On 13 November 2018, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on the reporting to Member State competent authorities (NCAs) under Article 37 of the Money Market Funds (MMF) Regulation.

Article 37 of the MMF Regulation obliges the manager of the MMF, for each MMF managed, to report information to the NCAs of the MMF, at least on a quarterly basis. The frequency of reporting is annual in the case of a MMF whose assets under management in total do not exceed EUR 100 MILLION.

The draft implementing technical standards (ITS) for the reporting template for MMF managers were published by the European Commission in April 2018. Following the publication of the ITS, ESMA has been developing complementing guidelines to assist MMF managers in their reporting obligations.

The guidelines on reporting to NCAs are included in chapter 3 of the consultation paper. It provides general principles that will apply to the entire MMF reporting and offers further guidance on the reporting periods to be applied as well as the procedure for first reporting. 39 general principles are provided for consultation.

The deadline for comments on the consultation paper is 14 February 2019.