- amortised cost method
means a valuation method which takes the acquisition cost of an asset and adjusts that value for amortisation of premiums or discounts until maturity;
- CCP
means a CCP as defined in Article 2, point (1), of Regulation (EU) No 648/2012 of the European Parliament and of the Council.
- competent authority of the MMF
means:
- credit institution
means credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013;
- legal maturity
means the date when the principal of a security is to be repaid in full and which is not subject to any optionality;
- manager of an MMF
means, in the case of an MMF that is a UCITS, the UCITS management company, or the UCITS investment company in the case of a self-managed UCITS, and, in the case of an MMF that is an AIF, an AIFM or an internally-managed AIF;
- mark-to-market
means the valuation of positions at readily available close out prices that are sourced independently, including exchange prices, screen prices, or quotes from several independent reputable brokers;
- mark-to-model
means any valuation which is benchmarked, extrapolated or otherwise calculated from one or more market input;
- money market instruments
means money market instruments as defined in Article 2(1)(o) of Directive 2009/65/EC, and instruments as referred to in Article 3 of Commission Directive 2007/16/EC;
- public debt CNAV MMF
means an MMF:
- repurchase agreement
means any agreement in which one party transfers securities or any rights related to that title to a counterparty, subject to a commitment to repurchase them at a specified price on a future date specified or to be specified;
- residual maturity
means the length of time remaining until the legal maturity of a security;
- reverse repurchase agreement
means any agreement in which one party receives securities, or any rights related to a title or security from a counterparty subject to a commitment to sell them back at a specified price on a future date specified or to be specified;
- securitisation
means securitisation as defined in Article 4(1)(61) of Regulation (EU) No 575/2013;
- short sale
means any sale by an MMF of an instrument which the MMF does not own at the time of entering into the agreement to sell, including such sale where, at the time of entering into the agreement to sell, the MMF has borrowed or agreed to borrow the instrument for delivery at settlement, not including:
- short-term assets
means financial assets with a residual maturity not exceeding 2 years;
- short-term MMF
means an MMF that invests in eligible money market instruments referred to in Article 10(1) and is subject to the portfolio rules set out in Article 24;
- standard MMF
means an MMF that invests in eligible money market instruments referred to in Article 10(1) and (2) and is subject to the portfolio rules set out in Article 25;
- transferable securities
means transferable securities as defined in Article 2(1)(n) of Directive 2009/65/EC, and instruments as referred to in Article 2(1) of Directive 2007/16/EC;
- WAL
means the average length of time to legal maturity of all of the underlying assets in the MMF reflecting the relative holdings in each asset;
- WAM
means the average length of time to legal maturity or, if shorter, to the next interest rate reset to a money market rate, of all of the underlying assets in the MMF reflecting the relative holdings in each asset;