The AMF has updated its position DOC-2018-05 to include ESMA’s requirements for reporting to competent authorities under Article 37 of the Money Market Fund Regulation.
Reporting requirements specific to competent authorities
Following the publication of its final report in July 2019, ESMA published translations in June 2020 of its guidance on reporting to competent authorities under Article 37 of Regulation (EU) 2017/1131 of the European Parliament, and of the Council of 14 June 2017, on money market funds (“the MMF Regulation”). These guidelines aim to provide guidance on the contents of the fields of the reporting template included in the Annex of Implementing Regulation (EU) 2018/708 relating to these reports.
The AMF complies with ESMA guidelines
The AMF has decided to apply these guidelines and has therefore updated position DOC-2018-05, which until now had covered guidance on stress-test scenarios for money market funds, whose results must be included in the reporting to competent authorities. These guidelines are applicable to asset management companies managing a money market fund authorised in accordance with the Regulation.
Clarification on submissions of first reports
The AMF draws the attention of asset management companies to the fact that, given the operational difficulties associated with COVID-19 (see ESMA’s press release of 4 June 2020), and the time required to implement the IT infrastructure, the first submissions are currently expected to be made in December 2020. Once the IT infrastructure is in place, asset management companies will be able to submit the reports required since Q1 2020. The deadlines for activating the “test” and “production” platforms are specified in the reporting entity’s guide issued by the AMF.
At the end of this transition period, reporting will be due within 30 days of the end of the reporting period, in accordance with the provisions of Article 37(5) of the MMF Regulation.