ESMA final updated guidelines on stress test scenarios under MMF Regulation

The European Securities and Markets Authority (ESMA) has published its final report with guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). ESMA updates these guidelines at least annually. These new guidelines follow the previous version published in January 2025, along with their official translations in February 2025. This report sets out revised stress test scenarios and risk parameters to ensure that MMF managers have the necessary information to complete the reporting template required under Article 37 of the MMF Regulation and Commission Implementing Regulation (EU) 2018/708. The report's annex contains the full text of the updated guidelines and scenario calibrations for 2025 (with amendments shown in red). Once the official translations of the guidelines are published on ESMA's website, national competent authorities will have two months to confirm whether they will comply, after which the updated guidelines, including the new 2025 parameters, will apply. From that point, MMF managers must report results based on the new parameters in their quarterly submissions; until then, they should continue using the parameters set out in the 2024 guidelines. Separately, the European Systemic Risk Board published the adverse financial market scenario for the stress-testing exercise (dated 4 December 2025) that ESMA used to update the risk parameters in the guidelines.

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