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THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market fundsnote, and in particular Article 15(7) thereof,Whereas:
(1)In accordance with Article 2 of Commission Delegated Regulation (EU) 2018/990note eligible investments in reverse repurchase agreements by managers of money market funds are subject to supplementary qualitative and quantitative requirements, including a specific adjustment to the value of an asset (a haircut). However, those requirements do not apply to transactions entered into with credit institutions, investment firms and insurance undertakings that are established in the Union or that are covered by an equivalence decision. Article 2(6), points (a), (b) and (c) of Delegated Regulation (EU) 2018/990 specifies the respective regulatory frameworks for each of those financial institutions.
(2)To ensure that those exemptions only apply where equivalence decisions have been adopted in respect of the third countries concerned and to ensure legal certainty as to the applicable equivalence procedure, it is necessary to specify the relevant provisions based on which equivalence decisions are to be adopted for those exemptions to be applied. It is therefore necessary to specify the relevant procedures for determining the equivalence of the third country in which those entities are established.
(3)Delegated Regulation (EU) 2018/990 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1#
1.In Article 2(6) of Delegated Regulation (EU) 2018/990, points (a), (b) and (c) are replaced by the following:
(a)a credit institution supervised under Directive 2013/36/EU of the European Parliament and of the Councilnote, or a credit institution authorised in a third country in respect of which an equivalence decision has been adopted in accordance with Article 114(7) of Regulation (EU) No 575/2013;
(b)an investment firm supervised under Directive 2014/65/EU of the European Parliament and of the Councilnote, or an investment firm authorised in a third country in respect of which an equivalence decision has been adopted in accordance with Article 47 of Regulation (EU) No 600/2014;
(c)an insurance undertaking supervised under Directive 2009/138/EC of the European Parliament and of the Councilnote, or an insurance undertaking authorised in a third country in respect of which an equivalence decision has been adopted in accordance with Article 260 of that Directive;
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