ESMA Tweaks Reporting Scheme
A statement entitled, "ESMA, ESMA Announces Update to Reporting Under the Money Market Funds Regulation," tells us, "The European Securities and Markets Authority (ESMA), the EU's Securities Markets regulator, today announces an update of the validations of the technical instructions for reporting under the Money Market Funds Regulation (MMFR). The requirements of Article 37 of MMF regulation require MMF managers to submit data to National Competent Authorities (NCAs), who will then transmit this to ESMA. Following feedback received by market participants after the publication of the validation rules, ESMA has decided to implement amendments on the validations." They add, "The proposed changes are not related to the published XML schemas. The changes only add new warning type validations or provide clarifications on existing validation rules in order to fix inconsistencies or ease the understanding of the rules; As the abovementioned updates in the validation rules have no effect on the data processing the deadline for the reporting announced earlier remain unchanged. For the MMF Managers the time for submission of the first quarterly reports to the National Competent Authorities is still September 2020, when the MMF Managers will have to submit a report for both Q1 and Q2 reporting periods."
