ESMA publishes guidelines on stress test scenarios under the MMF Regulation

The European Securities and Markets Authority (ESMA) has published the official translations of its guidelines on stress test scenarios under the Regulation on Money Market Funds (MMF Regulation). The guidelines apply to competent authorities, MMFs and managers of MMFs as defined in the MMF Regulation. They apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by MMFs or managers of MMFs in accordance with that Article. The guidelines apply from 26 May with respect to parts in red, and the other parts of the guidelines already apply from the dates specified in Articles 44 and 47 of the MMF Regulation.

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