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ARTICLE · 27 JULY 2018

EU Secondary Legislation For Money Market Funds Published

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On July 13, 2018, a Commission Delegated Regulation amending and supplementing the European Money Market Funds Regulation was published in the Official Journal of the European Union.

European UnionFinance and Banking
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On July 13, 2018, a Commission Delegated Regulation amending and supplementing the European Money Market Funds Regulation was published in the Official Journal of the European Union. The MMF Regulation, which applies directly across the EU from July 21, 2018, allows MMFs to invest in securitizations or asset- backed commercial paper and incentivizes the investment in simple, transparent and standardized securitizations. The Delegated Regulation amends the MMF Regulation by applying the requirements for STS securitizations provided for in the Securitization Regulation (also known as the STS Regulation).

The MMF Regulation also allows an MMF to enter into a reverse repurchase agreement provided that certain conditions are met. The assets received by the MMF under that agreement must be money market instruments that meet certain requirements. A derogation from those requirements provides that an MMF may also receive instruments that are either: (i) issued or guaranteed

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