UK MMFs In Focus: Practical Implications Of The TMPR Extension

In this Article

This Article explores the reform of the UK Money Market Fund Regulation (“MMFR”) and what it means for money market funds (“MMFs”) and managers. The overall shape of the regime is now relatively clear from the published legislation. It implies:

1. An equivalence-based system with conditionality powers;
2. Broader policy criteria than the OFR; and
3. FCA registration requirements.

The key uncertainty lies in the timing and substance of any conditions that may be imposed on incoming overseas MMFs.

Introduction

There were two announcements in the UK in May impacting MMFs:

1. On 14 May 2026, HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) announced plans to reform the UK MMFR regime.