Funds and asset management regulatory news, December 2020 # 2

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Selected regulatory updates of interest to the funds and asset management sector. This week reports on ESMA's update to the MMF Regulation validation rules. See also our Related Materials links for regulatory updates of broad application.

Contents

  • MMF Regulation: ESMA updates reporting instructions

MMF Regulation: ESMA updates reporting instructions

The European Securities and Markets Authority (ESMA) has announced that it has updated its validation rules regarding the EU Regulation on money market funds (MMF Regulation). The update relates to the requirements of Article 37 of that MMF Regulation which requires money market fund managers to submit data to national competent authorities, which then transmit the data to ESMA. The updates are available on ESMA's fund management reporting webpage.

Following feedback received by market participants after the publication of the validation rules, ESMA has decided to implement amendments to them. ESMA states that the proposed changes do not relate to the published XML schemas. Instead, the changes provide clarifications on existing validation rules in order to fix inconsistencies or ease the understanding of the rules. It also extends the Classification of Financial Instruments codes for eligible assets.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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