(1)If, on an application under section 242(1)(b) in respect of a unit trust scheme, conditions A and B are met the FCA may make an order declaring the scheme to be an authorised money market fund.
(2)Condition A is that the FCA is satisfied that the scheme will be able to comply with the requirements imposed on a money market fund under the MMF Regulation.
(3)Condition B is that—
(a)the scheme is an authorised unit trust scheme, or
(b)the scheme—
(i)is the subject of an application under section 242(1)(a), and
(ii)the conditions in section 243(1)(a) to (c) are met in relation to that application.
(4)If the FCA makes an order under subsection (1), it must give written notice of the order to the applicant.
(5)In this Chapter “authorisation order” means—
(a)an order under section 243(1), or
(b)an order under subsection (1) of this section.]
Textual Amendments
F1S. 243A inserted (28.6.2018 for specified purposes) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(7)