[(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
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