Article 41
Specific measures
1. Without prejudice to powers vested in competent authorities in accordance with Directive 2009/65/EC or 2011/61/EU, as applicable, the competent authority of an MMF or the manager of an MMF shall, while respecting the principle of proportionality, take the appropriate measures referred to in paragraph 2 where an MMF or the manager of an MMF:
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(a) |
fails to comply with any of the requirements regarding asset composition, in infringement of Articles 9 to 16; |
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(b) |
fails to comply with any of the portfolio requirements, in infringement of Article 17, 18, 24 or 25; |
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(c) |
has obtained authorisation through false statements or any other irregular means, in infringement of Article 4 or 5; |
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(d) |
uses the designation ‘money market fund’, ‘MMF’ or of another designation that suggests that a UCITS or AIF is an MMF, in infringement of Article 6; |
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(e) |
fails to comply with any of the requirements regarding the internal credit quality assessment, in infringement of Article 19 or 20; |
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(f) |
fails to comply with any of the governance, documentation or transparency requirements, in infringement of Article 21, 23, 26, 27, 28 or 36; |
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(g) |
fails to comply with any of the requirements regarding valuation, in infringement of Article 29, 30, 31, 32, 33 or 34. |
2. In the cases referred to in paragraph 1, the competent authority of the MMF shall, as appropriate:
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(a) |
take measures to ensure that the MMF or the manager of an MMF concerned complies with the relevant provisions; |
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(b) |
withdraw an authorisation granted in accordance with Article 4 or 5. |