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On May 20, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C779 reminding regulated entities of the European Securities and Markets Authority's (ESMA) updated Guidelines on stress test scenarios under the Money Market Fund (MMF) Regulation. ESMA published the updated Guidelines on March 23, 2026, with reference number ESMA50-481369926-30848, in all official EU languages. This circular replaces CySEC's previous Circular C760, issued on March 13, 2026. The Guidelines establish common reference parameters for stress test scenarios that money market funds and their managers must conduct in accordance with Article 28 of the MMF Regulation. The Guidelines apply to national competent authorities, money market funds, and managers of money market funds. The updated Guidelines apply to Alternative Investment Fund Managers (AIFMs) and UCITS Management Companies registered in Cyprus, including internally managed AIFs and UCITS that meet specified asset-under-management thresholds or have exercised opt-in provisions under relevant Cypriot legislation. Most provisions of the Guidelines apply from dates specified in Articles 44 and 47 of the MMF Regulation. However, provisions highlighted in red within the Guidelines become applicable two months after their publication on ESMA's website in all EU official languages. CySEC urges all regulated entities to which these Guidelines apply to make every effort to comply with the updated requirements. Panikkos Vakkou, Vice-Chairman of CySEC, signed the circular. REFERENCES: Cyprus Securities and Exchange Commission Circular No. C779 (May 20, 2026): https://www.cysec.gov.cy/