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LU - CSSF circulars on reporting and stress tests for MMF

26/05/2020

On 28 January 2020, the CSSF published the following three Circulars for the attention of all money market funds (“MMF(s)”) under the supervision of the CSSF and Luxembourg managers of MMFs as well as of those that take part in the functioning and control of these undertakings:

  • CSSF Circular 20/734 on new reporting obligations for MMF managers and CSSF Circular 20/736 on ESMA Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation. This article requires that periodical information from the managers of MMFs be provided to competent authorities within a frequency depending on the assets under management.

  • CSSF Circular 20/735 on ESMA Guidelines on stress test scenarios under Article 28 of the MMF Regulation. This article provides that ESMA shall develop guidelines with a view to establishing common reference parameters of the stress test scenarios to be included in the stress tests that MMFs or managers of MMFs are required to conduct. In contrast with their previous version, these latest ESMA guidelines now include common reference stress test scenarios as well as common reference parameters for those scenarios.

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