(1) A mutual fund must not describe itself as a “money market fund” in its prospectus, a continuous disclosure document or a sales communication unless
(a) it has all of its assets invested in one or more of the following:
(ii) cash equivalents,
(iii) an evidence of indebtedness that has a remaining term to maturity of 365 days or less and a designated rating,
(iv) floating rate evidence of indebtedness if
(A) the floating interest rate of the indebtedness is reset no later than every 185 days, and
(B) the principal amount of the indebtedness will continue to have a market value of approximately par at the time of each change in the rate to be paid to the holders of the evidence of indebtedness, or
(v) securities issued by one or more money market funds,
(b) it has a portfolio of assets, excluding a security described in subparagraph (a)(v), with a dollar-weighted average term to maturity not exceeding
(i) 180 days, and
(ii) 90 days when calculated on the basis that the term of a floating rate obligation is the period remaining to the date of the next rate setting,
(c) not less than 95% of its assets invested in accordance with paragraph (a) are denominated in a currency in which the net asset value per security of the mutual fund is calculated, and
(d) it has not less than
(i) 5% of its assets invested in cash or readily convertible into cash within one day, and
(ii) 15% of its assets invested in cash or readily convertible into cash within one week.
(2) Despite any other provision of this Instrument, a mutual fund that describes itself as a “money market fund” must not use a specified derivative or sell securities short.
(3) A non-redeemable investment fund must not describe itself as a “money market fund”.