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MMFs – A Regulatory Update from the IMMFA

The discussion regarding the regulatory fate of money market funds (MMFs) has been more muted in Europe in recent months. Progress was slight under the Latvian Presidency of the European Council during the first half of 2015, and similarly under the Luxembourg Presidency in this latter half of 2015.

Progress to date

As with other legislation, the first step is for the European Commission (EC) to make a proposal, in this case for a Regulation. With a Regulation (as opposed to a Directive for example) the rules will be applied in the same format across each of the Member States (MS), without leaving leeway for each State to interpret the implementation.