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Regulation (EU) 2017/1131 of the European Parliament and of the CouncilShow full title
Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (Text with EEA relevance)
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Changes over time for: Article 27
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Regulation (EU) 2017/1131 of the European Parliament and of the Council, Article 27 is up to date with all changes known to be in force on or before 31 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Article 27:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
Article 27U.K.‘Know your customer’ policy
1.Without prejudice to any more stringent requirements set out in [F1 the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017], the manager of an MMF shall establish, implement and apply procedures and exercise all due diligence with a view to anticipating the effect of concurrent redemptions by several investors, taking into account at least the type of investor, the number of units or shares in the fund owned by a single investor and the evolution of inflows and outflows.
2.If the value of the units or shares held by a single investor exceeds the amount of the corresponding daily liquidity requirement of an MMF, the manager of the MMF shall consider, in addition to the factors set out in paragraph 1, all of the following:
(a)identifiable patterns in investor cash needs, including the cyclical evolution of the number of shares in the MMF;
(b)the risk aversion of the different investors;
(c)the degree of correlation or close links between different investors in the MMF.
3.Where investors route their investments via an intermediary, the manager of an MMF shall request the information to comply with paragraphs 1 and 2 from the intermediary in order to manage appropriately the liquidity and investor concentration of the MMF.
4.The manager of an MMF shall ensure that the value of the units or shares held by a single investor does not materially impact the liquidity profile of the MMF where it accounts for a substantial part of the total NAV of the MMF.
Textual Amendments
F1Words in Art. 27(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 13(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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