Retained EU Law SI 2017/1131 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)

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person21 Data Controller1 Financial Services Firm1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Data Controller — also bound by 35 other Acts
Financial Services Firm — also bound by 167 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

uri:annex/1/3 — (1) Where a UCITS invests in the units of... Regulated
  • Disclose maximum management fees for UCITS investing in other fundsAny Person
s.art004 Authorisation of MMFs Regulated
  • Obtain FCA authorisation before operating a money market fundAny Person
s.art005 Procedure for authorising MMFs that are AIFs Regulated
  • Apply for MMF authorisation and notify FCA of changesFinancial Services Firm
s.art006 Use of designation as MMF Regulated
  • Do not use 'money market fund' or 'MMF' without authorisationAny Person
s.art007 Applicable rules Regulated
  • Comply with the Money Market Funds Regulation at all timesAny Person
s.art015 Eligible reverse repurchase agreements Regulated
  • Meet strict conditions when using reverse repurchase agreementsAny Person
s.art016 Eligible units or shares of MMFs Regulated
  • Comply with investment limits and conditions when investing in other money market fundsAny Person
s.art017 Diversification Regulated
  • Diversify your money market fund's investments to avoid excessive concentrationAny Person
s.art018 Concentration Regulated
  • Do not exceed 10% concentration limit per single issuerAny Person
s.art019 Internal credit quality assessment procedure Regulated
  • Establish and maintain an internal credit quality assessment procedureAny Person
s.art020 Internal credit quality assessment Regulated
  • Perform internal credit quality assessment for money market instrumentsAny Person
s.art021 Documentation Regulated
  • Document internal credit quality assessment procedures and keep records for 3 yearsAny Person
s.art023 Governance of the credit quality assessment Regulated
  • Govern your money market fund's internal credit quality assessment procedureAny Person
s.art026 MMF credit ratings Regulated
  • Disclose solicited or financed credit ratings in prospectus and communicationsAny Person
s.art027 ‘Know your customer’ policy Regulated
  • Establish and apply 'know your customer' procedures to manage redemption riskAny Person
s.art029 Valuation of MMFs Regulated
  • Value MMF assets daily using mark-to-market or a conservative modelAny Person
s.art030 Calculation of NAV per unit or share Regulated
  • Calculate and publish NAV per unit or share dailyAny Person
s.art031 Calculation of the constant NAV per unit or share of public debt CNAV MMFs Regulated
  • Calculate and publish constant NAV daily for public debt CNAV MMFsAny Person
s.art032 Calculation of the constant NAV per unit or share of LVNAV MMFs Regulated
  • Calculate and publish constant NAV for LVNAV money market funds dailyAny Person
s.art034 Specific requirements for public debt CNAV MMFs and LVNAV MMFs Regulated
  • Set up liquidity management procedures for specific money market fundsAny Person
s.art035 External support Regulated
  • Your MMF must not accept external support from any third partyAny Person
s.art036 Transparency Regulated
  • Clearly label your MMF type and include required risk statements in all marketingData Controller
s.art037 Reporting to the FCA Regulated
  • Report information on your money market fund to the FCA regularlyAny Person
30 other provisions — procedural and definitional
uri:annex/1/1 An MMF which is a UCITS may acquire the units...
s.002 — (1) Investments made in units of collective investment undertakings...
s.004 Investments made by a UCITS may include units of UCITS...
s.art001 Subject matter and scope
s.art002 Definitions
s.art002 Conditions for money market instruments and transferable securities
s.art003 Types of MMFs
s.art004 Approval of country or territory
s.art008 General principles
s.art009 Eligible assets
s.art010 Eligible money market instruments
s.art011 Eligible securitisations and ABCPs
s.art012 Eligible deposits with credit institutions
s.art013 Eligible financial derivative instruments
s.art014 Eligible repurchase agreements
s.art022 Delegated acts for the credit quality assessment
s.art024 Portfolio rules for short-term MMFs
s.art025 Portfolio rules for standard MMFs
s.art028 Stress testing
s.art033 Issue and redemption price
s.art038 Supervision by the FCA
s.art039 Powers of competent authorities
s.art040 Penalties and other measures
s.art041 Specific measures
s.art042 Powers and competences of ESMA
s.art043 Cooperation between authorities
s.art044 Treatment of existing UCITS and AIFs
s.art045 Regulations
s.art046 Review
s.art047 Entry into force

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.