Read the CySEC Circular C637
Memo #23-2024
CySEC Circular No: C637
Date: 22/04/2024
Subject: Updated version of the ESMA Guidelines on stress test scenarios under the MMF Regulation
Purpose: To remind the Regulated Entities that ESMA issued an updated version of its Guidelines on stress test scenarios under the MMF Regulation.
In Summary:
CySEC has issued the Circular C637 on 22/04/2024 to remind the Alternative Investment Fund Managers (AIFMs), including a) 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 AIFM Law as the case may be, and b) 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 UCITS Management Companies, including 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, that the European Securities and Markets Authority (‘ESMA’) issued on 06/03/2024 an updated version of its Guidelines on stress test scenarios under the MMF Regulation (‘the Guidelines’) with reference number ESMA50-43599798-9011.
CySEC informs that this Circular C637 replaces the previous Circular C561 on the same topic, issued on 31/03/2023.
The Guidelines apply to: (i) national competent authorities, (ii) money market funds and (iii) managers of money market funds as defined in the MMF Regulation.
The parts in the Guidelines shown in red shall apply from 06/05/2024. The other parts of the Guidelines already apply from the dates specified in Articles 44 and 47 of the MMF Regulation.
CySEC urges the Regulated Entities to whom these Guidelines apply to make every effort to comply.
The Guidelines on stress test scenarios under the MMF Regulation can be found on the following link: https://www.esma.europa.eu/sites/default/files/2024-03/ESMA50-43599798-9011_Guidelines_on_stress_test_scenarios_under_the_MMF_Regulation.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
Read the CySEC Circular C637
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