Money market instruments

(1) Subject to section 198, the UCITS capital management company may acquire, for the account of a domestic UCITS, instruments customarily traded on the money market, and interest-bearing securities that, at the time of their acquisition for the domestic UCITS, have a residual maturity of no more than 397 days, whose rate of interest is, under the issue terms, regularly adjusted to market conditions during their entire term, but at least once every 397 days, or whose risk profile corresponds to the risk profile of such securities (money market instruments), only where they 1. are admitted to trading on an exchange in a Member State of the European Union or in another State party to the Agreement on the European Economic Area, or admitted to or included in trading on another organised market there, 2. are admitted to trading exclusively on an exchange outside the Member States of the European Union or outside the other States party to the Agreement on the European Economic Area, or admitted to or included in trading on another organised market there, insofar as the choice of this exchange or this organised market has been approved by the Federal Institute, 3. are issued or guaranteed by the European Union, the Federation, a special fund of the Federation, a Land, another Member State, or another central, regional, or local government entity, or the central bank of a Member State of the European Union, the European Central Bank, or the European Investment Bank, a third country, or, where the third country is a federal state, a constituent state of this federal state, or by an international public-law body of which at least one Member State of the European Union is a member, 4. are issued by an undertaking whose securities are traded on the markets named in points 1 and 2, 5. are issued or guaranteed a) by a credit institution subject to supervision under the criteria laid down in the law of the European Union, or b) by a credit institution subject to, and complying with, supervisory provisions that, in the Federal Institute's view, are equivalent to those of the law of the European Union, or 6. are issued by other issuers, and the respective issuer is a) an undertaking with own funds of at least EUR 10 million that draws up and publishes its annual financial statements under the provisions of Directive 2013/34/EU, b) a legal entity that, within a group of companies comprising one or more listed companies, is responsible for the financing of this group, or c) a legal entity intended to finance the securitisation of liabilities through the use of a credit line granted by a bank; Article 7 of Directive 2007/16/EC applies to the securitisation and the credit line granted by a bank.
(2) Money market instruments within the meaning of subsection (1) may be acquired only where they satisfy the requirements of Article 4(1) and (2) of Directive 2007/16/EC. Article 4(3) of Directive 2007/16/EC applies to money market instruments within the meaning of subsection (1), points 1 and 2.
(3) Money market instruments within the meaning of subsection (1), points 3 to 6, may be acquired only where the issue or the issuer of these instruments is subject to provisions on deposit and investor protection and the criteria of Article 5(1) of Directive 2007/16/EC are additionally satisfied. Article 5(2) of Directive 2007/16/EC applies to the acquisition of money market instruments that are issued under subsection (1), point 3, by a regional or local government entity of a Member State of the European Union, or by an international public-law body within the meaning of subsection (1), point 3, but are not guaranteed by this Member State or, where it is a federal state, by a constituent state of this federal state, and to the acquisition of money market instruments under subsection (1), points 4 and 6; Article 5(4) of this Directive applies to the acquisition of all other money market instruments under subsection (1), point 3, other than money market instruments issued or guaranteed by the European Central Bank or the central bank of a Member State of the European Union. Article 5(3) of Directive 2007/16/EC, and, where these are money market instruments issued or guaranteed by a credit institution subject to, and complying with, supervisory provisions that, in the Federal Institute's view, are equivalent to those of the law of the European Union, Article 6 of Directive 2007/16/EC, apply to the acquisition of money market instruments under subsection (1), point 5.