IMF-欧元区：发布金融部门评估计划文件《投资基金监管、监督和系统性风险监测技术说明》（英）

© 2025 International Monetary Fund IMF Country Report No. 25/212 EURO AREA PUBLICATION OF FINANCIAL SECTOR ASSESSMENT PROGRAM DOCUMENTATION—TECHNICAL NOTE ON INVESTMENT FUNDS REGULATION, SUPERVISION AND SYSTEMIC RISK MONITORING This paper on Investment Funds Regulation, Supervision and Systemic Risk Monitoring was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on July 2, 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org International Monetary Fund Washington, D.C. July 2025 EURO AREA FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE INVESTMENT FUNDS REGULATION, SUPERVISION AND SYSTEMIC RISK MONITORING Prepared By Monetary and Capital Markets Department This Technical Note was prepared by IMF staff in the context of the Financial Sector Assessment Program in the euro area. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations. Further information on the FSAP can be found at http://www.imf.org/external/np/fsap/fssa.aspx July 2, 2025 EURO AREA 2 INTERNATIONAL MONETARY FUND CONTENTS Glossary __________________________________________________________________________________________ 4 EXECUTIVE SUMMARY __________________________________________________________________________ 5 INTRODUCTION _________________________________________________________________________________ 9 A. Market Overview _______________________________________________________________________________ 9 B. Institutional Framework _______________________________________________________________________ 10 REGULATORY FRAMEWORK—THE SINGLE RULEBOOK ______________________________________ 12 A. Overview of the Regulatory Framework for Investment Funds ________________________________ 13 B. Liquidity Risk in the Single Rulebook __________________________________________________________ 14 C. Leverage in the Single Rulebook ______________________________________________________________ 17 D. Reporting _____________________________________________________________________________________ 19 E. Depositaries ___________________________________________________________________________________ 20 F. Delegation in the Single Rulebook ____________________________________________________________ 20 G. Money Market Funds _________________________________________________________________________ 21 H. Findings and Recommendations ______________________________________________________________ 24 SUPERVISION ___________________________________________________________________________________ 27 A. Institutional Arrangements ____________________________________________________________________ 27 B. ESMA’s Role in Supervisory Convergence _