The Money Markets Funds Regulation lays down a common framework of rules for qualifying money market funds regulates the use of the designation “MMF” for funds to ensure that no fund may use that designation without authorisation, and requiring funds with the characteristics of MMFs to be authorised as an MMF. This instrument makes amendments to the MMF Regulation to ensure it continues to operate effectively in a no deal scenario after exit day. Changes include: assigning responsibility for the functions of the European supervisory bodies and the European Commission to appropriate UK bodies, making provision for any EEA UCITS or AIF fund that is using the ‘temporary permissions regime’ to be able to be marketed into the UK as an MMF. This will allow EEA funds which currently market into the UK via a passport to continue to do so for a limited period whilst they gain necessary permission to market into the UK as a third country.
Also see EU Exit SI tracker