Summary of CySEC's Circular C561
Memo #15-2023
CySEC Circular No: C561
Date: 03/04/2023
Subject: Updated version of the ESMA Guidelines on stress test scenarios under the MMF Regulation
Purpose: To remind Funds and UCITS for the updated version of the Guidelines on stress test scenarios under the MMF Regulation issued by ESMA.
In Summary:
CySEC has issued the Circular C561 on 31/03/2023 to remind the Cyprus based AIFMs and internally managed AIFs whose total asset under management (‘AuM’) exceed the thresholds of Articles 4(2)(a) or 4(2)(b) of the Alternative Investment Fund Managers Law (‘AIFM Law’) as the case may be, the Cyprus based AIFMs and internally managed AIFs whose Total AuM do not exceed the thresholds of Articles 4(2)(a) or 4(2)(b) of the AIFM Law, as the case may be, but have exercised the ‘opting-in’ possibility of Article 4(6) of the AIFM Law and the Cyprus based Management Companies of Common Funds and/or Variable Capital Investment Companies and internally managed UCITS in accordance with the provisions of Law 78(Ι)/2012 (‘UCITS Law’), that the European Securities and Markets Authority (‘ESMA’) issued on 27/01/2023, an updated version of its Guidelines on stress test scenarios under the MMF Regulation (‘the Guidelines’) with reference number ESMA34-49-495.
The Guidelines issued in the official translations in all EU official languages.
CySEC notes that this Circular C561 replaces the Circular C521 on the same topic, issued on 01/07/2022.
It is further noted that a) The Guidelines apply to national competent authorities, money market funds and managers of money market funds as defined in the MMF Regulation, b) The Guidelines apply in relation to Article 28 of the MMF Regulation and c) The Guidelines applied from 27 March 2023.
CySEC urges the Regulated Entities to whom these Guidelines apply to make every effort to comply.
The Guidelines can be found on the following link: https://www.esma.europa.eu/sites/default/files/library/ESMA_34-49-495_Guidelines_on_stress_test_scenarios.pdf
The MMF Regulation can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R1131&from=EN
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