Regulation 160 Safeguarding clients' rights relative to financial instruments

(1) In this Regulation and in Regulation 161, "qualifying money market fund" means a collective investment undertaking - (a) authorised under Directive 85/611/EEC, or (b) which is subject to supervision and, if applicable, authorised by an authority under the national law of a Member State, and which satisfies the following conditions: (i) its primary investment objective must be to maintain the net asset value of the undertaking either constant at par (net of earnings), or at the value of the investors' initial capital plus earnings (ii) it must, with a view to achieving that primary investment objective (I) invest exclusively in high quality money market instruments with a maturity or residual maturity of no more than 397 days, or regular yield adjustments consistent with such a maturity, and with a weighted average maturity of 60 days, or (II) invest on an ancillary basis in deposits with credit institutions (iii) it must provide liquidity through sa