On 20 July 2018, the CSSF issued a press release in order to
remind that Money Market Fund Regulation (EU) 2017/1131
("MMFR" or "Regulation") will apply from 21
July 2018 [Please see
previous Fund News article].
Scope of the MMF Regulation
The CSSF would like to highlight that the regulation applies to
UCITS and AIFS established, managed or marketed in the EU that:
- invest in short-term assets and
- have distinct or cumulative objectives offering returns in line
with money market rates or preserving the value of the
investment.
A fund that would have characteristics substantially similar to
those will require authorisation under the MMFR.
The CSSF also highlights that the definition of MMF under the
MMFR includes in the scope of application of MMFR funds other than
the ones in scope of the CESR Guidelines on a common definition of
European MMF (CESR/10-049), amended by the ESMA opinion of 22
August 2014 (ESMA/2014/1103) and that asset managers must
