On 26 March 2026, the European Securities and Markets Authority (ESMA) published the official translations of its updated guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation).
The purpose of the guidelines is to ensure common, uniform and consistent application of the provisions in Article 28 of the MMF Regulation.
Those parts of the updated guidelines that are in red apply from two months after the publication of the translations (26 May 2026). The other parts of the guidelines already apply from the dates specified in Articles 44 and 47 of the MMF Regulation.
ESMA published a final report on the updated guidelines earlier this year.