ESMA consults on future guidelines for Money Market Funds' (MMFs) disclosure

The MMF Regulation (Art. 37) requires the manager of the MMF, for each MMF managed, to report information to the competent authority of the MMF, at least on a quarterly basis. The frequency of reporting is annual in the case of a MMF whose assets under management do not exceed €100 million.

In the Implementing Technical Standards (ITS), which ESMA delivered in November 2017 and which were endorsed by the European Commission in April 2018, the first quarterly report is to be submitted by November 2019.

To facilitate funds’ regulatory disclosure, the European Securities and Markets Authority (ESMA) has opened a public consultation on draft guidelines providing further specifications on how to fill-in the MMFR reporting template.

This consultation paper proposes to postpone the reporting to the end of Q1 2020. There will be no requirement to retroactively provide historical data for any period prior to this starting date of the reporting.

The information to be contained in the reporting template includes:

• Information on LNAV

• MMF characteristic

• Portfolio indicators

• Stress tests

• Information on assets

• Information on liabilities
  

ESMA will consider all comments received by 14 February 2019.

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Deloitte’s advisory specialists and dedicated services will help you design and implement your business strategy in light of the future evolution of the regulatory framework and market trends.

Additionally, within its Reporting Factory service, Deloitte can help with a range of solutions for the forthcoming MMF reporting tailored to your business needs.

Deloitte can also help you with its RegWatch Kaleidoscope service to stay ahead of the regulatory curve, to better manage and plan upcoming regulations.

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