{
  "url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-regulations-1988/regulation-23",
  "json_url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-regulations-1988/regulation-23.json",
  "legislation": "uksi/1988/284",
  "legislation_title": "The Authorised Unit Trust Scheme (Investment and Borrowing Powers) Regulations 1988",
  "legislation_url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-regulations-1988",
  "path": "regulation/23",
  "kind": "regulation",
  "number": "23",
  "heading": "Money market funds; spread of investments",
  "text": "(1) Subject to the provisions of paragraph (2)—\n(a) not more than 5% in value of the property of a money market fund shall consist of instruments which are not Government and other public securities and are issued by the same issuer;\n(b) not more than 10% in value of a money market fund shall be kept on deposit with or be on loan to the same person, and, for the purposes of this sub-paragraph, the trustee, each person in the same group as the trustee, any controller of the trustee and any person of whom the trustee is a controller shall all be treated as one person as shall the manager, each person in the same group as the manager, any controller of his and any person of whom he is a controller;\n(c) up to 80% in value of the property of a money market fund may consist of Government and other public securities provided that, if more than 35% in value of the property of the fund consists of such securities, the property must include Government and other public securities of at least five different issues; and\n(d) not more than 30% in value of a money market fund shall consist of Government and other public securities of the same issue.\n(2) Notwithstanding the provisions of paragraph (1)(b), up to 20% in value of the property of a money market fund may be kept on deposit with or on loan to—\n(a) any one building society; or\n(b) any one authorised institution provided that the authorised institution is not in the same group as the manager or trustee and is not a controller of either of them or a person of whom either of them is a controller and provided also that the amount so deposited or lent does not exceed 10% of the relevant institution’s issued capital and reserves as shown in its last published accounts.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/284/regulation/23",
    "retrieved_at": "2026-10-29T16:11:24.323440+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}