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Guidelines on the reporting to Competent Authorities under Article 37 of the MMF Regulation

12 January 2021 ESMA50-164-4045

GUIDELINES COMPLIANCE TABLE

Guidelines on the reporting to Competent Authorities under Article 37 of the MMF Regulation (ESMA34-49-173)

The following competent authorities comply or intend to comply with ESMA’s Guidelines on on the reporting to Competent Authorities under Article 37 of the MMF Regulation

Competent authority

Complies or intends to comply

Comments

Member States

AT

AUSTRIA

Austrian Financial Market Authority

Yes

BE

BELGIUM

FSMA

Yes

BG

BULGARIA

Financial Supervision Commission

Yes

CY CYPRUS

Cyprus Securities & Exchange Commission

Intends to comply *

CZ

CZECH REPUBLIC

Czech National Bank

Yes

DE GERMANY

BaFin

Yes

legislative

Intends to comply with the Guidelines by such time as the necessary or regulatory proceedings have been completed. To date CySEC has not licensed any MMF.

https://www. cnb. cz/en/supervi sion- financial- market/legislation/manageme nt-companies-and-investment- funds/methodological-and- interpretative-documents/

https://www. bafin. de/SharedD ocs/Veroeffentlichungen/DE/M eldung/2020/meldung_2020_0 8_13_ESMA_GL_Art37- GeldmarktfondsVO. html;jsessi

Competent authority

Complies or intends to comply

Comments

onid=97421EB7542CCAC104 544EC334C33E4D. 2_cid394

DK DENMARK

EE

ESTONIA

Danish Financial Supervisory Authority

Estonian Financial Supervision Authority

Yes

Yes

The HCMC does not comply and not intend to comply with the reporting obligation related to 2019 Stress Test results based on ESMA scenarios.

The HCMC does not intend to comply with the Guidelines on MMF stress tests because, in the view of the HCMC, certain sections of the Guidelines, including certain scenarios referred to in section 5 of the Guidelines rely solely on external credit ratings while external credit ratings should only be a complement to the internal credit quality MMF to assessment referred in article 19 of the MMF R.

EL GREECE

Hellenic Capital Market Commission

No

public

In addition, the HCMC would like to emphasize that for the assets referred to in article 10(3) of the MMF R (those market money instruments issued or guaranteed by the Union, or by certain central authorities or central banks), a favourable assessment is not the required pursuant quality internal assessment procedure laid down in articles 19 to 22, and therefore in that specific case, external credit ratings are not required.

credit

to

The HCMC intends to comply with the remaining part of the

Competent authority

Complies or intends to comply

Comments

ES

SPAIN

CNMV

Yes

FI

FINLAND

Finanssivalvont a (FIN-FSA)

Yes

FR

FRANCE

Autorité des marchés financiers

Yes

Guidelines by 2022, when it is expected that the necessary IT tool will be applicable.

http://www. cnmv. es/DocPortal /Quees/Procedimientos/P01- Supervision-e- inspeccion_en. pdf

https://www. finanssivalvonta. fi /en/publications-and-press- releases/supervision- releases/2020/amendments- to-regulations-and- guidelines- on-the-organisation-and-code- of-conduct-of-investment- fund-activities-and-on- alternative-investment-fund- managers/.

https://doctrine. amf- france. org/en_US/Reglementa tion/Doctrine/Doctrine- list/Doctrine?docId=workspac e%3A%2F%2FSpacesStore% 2F8ca061cc-89ca-4fe3-820c- f80d9a8cbf01&category;=II+- +Investment+products

HR CROATIA

HU HUNGARY

Croatian Financial Services Supervisory Agency (HANFA)

Magyar Nemzeti Bank (MNB)

Yes

Intends to comply *

Intends to comply with the Guidelines by 30/06/2021

IE

IRELAND

Central Bank of Ireland

Yes

IT

ITALY

Consob

Yes

https://www. bancaditalia. it/co mpiti/vigilanza/normativa/archi vio- norme/circolari/c189/Com_3se

Competent authority

Complies or intends to comply

Comments

Banca d’Italia

ttembre2020. pdf campaign=EmailAlertBdi&pk;_ kwd=it

LT

LITHUANIA

LU

LUXEMBOU RG

Bank of Lithuania

Commission de Surveillance du Secteur Financier

Yes

Yes

https://www. cssf. lu/en/docume nt/circular-cssf-20-736/

LV

LATVIA

Financial and Capital Market Commission

Intends to comply *

By the date MMFs exist in the jurisdiction.

FCMC has put a statement on the FCMC webpage on the application of the guidelines.

https://www. fktk. lv/tiesibu- akti/ieguldijumu-parvaldes- sabiedribas/es-normativie- akti/evti- pamatnostadnes/

MT MALTA

NL

NETHERLA NDS

Malta Financial Services Authority

Yes

AFM

Yes

De Nederlandsche Bank

Yes

PL

POLAND

KNF

Yes

to

The CMVM intends to comply with the Guidelines on the reporting competent authorities under Article 37 of the MMF Regulation, which have already been published on website (https://www. cmvm. pt/en/Coo peracao/esma_europe/Docum entosESMACESR/Documents /esma34-49- 173_guidelines_on_mmf_repo rting_en. pdf ) by the date of entry into force of a CMVM

our

PT

PORTUGAL CNMV

Intends to comply *

Competent authority

Complies or intends to comply

Comments

regulation, which is currently being prepared.

RO ROMANIA

Financial Supervisory Authority

Yes

https://asfromania. ro/files/capit al/norme/2020/Norma%20%2 0ASF%2037_2020. pdf

SE

SWEDEN

Finansinspekti onen

Yes

SI

SLOVENIA

Securities Market Agency

Yes

SK

SLOVAKIA

National Bank of Slovakia

Intends to comply *

https://www. uradni- list. si/glasilo-uradni- list- rs/vsebina/2020-01- 2099/sklep-o-uporabi-smernic- o-porocanju- pristojnim- organom-v-skladu-s-clenom- 37-uredbe-o-skladih- denarnega- trga

Intends to comply with the Guidelines by the date a or relevant instrument the jurisdiction

institution exist in

EEA EFTA States **

IS

ICELAND

[ ]

Fjármálaeftirliti [ ] ð (FME)

LI

LIECHTENS [ ] TAIN

Finanzmarktauf sicht (FMA)

[ ]

Intends to comply by [insert date].

Intends to comply *

The MMF Regulation has not Intends to been the comply * EEA Agreement and is not part of Icelandic law

incorporated

into

Intends to comply by [insert date].

Intends to comply *

Intends to comply with the Guidelines by the entry into Intends to force of the Money Market comply * Fund into Norwegian law

Regulation

NO NORWAY

Finanstilsynet

Intends to comply *

or

Complies with the Guidelines by the time as the necessary regulatory legislative the proceedings implementation the underlying regulation MMF into the EEA Agreement have been completed.

for

of

Competent authority

Complies or intends to comply

Comments

in

ESMA

This ESMA Guideline is (like all Guideline) other incorporated the FMA Communication 2012/2 (FMA and Wegleitung implemented in our supervisory practice.

2012/2)

* Please note that, in the interest of transparency, if a competent authority continues to intend to comply after the application date, it will be considered “non-compliant” unless (A) the Guidelines relate to a type of institution or instruments which do not currently exist in the jurisdiction concerned; or (B) legislative or regulatory proceedings have been initiated to bring any national measures necessary to comply with the Guidelines in force in the jurisdiction concerned.

**The competent authorities of the EEA States other than the Member States of the European Union are required to notify their compliance with ESMA’s Guidelines relating to a legal act that has been incorporated in the EEA Agreement. This compliance table reports on Guidelines relating to the reporting to Competent Authorities under Article 37 of the MMF Regulation, which has not yet been incorporated in the EEA Agreement. This table is therefore based on information provided from those competent authorities of the EEA States on a voluntary basis.

Notes

Article 16(3) of Regulation (EU) No 1095/2010 (the ESMA Regulation) requires national competent authorities to inform us whether they comply or intend to comply with each Guideline or recommendation we issue. If a competent authority does not comply or does not intend to comply it must inform us of the reasons. We decide on a case by case basis whether to publish reasons.

ESMA endeavours to ensure the accuracy of this document, however, the information is provided by the competent authorities and, as such, ESMA cannot accept responsibility for its content or any reliance placed on it.

For further information on the current position of any competent authority, please contact that competent authority.

Contact details can be obtained from our website (www. esma. europa. eu).

Disclaimer: RegRadar is not endorsed nor affiliated with the source authority. This material does not constitute any advice. This material is machine translated and does not constitute an official translation by the source authority. Please note that the information can be obtained free of charge through the source website.