We are consulting on changes to our Handbook in relation to the European Money Market Funds Regulation, and on our approach to FCA fees to meet the cost of authorising and supervising funds under the Regulation.
The EU Money Market Funds (MMF) Regulation came into force on 21 July 2017. It applies to new MMFs from 21 July 2018 and to existing MMFs from 21 January 2019. Although the Regulation is directly applicable under EU law, the FCA and the Treasury have identified areas of the UK regulatory framework that require changes so that the Regulation can work properly in the UK.
In this paper we propose to:
Who this applies to
This consultation paper will be of interest to all managers, depositaries and distributors of, and investors in, MMFs.
This consultation has now closed.
We plan to publish our feedback on your comments and final rules in a Handbook Notice. We aim to make application forms for authorisation of new MMFs available on our website from early May 2018.