Part XVII

Collective Investment Schemes
Chapter III

Authorised Unit Trust Schemes

Applications for authorisation

Authorisation orders: authorised money market funds
243A
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.
Pt. 17 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62 (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b))
S. 243A inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(7)