Circular CSSF 20/736 is a CSSF circular, published 28 January 2020. Subject: ESMA Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation.
\nRelevant for: Other specific authorisations, registrations and information, Part II UCIs, SIFs, UCITS.
\nKeywords: Money Market Fund (MMF).
\nLuxembourg, 28 January 2020 To all money market funds under the supervision of the CSSF and Luxembourg managers of money market funds as well as to those that take part in the functioning and control of these undertakings
\nCIRCULAR CSSF 20/736 Re : ESMA Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation
\nLadies and Gentlemen, We refer to Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (“MMF Regulation”). The purpose of this circular is to implement the “Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation (Ref. ESMA/34-49-168)” published on 19 July 2019 by the European Securities and Markets Authority (ESMA) (“the Guidelines”) into Luxembourg regulation applicable to the money market funds (MMFs) under the supervision of the CSSF and to the Luxembourg managers of MMFs.. The Guidelines are appended to this circular. The English version is available on the ESMA website http://www.esma.europa.eu/. French and German translations are going to be available only at a later stage. The objective of the Guidelines is notably to ensure the common, uniform and consistent application of Article 37 of the MMF Regulation and of the Commission Implementing Regulation (EU) 2018/708 of 17 April 2018 laying down implementing technical standards with regard to the template to be used by managers of money market funds when reporting to competent authorities as stipulated by Article 37 of the MMF Regulation (“Commission Implementing Regulation”). More particularly, the Guidelines aim to provide guidance on the contents of the fields of the reporting template included in the Annex of the Commission Implementing Regulation. In accordance with Article 37 of the MMF regulation, further clarified by the Commission Implementing Regulation, the manager of an MMF shall report information to the competent authority of the MMF by using the reporting template. In this respect, the CSSF clarified some specific technical aspects of the reporting to be provided for MMFs under its supervision by means of Circular CSSF 20/734. This circular as well as further details on the reporting can be found on our website under the following link https://www.cssf.lu/en/money-market-funds/.
\nI. Summarised presentation of the Guidelines The specifications on the reporting template, as set forth in section V of the Guidelines, outline in a first sub-section the general principles that apply to the entire MMF reporting, with the aim of providing guidance on aspects such as the reporting and submission periods, the procedure for the first reporting as well as the procedures relating to a change of the reporting frequency. In this context, it is worthwhile noting that the first quarterly report that is to be submitted by managers of MMFs pursuant to Article 37 of the MMF Regulation concerns the first quarter of 2020. This report should be sent to the competent authority of the MMF no later than 30 days after the end of Q1 2020. Managers of MMFs subject to a yearly reporting obligation have to provide for these MMFs the first reporting, covering the entire year 2020, not later than 30 days after the end of Q4 2020. As the Guidelines specify that there will be no requirement to retroactively provide historical data for any period prior to the starting date of the reporting, the first reporting provided by managers for MMFs authorised before 2020 should only contain historical data as of 1 January 2020. For funds authorised as MMFs after 1 January 2020, the first reporting should cover the period from the authorisation date of the MMF (exact date) until the end of the reporting period. This also implies that MMF managers will have to provide reports for MMFs that are authorised, but have not yet been launched.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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