In February 16, 2016, the European Securities and Markets Authority published a peer review report on the implementation by national regulators of the Committee of European Securities Regulators’ Guidelines on a common definition of European Money Market Funds. The Guidelines specify a common definition of MMFs and establish a list of criteria that funds need to comply with should they wish to be categorized as a “Money Market Fund.” The Guidelines aim to improve investor protection and apply both to: (i) collective investment undertakings subject to the Undertakings for the Collective Investment of Transferable Securities Directive; and (ii) non-harmonized collective investment undertakings regulated by the national laws of a Member State, which is supervised and complies with risk-spreading rules. The peer review follows the initial peer review published in April 2013 which identified that numerous regulators had at that time failed to implement the Guidelines. This second review updates the first review and covers 8 out of 30 countries which at the time of the previous review had not fully or in part implemented the guidelines. The 8 countries are Bulgaria, the Czech Republic, Hungary, Liechtenstein, Lithuania, Latvia, Malta and Portugal. The review states that the guidelines are or are about to be fully applied in all these jurisdictions apart from Hungary, where some failings have been identified.

The Guidelines are available at: https://www.esma.europa.eu/sites/default/files/library/2015/11/10- 049_cesr_guidelines_mmfs_with_disclaimer.pdf.

The 2013 peer review report is available at: https://www.esma.europa.eu/sites/default/files/library/2015/11/2013-476_- _peer_review_-_money_market_fund_guidelines.pdf.

The 2016 peer review report is available at: https://www.esma.europa.eu/file/16076/download?token=t7zvzGSD