Regulatory Alerts2026-05-19
Circular CSSF 26/911 — ESMA Guidelines on stress test scenarios under Article 28 of the Money Market Fund Regulation – Update 2025
The CSSF issued Circular 26/911 to disseminate the ESMA Guidelines on stress test scenarios under Article 28 of the Money Market Fund Regulation, updated for 2025. This circular supersedes Circular CSSF 25/877 and incorporates the latest regulatory requirements for stress testing methodologies. It ensures that Money Market Funds comply with the updated supervisory expectations regarding liquidity risk and stress scenario analysis.
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