The AMF complies with ESMA’s guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2026 | AMF

The AMF complies with ESMA’s guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2026 | AMF Skip to main content Print from the website of the AMF Merci de désactiver le bloqueurs de pub pour visualiser cette vidéo. Home News & Publications News The AMF complies with ESMA’s guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2026 News MMF The AMF complies with ESMA’s guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2026 Partager par mail Partager sur Twitter Partager sur Linkedin Partager sur Facebook 21 May 2026 Print The AMF complies with ESMA’s guidelines on updating the stress scenario parameters provided for in Article 28 of the Money Market Funds Regulation for 2026 The Autorité des Marchés Financiers (AMF) has updated its position DOC-2018-05 to include references to the European Securities and Markets Authority’s (ESMA) guidance on updating stress test scenarios, in accordance with Article 28 of the Money Market Funds Regulation. Stress simulation reporting In accordance with Article 28 of Regulation (EU) 2017/1131 on money market funds (MMF Regulation), the manager of a money market fund is required to assess the impact of stress testing scenarios on the fund. Under Article 37 of the MMF Regulation, the results of stress testing for a money market fund are sent to its competent authority in a quarterly report if the fund's assets exceed 100 million euros. Other money market funds must report annually. The competent authority then forwards this report to ESMA. Clarification of the latest ESMA guidelines The ESMA guidelines published in 2019 (ESMA34-49-172) set out the common reference parameters for the different stress scenarios. In accordance with Article 28(7) of the Money Market Funds Regulation, these guidelines are updated at least once a year to take account of the latest market developments. Against this backdrop, on 26 March 2026, ESMA published the official translations of its new guidelines on updating stress testing parameters (ESMA50-481369926-30848). These parameter updates reflect the market conditions prevailing at the time of their calibration at the end of 2025. This is the sixth reassessment of the parameters to be taken into account for stress test simulation exercises since the Money Market Fund Regulation (MMFR) came into force in 2020. In particular, it provides methodological clarifications on macro-systemic shock scenarios. Asset management companies must include both market shock and the liquidity impact on the assets held when evaluating this stress test, but must not simulate an increase in redemptions from the money market fund. Operational application Under the ‘apply or explain’ procedure, these guidelines become applicable within two months of this date, i.e. 26 May 2026. As money market fund reporting is communicated on a quarterly basis for money market funds with assets in excess of 100 million euros, money market fund managers must use the updated stress scenario parameters from 30 June 2026. The AMF draws fund managers' attention to the importance of updating these parameters for their submissions due from 30 June 2026. Market participants who have anticipated the parameter update for submissions due before this date must correct these and resubmit them using the old parameters. Read more Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds ESMA Guidelines on stress test scenarios under the MMF Regulation AMF Position DOC-2018-05: requirements under the European Money Market Fund Regulation Keywords Asset management On the same topic Subscribe to our alerts and RSS feeds News Asset management 19 May 2026 Liquidity Management Tools: the AMF intends to comply with ESMA’s Guidelines Liquidity Management Tools: the AMF intends to comply with ESMA’s Guidelines Partager sur Twitter Partager sur Linkedin Partager sur Facebook News Asset management 07 May 2026 The Autorité des Marchés Financiers (AMF) has approved the updated ‘Provisions’ of the AFG Code of Ethics for Third-Party Asset Management and extended these to all… The Autorité des Marchés Financiers (AMF) has approved the updated ‘Provisions’ of the AFG Code of Ethics for Third-Party Asset Management and extended these to all investment services providers Partager sur Twitter Partager sur Linkedin Partager sur Facebook AMF news release Supervision 31 March 2026 The Autorité des Marchés Financiers publishes the findings of its SPOT inspections on asset management companies’ compliance and internal control systems The Autorité des Marchés Financiers publishes the findings of its SPOT inspections on asset management companies’ compliance and internal control systems Partager sur Twitter Partager sur Linkedin Partager sur Facebook Legal information: Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02 Revenir en haut de page