On 27 January 2023, the European Securities and Markets Authority (ESMA) issued guidelines that apply in relation to Article 28 of the Money Market Funds Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) or managers of MMFs in accordance with that Article. The guidelines apply from two months after being published on ESMA’s website in all EU official languages (the parts of the guidelines that are in red already apply from the dates specified in Articles 44 and 47 of the MMF Regulation). In accordance with Article 28(7) of the MMF Regulation, the guidelines will be updated at least every year taking into account the latest market developments.