Regulatory Alerts2025-01-07
Final Report on Guidelines on stress test scenarios under the MMF Regulation
The European Securities and Markets Authority (ESMA) has published updated guidelines establishing common reference parameters for stress test scenarios that Money Market Fund (MMF) managers must conduct under Article 28 of the MMF Regulation. The 2024 update specifically revises calibration parameters for macro systemic shocks and clarifies reporting methodologies for net asset value impacts to address data quality inconsistencies observed by regulators. These updated guidelines apply two months after publication in all EU official languages, requiring managers to report results using the new parameters in their quarterly submissions to National Competent Authorities.
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