Activities of Pervenche BERÈS related to 2013/0306(COD)
Plenary speeches (2)
Money market funds (debate) FR
Money market funds (debate) FR
Amendments (13)
Amendment 111 #
Proposal for a regulation
Recital 6 b (new)
Recital 6 b (new)
(6b) As MMFs do not contribute to the SRF they are not to benefit from direct support by the SRF.
Amendment 180 #
Proposal for a regulation
Recital 45
Recital 45
(45) In order to be able to absorb day-to- day fluctuations in the value of a CNAV MMF's assets and allow it to offer a constant NAV per unit or share, the CNAV MMF should have at all times a NAV buffer amounting to at least 3% of its assets. The buffer is calculated by reference to the risk weightings assigned to the asset classes that the MMF has invested in. The risk weightings should be established according to the principle that the riskier an asset is considered to be, the higher the risk weight and, ultimately, the level of the buffer. The NAV buffer should serve as an absorbing mechanism for maintaining the constant NAV. All differences between the constant NAV per unit or share and the NAV per unit or share should be neutralized by using the NAV buffer. During stressed market situations, when the differences can rapidly increase, a procedure should ensure that the whole chain of management is involved. This escalation procedure should permit the senior management to take rapid remedy actions. Five years after the entry into force of this Regulation, all CNAV MMF established, managed or marketed in the Union should be converted into variable net asset value MMF.
Amendment 197 #
Proposal for a regulation
Recital 47
Recital 47
(47) External support provided to a MMF other than a CNAV MMF with the intention of ensuring either liquidity or stability of the MMF or de facto having such effects increases the contagion risk between the MMF sector and the rest of the financial sector. Third parties providing such support have an interest in doing so, either because they have an economic interest in the management company managing the MMF or because they want to avoid any reputational damage should their name be associated with the failure of a MMF. Because these third parties do not commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it. In these circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur. This uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs. For these reasons, MMFs should not rely on external support in order to maintain their liquidity and the stability of their NAV per unit or share unless the competent authority of the MMF has specifically allowed the external support in order to maintain stability of financial markets. In order to avoid putting at risk taxpayers' money, Member States should ensure that external support is not given by any sovereign, regional or local public authority.
Amendment 228 #
Proposal for a regulation
Article 1 – paragraph 2 – subparagraph 1 a (new)
Article 1 – paragraph 2 – subparagraph 1 a (new)
Member States in which CNAV MMF may be offered, shall apply Chapter V.
Amendment 398 #
Proposal for a regulation
Article 15 b (new)
Article 15 b (new)
Article 15 b Prohibition of direct support for MMFs As MMFs do not contribute to the SRF they are not to benefit from direct support by the SRF.
Amendment 607 #
Proposal for a regulation
Article 29 a (new)
Article 29 a (new)
Article 29 a CNAV MMF shall not be offered to retail investors.
Amendment 618 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
Each CNAV MMF shall establish and maintain a NAV buffer amounting at all times to at least 3% of the total value of the CNAV MMF's assets. The total value of the CNAV MMF's assets shall be calculated as the sum of the values of each asset of the MMF determined in accordance with Article 26(3) or (4)buffer is calculated by reference to the risk weightings assigned to the asset classes that the MMF has invested in. The risk weightings should be established according to the principle that the riskier an asset is considered to be, the higher the risk weight and, ultimately, the level of the buffer. The total value of the CNAV MMF's assets shall be calculated as the sum of the values of each asset of the MMF determined in accordance with Article 26(3) or (4). By [OJ please insert date: five years after entry into force of this Regulation], all CNAV MMF established, managed or marketed in the Union shall be converted into VNAV MMF.
Amendment 671 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. The competent authority of the CNAV MMF and ESMA shall be immediately notified of the necessary documents proving the existence of the buffer and of any decrease below 3% in the amount of the NAV buffer.
Amendment 697 #
Proposal for a regulation
Article 35 – paragraph 3 – subparagraph 1
Article 35 – paragraph 3 – subparagraph 1
External support shall mean a direct or indirect support offered by a third party that is intended for or in effect would result in guaranteeing the liquidity of the MMF or stabilising the NAV per unit or share of the MMF. External support shall not be given by any sovereign, regional or local public authority.
Amendment 709 #
Proposal for a regulation
Article 36 – paragraph 1 a (new)
Article 36 – paragraph 1 a (new)
1a. External support shall not be given by any sovereign, regional or local public authority.
Amendment 717 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 2
Article 37 – paragraph 1 – subparagraph 2
A CNAV MMF shall indicate clearly that it is a CNAV MMF in any external or internal document, report, statement, advertisement, letter or any other written evidence issued by it or its manager, addressed to or intended for distribution to prospective investors, unit-holders, shareholders or competent authorities of the MMF or its manager. Upon the request of the investor, the CNAV MMF shall communicate the NAV.
Amendment 769 #
Proposal for a regulation
Article 43 – paragraph 3
Article 43 – paragraph 3
Amendment 785 #
Proposal for a regulation
Article 43 – paragraph 4
Article 43 – paragraph 4