Publié le 30 octobre 2026
Communiqué

Communiqué de la CSSF concernant la guidance finale sur les niveaux d’actifs liquides hebdomadaires des fonds monétaires (uniquement en anglais)

On 8 June 2026, the CSSF issued its Consultation Paper proposing new Guidance on Money Market Fund (MMF) Weekly Liquid Asset Levels in coordination with the European Commission, the French Autorité des marchés financiers (AMF) and the Central Bank of Ireland (CBI).

The proposed Guidance set out the CSSF’s expectations in relation to enhanced MMF liquidity levels and risk management practices. These expectations aligned with the market resilience levels identified by the European Commission in its 2026 report on the adequacy of Regulation (EU) 2017/1131 of the European Parliament and of the Council on money market funds (MMFR) from a prudential and economic point of view. This guidance is also related to the European Commission’s Frequently Asked Questions on the interpretation and implementation of certain legal provisions of the MMFR, which were published in parallel to the European Commission’s 2026 report and which, inter alia, provide guidance on MMFs’ minimum liquidity levels and on how liquidity buffers may be used, particularly to meet rising redemption requests during times of market stress.

The CSSF sought the views of stakeholders on the proposed Guidance through the above-mentioned consultation which ended on 3 August 2026. The CSSF would like to thank all stakeholders who made submissions to its consultation paper.

Stakeholders broadly supported the proposed Guidance and in particular, the harmonised supervisory approach taken by the CSSF, the AMF and the CBI.

After considering the feedback received, the CSSF proceeds with the publication of the final Guidance with slight clarifications only. The CSSF has foreseen a three-month implementation period.

The final Guidance (including the CSSF’s feedback statement) as well as the respective responses received are attached below.