Regulatory Alerts2026-05-19
Added · Updated
Circular CSSF 26/911 — ESMA Guidelines on stress test scenarios under Article 28 of the Money Market Fund Regulation – Update 2025
The CSSF integrates the 2025 ESMA Guidelines on stress test scenarios into its administrative practices, requiring all money market funds under its supervision and their Luxembourg managers to comply. Circular CSSF 25/877 implementing the 2024 version is repealed and replaced by this Circular with effect as of 26 May 2026. Entities must apply the updated common reference parameters, which feature lower shocks to EUR swap rates, higher shocks to USD swap rates, slightly higher shocks to government bond spreads, and smaller shocks to bid-ask spreads, for the preparation of required MMF reporting starting from the reporting date 30 June 2026.
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