1. An AIF shall be authorised as an MMF only if the FCA approves the application submitted by an AIFM, that has already been given permission under Part 4A of FSMA to manage an MMF that is an AIF, and also approves the fund rules and the choice of the depositary.

2. When submitting the application for managing an MMF that is an AIF, the authorised AIFM shall provide the FCA with:

(a) the written agreement with the depositary;

(b) information on delegation arrangements regarding portfolio and risk management and administration with regard to the AIF;

(c) information about the investment strategies, the risk profile and other characteristics of MMFs that are AIFs that the AIFM manages or intends to manage.

3. Any subsequent modifications of the documentation referred to in paragraph 2 shall be immediately notified to the FCA by the AIFM.

4. The FCA shall refuse the application of the AIFM only in the event that any of the following applies: