The Money Market Funds (Amendment) (EU Exit) Regulations 2019 No. 394

PART 3 Amendment of EU legislation

CHAPTER 1 Amendment of Regulation (EU) 2017/1131

Use of designation as MMF

8.  In Article 6—

(a) in paragraph 1—

(i) in the first subparagraph, for the words from “where” to the end substitute—

“where—

(a) for a UK UCITS or a UK AIF, the UCITS or AIF has been authorised in accordance with this Regulation; or

(b) the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i) is authorised as an EU MMF; and

(ii) is marketed in the United Kingdom under a temporary marketing permission.”;

(ii) in the second subparagraph, for the words from “unless” to the end substitute—

“unless—

(a) for a UK UCITS or a UK AIF, the UCITS or AIF has been authorised as an MMF in accordance with this Regulation; or

(b) the UCITS or AIF is an EEA UCITS or EEA AIF which is marketed in the United Kingdom under a temporary marketing permission.”;

(iii) in the third subparagraph, for the words from “unless” to the end substitute—

“unless—

(a) for a UK UCITS or a UK AIF, the UCITS or AIF has been authorised as an MMF in accordance with this Regulation; or

(b) the UCITS or AIF is an EEA UCITS or EEA AIF which is—

(i) authorised as an EU MMF; and

(ii) marketed in the United Kingdom under a temporary marketing permission.”;

(b) in paragraph 2, for “competent authorities” substitute “the FCA”.