15 Amendments of Mady DELVAUX related to 2013/0306(COD)
Amendment 224 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
This Regulation applies to collective investment undertakings that require authorisation as UCITS under Directive 2009/65/EC or are AIFs under Directive 2011/61/EU, invest in short term assets and have as distinct or cumulative objectives offering returns in line with money market rates orand preserving the value of the investment and label or market themselves as money market funds.
Amendment 240 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
(12) ‘constant Net Assets Value Money Market Fund’ (CNAV MMF) means a money market fund that seeks to maintains an unchanging net asset value (NAV) per unit or share; where income in the fund is accrued daily orand can either be paid out to the investor, or used to purchase more units in the funds; and where assets are generally valued according to the amortised cost method orand the NAV is rounded to the nearest percentage point or its equivalent in currency term;
Amendment 273 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
Amendment 275 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The use of the designation ‘money market fund’, ‘MMF’ or of a designation that suggests a MMF or the use of terms referred to in paragraph 1 ‘or ‘MMF’ shall comprise its use in any external or internal documents, reports, statements, advertisements, communications, letters or any other material addressed to or intended for distribution to prospective investors, unit- holders, shareholders or competent authorities in written, oral, electronic or any other form.
Amendment 276 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The manager of the MMF shall be responsible for ensuring compliance with this Regulation. The manager shall be liable for any loss or damage resulting from non-compliance with this Regulation.
Amendment 282 #
Proposal for a regulation
Article 8 – paragraph 1 – point d a (new)
Article 8 – paragraph 1 – point d a (new)
(da) units of other MMFs authorised under this Regulation;
Amendment 340 #
Proposal for a regulation
Article 11 – paragraph 1 – point c
Article 11 – paragraph 1 – point c
(c) the credit institution has its registered office in a Member State or, where the credit institution has its registered office in a third country it is subject to prudential rules considered equivalent to those laid down in Union law in accordance with the procedure laid down in Article 107(4) of Regulation (EU) No 575/2013by the competent authorities of the MMF home Member State as equivalent to those laid down in Union law.
Amendment 412 #
Proposal for a regulation
Article 16 – paragraph 3 – point d
Article 16 – paragraph 3 – point d
(d) where aa manager of a MMF shall monitor the credit rating of at least four credit rating agencyies registered with the European Securities and Market Authority (ESMA) assigns a credit rating to an issuer of money market instruments, t.The downgrade below the two highest short term credit ratings used by thatese agencyies shall be considered to be a material change for the purposes of point (c) and require the manager to undertake a new assignment procedurereview its internal credit quality;
Amendment 473 #
Proposal for a regulation
Article 23
Article 23
Amendment 479 #
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. The manager of the MMF shall establish, implement and apply procedures and exercise all due diligence to identify the number of investors in a MMF, their needs and behaviour, the amount of their holdings with a view to correctly anticipate the effect of concurrent redemptions by several investors, taking at least into account the type of investors, the number of shares in the fund owned by a single investor and the evolution of inflows and outflows. To this effect the manager of the MMF shall consider at least the following factors:
Amendment 486 #
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
Amendment 517 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 3
Article 26 – paragraph 4 – subparagraph 3
Amendment 524 #
Proposal for a regulation
Article 26 – paragraph 5
Article 26 – paragraph 5
5. In addition to the marking to market method referred to in paragraphs 2 and 3 and marking to model method referred to in paragraph 4, the assets of a CNAV MMF may also be valued by using the amortised cost method, where its board of directors or the board of directors of the management company determines in good faith that the methodology reflects accurately the fair value of the relevant money market instruments held in the portfolio in accordance with generally accepted accounting principles.
Amendment 756 #
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. Within the six24 months following the date of entry into force of this Regulation, an existing UCITS or AIF that invests in short term assets and has as distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment shall submit an application to its competent authority together with all documents and evidence necessary to demonstrate the compliance with this Regulation.
Amendment 800 #
Proposal for a regulation
Article 45 – paragraph 1 – point e a (new)
Article 45 – paragraph 1 – point e a (new)
(ea) take into account the impact of the regulation on the short-term financing markets