Read the CySEC Circular C779
Memo #29-2026
CySEC Circular No: C779
Date: 20/05/2026
Subject: ESMA Guidelines on stress test scenarios under the MMF Regulation
Purpose: To remind AIFMs and UCITS Management Companies that the ESMA issued on 23/03/2026 an updated version of its Guidelines on stress test scenarios under the MMF Regulation.
In Summary:
CySEC has issued the Circular C779 on 20/05/2026 to remind Alternative Investment Fund Managers (AIFMs) and UCITS Management Companies that the European Securities and Markets Authority (‘ESMA’) issued on 23/03/2026 an updated version of its Guidelines on stress test scenarios under the MMF Regulation (‘the Guidelines’) with reference number ESMA50-481369926-30848, in the official translations in all EU official languages.
It should be noted that this Circular C779 replaces the previous Circular C760 on the same topic, issued on 13/03/2026.
It is also noted that the Alternative Investment Fund Managers (AIFMs) includes 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, and 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.
Also, it is noted that UCITS Management Companies includes 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’).
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 CySEC informs that 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.
The CySEC also informs that the Guidelines apply from two months after the date of their publication on ESMA’s website in all EU official languages. With respect to the parts in the Guidelines shown in red – the other parts of the Guidelines already apply from the dates specified in Articles 44 and 47 of the MMF Regulation.
The CySEC urges the Regulated Entities to which 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:
The MMF Regulation can be found on the following link:
Read the CySEC Circular C779
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