Diario Oficial de la Unión Europea del 22/3/2022 - Comunicaciones e Informaciones
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Source: Diario Oficial de la Unión Europea - Comunicaciones e Informaciones
EN
22.3.2022
Official Journal of the European Union
C 129/1
I
Resolutions, recommendations and opinions
RECOMMENDATIONS
EUROPEAN SYSTEMIC RISK BOARD
RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD
of 2 December 2021
on reform of money market funds ESRB/2021/9
2022/C 129/01
THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,
Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation EU No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board 1, and in particular Article 32b and d and Articles 16 and 18 thereof, Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board 2, and in particular Article 18 thereof, Having regard to Regulation EU 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds 3, Whereas:
1
The financial market turmoil at the onset of the coronavirus COVID-19 pandemic revealed persisting systemic vulnerabilities in certain sub-sectors of private debt money market funds MMFs. This calls for a reassessment of certain aspects of the post-global financial crisis regulatory reforms.
2
The global financial crisis of 2008 showed that MMFs are vulnerable to credit risk and large volumes of redemptions.
This vulnerability means that they can spread or amplify risks throughout the financial system. Recommendation ESRB/2012/1 of the European Systemic Risk Board 4 recommended the European Commission to address these vulnerabilities. Specifically, the European Systemic Risk Board ESRB recommended a move to variable net asset value for all MMFs, enhanced liquidity requirements, greater public disclosures, as well as more reporting and information sharing.
1
2
3
4
OJ L 331, 15.12.2010, p. 1.
OJ C 58, 24.2.2011, p. 4.
OJ L 169, 30.6.2017, p. 8.
Recommendation ESRB/2012/1 of the European Systemic Risk Board of 20 December 2012 on money market funds OJ C 146, 25.5.2013, p. 1.
