Money market funds are explicitly identified as cash-equivalent products designed for liquid asset management and low-risk value storage, directly matching the Strong Yes criteria for Cash Equivalents.
Mandatory inheritance rule: Cash Equivalents as primary tag requires Investment Services as secondary, reflecting the asset-management and fund-management dimension of money market fund regulation.
Specialism
The update concerns supervisory incorporation of stress test guidelines for money market funds, which is a core operational resilience and prudential standards requirement ensuring firms can withstand adverse market conditions.
Mandatory inheritance: Operational Resilience is a child of Supervision, so Supervision must be raised as the secondary tag.
2026-05-20 08:24:59·tojuri@vixio.com
Meta Id
3166421
Content ID
3174903
GUID
35ee683f016869968e16a1a5d5745d7c
The FSMA informs the companies concerned that it has incorporated the ESMA guidelines on stress scenarios under the Money Market Funds Regulation into its supervisory practice.
Pipeline Progress
🔄 Pipeline Journey
⏱
19s
total
✓
Queued08:24:40
+0s
✓
Metadata08:24:40
+0s
✓
S3 Content08:24:40
+0s
✓
Extracted08:24:40
+9s
✓
LLM Gen08:24:49
+10s
✓
Stored08:24:59
TITLE: Belgium's Financial Services and Markets Authority Incorporates Stress Test Guidelines Under Money Market Funds Regulation
BODY:
On May 19, 2026, the Financial Services and Markets Authority (FSMA) announced that it has incorporated the European Securities and Markets Authority (ESMA) guidelines on stress scenarios under the Money Market Funds Regulation into its supervisory practice.
The ESMA guidelines establish standardised stress test scenarios that money market fund managers must apply to assess the resilience of their funds under adverse market conditions. These guidelines form part of the regulatory framework governing money market funds across the European Union and are designed to ensure consistent stress testing methodologies across member states. By incorporating these guidelines into its supervisory practice, the FSMA will apply the ESMA stress test scenarios when supervising Belgian money market fund managers and assessing their compliance with the Money Market Funds Regulation. This alignment ensures that Belgian market participants operate under the same stress testing requirements as their counterparts across the EU, promoting regulatory consistency and investor protection.
The incorporation of these guidelines affects all money market fund managers operating in Belgium or managing Belgian-domiciled money market funds. The FSMA's decision to formally adopt the ESMA guidelines into its supervisory framework means that fund managers must ensure their stress testing procedures align with the specified scenarios and methodologies outlined in the ESMA guidelines. The FSMA has published its guidance document (FSMA_2026_14) in Dutch and French, providing clarification on how the guidelines will be applied in the Belgian context. Fund managers should review the ESMA guidelines and the FSMA's accompanying documentation to ensure full compliance with the updated supervisory expectations.
Guidelines on stress test scenarios under the Money Market Funds Regulation | FSMA FSMA Skip to main content search_api_autocomplete edit-s Search Home Guidelines on stress test scenarios under the Money Market Funds Regulation The FSMA informs the companies concerned that it has incorporated the ESMA guidelines on stress scenarios under the Money Market Funds Regulation into its supervisory practice. Read FSMA_2026_14 (available in Dutch and French only); the ESMA guidelines are available in English . News & warnings 19/05/2026 Guidelines on stress test scenarios under the Money Market Funds Regulation 18/05/2026 Agreed settlement with P&V Assurances SC 13/05/2026 Re-election of Jean-Paul Servais as Chairman of IOSCO and prolongation of his term as chairman of the FSMA More news