1.   An MMF and the manager of the MMF shall comply at all times with this Regulation.

2.   An MMF which is a UCITS and the manager of the MMF shall comply at all times with the requirements of Directive 2009/65/EC, unless otherwise specified in this Regulation.

3.   An MMF which is an AIF and the manager of the MMF shall comply at all times with the requirements of Directive 2011/61/EU, unless otherwise specified in this Regulation.

4.   The manager of an MMF shall be responsible for ensuring compliance with this Regulation and shall be liable for any loss or damage resulting from non-compliance with this Regulation.

5.   This Regulation shall not prevent MMFs from applying investment limits that are stricter than those required by this Regulation.