(1) A responsible person of a UCITS that is a Short-Term Money-Market Fund shall not permit that UCITS to follow an amortised cost valuation methodology unless the UCITS or, where relevant, its delegate has demonstrated expertise in the operations of money market funds that follow this method of valuation.
(2) For the purposes of paragraph (1), expertise shall be demonstrable where any of the following conditions is satisfied:
(a) the short-term money-market fund has obtained a triple-A rating from an internationally recognised rating agency;
(b) the responsible person is engaged in the management, or has been engaged in the management, of a triple-A rated money-market fund;
(c) in circumstances other than those in subparagraph (a) or subparagraph (b), where the responsible person or, where relevant, its delegate, has demonstrated to the Bank (through separate application) that appropriate expertise exists in the operation of this type of Money-Market Fund.
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