Article 1U.K.Subject matter and scope
1.This Regulation lays down rules for money market funds (MMFs) established, managed or marketed in the [F1United Kingdom], concerning the financial instruments eligible for investment by a MMF, the portfolio of an MMF, the valuation of the assets of an MMF, and the reporting requirements in relation to an MMF.
This Regulation applies to collective investment undertakings that:
[F2(a)require authorisation as UCITS or are authorised as UCITS under section 243 or 261D of FSMA M1 or regulation 14 of the OEIC Regulations M2; or are AIFs;]
(b)invest in short-term assets; and
(c)have distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment.
F32.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Art. 1(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 4(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Art. 1(1)(a) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 4(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Art. 1(2) omitted (31.12.2020) by virtue of The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 4(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)