Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds.
This regulation sets out rules for money market funds (MMFs) established, managed or marketed in the European Union. It lays out provisions regarding the financial instruments eligible for investment by a MMF, the portfolio of an MMF, the valuation of the assets of an MMF, and the reporting requirements in relation to an MMF.
This regulation applies to collective investment undertakings that:
(a) require authorisation as UCITS or are authorised as UCITS under Directive 2009/65/EC or are AIFs under Directive 2011/61/EU;
(b) invest in short-term assets; and
(c) have distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment.
Understanding EU money market fund reform and what it means for investors
Anthony Callcott, Head of Pan-European Liquidity Client Solutions, discusses EU money market fund reform and what it means for investors, the choice for corporates and the future of the industry in light of the changes.
Summary of impact to Aviva Investors funds
We welcome the regulations and believe they are in the best interests of our clients. For the last decade we have operated our AAA rated, same day, off shore MMF’s as a VNAV well ahead of these new requirements.
Aviva Investors Liquidity Funds have implemented the new LNAV structure and are fully compliant ahead of the 3 September 2018 deadline. The document below shows a summary of the changes to our funds.