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Commission Directive 2007/16/ECShow full title
Commission Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions (Text with EEA relevance)
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Article 3Article 1(9) of Directive 85/611/EECInstruments normally dealt in on the money market
1.The reference in Article 1(9) of Directive 85/611/EEC to money market instruments as instruments shall be understood as a reference to the following:
(a)financial instruments which are admitted to trading or dealt in on a regulated market in accordance with points (a), (b) and (c) of Article 19(1) of Directive 85/611/EEC;
(b)financial instruments which are not admitted to trading.
2.The reference in Article 1(9) of Directive 85/611/EEC to money market instruments as instruments normally dealt in on the money market shall be understood as a reference to financial instruments which fulfil one of the following criteria:
(a)they have a maturity at issuance of up to and including 397 days;
(b)they have a residual maturity of up to and including 397 days;
(c)they undergo regular yield adjustments in line with money market conditions at least every 397 days;
(d)their risk profile, including credit and interest rate risks, corresponds to that of financial instruments which have a maturity as referred to in points (a) or (b), or are subject to a yield adjustment as referred to in point (c).
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