On 7 January 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing guidelines on stress test scenarios under the Money Market Funds Regulation (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.

On 24 February 2025, ESMA published the official translations of the guidelines. The parts of the guidelines shown in red text apply from two months after publication of the translations (24 April 2025). Other parts of the guidelines 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.