The Financial Regulator has announced the withdrawal, with effect from 2 March 2009, of the derogation it issued on 16 October 2008 temporarily suspending the Guidance Note 1/08 requirement for weekly mark to market reviews applicable to money market funds following an amortised cost valuation methodology.  

The derogation had allowed such funds to suspend the required weekly reviews of discrepancies between market value and amortised cost value for certain money market instruments with a residual maturity of three months and under.  

The derogation had been introduced on an exceptional basis and subject to quarterly review. The Financial Regulator has stated that it would consider re-instating the derogation should circumstances warrant.