(This note is not part of the Regulations)
These Regulations are made in relation to Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (OJ L 169 30.6.2017) which will apply in the United Kingdom from 21st July 2018 ("the Regulation"). These Regulations make amendments to ensure that the Financial Conduct Authority is able to authorise money market funds and enforce the provisions of the EU Regulation on the day that it comes into force.
Regulation 2 amends the Financial Services and Markets Act 2000 (c.8) to provide powers of authorisation and intervention for the Financial Conduct Authority in respect of unit trust funds and contractual schemes, both of which may be types of money market fund.
Regulation 3 amends the Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228) in order to allow funds which are open-ended investment companies to apply to become money market funds, or for funds which apply to be author…