Money Market Funds: Impact Assessment of Substantive EP Amendments
This study was requested by the European Parliament's Committee on Economic and Monetary Affairs (ECON), as part of Parliament's general commitment to improving the quality of EU legislation, and in particular its undertaking to carry out impact assessments of its own substantive amendments when it considers it appropriate and necessary for the legislative process. The study concludes that the four substantive amendments in question, which are under consideration in the context of the ECON Committee's draft report on the Commission proposal on Money Market Funds (MMFs), would retain the effect of transforming the considerable majority of the Constant Net Asset Value (CNAV) MMF market in Europe. There would be some, but only limited, take-up of the proposed Retail CNAV or EU Public Debt CNAV Money Market Funds. Most of the funds currently invested in Constant Net Asset Value MMFs would move to either Variable Net Asset Value (VNAV) MMFs or short-term bank deposits. To some extent, the features of Constant Net Asset Value MMFs which are attractive to investors would be duplicated in Variable Net Asset Value MMFs, but, equally, the same concerns over systemic risk might also be replicated.
Studie
Externe Autor
This study has been written by European Economic Research Ltd. (T/as Europe Economics) at the request of the Ex-Ante Impact Assessment Unit of the Directorate for Impact Assessment and European Added Value, within the Directorate-General for Parliamentary Research Services (DG EPRS) of the European Parliament.
Über dieses Dokument
Art der Veröffentlichung
Schlagwortliste
- Ausarbeitung des EU-Rechts
- Bürgerliches Recht
- EUROPÄISCHE UNION
- Finanzbestimmung
- Finanzinstitution
- Finanzmarkt
- FINANZWESEN
- Freier Kapitalverkehr
- Geld- und Kreditwesen
- Geldmarkt
- Geldwirtschaft
- Investition und Finanzierung
- Investitionsvorschrift
- Kapitalanlage
- Kapitalanlagegesellschaft
- RECHT
- Recht der Europäischen Union
- Wirkungsstudie
- WIRTSCHAFT
- Wirtschaftsanalyse
- Zahlungsfähigkeit
- Öffentliche Finanzen und Haushaltspolitik
- öffentliche Schulden