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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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- Revised 01/01/20190.38 MB
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Changes over time for: Article 5
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Regulation (EU) 2017/1131 of the European Parliament and of the Council, Article 5 is up to date with all changes known to be in force on or before 26 July 2024. 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 5:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
Changes and effects yet to be applied to the whole legislation item and associated provisions
- Art. 2(7) words substituted by S.I. 2024/705 Sch. 2 para. 30
Article 5U.K.Procedure for authorising MMFs that are AIFs
1.An AIF shall be authorised as an MMF only if the [F1FCA] approves the application submitted by an AIFM, that has already been [F2given permission under Part 4A of FSMA] to manage an MMF that is an AIF, and also approves the fund rules and the choice of the depositary.
2.When submitting the application for managing an MMF that is an AIF, the authorised AIFM shall provide the [F3FCA] with:
(a)the written agreement with the depositary;
(b)information on delegation arrangements regarding portfolio and risk management and administration with regard to the AIF;
(c)information about the investment strategies, the risk profile and other characteristics of MMFs that are AIFs that the AIFM manages or intends to manage.
F4...
3.Any subsequent modifications of the documentation referred to in paragraph 2 shall be immediately notified to the [F5FCA] by the AIFM.
4.The [F6FCA] shall refuse the application of the AIFM only in the event that any of the following applies:
(a)the AIFM does not comply with this Regulation;
(b)the AIFM does not comply with [F7UK law on alternative investment fund managers];
(c)the AIFM is not authorised by [F8the FCA] to manage MMFs;
(d)the AIFM has not provided the documentation referred to in paragraph 2.
F9...
F105.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.Within 2 months of submission of a complete application, the AIFM shall be informed whether or not authorisation of the AIF as an MMF has been granted.
7.The [F11FCA] shall not grant authorisation of an AIF as an MMF if the AIF is legally prevented from marketing its units or shares in [F12the United Kingdom].
[F138.For the purposes of this Article, “UK law on alternative investment fund managers” means—
(a)the law of the United Kingdom which was relied on by the United Kingdom immediately before IP completion day to implement Directive 2011/61/EU—
(i)in the case of rules made by the FCA under FSMA, as they have effect on IP completion day; and
(ii)as amended from time to time, in all other cases;
(b)EU Regulations, made under Directive 2011/61/EU, which form part of retained direct EU legislation, as amended from time to time; and
(c)subordinate legislation (within the meaning of the Interpretation Act 1978) made under the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 on or after IP completion day, as amended from time to time.]
Textual Amendments
F1Word in Art. 5(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 5(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Word in Art. 5(2) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 5(2) omitted (31.12.2020) by virtue of The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Word in Art. 5(3) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Word in Art. 5(4) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in Art. 5(4)(b) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(d)(i)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in Art. 5(4)(c) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(d)(i)(bb) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in Art. 5(4) omitted (31.12.2020) by virtue of The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(d)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10Art. 5(5) omitted (31.12.2020) by virtue of The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F11Word in Art. 5(7) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in Art. 5(7) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(f) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F13Art. 5(8) inserted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 7(g) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 25(c)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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