1. The Treasury may make regulations for the purposes of Article 4(1)(aa) approving a country or territory in relation to MMFs.

2. The Treasury may not make regulations under paragraph 1 unless satisfied that the law and practice of the country or territory imposes requirements on MMFs which have equivalent effect to the requirements imposed by this Regulation.

3. In making regulations under this Article, the Treasury may have regard to any matter that they consider relevant.

4. When considering whether to make, vary or revoke regulations under this Article, the Treasury may ask the FCA to prepare a report on the law and practice of the country or territory under which MMFs are authorised and supervised, or particular aspects of such law and practice.

5. A request for a report under paragraph 4 must be made in writing.

6. If the Treasury ask for a report under paragraph 4, the FCA must provide the Treasury with the report.