Article 35
External support
1. A MMF shall not receive external support.
2. External support means direct or indirect support offered to an MMF by a third party, including a sponsor of the MMF, that is intended for or in effect would result in guaranteeing the liquidity of the MMF or stabilising the NAV per unit or share of the MMF.
External support shall include:
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(a) |
cash injections from a third party; |
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(b) |
purchase by a third party of assets of the MMF at an inflated price; |
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(c) |
purchase by a third party of units or shares of the MMF in order to provide liquidity to the fund; |
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(d) |
issuance by a third party of any kind of explicit or implicit guarantee, warranty or letter of support for the benefit of the MMF; |
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(e) |
any action by a third party the direct or indirect objective of which is to maintain the liquidity profile and the NAV per unit or share of the MMF. |