The purpose of this Circular is to integrate the latest version of the ESMA Guidelines on stress test scenarios under the MMF Regulation, as published on 4 May 2022 ("2021 Guidelines").
When compared to the 2020 version, the 2021 Guidelines notably include updated common reference parameters for the common reference stress test scenarios.
CSSF Circular 22/818 includes a summarised presentation of the 2021 Guidelines (available here).
Originally published 15 July 2022
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.