The Council of the EU has published an information note concerning the outcome of the recent European Parliament’s (EP) proceedings on the draft Regulation on money market funds.
The information note states that the EP rapporteur for the draft Regulation, Mrs Neena MEP, opened the debate on 28 April noting that agreement had not been reached and that support was divided between “CNAV MFF” and “VNAV MFF” camps and that each camp was supported by at least one Member State. She further stated that the Council of the EU (the Council) was as divided as the EP.
In the debate on the draft Regulation Commissioner Hill mentioned that whilst there were still some outstanding issues to be resolved Member States had signalled a fresh willingness to resume negotiations and that he would work with the Presidency of the Council to make as rapid progress as possible so that agreement could be reached in the near future.
When it voted on 29 April 2015, the EP adopted only the amendment proposed by the Committee on Economic and Monetary Affairs (ECON), the text of which is attached to the information note. The vote on the legislative resolution was postponed to a later session. The matter was referred back to the ECON.