Article 6 Use of designation as MMF

United Kingdom

A UCITS or an AIF shall use the designation ‘money market fund’ or ‘MMF’ in relation to itself or the units or shares it issues only F1where—

(a)

for a UK UCITS or a UK AIF, the UCITS or AIF has been authorised in accordance with this Regulation; or

(F2aa)

the UCITS or AIF is authorised and supervised in a country or territory approved by regulations under Article 4A and satisfies the condition in Article 4(1ZA); or

(b)

the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i)

is an EU MMF with temporary marketing permission; or

(ii)

is a UK-recognised EU MMF;

A UCITS or an AIF shall not use a misleading or inaccurate designation which would suggest it is an MMF, F3unless—

(a)

for a UK UCITS or a UK AIF, the UCITS or AIF has been authorised as an MMF in accordance with this Regulation; or

(b)

the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i)

is an EU MMF with temporary marketing permission; or

(ii)

is a UK-recognised EU MMF;

A UCITS or an AIF shall not have characteristics which are substantially similar to those referred to in Article 1(1), F4unless—

(a)

for a UK UCITS or a UK AIF, the UCITS or AIF has been authorised as an MMF in accordance with this Regulation; or

(b)

the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i)

is an EU MMF with temporary marketing permission; or

(ii)

is a UK-recognised EU MMF;

The use of the designation ‘money market fund’, ‘MMF’ or of another designation that suggests that a UCITS or AIF is an MMF shall mean use in any external documents, prospectuses, reports, statements, advertisements, communications, letters or any other material addressed to or intended for distribution to prospective investors, unit-holders, shareholders or F5the FCA in written, oral, electronic or any other form.

F6(3.)

—

(1)

For the purposes of this Article, “UK-recognised EU MMF” means an EU MMF which satisfies the condition in subparagraph (2) and—

(a)

which is a recognised scheme under section 272 of FSMA; or

(b)

in relation to which the FCA has received written notification under regulation 57 (subject to paragraph (4)), 58 or 59 of the AIFM Regulations.

(2)

An EU MMF satisfies the condition in this subparagraph if, immediately before the relevant date, it was—

(a)

a recognised scheme under Part 6 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019; or

(b)

marketed in the United Kingdom under Part 9A of the AIFM Regulations.

(3)

For the purposes of subparagraph (2), the “relevant date” is the date on which—

(a)

the EU MMF was declared to be a recognised scheme under section 272 of FSMA, or

(b)

the FCA received the written notification referred to in subparagraph 1(b).

(4)

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 subparagraph 1(b) under regulation 58 or 59 of those Regulations.

Annotations

Textual amendments

F1: Words in Art. 6(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 8(a)(i) (as amended by S.I. 2019/1390, regs. 1(4), 10(3)(a)(i)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2: Art. 6(1)(aa) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), ss. 26(4), 49(5); S.I. 2022/163, reg. 2(c)
F3: Words in Art. 6(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 8(a)(ii) (as amended by S.I. 2019/1390, regs. 1(4), 10(3)(a)(ii)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in Art. 6(1) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 8(a)(iii) (as amended by S.I. 2019/1390, regs. 1(4), 10(3)(a)(iii)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5: Words in Art. 6(2) substituted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 8(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6: Art. 6(3) inserted (31.12.2020) by The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394), regs. 1(3), 8(c) (as inserted by S.I. 2019/1390, regs. 1(4), 10(3)(b) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 49(a))) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1))