On May 15, 2018, a Commission Implementing Regulation was published in the Official Journal of the European Union, setting out ITS for a standard reporting template to be used by money market fund managers when complying with their reporting requirements under the Money Market Funds Regulation. The Commission Implementing Regulation is based on the final draft ITS submitted by the European Securities and Markets Authority to the European Commission in November 2017.
The MMFR requires MMF managers to report quarterly to the relevant national regulator, supplying information including on the characteristics, portfolio indicators, assets and liabilities of the MMF. This information is required to enable those national regulators to detect, monitor and respond to risks in the MMF market. The information is also forwarded to ESMA, which maintains a central database of MMFs.
The ITS will enter into force on June 4, 2018 and apply directly across the EU from July 21, 2018.
The Commission Implementing Regulation (EU) 2018/708 is available at https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R0708&from=EN and ESMA's final report is available at: https://www.esma.europa.eu/press-news/esma-news/esma-publishes-final-report-money-market-funds-rules.
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