A deposit with a credit institution shall be eligible for investment by an MMF provided that all of the following conditions are fulfilled:

(a) the deposit is repayable on demand or is able to be withdrawn at any time;

(b) the deposit matures in no more than 12 months;

(c) the credit institution has its registered office in the United Kingdom or in a Member State or, where the credit institution has its registered office in a country other than the United Kingdom or a Member State, it is subject to prudential rules considered equivalent to those laid down -

(i) in European Union law in accordance with a decision adopted before IP completion day by the Commission under the procedure laid down in Article 107(4) of Regulation (EU) No 575/2013; or

(ii) in the law of the United Kingdom, in accordance with regulations made on or after IP completion day by the Treasury under Article 107(4) of that Regulation as it forms part of domestic law under section 3 of the European Union (Withdrawal) Act 2018.