argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - Money Market Funds - Verena Ross

On February 16^th, 2022, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, published a new opinion containing new proposals of reform for the regulatory framework for EU Money Market Funds (MMFs) under the Money Market Funds Regulation (MMFR); this issue is particularly important after the outbreak of the pandemic, when the MMFs where in a clear emergency of liquidity. Consequently, the published proposals were all focused on the improvement of the resilience of MMFs by addressing the matter above-mentioned and the threshold effects for constant net asset value (CNAV) MMFs. Verena Ross, Chair, affirmed that: “ESMA is today proposing a number of changes to the MMF regulation intended to make MMFs more resilient. These reforms will help to improve the overall stability of financial markets, by reducing the risk of liquidity stress. In March 2020 MMFs faced difficulties brought on by increases in redemption demands while the assets they held became more difficult to sell. Our proposals today, which are consistent with those of the ESRB, aim to ensure that MMFs will be able to meet investors’ redemption requests, and that this will continue to be the case also in the future.”