[(1) If, on an application under section 261C(1)(b) in respect of a contractual scheme, conditions A and B are met the FCA may make an order declaring the scheme to be an authorised money market fund.
(2) Condition A is that the FCA is satisfied that the scheme will be able to comply with the requirements imposed on a money market fund under the MMF Regulation.
(3) Condition B is that—
(a) the scheme is an authorised contractual scheme, or
(b) the scheme—
(i) is the subject of an application under section 261C(1)(a), and
(ii) the conditions in section 261D(1)(a) to (c) are met in relation to that application.
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