1. A money market instrument shall be eligible for investment by an MMF provided that it fulfils all of the following requirements:

(a) it falls within one of the categories of money market instruments referred to in rule 5.2.8 of the Collective Investment Schemes sourcebook;

(b) it displays one of the following alternative characteristics:

(i) it has a legal maturity at issuance of 397 days or less;

(ii) it has a residual maturity of 397 days or less;

(c) the issuer of the money market instrument and the quality of the money market instrument have received a favourable assessment pursuant to Articles 19 to 22;

(d) where an MMF invests in a securitisation or ABCP, it is subject to the requirements laid down in Article 11.