Irish Funds Q&A on MMFR implementation

4 September 2018

Irish Funds has published a Q&A document on the implementation of the EU Money Markets Funds Regulation (“MMFR”). The Q&A addresses questions in relation to:

• Product categories and rules
• Transition to MMFR
• Valuations and fund accounting considerations
• Transfer agency considerations
• Depositary considerations
• Transparency and regulatory reporting

It is envisaged that the Q&A will be updated from time to time as further questions arise.

The MMFR applies from 21 July 2018 and was implemented in Ireland by the EU (money market funds) Regulations 2018 which designate the Central Bank as the competent authority for the purposes of the MMFR. Existing MMFs benefit from a transitional period and are required to comply with the MMFR by 21 January 2019.

In order that a decision on application for authorisation could be made for existing MMFs by the 21 January 2019 deadline, the Central Bank required draft documentation for review to be submitted by 1 September 2018.

Industry continues to engage with the Central Bank on the transition process and the Central Bank has published application forms for compliance with the MMFR.