1. By 21 July 2022, the Commission shall review the adequacy of this Regulation from a prudential and economic point of view, following consultations with ESMA and, where appropriate, the ESRB, including whether changes are to be made to the regime for public debt CNAV MMFs and LVNAV MMFs.

2. The review shall in particular:

(a) analyse the experience acquired in applying this Regulation, the impact on investors, MMFs and the managers of MMFs in the Union;

(b) assess the role that MMFs play in purchasing debt issued or guaranteed by the Member States;

(c) take into account the specific characteristics of the debt issued or guaranteed by the Member States and the role that the debt plays in financing the Member States;

(d) take into account the report referred to in Article 509(3) of Regulation (EU) No 575/2013;

(e) take into account the impact of this Regulation on the short-term financing markets;

(f) take into account the regulatory developments at international level.