Money market funds are explicitly identified as cash-equivalent liquid assets designed for cash management, and the update focuses on regulatory guidance for MMF liquidity risk management and asset levels.
Mandatory inheritance: Cash Equivalents as the primary tag requires Investment Services as the secondary tag, as MMFs are investment fund products managed by investment fund managers and UCITS.
Specialism
The update concerns supervisory guidance on liquidity risk management for money market funds, specifically addressing weekly liquid asset levels and prudential resilience standards.
Mandatory inheritance: Liquidity is a child of Prudential Standards, so Prudential Standards must be raised as the secondary tag.
2026-06-10 08:43:23·tojuri@vixio.com
Meta Id
3223159
Content ID
3231641
GUID
23a84d3586d4d2ecba79141f8ed66621
Pipeline Progress
🔄 Pipeline Journey
⏱
25s
total
✓
Queued08:42:58
+1s
✓
Metadata08:42:59
+1s
✓
S3 Content08:43:00
+1s
✓
Extracted08:43:01
+12s
✓
LLM Gen08:43:13
+10s
✓
Stored08:43:23
TITLE: Luxembourg's Financial Services Regulator Consults on Money Market Fund Liquid Asset Guidance
BODY:
On June 8, 2026, the Commission de Surveillance du Secteur Financier (CSSF) launched a consultation on guidance for money market fund (MMF) weekly liquid asset (WLA) levels. The consultation follows a June 2026 report published by the European Commission (EC) to the European Parliament and Council assessing the adequacy of the Money Market Funds Regulation (MMFR) from prudential and economic perspectives. The EC determined that the EU's regulatory framework for MMFs continues to function well overall but identified a need for additional guidance to support more consistent and well-calibrated supervision of MMFs across member states and strengthen sector resilience.
The EC identified a "market resilience" level of WLA that would enable EU-authorised MMFs to withstand future market stress events based on historical data and mitigate potential transmission of shocks to the broader financial system and real economy. In coordination with the EC, the French Autorité des Marchés Financiers (AMF), the Central Bank of Ireland, and the CSSF are jointly consulting on national guidance for enhanced MMF liquidity risk management practices based on the Commission-suggested market resilience levels. The guidance proposes increased supervisory scrutiny and engagement where MMFs fall below the identified market resilience levels of liquidity.
The consultation paper sets out details of the proposed guidance and seeks feedback from stakeholders on the proposals, including specific questions addressed to industry participants. The guidance applies to investment fund managers, specialised investment funds (SIFs), undertakings for collective investment in transferable securities (UCITS), and undertakings for collective investment subject to Part II of the Law of December 17, 2010 (Part II UCIs).
Stakeholders must submit responses electronically to opc_prud_risk@cssf.lu by August 3, 2026.
The CSSF consults on Guidance on Money Market Fund Liquid Asset Levels – CSSF Close Professionals Consumers Search in: Search for information (3 characters minimum) Search All content Regulatory framework Publication and data Direct links Loading... Laws Circulars CSSF CSSF Regulations Warnings Entities Access the database Close Professionals Consumers Loading... Search Entities Managed File Transfer (MFT) Whistleblowing Customer complaint Public register of the audit profession eDesk – EN EBA and ESMA Guidelines and Recommendations Published on 8 June 2026 Email this Share this on LinkedIn Share this on Facebook Communiqué The CSSF consults on Guidance on Money Market Fund Liquid Asset Levels On 15 May 2026 the CSSF informed about a report (the “ 2026 MMF report ”) published by the European Commission (the “EC”) to the European Parliament and the Council on the adequacy of the Money Market Funds Regulation (MMFR) from a prudential and economic point of view and related frequently asked questions (FAQs) on the interpretation and implementation of certain legal provisions of the MMFR. In its communication, the EC informed that the EU’s regulatory framework for money market funds (MMFs) continues to function well overall and mentioned that the market would benefit from additional guidance to support more consistent and well-calibrated supervision of MMFs across the EU, strengthening the resilience of the sector. In this context, the EC identified a “market resilience” level of Weekly Liquid Assets (WLA). From a market-wide perspective, the 2026 MMF report indicates that these WLA levels would enable EU authorised MMFs to withstand future market stress events based on historical data and to mitigate against the potential transmission of shocks to the rest of the financial system and the real economy. Following the 2026 MMF report and in close coordination with the EC, the French AMF, the Central Bank of Ireland and the CSSF are consulting on national guidance for enhanced MMF liquidity risk management practices based on the Commission-suggested market resilience levels, supported by increased supervisory scrutiny and engagement where MMFs fall below the market resilience levels of liquidity. The objective of this communication is to inform market participants about the consultation paper “Guidance on Money Market Fund Weekly Liquid Asset Levels”, whose purpose is to set out details of the proposed guidance and to seek feedback from stakeholders on the proposals. The consultation paper contains more particularly the following: the guidance on Money Market Fund WLA levels; and the questions addressed to the industry on the proposed guidance. The CSSF invites all stakeholders to provide responses to the consultation questions on the proposed guidance. These responses should be submitted electronically by email to opc_prud_risk@cssf.lu no later than 3 August 2026. 8 June 2026 Guidance on Money Market Fund Weekly Liquid Asset Levels Consultation Paper Communiqué of 8 June 2026: The CSSF consults on Guidance on Money Market Fund Liquid Asset Levels CSSF guidance PDF (237.6Kb) Relevant for Investment fund managers Specialised investment funds (SIFs) Undertakings for collective investment in transferable securities (UCITS) Undertakings for collective investment subject to Part II of the Law of 17 December 2010 (Part II UCIs) We use cookies to ensure that we give you the best experience on our website. By clicking “Accept all”, you consent to the use of all of the cookies. Cookie settings Reject non-essential cookies Accept all Cookie settings We use cookies to improve your experience while you navigate our website. Strictly necessary cookies are stored in your browser as they are essential for the website to function. Other cookies further improve your experience and help us analyse how users interact with our website by collecting anonymous data. These cookies will only be stored in your browser with your consent. Privacy Policy Necessary cookies Necessary cookies: Allow These technical cookies only store anonymous data and are necessary for the website to function. These cannot be disabled. Name Description Duration cssf_cookies Saves information regarding the user's consent to the use of cookies for each optional category. 1 year ROUTEID Technical cookie allowing load distribution. Deleted when the browsing session ends TBMCookie* Security: This cookies protects the website against automated attacks. Deleted when the browsing session ends __utmvc These first party cookies are set by a third party service to filter out malicious requests. Deleted when the browsing session ends __utmvm* These first party cookies are set by a third party service to filter out malicious requests. 15 minutes Functional cookies Functional cookies: Allow Functional cookies provide enhanced functionality and improve your experience when you navigate our website. They may be set by us or by third party providers whose services are included in some of our pages. Disabling these cookies may affect your experience and some services may not function properly. Name Description Duration cssf_profile This cookie adapts the website pages to the profile chosen by the visitor (professionals, markets, consumers). 1 year pll_language This cookie saves the user’s language choice. 1 year Performance cookies Performance cookies: Allow Performance cookies help us collect anonymous statistical data such as the number of visits, the average time spent on the website or the pages consulted during a browsing session. The information is aggregated and anonymous, and allows us to monitor and improve the performance of our website. Name Description Duration _pk_id.# Collects anonymous statistical data on the website consultations, such as the number of visits or the average time spent on the website. The data is processed in-house and is not shared with a third party. 1 year _pk_ses.# Collects anonymous statistical data for the tracking of the pages consulted during the browsing session. The data is processed in-house and is not shared with a third party. 30 minutes SoundCloud SoundCloud: Allow This content from a third party provider has been blocked. By allowing this content to load, you agree with the terms of SoundCloud's cookie usage and privacy policy Save preferences Reset cookies Reject non-essential cookies Accept all