Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Applications for authorisation

Authorisation orders: authorised money market funds
261EA
1
If, on an application under section 261C(1)(b) in respect of a contractual 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 contractual scheme, or
b
the scheme—
i
is the subject of an application under section 261C(1)(a), and
ii
the conditions in section 261D(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 261D(1), or
b
an order under subsection (1) of this section.
S. 261EA 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(13)
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))
Pt. 17 Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)