24Requirements for money market instruments

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.