IRELAND: Notice of intention in relation to the application of the ESMA Guidelines on stress test scenarios under the Money Market Fund Regulation

Thursday August 19 2021

The Central Bank of Ireland has published a notice of intention in relation to the application of the ESMA Guidelines on stress test scenarios under the Money Market Fund (MMF) Regulation (EU) 2017/1131.

The Guidelines apply from 29 August 2021.

The Guidelines apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by MMFs or managers of MMFs in accordance with that Article.

ESMA have noted that these Guidelines will be updated at least every year taking into account the latest market developments.

The Central Bank of Ireland will, in due course, consult on the incorporation of a provision in the Central Bank UCITS Regulations and AIF Rulebook that all managers of MMFs adhere to the Guidelines. In the interim, the Central Bank of Ireland expects full compliance with the Guidelines from 29 August 2021.

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