The CESR guidelines on a common definition of European money market funds set out a common definition of European money market funds, with the objective to improve investor protection in this area. In particular, the guidelines distinguish between two categories of money market funds: short-term money market funds and money market funds.

In 2013 the European Securities and Markets Authority (ESMA) published a peer review report that set out the results of an assessment on the level of compliance with the guidelines by Member State competent authorities. However, the peer review report identified a number of Member State competent authorities that had not implemented in full or in part the guidelines.

ESMA has now published a follow up peer review report that provides an update on the findings of the first peer review and sets out the results of a second assessment. Out of the eight jurisdictions subject to the follow up peer review assessment, seven of them now apply the guidelines.

View ESMA follow-up peer review on MMF guidelines, 16 February 2016