On 4 May 2022, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on stress test scenarios under the Regulation on money market funds (MMF Regulation). The guidelines 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 4 June 2022 (two months from the date of publication of the translations). However, some parts of the guidelines shown in red already apply from the dates specified in Articles 44 and 47 of the MMF Regulation.
