The MFSA has published a Circular addressed to the Investment Services industry to confirm several amendments to the MFSA Rulebooks pursuant to the ESMA Guidelines on stress test scenarios under the MMF Regulation (the ‘Guidelines’).
The Guidelines have applied as from the 4th July 2022 and serve as an update to the previous version of the Guidelines published in 2021. They apply to competent authorities, money market funds (MMFs) and managers of MMFs.
Accordingly, the MFSA Investment Services Rulebooks have been amended in order to update the reference to this latest iteration of the ESMA Guidelines. The sections which have been amended are as follows:
The revised Rulebooks enter into force on the 5th October 2022
- SLC 7.04 of Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (Section 7: Supplementary Licence conditions applicable to UCITS Manager managing MMFs)
- SLC 13.03 of Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as Alternative Investment Fund Managers – (section 13: Supplementary Licence conditions applicable to AIFMs managing MMFs)
- SLC 8.44 of Part B of the Standard Licence Conditions Standard applicable to Alternative Investment Funds – (Section 8 – Supplementary Licence conditions applicable to Self-managed AIFs)
- SLC 25.3 of Part BII of the Standard Licence Conditions Standard applicable to Malta based Retail UCITS Collective Investment Schemes (Section 25 – Supplementary Licence Conditions applicable to Schemes set up as Money Market Funds).
The revised Rulebooks enter into force on the 5th October 2022.