMF, (2) Retail CNAV MMF or (3) a Low Volatility NAV MMF. All references in this Regulation to CNAV MMFs relate to Government CNAV MMFs, Retail CNAV MMFs and Low Volatility NAV MMFs, unless otherwise specified.
Amendment 230 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘money market instruments’ means money market instruments as defined in
Amendment 231 #
Proposal for a regulation Article 2 – paragraph 1 – 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(1) of Directive 2007/16/EC;
Amendment 232 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2)
Amendment 233 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 2) “money market instruments” means money market instruments as defined in Article 2(1)
Amendment 234 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) ‘repurchase agreement’ means any agreement in which one party
Amendment 235 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) (7a) "high quality liquid asset backed security" means a qualified asset-backed security referred to in Article 12, para. 1(a) meeting the requirements laid down in Article 13 of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013 defined for a uniform specification to be eligible transferable assets of high liquidity and credit quality according to Article 416, para. 1(d) of Regulation (EU) No 575/2013;
Amendment 236 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 (8) ‘corporate debt’ means debt instruments issued by an undertakings which is effectively engaged in producing
Amendment 237 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 (8)
Amendment 238 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 (11) ‘amortised cost method’ means a valuation method which takes the acquisition cost of an asset and adjusts this value for amortisation of premiums (or discounts) until maturity; the use of this accounting method shall be subject to approval of national competent authorities;
Amendment 239 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 Amendment 240 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 (12) ‘constant Net Assets Value Money Market Fund’ (CNAV MMF) means a money market fund that seeks to maintain
Amendment 241 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 (12)
Amendment 242 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) (12a) "Retail CNAV MMF" means a CNAV MMF that is available for subscription only to charities, non-profit organisations, public authorities, public foundations and natural persons, including any account for which the ultimate beneficiary is a natural person;
Amendment 243 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) Amendment 244 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) (12a) "Retail Constant Net Asset Value Money Market Fund" (Retail CNAV MMF) means a CNAV MMF that is available for subscription only to charities, non-profit organisations, public authorities and public foundations.
Amendment 245 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) (12a) "Short-term MMF" means a money market fund that invests in eligible money market instruments referred to in Article 9(1);
Amendment 246 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) (12a) "Lower volatility Net Assets Value Money Market Fund" (LVNAV MMF) means a money market fund where the Net Asset Value per unit or share is rounded to the nearest ten basis point or its equivalent in currency term , and where income in the fund is either accrued daily or can be paid out to the investor;
Amendment 247 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 b (new) (12b) "EU public debt CNAV MMF" means a CNAV MMF which invests at least 80% of its assets in EU public debt instruments by 2020;
Amendment 248 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 b (new) (12b) "Low Volatility NAV MMF" means a MMF that is available for subscription to all investors but which: (a) is not permitted to utilise the amortised cost method of valuation for non-Government Securities with remaining maturities greater than 90 days and, (b) may not invest more than 25% of its NAV in non- Government Securities with remaining maturities greater than 90 days;
Amendment 249 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 c (new) (12c) "EU public debt instruments" shall be defined as public debt instruments that are cash, government assets or reverse repos secured with government debt of the Member States;
Amendment 250 #
Proposal for a regulation Article 2 – paragraph 1 – point 16 – point c a (new) (ca) with respect to Article 15a of this Regulation the authority designated by a Member State in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and Directive 2013/36/EU for credit institutions in the MMF's home Member State;
Amendment 251 #
Proposal for a regulation Article 2 – paragraph 1 – point 16 – point c b (new) (cb) With respect to Article 15a and if the authority referred to in point c a is located in a participating Member State and any of the following conditions is met: (i) the total value of the MMF's assets exceeds EUR 10 billion or (ii) following a notification by any competent authority that it considers such a fund of significant relevance with regard to the domestic financial stability or economy, the ECB takes a decision confirming such significance following a comprehensive assessment by the ECB of that fund, the SSM and within the SSM the ECB as described in Regulation (EU) No 1024/2013 may, on behalf of its own assessment of necessity, act as the competent authority as regards to this Regulation and, thereby, contribute to undistorted conditions of competition within the financial sector.
Amendment 252 #
Proposal for a regulation Article 2 – paragraph 1 – point 17 a (new) (17a) "MMF Host Member State" means the Member States where a significant proportion of MMF units or shares are marketed;
Amendment 253 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 a (new) (22a) "asset-backed securities of high liquidity and credit quality" means assets meeting the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions;
Amendment 254 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 a (new) (22a) "EU public debt CNAV MMF" means a CNAV MMF which, by 2020, invests at least 60% of its assets in EU public debt instruments as defined in point (22c). EU public debt CNAV MMF should build up this investment in public debt gradually. The European Commission shall make a progress report after 3 years.
Amendment 255 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 a (new) (22a) 'participating Member State' means a Member State whose currency is the euro or a Member State whose currency is not the euro which has established a close cooperation in accordance with Article 7 of Regulation (EU) No 1024/2013.
Amendment 256 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 a (new) (22a) "External support "should be permitted only in exceptional circumstances by the competent authority in order to prevent systemic (not idiosyncratic) risks. "External support" means direct or indirect support offered by a third party 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. External support shall include : (a) cash injections from a third party; (b) the purchase by a third party of assets of the MMF at an inflated price; (c) the purchase by a third party of units or shares of the MMF in order to provide liquidity to the fund; (d) the issuance by a third party of any kind of explicit or implicit guarantee, warranty or letter of support for the benefit of the MMF; (e) any action by a third party the direct or indirect objective of which is to maintain the liquidity profile and the NAV per unit or share of the MMF.
Amendment 257 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 a (new) (22a) "Government CNAV MMF" means a CNAV MMF which within 12 months of the adoption of this Regulation invests 99.5% of its assets in Government Securities, as defined in point (22b) and is subject to the diversification requirements outlined in Article 14(6).
Amendment 258 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 b (new) (22b) "Government Securities" means public debt instruments that are cash, government assets or reverse repos secured with government debt of any eligible sovereign, as determined by the manager of the MMF.
Amendment 259 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 b (new) 22b) “Member State public debt instruments” means public debt instruments that are cash, government assets or reverse repurchase agreements secured with public debt of Member States. “EU public debt instruments” means public debt instruments that are cash, government assets or reverse repurchase agreements secured with public debt of the institutions of the EU or its agencies or agents, including among others the European Central Bank, the European stability mechanism, the European Investment Bank, the European Investment Fund and the European Fund for Strategic Investments;
Amendment 260 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 c (new) 22c) “money market” means a market where short-term loan operations are conducted and assets such as public debt securities, corporate debt securities, repurchase agreements and depository receipts are traded.
Amendment 261 #
Proposal for a regulation Article 2 – paragraph 1 a (new) ESMA shall develop draft regulatory technical standards specifying the definitions of paragraph 1. ESMA shall submit those draft regulatory technical standards to the Commission by 31 December 2015. 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 262 #
Proposal for a regulation Article 3 – paragraph 1 – subparagraph 1 a (new) Amendment 263 #
Proposal for a regulation Article 3 – paragraph 1 – subparagraph 1 a (new) An MMF or an MMF manager may be established in a third country provided that the third country is not a country: - 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, - which acts as an offshore financial centre.
Amendment 264 #
Proposal for a regulation Article 3 – paragraph 1 a (new) Amendment 265 #
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 266 #
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 267 #
Proposal for a regulation Article 3 – paragraph 7 a (new) 7 a. Without prejudice to Article 3, paragraph 1, a Member State shall not be required to authorise a CNAV MMF.
Amendment 268 #
Proposal for a regulation Article 3 – paragraph 7 a (new) 7 a. 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 2015. 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 269 #
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 provided that it performs MMF activities pursuant to this Regulation within 12 months after its authorisation.
Amendment 270 #
Proposal for a regulation Article 4 – paragraph 1 – subparagraph 1 a (new) An AIF MMF or an AIFM of a MMF may be established in a third country provided that the third country is not a country: - 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, - which acts as an offshore financial centre.
Amendment 271 #
Proposal for a regulation Article 4 – paragraph 1 a (new) 1 a. An AIF MMF or an AIFM of a MMF may be established in a third country or jurisdiction provided that the third country or jurisdiction is not a country: - 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, - which acts as an offshore financial centre.
Amendment 272 #
Proposal for a regulation Article 4 – paragraph 2 a (new) 2 a. 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 2015. 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 273 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 Amendment 274 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 Amendment 275 #
Proposal for a regulation Article 5 – paragraph 2 2. The use of the designation ‘money market fund
Amendment 276 #
Proposal for a regulation Article 6 – paragraph 4 4. The manager of the MMF shall be responsible for ensuring compliance with this Regulation.
Amendment 277 #
Proposal for a regulation Article 6 – paragraph 5 5. This Regulation shall not prevent MMFs from applying investment limits that are
Amendment 278 #
Proposal for a regulation Article 8 – paragraph 1 – point a a (new) (aa) Financial instruments issued or guaranteed separately or jointly by the national, regional and local administrations of the Member States or their central banks, or by the institutions of the EU or its agencies or agents, including among others the European Central Bank, the European Investment Bank, the European Investment Fund, the new European Fund for Strategic Investments or 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.
Amendment 279 #
Proposal for a regulation Article 8 – paragraph 1 – point c (c) financial derivative instruments other than OTC derivatives whose sole purpose is to hedge the duration and exchange risks inherent in other MMF investments;
Amendment 280 #
Proposal for a regulation Article 8 – paragraph 1 – point c (c) financial derivative instruments used exclusively for hedging purposes;
Amendment 281 #
Proposal for a regulation Article 8 – paragraph 1 – point d (d) reverse repurchase a
Amendment 282 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) (da) units of other MMFs authorised under this Regulation;
Amendment 283 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) (da) units or shares of other MMFs;
Amendment 284 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) (da) repurchase agreements;
Amendment 285 #
Proposal for a regulation Article 8 – paragraph 1 – point d a (new) (da) High-quality securitisation instruments;
Amendment 286 #
Proposal for a regulation Article 8 – paragraph 1 – point d b (new) (db) Existing high-quality MMFs;
Amendment 287 #
Proposal for a regulation Article 8 – paragraph 1 – point d b (new) (db) units or shares of other MMFs;
Amendment 288 #
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 289 #
Proposal for a regulation Article 8 – paragraph 2 – point c (c) taking direct or indirect exposure to equit
Amendment 290 #
Proposal for a regulation Article 8 – paragraph 2 – point c a (new) (ca) repurchase agreements;
Amendment 291 #
Proposal for a regulation Article 8 – paragraph 2 – point c b (new) (cb) reverse repo
Amendment 293 #
Proposal for a regulation Article 8 – paragraph 2 – point d (d) entering into securities lending agreements or securities borrowing agreements,
Amendment 294 #
Proposal for a regulation Article 8 – paragraph 2 – point e Amendment 295 #
Proposal for a regulation Article 8 – paragraph 2 a (new) 2 a. Standard MMFs shall be allowed to invest in money market instruments with a residual maturity until the legal redemption date of less than or equal to 2 years, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days. Floating rate money market instruments should reset to a money market rate or index. A repurchase agreement shall be eligible to be entered into by a MMF provided that all the following conditions are fulfilled: (a) assets used as collateral shall not be sold, re-invested or pledged; (b) the repurchase agreement is used on a temporary basis and not for investment purposes; (c) the MMF has the right to terminate the agreement at any time upon a notice of maximum two working days; (d) the cash received by the MMF as part of repurchase agreements shall not exceed 10% of its assets and shall not be transferred, re-invested or otherwise re- used;
Amendment 296 #
Proposal for a regulation Article 9 – paragraph 1 – point b – introductory part (b) it is in the form of asset-backed securities of high liquidity and credit quality in line with the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions or it displays one of the following alternative characteristics:
Amendment 297 #
Proposal for a regulation Article 9 – paragraph 1 – point b – point ii a (new) (iia) it is eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 298 #
Proposal for a regulation Article 9 – paragraph 1 – point c c) the issuer of the money market instrument has been awarded one of the two highest internal rating grades according to the rules laid down in Article
Amendment 299 #
Proposal for a regulation Article 9 – paragraph 1 – point d Amendment 300 #
Proposal for a regulation Article 9 – paragraph 1 – point d Amendment 301 #
Proposal for a regulation Article 9 – paragraph 1 – point d (d) Where it takes exposure to a securitisation, it shall be subject to the
Amendment 302 #
Proposal for a regulation Article 9 – paragraph 2 2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while not having a residual maturity exceeding 2 years
Amendment 303 #
Proposal for a regulation Article 9 – paragraph 2 2. Standard MMFs shall be allowed to invest in a money market instrument
Amendment 304 #
Proposal for a regulation Article 9 – paragraph 2 2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while either not having a residual maturity exceeding 2 years or being eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 305 #
Proposal for a regulation Article 10 Amendment 306 #
Proposal for a regulation Article 10 – paragraph 1 Amendment 307 #
Proposal for a regulation Article 10 – paragraph 1 – introductory part 1. A securitisation shall not be considered as eligible
Amendment 308 #
Proposal for a regulation Article 10 – paragraph 1 – point –a (new) (-a) the Asset Backed Commercial Paper has a legal maturity at issuance or a residual maturity of 397 days or less;
Amendment 309 #
Proposal for a regulation Article 10 – paragraph 1 – point a Amendment 310 #
Proposal for a regulation Article 10 – paragraph 1 – point a (a)
Amendment 311 #
Proposal for a regulation Article 10 – paragraph 1 – point a (a) the underlying exposure or pool of exposures consists exclusively of
Amendment 312 #
Proposal for a regulation Article 10 – paragraph 1 – point b Amendment 313 #
Proposal for a regulation Article 10 – paragraph 1 – point b Amendment 314 #
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 315 #
Proposal for a regulation Article 10 – paragraph 1 – point b (b) the
Amendment 316 #
Proposal for a regulation Article 10 – paragraph 1 – point c Amendment 317 #
Proposal for a regulation Article 10 – paragraph 1 – point c (c) the underlying
Amendment 318 #
Proposal for a regulation Article 10 – paragraph 1 – point c (c) the
Amendment 319 #
Proposal for a regulation Article 10 – paragraph 1 a (new) 1 a. A securitisation shall also be considered as eligible provided that it qualifies as asset-backed security of high liquidity and credit quality meeting the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions.
Amendment 320 #
Proposal for a regulation Article 10 – paragraph 1 a (new) 1 a. Asset backed commercial papers shall be considered as eligible provided that their respective instruments are liquid and that the underlying debt is of high credit quality. The condition of liquidity is met if the asset backed commercial paper is fully supported (within the meaning of Recital 64 of Regulation (EU) No 575/2013/EU) by a credit institution that fulfils the criteria in Article 11 (c). Asset backed commercial papers shall be considered as eligible provided that their respective instruments are liquid and that the underlying debt is of high quality.
Amendment 321 #
Proposal for a regulation Article 10 – paragraph 1 a (new) 1 a. High quality liquid asset backed securities referred to in Article 2, paragraph 7 (a) shall be considered eligible provided that the underlying securitized assets consist of assets as referred to in Article 13, paragraph 2 (g) point (iii) or (iv) of Commission delegated regulation (EU) No... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013.
Amendment 322 #
Proposal for a regulation Article 10 – paragraph 1 b (new) 1 b. Asset Backed Commercial Papers shall be considered as eligible provided that they are liquid and that the underlying exposures are of high credit quality.
Amendment 323 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 Amendment 324 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – introductory part Amendment 325 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – introductory part For the purpose of a consistent application of paragraph 1, ESMA shall develop draft regulatory technical standards specifying
Amendment 326 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point a Amendment 327 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point a (a) the
Amendment 328 #
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 329 #
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 330 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point b Amendment 331 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point b (b)
Amendment 332 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point b (b) conditions and numerical thresholds determining when
Amendment 333 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point b a (new) (ba) the transparency requirements of the securitisation and its underlying assets;
Amendment 334 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 – point b b (new) (bb) the robustness and quality of the underwriting processes.
Amendment 335 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 2 Amendment 336 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 2 Amendment 337 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 3 Amendment 338 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 3 Amendment 339 #
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 340 #
Proposal for a regulation Article 11 – paragraph 1 – point c (c) the credit institution has its registered office in a Member State or, where the credit institution has its registered office in a third country it is subject to prudential rules considered
Amendment 341 #
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 over-the-counter (OTC)
Amendment 342 #
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
Amendment 343 #
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
Amendment 344 #
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
Amendment 345 #
Proposal for a regulation Article 12 – paragraph 1 – point c Amendment 346 #
Proposal for a regulation Article 12 – paragraph 1 – point c (c) the counterparties to
Amendment 347 #
Proposal for a regulation Article 12 – paragraph 1 – point c (c) the counterparties to
Amendment 348 #
Proposal for a regulation Article 12 – paragraph 1 – point d Amendment 349 #
Proposal for a regulation Article 12 – paragraph 1 – point d (d) the
Amendment 350 #
Proposal for a regulation Article 12 – paragraph 1 – point d (d) the
Amendment 351 #
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 352 #
Proposal for a regulation Article 13 – paragraph 3 3. Securitisations
Amendment 353 #
Proposal for a regulation Article 13 – paragraph 5 a (new) 5 a. A MMF may borrow or enter into repurchase agreements, provided that all of the following conditions are met: (a) the repurchase agreement is used on a temporary basis, for a maximum of 7 business days, and not for investment purposes; (b) the sum of repurchase agreements shall not exceed 10%; (c) cash collateral received should only be: - placed on deposit with entities prescribed in Article 50(f) of the UCITS Directive; - invested in high-quality government bonds; - used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the UCITS is able to recall at any time the full amount of cash on accrued basis; - invested in short-term money market funds as defined in the Guidelines on a Common Definition of European Money Market Funds. Re-invested cash collateral shall be diversified in accordance with the diversification requirements applicable to non-cash collateral. The prospectus shall clearly inform investors of the collateral policy of the UCITS, including, in the case of cash collateral, re-investment policy (including the risks arising from the re-investment policy).
Amendment 354 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 1 Amendment 355 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 2 For this purpose
Amendment 356 #
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 357 #
Proposal for a regulation Article 13 a (new) Amendment 358 #
Proposal for a regulation Article 13 a (new) Article 13 a Eligible repurchase agreements A repurchase agreement shall be eligible to be entered into by a MMF provided that all the following conditions are fulfilled: (a) the repurchase agreement is used on a temporary basis (for a maximum of 7 business days) and not for investment purposes; (b) the cash received by the MMF as part of repurchase agreements shall not exceed 10% of its assets and shall not be invested in eligible assets; (c) the MMF shall have the right to terminate the agreement at any time upon a notice of maximum two working days;
Amendment 359 #
Proposal for a regulation Article 13 b (new) Article 13 b Eligible MMFs 1. A MMF may acquire the units or shares of other MMFs provided that no more than 10 % of the assets of the MMF whose acquisition is contemplated, can, according to their fund rules or instruments of incorporation, be invested in aggregate in units or shares of other MMFs. 2. A MMF may acquire the units or shares of other MMFs, provided that no more than 5 % of its assets are invested in units of a single MMF. 3. Member States may provide that, where a MMF has acquired units of another MMF, the assets of the acquired MMF are not required to be combined with the assets of the acquiring MMF for the purposes of the diversification limits laid down in Article 14. 4. MMF investing in units or shares of other MMFs shall comply with the provisions set out under Articles 50(1)(e)(iv) and 55 of Directive 2014/91/UE ("the UCITS Directive"). 5. The provisions of paragraphs 1 and 2 do not apply to feeder MMFs. 6. Short-term MMFs may only invest in units of other short-term MMFs and Standard MMFs may invest in units of both Short-term MMFs and Standard MMFs. 7. UCITS MMFs may only invest in units of other UCITS MMFs and non-UCITS MMFs may invest in both UCITS and non-UCITS MMFs.
Amendment 360 #
Proposal for a regulation Article 14 – paragraph 1 – introductory part (1) A MMF shall invest no more than
Amendment 361 #
Proposal for a regulation Article 14 – paragraph 1 – introductory part 1. A MMF shall invest no more than
Amendment 362 #
Proposal for a regulation Article 14 – paragraph 1 – introductory part 1. A MMF shall invest no more than
Amendment 363 #
Proposal for a regulation Article 14 – paragraph 1 – introductory part 1. A MMF shall invest no more than
Amendment 364 #
Proposal for a regulation Article 14 – paragraph 1 a (new) 1a. For the purpose of this Regulation a body shall consist of an entity or group of connected entities that meets the definition of a group of connected clients in Regulation (EU) No 575/2013;
Amendment 365 #
Proposal for a regulation Article 14 – paragraph 2 Amendment 366 #
Proposal for a regulation Article 14 – paragraph 2 Amendment 367 #
Proposal for a regulation Article 14 – paragraph 2 Amendment 368 #
Proposal for a regulation Article 14 – paragraph 2 2. The aggregate of all exposures to securitisations shall not exceed 1
Amendment 369 #
Proposal for a regulation Article 14 – paragraph 2 2. The aggregate of all exposures to securitisations shall not exceed
Amendment 370 #
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 371 #
Proposal for a regulation Article 14 – paragraph 3 Amendment 372 #
Proposal for a regulation Article 14 – paragraph 3 3. The aggregate risk exposure to the same counterparty of the MMF stemming from
Amendment 373 #
Proposal for a regulation Article 14 – paragraph 3 3. The aggregate risk exposure to the same counterparty of the MMF stemming from
Amendment 374 #
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 375 #
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 376 #
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 377 #
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 378 #
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 379 #
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
Amendment 380 #
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
Amendment 381 #
Proposal for a regulation Article 14 – paragraph 5 – point c Amendment 382 #
Proposal for a regulation Article 14 – paragraph 5 – point c (c)
Amendment 383 #
Proposal for a regulation Article 14 – paragraph 5 – point c (c)
Amendment 384 #
Proposal for a regulation Article 14 – paragraph 5 a (new) 5 a. A MMF may not invest in unsecured paper issued by an affiliate of the manager of the MMF.
Amendment 385 #
Proposal for a regulation Article 14 – paragraph 6 – subparagraph 1 Amendment 386 #
Proposal for a regulation Article 14 – paragraph 6 – subparagraph 2 – point a (a) the MMF holds money market instruments from at least
Amendment 387 #
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 388 #
Proposal for a regulation Article 14 – paragraph 6 – subparagraph 2 – point c c) the MMF makes express mention in the fund rules or instruments of incorporation of the central, regional or local authorit
Amendment 389 #
Proposal for a regulation Article 14 – paragraph 6 – subparagraph 2 – point d d) the MMF includes a prominent statement in its prospectus and marketing communications drawing attention to the use of this derogation and indicating the central, regional or local authority/authorities or central bank/s of a Member State/s, the European Central Bank, the Union, the European stability mechanism, the European Investment Bank,
Amendment 390 #
Proposal for a regulation Article 14 – paragraph 7 a (new) 7 a. Member States may allow cumulative investment in transferable securities and money market instruments within the same group up to a limit of 20%.
Amendment 391 #
Proposal for a regulation Article 15 – paragraph 1 (1) A MMF may not
Amendment 392 #
Proposal for a regulation Article 15 – paragraph 1 1. A MMF may not hold more than
Amendment 393 #
Proposal for a regulation Article 15 – paragraph 1 1. A MMF may not hold more than
Amendment 394 #
Proposal for a regulation Article 15 – paragraph 1 1. A MMF may not hold more than
Amendment 395 #
Proposal for a regulation Article 15 – paragraph 2 2. The limit laid down in paragraph 1 shall not apply in respect of holdings of money market instruments issued or guaranteed by
Amendment 396 #
Proposal for a regulation Article 15 – paragraph 2 2. The limit laid down in paragraph 1 shall not apply in respect of holdings of money market instruments issued or guaranteed by a central, regional or local public authority or central bank of a Member State, the European Central Bank, the Union, the European stability mechanism or the European Investment Bank, or a central authority
Amendment 397 #
Proposal for a regulation Article 15 a (new) Article 15 a Harmonisation of capital buffers and liquidity requirements in the financial sector 1. The competent authority shall impose capital buffers and liquidity requirements according to the standards laid out in Regulation (EU) No 575/2013 and Directive 2013/36/EU. 2. If the authority referred to in Article 2 paragraph 1 point 16 point c a acts as the competent authority, it shall submit its decisions and the related information regarding its regulatory activities according to paragraph 1 to the SSM. 3. Article 1 of Regulation (EU) No 575/2013 is hereby amended as follows: "This Regulation lays down uniform rules concerning general prudential requirements that institutions supervised under Directive 2013/36/EU as amended shall comply with in relation to the following items: (a) own funds requirements relating to entirely quantifiable, uniform and standardised elements of credit risk, market risk, operational risk and settlement risk; (b) requirements limiting large exposures; (c) after the delegated act referred to in Article 460 has entered into force, liquidity requirements relating to entirely quantifiable, uniform and standardised elements of liquidity risk; (d) reporting requirements related to points (a), (b) and (c) and to leverage; (e) public disclosure requirements. This Regulation does not govern publication requirements for competent authorities in the field of prudential regulation and supervision of institutions as set out in Directive 2013/36/EU as amended." 4. Article 2 of Directive 2013/36/EU is hereby amended as follows: Paragraph 1 is replaced by the following: "This directive shall apply to institutions. As regards to capital buffers and liquidity requirements it also shall apply to money market funds." 5. Article 3 of Directive 2013/36/EU is hereby amended as follows: Point 2a shall be added to paragraph 1 after point 2 and read as follows: "'money market fund' means a fund within the scope of Regulation XXX (MMF Regulation);".
Amendment 398 #
Proposal for a regulation Article 15 b (new) Article 15 b Prohibition of direct support for MMFs As MMFs do not contribute to the SRF they are not to benefit from direct support by the SRF.
Amendment 401 #
Proposal for a regulation Article 16 – paragraph 1 1.
Amendment 402 #
Proposal for a regulation Article 16 – paragraph 2 2. The
Amendment 403 #
Proposal for a regulation Article 16 – paragraph 3 – introductory part 3. The
Amendment 404 #
Proposal for a regulation Article 16 – paragraph 3 – point a (a)
Amendment 405 #
Proposal for a regulation Article 16 – paragraph 3 – point b (b)
Amendment 406 #
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 407 #
Proposal for a regulation Article 16 – paragraph 3 – point c (c) a manager of a MMF shall monitor its
Amendment 408 #
Proposal for a regulation Article 16 – paragraph 3 – point c (c) a
Amendment 409 #
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 410 #
Proposal for a regulation Article 16 – paragraph 3 – point d Amendment 411 #
Proposal for a regulation Article 16 – paragraph 3 – point d Amendment 412 #
Proposal for a regulation Article 16 – paragraph 3 – point d (d)
Amendment 413 #
Proposal for a regulation Article 16 – paragraph 3 – point e (e) assignment methodologies shall be reviewed at least
Amendment 414 #
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 assignment methodologies to ESMA;
Amendment 415 #
Proposal for a regulation Article 16 – paragraph 3 – point g Amendment 416 #
Proposal for a regulation Article 17 Amendment 417 #
Proposal for a regulation Article 17 Amendment 418 #
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 419 #
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 420 #
Proposal for a regulation Article 17 – paragraph 3 – point c a (new) (ca) the rating system shall apply more than one methodology and include a mechanism for combing their results.
Amendment 421 #
Proposal for a regulation Article 17 – paragraph 3 – point c b (new) (cb) identify 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 422 #
Proposal for a regulation Article 18 Amendment 423 #
Proposal for a regulation Article 18 Amendment 424 #
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 by the competent authorities of the manager of the MMF.
Amendment 425 #
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 426 #
Proposal for a regulation Article 19 Amendment 427 #
Proposal for a regulation Article 19 Amendment 428 #
Proposal for a regulation Article 20 Amendment 429 #
Proposal for a regulation Article 20 Amendment 430 #
Proposal for a regulation Article 20 – paragraph 1 – subparagraph 1 The internal assessment procedures shall be approved by the senior management, the governing body
Amendment 431 #
Proposal for a regulation Article 21 – paragraph 1 – introductory part A short-term MMF shall comply
Amendment 432 #
Proposal for a regulation Article 21 – paragraph 1 – introductory part 1. A short-term MMF shall comply at all times with all of the following portfolio requirements:
Amendment 433 #
Proposal for a regulation Article 21 – paragraph 1 – point c Amendment 434 #
Proposal for a regulation Article 21 – paragraph 1 – point c (c) at least 1
Amendment 435 #
Proposal for a regulation Article 21 – paragraph 1 – point c (c) at least 10% of its assets shall be comprised of daily maturing assets. For the purpose of this calculation, government debt or government agency securities may be included within the daily maturing assets, providing they may be sold for settlement on a 'same-day' basis. A short-term MMF shall not acquire any asset other than a daily maturing asset when such acquisition would result in the short-term MMF investing less than 10% of its portfolio in daily maturing assets;
Amendment 436 #
Proposal for a regulation Article 21 – paragraph 1 – point d Amendment 437 #
Proposal for a regulation Article 21 – paragraph 1 – point d (d) at least
Amendment 438 #
Proposal for a regulation Article 21 – paragraph 1 – point d (d) at least
Amendment 439 #
Proposal for a regulation Article 21 – paragraph 1 – point d (d) at least 20% of its assets shall be comprised of up to 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.
Amendment 440 #
Proposal for a regulation Article 21 – paragraph 1 – point d a (new) (da) investment in units of other short- term MMFs may be included in the daily or weekly maturing assets up to a maximum of 5%.
Amendment 441 #
Proposal for a regulation Article 21 – paragraph 1 a (new) If the limits are temporarily not reached for reasons beyond the control of a MMF or as a result of the exercise of redemption rights, that MMF shall adopt as a priority objective for its acquiring transactions the remedying of that situation, taking due account of the interests of its unit-holders;
Amendment 442 #
Proposal for a regulation Article 21 – paragraph 1 a (new) Amendment 443 #
Proposal for a regulation Article 22 – paragraph 1 – introductory part 1. A
Amendment 444 #
Proposal for a regulation Article 22 – paragraph 1 – introductory part 1. A standard MMF shall comply
Amendment 445 #
Proposal for a regulation Article 22 – paragraph 1 – introductory part 1. A standard MMF shall comply
Amendment 446 #
Proposal for a regulation Article 22 – paragraph 1 – point a (a) its portfolio shall have
Amendment 447 #
Proposal for a regulation Article 22 – paragraph 1 – point b (b) its portfolio shall have
Amendment 448 #
Proposal for a regulation Article 22 – paragraph 1 – point c Amendment 449 #
Proposal for a regulation Article 22 – paragraph 1 – point c (c) at least
Amendment 450 #
Proposal for a regulation Article 22 – paragraph 1 – point c (c) at least 1
Amendment 451 #
Proposal for a regulation Article 22 – paragraph 1 – point c (c) at least 1
Amendment 452 #
Proposal for a regulation Article 22 – paragraph 1 – point d Amendment 453 #
Proposal for a regulation Article 22 – paragraph 1 – point d (d) at least
Amendment 454 #
Proposal for a regulation Article 22 – paragraph 1 – point d (d) at least
Amendment 455 #
Proposal for a regulation Article 22 – paragraph 1 – point d (d) at least
Amendment 456 #
Proposal for a regulation Article 22 – paragraph 1 – point d (d) at least
Amendment 457 #
Proposal for a regulation Article 22 – paragraph 1 a (new) 1 a. If the limits are temporarily not reached for reasons beyond the control of a MMF or as a result of the exercise of redemption rights, that MMF shall adopt as a priority objective for its acquiring transactions the remedying of that situation, taking due account of the interests of its unit-holders.
Amendment 458 #
Proposal for a regulation Article 22 – paragraph 1 a (new) 1 a. A standard MMF shall hold : (a) at least 10% of its assets in the form of daily maturing assets; (b) at least 15% of its assets in the form of weekly maturing assets. In cases where larger-than-expected redemption requests lead to fall below the abovementioned ratios, managers of Standard MMFs should take action to remedy the breach in a timely manner, and in doing so, should take due account of the interests of their unit-holders. Investment in units or shares of other Short-term or Standard MMFs may be included in the ratio of weekly maturing assets up to a maximum of 5% of the assets of the MMF.
Amendment 459 #
Proposal for a regulation Article 22 – paragraph 2 Amendment 460 #
Proposal for a regulation Article 22 – paragraph 2 Amendment 461 #
Proposal for a regulation Article 22 – paragraph 2 2. A
Amendment 462 #
Proposal for a regulation Article 22 – paragraph 2 2.
Amendment 463 #
Proposal for a regulation Article 22 – paragraph 3 Amendment 464 #
Proposal for a regulation Article 22 – paragraph 3 Amendment 465 #
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 466 #
Proposal for a regulation Article 22 – paragraph 3 – point c (c)
Amendment 467 #
Proposal for a regulation Article 22 – paragraph 3 a (new) 3 a. 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 468 #
Proposal for a regulation Article 22 – paragraph 4 Amendment 469 #
Proposal for a regulation Article 22 – paragraph 4 4. All portfolio assets that a
Amendment 470 #
Proposal for a regulation Article 22 – paragraph 5 Amendment 471 #
Proposal for a regulation Article 22 – paragraph 5 Amendment 97 #
Proposal for a regulation Recital 1 (1) Money market funds (MMF) provide short-term finance to financial institutions, corporates or governments. By providing finance to these entities, money market funds contribute to the financing of the European economy. Such entities use their investments in MMFs as an efficient way to spread their credit risk and exposure, rather than solely relying on bank deposits.
Amendment 98 #
Proposal for a regulation Recital 1 (1) Money market funds (MMF) provide, similar to banks and other financial institutions, short-term finance to financial institutions, corporates or governments. By providing finance to these entities, money market funds contribute to the financing of the European economy.
Amendment 99 #
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
source: 546.594
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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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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 |
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Committee draft reportNew
Legislative proposal published |
activities/3 |
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activities/3/docs/0 |
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activities/3/docs/1/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE524.882
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activities/3 |
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activities/1/committees/0/shadows/4 |
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committees/0/shadows/4 |
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activities/0/docs/0/celexid |
CELEX:52013PC0615:EN
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activities/0/docs/0/celexid |
CELEX:52013PC0615:EN
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activities/2/docs/0/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE523.111
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activities/2 |
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links/National parliaments |
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activities/1/committees/0/shadows/1 |
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committees/0/shadows/1 |
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activities/1/committees/0/shadows/2 |
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committees/0/shadows/2 |
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activities/1/committees/0/shadows/2 |
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committees/0/shadows/2 |
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activities/1/committees/0/shadows/2 |
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committees/0/shadows/2 |
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activities/1/committees/0/shadows/2 |
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committees/0/shadows/2 |
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activities/0/docs/0/text |
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activities/1/committees/0/shadows/2 |
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activities/3 |
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committees/0/shadows/2 |
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activities/1/committees/0/date |
2013-09-10T00:00:00
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activities/1/committees/0/rapporteur |
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activities/2 |
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committees/0/date |
2013-09-10T00:00:00
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committees/0/rapporteur |
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activities/1/committees/0/shadows |
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committees/0/shadows |
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activities/0/docs/0/celexid |
CELEX:52013PC0615:EN
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activities/0/commission/0 |
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activities/1 |
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other/0 |
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procedure/dossier_of_the_committee |
ECON/7/13748
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procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
activities |
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committees |
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links |
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other |
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procedure |
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