CP18/4: The European Money Market Funds (MMF) Regulation

Open consultation: CP18/4
24/01/2018
24/01/2018
Consultation closes
23/03/2018
Handbook Notice
Spring 2018

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.

Read the summary of CP18/4 (PDF)

Read the full consultation (PDF)

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:

  • make certain amendments to our Handbook to ensure that it is consistent with the requirements of the EU Money Market Funds Regulation
  • introduce application fees for the authorisation of MMFs under the Regulation and periodic fees to help meet the cost of supervising MMFs’ adherence to the Regulation

Who this applies to

This consultation paper will be of interest to all managers, depositaries and distributors of, and investors in, MMFs.

What you need to do

Please send us your comments by 23 March 2018

Online response form

You can also:

  • email [email protected] or
  • write to: Mike Bolton, Financial Conduct Authority, 25 The North Colonnade, London E14 5HS

Next steps

We plan to publish our feedback on your comments and final rules in a Handbook Notice as soon as possible after the end of the consultation period. We aim to make application forms for authorisation of new MMFs available on our website from early May 2018.

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