On 22 August 2014, ESMA published an opinion on its review of the guidelines  on a common definition of European money market funds (MMFs). These guidelines were published by ESMA's predecessor, the Committee of European Securities Regulators (CESR), in May 2010. ESMA reviewed the guidelines for compliance with the requirement in Article 5(b)(1) of the Credit Ratings Agencies Directive  (which aims to restrict the reliance on ratings provided by credit rating agencies). In February 2014, as part of a joint report, ESMA set out amendments to the guidelines intended to reduce the risk of triggering sole or mechanistic reliance on credit ratings. ESMA's opinion reiterates the amendments set out in the February 2014 report and details those parts of the guidelines that NCAs should now not take into account. Helpfully, the opinion also contains an informal consolidated version of the guidelines reflecting all the amendments.

ESMA does not intended to reissue the guidelines as formal ESMA guidelines and so NCAs will not have to notify ESMA whether or not they intend to comply with the amended guidelines. ESMA will nevertheless monitor the position.

The EU Action Plan to reduce reliance on Credit Rating Agency (CRA) Ratings is discussed in a useful EU Commission staff working paper.