Fund Management

Starting from the end of the first quarter of 2020, European money market funds will have to disclose certain information under the Money Market Fund Regulation (MMFR) to their National Competent Authorities (NCAs). 

To facilitate funds’ regulatory disclosure, the European Securities and Markets Authority (ESMA) has opened today a public consultation on draft guidelines providing further specifications on how to fill-in the MMFR reporting template.

ESMA’s consultation paper represents the first step in the development of such specifications by setting out detailed proposals on which ESMA is seeking the views of its stakeholders.


ESMA’s Guidance will complement the information included in the Implementing Technical Standard (ITS), which ESMA delivered in November 2017 and which were endorsed by the European Commission in April 2018.  Together with the ESMA Guidance, managers of MMFs have all the necessary information to fill in the reporting template they will have to send to NCAs of their MMF, as specified in article 37 of the MMF Regulation.

MMF managers will need to send their first quarterly reports mentioned in Article 37 to NCAs in Q1 2020. In addition, there will be no requirement to retroactively provide historical data for any period prior to this starting date of the reporting.

Consultation on draft guidelines on the reporting to competent authorities under article 37 of the MMF Regulation

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions in Annex I. Comments are most helpful if they:

- respond to the question stated;

- indicate the specific question to which the comment relates;

- contain a clear rationale; and

- describe any alternatives ESMA should consider.


ESMA will consider all comments received by 14 February 2019.

The European Supervisory Authorities (ESAs) have today issued a consultation paper on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).

The ESAs, on 1 October 2018, set out in a letter to the European Commission their intention to make proposals to support legislative changes to avoid the possibility of duplicating information requirements for investment funds from 1 January 2020, and to tackle key issues that have arisen since the implementation of the KID. The consultation paper addresses, in particular, amendments to the information regarding investment products’ performance scenarios.

The proposals are made in the context of the ongoing discussions between the European co-legislators on the application of the KID by certain investment funds as well as the timing of a wider and more comprehensive review of PRIIPs, which was due this year. The outcome of this targeted review is without prejudice to that wider review, and it would be beneficial to conduct such a wider review early in the next term of the European Parliament.  

In addition, when deciding upon the nature of their final recommendations following this consultation in January 2019, the ESAs will take into account the feedback from respondents to this consultation and the latest information of these political discussions on the application of the KID by certain investment funds and the timing of the wider review.

The deadline for submission of feedback is by Thursday, 6 December 2018.


The KID for PRIIPs is a mandatory, three-page A4 information document to be provided to consumers before purchasing a PRIIP. PRIIPs include for example funds, structured products, unit-linked and with-profits life insurance contracts, and structured deposits.

The PRIIPs Regulation (No 1286/2014) defines the main rules and principles for KIDs. It is supplemented by a Delegated Regulation (2017/653) specifying the presentation and contents of the KID, which is based on Regulatory Technical Standards that the ESAs were mandated to develop.

Performance scenarios are included in the Section of the KID titled “What are the risks and what could I get in return?” They indicate how the investment could perform under various different scenarios.


The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:

·         Carmine Di Noia, Commissioner of the Commissione Nazionale per le Società e la Borsa (CONSOB), Italy, will chair the Committee for Economic and Markets Analysis;

·         Christopher Buttigieg, Director of the Securities and Markets Supervision Unit at the Malta Financial Services Authority (MFSA), will chair the Data Standing Committee;

·         Martin Moloney, Head of Markets Policy Division at the Central Bank of Ireland (CBI)  will chair the Investment Management Standing Committee; and  

·         Merel van Vroonhoven, Chair of the Autoriteit Financiële Markten (AFM), Netherlands will chair the Investor Protection and Intermediaries Standing Committee.

The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas.

The appointments of the chairs to the Data, Investment Management and Investor Protection and Intermediaries Standing Committee are effective immediately for a period of two years until 30 October 2020. While the new chair of the Committee for Economic and Markets Analysis replaces the previous chair, effective immediately, and will complete the current term which ends on 30 September 2019.