ARTICLE · 07 NOVEMBER 2013

Commission Publishes Draft Money Market Fund Regulations

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On 4 September 2013, following consultation with interested parties throughout 2012, the European Commission (the "Commission") published draft Money Market Fund ("MMF") regulations (the "Regulations").

IrelandFinance and Banking

Fionán Breathnach

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On 4 September 2013, following consultation with interested parties throughout 2012, the European Commission (the "Commission") published draft Money Market Fund ("MMF") regulations (the "Regulations").

MMFs are a key source of short-term financing for financial institutions, corporate bodies and governments across the European Union (the "EU"). MMFs have total assets under management of approximately €1 trillion. This amounts to approximately 15% of the European funds industry.

Given the role they play and the potential for systemic risk where a "run" on such funds occurs, the Commission set about drafting regulations to encompass those principles included in pre-existing Committee of European Securities Regulators ("CESR") and European Securities and Markets Authority ("ESMA") guidelines.

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