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ESMA issues guidelines on stress testing requirements for money market funds

On 19 July 2019, the European Securities and Markets Authority (ESMA) issued two sets of guidelines regarding: (1) the stress testing of money market funds; and (2) reporting on money market funds to national competent authorities (NCAs), aimed at ensuring a coherent application of the Money Market Fund (MMF) Regulation.

The stress testing guidelines establish common reference parameters MMFs or managers of MMFs should include in their stress test scenarios. The reporting guidelines provide guidance on how to fill in the reporting template on money market funds that managers of MMFs will transmit to competent authorities as of Q1 2020.

The guidelines will be updated at least every year and will take into account the latest market developments. The current guidelines include the calibration of the stress test scenarios for 2019.

The guidelines on stress testing can be found here.

The guidelines on reporting can be found here.

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