March 21, 2018

ESMA published the official translations of its guidelines on stress test scenarios under Article 28 of the Money Market Funds (MMF) Regulation. The national competent authorities to which these guidelines apply must notify ESMA whether they comply or intend to comply with the guidelines, within two months of the date of publication by ESMA of the guidelines in all EU official languages. In the absence of a response by this deadline, competent authorities will be considered as non-compliant.

These guidelines apply to the national competent authorities, MMF, and managers of MMF, as defined in MMF Regulation (EU 2017/1131). These guidelines apply from the dates specified in Articles 44 and 47 of the MMF Regulation. MMF Regulation shall apply from July 21, 2018, with the exception of Articles 11(4), 15(7), 22, and 37(4), which shall apply from July 20, 2017. In accordance with Article 28(7) of the MMF Regulation, these guidelines will be updated at least every year taking into account the latest market developments.

 

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Keywords: Europe, EU, Securities, Stress Testing, Stress Test Scenario, MMF Regulation, Translation, ESMA

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