Article 4 Authorisation of MMFs
1. No collective investment undertaking shall be established, marketed or managed in the United Kingdom as an MMF unless -
(a) it has been authorised by the FCA in accordance with this Regulation;
(aa) it is authorised and supervised in a country or territory approved by regulations under Article 4A and satisfies the condition in paragraph 1ZA;
(b) it is an EU MMF with temporary marketing permission; or
(c) it is an EU MMF which satisfies the condition in paragraph 1A and -
(i) which is a recognised scheme under section 272 of FSMA; or
(ii) in relation to which the FCA has received written notification under regulation 57 (subject to paragraph 1C), 58 or 59 of the AIFM Regulations.