http://www.legislation.gov.uk/eur/2017/1131/article/4Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (Text with EEA relevance)Regulation (EU) 2017/1131 of the European Parliament and of the CouncilRegulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R1131-20190101texttext/xmlen2025-04-11Expert Participation2025-02-27 CHAPTER I<Strong><Emphasis>General provisions</Emphasis></Strong>Authorisation of MMFsArticle 41No collective investment undertaking shall be established, marketed or managed in the United Kingdom as an MMF unless— ait has been authorised by the FCA in accordance with this Regulation;aait is authorised and supervised in a country or territory approved by regulations under Article 4A and satisfies the condition in paragraph 1ZA;bit is an EU MMF with temporary marketing permission; orcit is an EU MMF which satisfies the condition in paragraph 1A and—iwhich is a recognised scheme under section 272 of FSMA; oriiin relation to which the FCA has received written notification under regulation 57 (subject to paragraph 1C), 58 or 59 of the AIFM Regulations....1ZA.An undertaking satisfies the condition in this paragraph if the FCA has received written notification that the undertaking intends to be marketed in the United Kingdom as an MMF.1ZB.A notification under paragraph 1ZA must—abe made by such person, and in such form and manner, as the FCA may direct, andbcontain or be accompanied by such information as the FCA may direct.1ZC.Different directions may be given under paragraph 1ZB in relation to different undertakings or categories of undertaking.1A.An EU MMF satisfies the condition in this paragraph if, immediately before the relevant date, it was—aa recognised scheme under Part 6 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019; orbmarketed in the United Kingdom under Part 9A of the Alternative Investment Fund Managers Regulations 2013.1B.For the purposes of paragraph 1A, the “relevant date” is the date on which—athe EU MMF was declared to be a recognised scheme under section 272 of FSMA, orbthe FCA received the written notification referred to in paragraph 1(c)(ii).1C.If an EU MMF was marketed in the United Kingdom by an EEA AIFM before IP completion day under regulation 57 of the AIFM Regulations, the AIFM must give notice to the FCA for the purposes of paragraph 1(c) under regulation 58 or 59 of those Regulations.2The following requirements apply to unit trust schemes (within the meaning of section 237(1) of FSMA)—aa unit trust scheme that applies for authorisation under section 243 of FSMA and under this Regulation for the first time must be authorised as a money market fund under section 243A of FSMA;ba unit trust scheme that has already been authorised under section 243 of FSMA may apply to be authorised as a money market fund under section 243A of FSMA and in accordance with the procedure set out in paragraph 5 of this Article.2A.The following rules apply to contractual schemes (within the meaning of section 235A(1) of FSMA)—aa contractual scheme that applies for authorisation under section 261D of FSMA and under this Regulation for the first time must be authorised as a money market fund under section 261EA of FSMA;ba contractual scheme that has already been authorised under section 261D of FSMA may apply to be authorised as a money market fund under section 261EA of FSMA and in accordance with the procedure set out in paragraph 5 of this Article.2B.The following rules apply to open-ended investment companies (within the meaning of section 236(1) of FSMA—aan open-ended investment company that applies for authorisation under regulation 14 of the OEIC Regulations and under this Regulation for the first time must be authorised as a money market fund under regulation 14(1A) of the OEIC Regulations;ban open-ended investment company that has already been authorised under regulation 14 of the OEIC Regulations may apply to be authorised as a money market fund under regulation 14(1A) of the OEIC Regulations and in accordance with the procedure set out in paragraph 5 of this Article.3A collective investment undertaking that is an AIF and that requires authorisation as an MMF under this Regulation shall be authorised as an MMF pursuant to the authorisation procedure laid down in Article 5.4No collective investment undertaking shall be authorised as an MMF unless the FCA is satisfied that the MMF will be able to meet all the requirements of this Regulation.5For the purposes of authorisation as an MMF, a collective investment undertaking shall submit to the FCA all of the following documents:athe fund rules or instruments of incorporation of the MMF, including an indication of which type of MMF it is from those set out in Article 3(1);bidentification of the manager of the MMF;cidentification of the depositary;da description of, or any information on, the MMF available to investors;ea description of, or any information on, the arrangements and procedures needed to comply with the requirements referred to in Chapters II to VII;fany other information or document requested by the FCA of the MMF to verify compliance with the requirements of this Regulation.6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7the FCA shall keep a central public register identifying each MMF authorised under this Regulation, its type in accordance with Article 3(1), whether it is a short-term or standard MMF, the manager of an MMF and the competent authority of the MMF. The register shall be made available in electronic format.Art. 4(1A)-(1C) inserted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(a)(iii) (as amended by S.I. 2019/1390, regs. 1(4), 10(2) and S.I. 2020/1301, regs. 1, 3, Sch. para. 25(b)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 4(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 4(1) omitted (31.12.2020) by virtue of The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 4(5)(f) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(d)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 4(5) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(d)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 4(1)(aa) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), ss. 26(2)(a), 49(5); S.I. 2022/163, reg. 2(c)Words in Art. 4(4) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 4(7) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(f) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 4(1ZA)-(1ZC) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), ss. 26(2)(b), 49(5); S.I. 2022/163, reg. 2(c)Art. 4(6) omitted (31.12.2020) by virtue of The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 4(2)-(2B) substituted for Art. 4(2) (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 6(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)