FAQ concerning MMFR is a CSSF FAQ, published 28 August 2018.
\nRelevant for: AIFMs, Investment fund managers, Management companies - Chapter 15, Management companies - Chapter 16, Other specific authorisations, registrations and information, Part II UCIs, SIFs, UCITS.
\nKeywords: Money Market Fund (MMF).
\nFAQ Money Market Funds Regulation (MMFR) Version 5 – 2 June 2026
\nFAQ Money Market Funds Regulation (MMFR) Version 5 – 2 June 2026 Update information 02/06/2026
\nVersion 5. Deletion of Questions 1.C & 5.D
\n05/06/2025
\nVersion 4. Deletion of Question 2.A
\n08/01/2025
\nVersion 3. Publication of the List of abbreviations. Modification of Questions 3.C & 3.D
\n03/11/2021
\nVersion 2. Publication of Question 2.F
\n28/08/2018
\nVersion 1. First publication
\nThis document will be updated when necessary and the CSSF reserves the right to adapt its approach to any matter covered by the FAQ at any time. You should regularly check the website of the CSSF in relation to any matter of importance to you to see if questions have been added and/or positions have been adapted.
\nFAQ MONEY MARKET FUNDS REGULATION (MMFR) Version 5 – 2 June 2026
\nTable of contentsUpdate information .................................................................... 2 Context ................................................................................................................. 6 List of abbreviations ............................................................................................. 6 1.
\nGeneral provisions ................................................................................................ 7 A. Does the distribution policy (accumulating/distributing) at the level of the share classes impact on the type of MMF (VNAV MMF, public debt CNAV MMF, LVNAV MMF) as referred to in Article 3(1) of the MMFR? ...................................... 7 Published on 28 August 2018.......................................................................... 7 B. Does Circular CSSF 08/356 on certain techniques and instruments relating to transferable securities and money market instruments (securities lending, repurchase agreements, reverse repurchase agreements) still apply to MMF authorised under the MMFR?................................................................................. 7 Published on 28 August 2018.......................................................................... 7 C. Given the changes to be operated at the level of existing funds as a result of the entry into force of the MMFR, will the CSSF impose a one month prior notice with redemptions free of charge? ......................................................................... 7 Deleted on 2 June 2026 ................................................................................. 7 D. Do all AIFs that are to be authorised under the MMFR have to designate an authorised AIFM? Does a Luxembourg AIF to be authorised under the MMFR and managed by a third country manager have to designate an EU authorised AIFM? 7 Published on 28 August 2018.......................................................................... 7 E. Does a non-EU fund that is i) managed by a non-EU investment fund manager delegating portfolio management to an investment firm or a bank established in the EU and ii) not marketed in the EU fall under the scope of the MMFR? ............. 7 Published on 28 August 2018.......................................................................... 7 F. Does the MMFR apply to a Luxembourg AIF qualifying as MMF in accordance with Article 1(1) of the MMFR that is marketed exclusively outside Luxembourg? 8 Published on 28 August 2018.......................................................................... 8
\nObligations concerning the investment policies of MMFs ...................................... 8 A. Question deleted. .............................................................................................. 8 Deleted on 5 June 2025 ................................................................................. 8 B. Does the CSSF authorise Luxembourg MMFs to invest more than 10% of its assets in deposits with the same credit institution as foreseen under certain conditions under Article 17(1)(b) of the MMFR? ..................................................
\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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