Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport końcowy - Opinia ESMA o przeglądzie rozporządzenia (UE) 2017/1131 w sprawie rynku pieniężnego

14 February 2022

ESMA34-49-437

Final Report

ESMA opinion on the review of the Money Market Fund Regulation

1 Executive Summary

Reasons for publication

The Money Market Fund Regulation (2017/1131) (MMF Regulation) provides that “by 21 July 2022, the Commission shall review the adequacy of this Regulation from a prudential and economic point of view, following consultations with ESMA”.

The COVID-19 crisis has been challenging for MMFs. A number of EU MMFs faced significant liquidity issues during the period of acute stress in March 2020 with large redemptions from investors on the liability side, and a severe deterioration of liquidity of money market instruments on the asset side.

At international level, several workstreams have assessed the situation faced by MMFs during this crisis, and which policy options should be considered in order to address the issues which have been observed, and potentially enhance further the reforms on MMFs adopted following the 2008 financial crisis.

In the EU...