(1) A responsible person shall only invest assets of a UCITS in a money-market instrument where the responsible person has -
(a) assessed the liquidity of that money-market instrument, and
(b) retained written records of that assessment.
(2) In assessing the liquidity of a money-market instrument for the purpose of subparagraph (1)(a), the responsible person shall take the following factors into account:
(a) in respect of the particular money-market instrument:
(i) the frequency of trades and quotes for the instrument;
(ii) the number of dealers who are willing to purchase and sell the instrument;
(iii) the willingness of the relevant dealers to make a market in the relevant instrument;
(iv) the nature of market place trades;
(v) the size of the particular issuance or programme;
(vi) the possibility to repurchase, redeem or sell the relevant instrument in a short period and whether such repurchase, redemption or sale can be achieved at limited cost in terms of fees and bid/offer prices
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