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CSSF Luxembourg Markets & Infrastructure ✓ 15 claims 30 Oct 2026

CSSF finalises guidance raising weekly liquid asset expectations for money market funds

The CSSF has published final guidance on money market fund weekly liquid asset levels, coordinated with the European Commission, the French AMF and the Central Bank of Ireland. It follows a consultation that closed in August and carries a three-month implementation period. This item covers what the final text confirms, who it binds and the timetable managers now face.

The final Guidance was published on 30 October 2026, following a consultation that ran from 8 June 2026 to 3 August 2026.
The CSSF coordinated the guidance with the European Commission, the French AMF and the Central Bank of Ireland.
The expectations align with market resilience levels in the European Commission's 2026 report on the adequacy of Regulation (EU) 2017/1131 (MMFR).
The CSSF proceeded with only slight clarifications after broadly supportive feedback and set a three-month implementation period.
A feedback statement and responses from eleven stakeholders, including ALFI, EFAMA, IMMFA and ICI, are attached.

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3:06

CSSF Luxembourg Source document ↗

CSSF Luxembourg Markets & Infrastructure ✓ 13 claims 26 Oct 2026

CSSF tells Luxembourg firms to begin T+1 testing with first deadline on 7 December 2026

The CSSF says the regulatory framework for the EU's move to T+1 settlement is now complete and is pressing market participants to start testing across the settlement chain. The communiqué sets out a phased compliance timetable that begins well before the 2027 switch, with the first binding obligations on allocations and confirmations landing in December 2026.

The EU switches to T+1 settlement on 11 October 2027, with compliance phased ahead of that date.
Investment firms and their clients must comply with new allocation and confirmation requirements from 7 December 2026, with further deadlines on 1 July 2027 and 11 October 2027.
From 7 December 2026 the revised ESMA guidelines require mandatory use of electronic, standardised communication channels, international messaging standards and machine-readable methods, except during temporary technical disruptions.
The framework is built on the amended RTS on settlement discipline and revised ESMA Guidelines, drawing on recommendations from the 2025 EU T+1 Industry Committee.
ESMA and national competent authorities will now move from rule-making to monitoring compliance with the new obligations.

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CSSF finalises guidance raising weekly liquid asset expectations for money market funds

CSSF tells Luxembourg firms to begin T+1 testing with first deadline on 7 December 2026

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