Money-market instruments

(Article 4(1)(17) of Directive 2014/65/EU)
Money-market instruments in accordance with Article 4(1)(17) of Directive 2014/65/EU, shall include treasury bills, certificates of deposits, commercial papers and other instruments with substantively equivalent features where they have the following characteristics:
(a)
they have a value that can be determined at any time;
(b)
they are not derivatives;
(c)
they have a maturity at issuance of 397 days or less.