in force 2024-12-24 MODIFIED+458 −0§
Amended by Regulation (EU) 2024/2987 32024R2987
applies from: unchanged
Point (d) now limits its 10% cash-received cap specifically to repurchase agreements that are not centrally cleared through a CCP authorised under Article 14 or recognised under Article 25 of Regulation (EU) No 648/2012.
A new point (da) was added setting a separate 15% cap on cash received by the MMF under repurchase agreements that are centrally cleared through such an authorised or recognised CCP.
The earlier version contained only the single, undifferentiated 10% cap in point (d) without any distinction based on central clearing through a CCP.
Cited: Art. 14, v2 · Art. 14, v1
text before / after
02017R1131-20240109 → 02017R1131-20241224
Article 14 Eligible repurchase agreements A repurchase agreement shall be eligible to be entered into by an MMF provided that all of the following conditions are fulfilled: (a) it is used on a temporary basis, for no more than seven working days, only for liquidity management purposes and not for investment purposes other than as referred to in point (c); (b) the counterparty receiving assets transferred by the MMF as collateral under the repurchase agreement is prohibited from selling, investing, pledging or otherwise transferring those assets without the MMF's prior consent; (c) the cash received by the MMF as part of the repurchase agreement is able to be: (i) placed on deposits in accordance with point (f) of Article 50(1) of Directive 2009/65/EC; or (ii) invested in assets referred to in Article 15(6), but shall not otherwise be invested in eligible assets as referred to in Article 9, transferred or otherwise reused; (d) the cash received by the MMF as part of the repurchase agreement that is not centrally cleared through a CCP authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or recognised in accordance with Article 25 of that Regulation does not exceed 10 % of its assets; (da) the cash received by the MMF as part of the repurchase agreement that is centrally cleared through a CCP authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or recognised in accordance with Article 25 of that Regulation does not exceed 15 % of its assets; (e) the MMF has the right to terminate the agreement at any time upon giving prior notice of no more than two working days.