Money market funds: Joint statement CSSF/Central Bank of Ireland
Posted - 26.02.2019
On 11 January 2019, the CSSF published a Joint Statement with the Central Bank of Ireland ("CBI") on the treatment of share cancellation under the MMF Regulation.
In this Statement, the CBI and the CSSF indicate that as part of their supervisory strategy for the enforcement of the MMF Regulation and with effect from 21 January 2019, they will require relevant funds to:
- provide a copy of the Joint Statement to investors and notify such investors that they are invested in a fund which is the subject of this Joint Statement;
- ensure all necessary and appropriate facilities are available for investors or prospective investors to obtain any information they may require from the fund with respect to the subject matter of this notice;
- take such steps which in the opinion of the fund are appropriate to avoid a disorderly sale of fund assets; and
- confirm to the CBI or CSSF (as applicable) in writing by no later than 21 March 2019 that all use of share cancellation mechanisms has ceased.