Document ID: chunk:federal_register_of_legislation:F2022C00868:reg:24
Version: federal_register_of_legislation:F2022C00868
Segment Type: reg
Provision Reference: reg 24
Character Range: 62153–62776

24  Requirements for money market instruments
  A passport fund must not acquire a money market instrument unless the operator reasonably believes the following conditions are satisfied:
 (a) the instrument:
 (i) has maturity at issuance or a residual maturity of not more than 397 days; or
 (ii) may be reasonably expected to undergo regular yield adjustments that are in line with money market conditions at least once every 397 days; and
 (b) on any business day in the place in which it is acquired by the passport fund, the instrument:
 (i) can be reliably valued; and
 (ii) can be closed out or sold for that value.