1. This Regulation lays down rules for money market funds (MMFs) established, managed or marketed in the United Kingdom, concerning the financial instruments eligible for investment by a MMF, the portfolio of an MMF, the valuation of the assets of an MMF, and the reporting requirements in relation to an MMF.

This Regulation applies to collective investment undertakings that:

(a) require authorisation as UCITS or are authorised as UCITS under section 243 or 261D of FSMA [2000 c. 8.] or regulation 14 of the OEIC Regulations [S.I. 2001/1228.]; or are AIFs;

(b) invest in short-term assets; and

(c) have distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment.

2. [deleted]