The Money Market Funds (Amendment) (EU Exit) Regulations 2019

Supervision

17.—(1) In Article 38—

(a) in the heading, and in paragraph 1, for “competent authorities” substitute “FCA”;

(b) in paragraph 2, for “competent authority of the MMF or, where relevant, the competent authority of the manager of an MMF” substitute “FCA”;

(c) in paragraph 3, for “competent authority of the MMF” substitute “FCA”;

(d) in paragraph 4, for “competent authority of the manager of an MMF”, substitute “FCA”;

(e) in paragraph 5, for the words from “Competent” to “territories” substitute “Subject to paragraph 6, the FCA must monitor UCITS and AIFs established or marketed in the United Kingdom”; and

(f) after paragraph 5, insert—

“6.   The FCA must monitor EEA UCITS and EEA AIFs marketed in the United Kingdom to verify that they do not use the MMF designation or suggest that they are an MMF unless they comply with the EU MMF Regulation.”.

(2) In Article 39, for the words before point (a) substitute —

“Without prejudice to powers vested in the FCA under FSMA, the OEIC Regulations, and the AIFM Regulations, the FCA has all supervisory and investigatory powers that are necessary for the exercise of its functions with respect to this Regulation. In particular, it has the power to do all of the following:”.

(3) Article 40 is omitted.

(4) In Article 41—

(a) in paragraph 1, in the opening words—

(i) for the words from “competent authorities” to “2011/61/EU” substitute “the FCA under FSMA, the OEIC Regulations or the AIFM Regulations”;

(ii) for “the competent authority of an MMF or the manager of an MMF” substitute “the FCA”;

(b) in paragraph 2, for “competent authority of the MMF” substitute “FCA”.

(5) Articles 42 and 43 are omitted.