1. Where an MMF comprises more than one investment compartment, each compartment shall be regarded as a separate MMF for the purposes of Chapters II to VII.

2. MMFs authorised as UK UCITS shall not be subject to the following obligations concerning investment policies of UCITS laid down in UK law implementing Articles 49 to 50a, Article 51(2), and Articles 52 to 57 of Directive 2009/65/EC, unless explicitly specified otherwise in this Regulation.

3. The reference in paragraph 2 to UK law is a reference to the law of the United Kingdom which was relied on by the United Kingdom immediately before IP completion day to implement the provisions of Directive 2009/65/EC referred to in paragraph 2 -

(a) in the case of rules made by the FCA or by the PRA under FSMA, as they have effect on IP completion day; and

(b) as amended from time to time, in all other cases.