uri:annex/1/3
- Disclose maximum management fees for UCITS investing in other funds
Retained EU Law
2017
United Kingdom
Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (Text with EEA relevance)
At a glance
What's here
23 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Authorisation of MMFs
- Obtain FCA authorisation before operating a money market fund
Procedure for authorising MMFs that are AIFs
- Apply for MMF authorisation and notify FCA of changes
Use of designation as MMF
- Do not use 'money market fund' or 'MMF' without authorisation
Applicable rules
- Comply with the Money Market Funds Regulation at all times
Eligible reverse repurchase agreements
- Meet strict conditions when using reverse repurchase agreements
Eligible units or shares of MMFs
- Comply with investment limits and conditions when investing in other money market funds
Diversification
- Diversify your money market fund's investments to avoid excessive concentration
Concentration
- Do not exceed 10% concentration limit per single issuer
Internal credit quality assessment procedure
- Establish and maintain an internal credit quality assessment procedure
Internal credit quality assessment
- Perform internal credit quality assessment for money market instruments
Documentation
- Document internal credit quality assessment procedures and keep records for 3 years
Governance of the credit quality assessment
- Govern your money market fund's internal credit quality assessment procedure
MMF credit ratings
- Disclose solicited or financed credit ratings in prospectus and communications
‘Know your customer’ policy
- Establish and apply 'know your customer' procedures to manage redemption risk
Valuation of MMFs
- Value MMF assets daily using mark-to-market or a conservative model
Calculation of NAV per unit or share
- Calculate and publish NAV per unit or share daily
Calculation of the constant NAV per unit or share of public debt CNAV MMFs
- Calculate and publish constant NAV daily for public debt CNAV MMFs
Calculation of the constant NAV per unit or share of LVNAV MMFs
- Calculate and publish constant NAV for LVNAV money market funds daily
Specific requirements for public debt CNAV MMFs and LVNAV MMFs
- Set up liquidity management procedures for specific money market funds
External support
- Your MMF must not accept external support from any third party
Transparency
- Clearly label your MMF type and include required risk statements in all marketing
Reporting to the FCA
- Report information on your money market fund to the FCA regularly
Browse 32 other sections — procedural / definitional / commencement
uri:annex/1/1
An MMF which is a UCITS may acquire the units...
— (1) Investments made in units of collective investment undertakings...
— (1) Where a UCITS invests in the units of...
Investments made by a UCITS may include units of UCITS...
Subject matter and scope
Definitions
Conditions for money market instruments and transferable securities
Types of MMFs
Approval of country or territory
General principles
Eligible assets
Eligible money market instruments
Eligible securitisations and ABCPs
Eligible deposits with credit institutions
Eligible financial derivative instruments
Eligible repurchase agreements
Delegated acts for the credit quality assessment
Portfolio rules for short-term MMFs
Portfolio rules for standard MMFs
Stress testing
Issue and redemption price
Supervision by the FCA
Powers of competent authorities
Penalties and other measures
Specific measures
Powers and competences of ESMA
Cooperation between authorities
Treatment of existing UCITS and AIFs
Regulations
Review
Entry into force
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