{
  "url": "https://openlegislation.uk/eu-regulation-2017-1131/article-29",
  "json_url": "https://openlegislation.uk/eu-regulation-2017-1131/article-29.json",
  "legislation": "eur/2017/1131",
  "legislation_title": "Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2017-1131",
  "path": "article/29",
  "kind": "article",
  "number": "29",
  "heading": "Valuation of MMFs",
  "text": "1. The assets of an MMF shall be valued on at least a daily basis.\n2. The assets of an MMF shall be valued by using mark-to-market whenever possible.\n3. When using mark- to-market:\n(a) the asset of an MMF shall be valued at the more prudent side of bid and offer unless the asset can be closed out at mid-market;\n(b) only good quality market data shall be used; such data shall be assessed on the basis of all of the following factors:\n(i)the number and quality of the counterparties;\n(ii)the volume and turnover in the market of the asset of the MMF;\n(iii)the issue size and the portion of the issue that the MMF plans to buy or sell.\n4. Where use of mark-to-market is not possible or the market data is not of sufficient quality, an asset of an MMF shall be valued conservatively by using mark-to-model.\nThe model shall accurately estimate the intrinsic value of the asset of an MMF, based on all of the following up-to-date key factors:\n(a) the volume and turnover in the market of that asset;\n(b) the issue size and the portion of the issue that the MMF plans to buy or sell;\n(c) market risk, interest rate risk, credit risk attached to the asset.\nWhen using mark-to-model, the amortised cost method shall not be used.\n5. A valuation carried out in accordance with paragraphs 2, 3, 4, 6 and 7 shall be communicated to the FCA.\n6. Notwithstanding paragraphs 2, 3 and 4, the assets of public debt CNAV MMFs may additionally be valued by using the amortised cost method.\n7. By way of derogation from paragraphs 2 and 4, in addition to the mark-to-market referred to in paragraphs 2 and 3 and the mark-to-model referred to in paragraph 4, the assets of LVNAV MMFs that have a residual maturity of up to 75 days may be valued by using the amortised cost method.\nThe amortised cost method shall only be used for valuing an asset of a LVNAV MMF in circumstances where the price of that asset calculated in accordance with paragraphs 2, 3 and 4 does not deviate from the price of that asset calculated in accordance with the first subparagraph of this paragraph by more than 10 basis points. In the event of such a deviation, the price of that asset shall be calculated in accordance with paragraphs 2, 3 and 4.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in Art. 29(5) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 14 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2017/1131/article/29",
    "retrieved_at": "2026-11-01T14:44:50.790873+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."
}