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ARTICLE · 11 JUNE 2015

EU MMF Reform Update

William Fry LLP
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The Chair of ECON has urged the Latvian presidency to do their utmost to ensure a general approach is reached as soon as possible.

European UnionFinance and Banking
Niall Crowley
Niall Crowley
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As reported in the May issue of our Funds ezine, the European Parliament has voted in favour of amendments, proposed by its Committee on Economic and Monetary Affairs (ECON), to the Commission proposal for a Regulation on Money Market Funds (MMF Regulation).

Following this vote, it was necessary for Latvia's European Union presidency to facilitate talks in the European Council so that the Council can agree a general approach on the MMF Regulation. However, no progress has been made to date by the Latvian presidency in this regard.

The Chair of ECON has urged the Latvian presidency to do their utmost to ensure a general approach is reached as soon as possible. However, it appears unlikely that any significant progress will be made before Latvia hands over the presidency to Luxembourg in July of this year.

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