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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.