The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). These guidelines apply to competent authorities, MMFs and managers of MMFs in relation to Article 28 of the MMF Regulation. In particular, and as specified in Article 28(7) of the MMF Regulation, they establish common reference parameters of the stress test scenarios to be included in the stress tests. The parts of the guidelines shown in red text will apply from 24 April. 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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