Pan-European regulator ESMA (the European Securities and Markets Authority) has published its final guidelines for the regulation of money market funds, including new liquidity and credit quality standards for the vehicles.
The report on Money Market Funds Regulation (MMFR) has now been presented to the European Commission (EC) to review as it puts into place new EU-wide standards for the products, which are currently overseen at country level. ESMA's report is based on responses from asset managers, investor representatives, public authorities and trade bodies to a consultation paper published earlier this year. Once the EC has legislated for MMFR, national regulators, such as the UK's Financial Conduct Authority (FCA), will be required to begin replacing their own standards. ESMA prepares stance on ...
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