On 11 January 2019, the CSSF issued a press release (19/03) to
communicate its joint statement, together with the Central Bank of
Ireland (CBI) on the treatment of share cancellation under the
money market fund regulation 2017/1131 ("MMFR" or
"Regulation"). This statement makes it clear that the
share cancellation is to be ceased and indicates the expected steps
to be followed.
According to article 44 of the MMFR, existing MMFs (i.e.
existing prior to 21 July 2018) must submit an application for
authorisation with their competent authority by 21 January
2019 in order to demonstrate their compliance with the
Regulation. This application should also include details of
arrangements for the cessation of the use of the share cancellation
mechanism. In accordance with article 44 of the MMFR, the competent
authorities, i.e. the CSSF or the CBI should assess the compliance
of each applicant fund with the MMFR no later than 21 March
2019 (two months after the application of
