Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money definition

What does Money mean? In legal practice, money refers to the generally accepted means of payment used to discharge monetary obligations, pay for goods and services, and satisfy judgments. It ordinarily includes cash (banknotes and coins, typically sterling in the UK and euro in Ireland) and sums standing to the credit of a bank account transferable by cheque or electronic transfer; it can also include foreign currency if agreed. The term is descriptive rather than strictly defined, though related concepts are defined in legislation. 'Legal tender' identifies what must be accepted in settlement of a debt: in England and Wales, Bank of England notes...

UK money market funds: regime essentials, authorisation, UCITS/AIFM interactions, investment and liquidity rules, CNAV/LVNAV/VNAV, and post‑Brexit reform proposals including TMPR and the Overseas Funds Regime

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note examines core aspects of the UK framework for Money market Funds (MMFs) that stems from Regulation (EU) 2017/1131 (the EU MMF Regulation). It also looks at suggested changes to the framework, with the Financial Conduct Authority (FCA), HM Treasury and the Bank of England (BoE) working jointly to bolster its resilience and align it with post‑Brexit regulatory objectives. For background on the EU MMF Regulation, see Practice Note: EU MMF Regulation—essentials.

What is an MMF?

Money market funds (MMFs) are investment funds that invest in short‑term debt instruments and so play a significant role in the short‑term financing of the economy. In particular, MMFs are open‑ended, liquid investment funds that invest in fixed income through short‑term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore form an important connection between demand for, and the supply of, short‑term debt. Further information on the eligible assets of an MMF is set out in Investment policies of MMFs below...

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Web page updated on 22/05/2026

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