Regulation (EU) 2017/1131 of the European Parliament and of the CouncilShow full title

Article 41 Specific measures

1. Without prejudice to powers vested in competent authorities in accordance with Directive 2009/65/EC or 2011/61/EU, as applicable, the competent authority of an MMF or the manager of an MMF shall, while respecting the principle of proportionality, take the appropriate measures referred to in paragraph 2 where an MMF or the manager of an MMF:

(a) fails to comply with any of the requirements regarding asset composition, in infringement of Articles 9 to 16;

(b) fails to comply with any of the portfolio requirements, in infringement of Article 17, 18, 24 or 25;

(c) has obtained authorisation through false statements or any other irregular means, in infringement of Article 4 or 5;

(d) uses the designation ‘money market fund’, ‘MMF’ or of another designation that suggests that a UCITS or AIF is an MMF, in infringement of Article 6;

(e) fails to comply with any of the requirements regarding the internal credit quality assessment, in infringement of Article 19 or 20;

(f) fails to comply with any of the governance, documentation or transparency requirements, in infringement of Article 21, 23, 26, 27, 28 or 36;

(g) fails to comply with any of the requirements regarding valuation, in infringement of Article 29, 30, 31, 32, 33 or 34.

2. In the cases referred to in paragraph 1, the competent authority of the MMF shall, as appropriate:

(a) take measures to ensure that the MMF or the manager of an MMF concerned complies with the relevant provisions;

(b) withdraw an authorisation granted in accordance with Article 4 or 5.