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The Money Market Funds Regulations 2018
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- UK Statutory Instruments
- 2018 No. 698
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are made in relation to Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (OJ L 169 30.6.2017) which will apply in the United Kingdom from 21st July 2018 (“the Regulation”). These Regulations make amendments to ensure that the Financial Conduct Authority is able to authorise money market funds and enforce the provisions of the EU Regulation on the day that it comes into force.
Regulation 2 amends the Financial Services and Markets Act 2000 (c.8) to provide powers of authorisation and intervention for the Financial Conduct Authority in respect of unit trust funds and contractual schemes, both of which may be types of money market fund.
Regulation 3 amends the Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228) in order to allow funds which are open-ended investment companies to apply to become money market funds, or for funds which apply to be authorised as an open-ended investment company to be authorised as a money market fund at the same time.
Regulation 4 amends the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773) to make provision for the Financial Conduct Authority to direct the manner in which an application may be made for an alternative investment fund to be authorised as a money market fund, and the process for intervention by the Financial Conduct Authority in respect of such a fund.
Regulation 5 makes minor amendments to the Financial Services and Markets Act 2000 (Qualifying European Union Provisions) Order 2013 (S.I. 2013/419) by inserting the Regulation in order to enable the Financial Conduct Authority to investigate and bring enforcement action against funds directly for breach of the Regulation.
A full regulatory impact assessment has not been produced for this instrument as no impact on the public or voluntary sector is foreseen. There will be an impact on asset management firms which will be required to pay fees to the Financial Conduct Authority for authorisation of money market funds. These fees are set by the Financial Conduct Authority to meet the costs of authorisation and supervision and are expected to be minimal. The Financial Conduct Authority has consulted on its approach to fees.
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