Domestic

CBI consultation on guidance for money market fund weekly liquid asset levels

On 8 June 2026, the Central Bank of Ireland (CBI) published a consultation paper 168 proposing guidance on weekly liquid asset (WLA) levels for money market funds (MMFs).

The proposed guidance sets out the CBI’s expectations for MMFs to align their liquidity risk frameworks and WLA with the market resilience levels identified in the European Commission’s 2026 report on the adequacy of the Money Market Funds Regulation (MMFR) (and related FAQ), supported by increased supervisory scrutiny and engagement where a fund’s WLA falls below those levels for a prolonged period of time. It is intended to implement aspects of the recommendations by the Financial Stability Board (FSB), the International Organization of Securities Commissions (IOSCO), the European Systemic Risk Board (ESRB) and the European Securities and Markets Authority (ESMA) to increase the liquidity that MMFs hold and use in times of market stress.

Key aspects of the CP168 proposals include:

• WLA market resilience levels (supervisory benchmarks that sit above the existing MMFR minimums of 15% WLA for VNAV and 30% WLA for Public Debt CNAV/LVNAV MMFs, however daily liquid asset expectations are unchanged) of: 20% WLA for VNAV MMFs; and 40% WLA for Public Debt CNAV and LVNAV MMFs
• liquidity risk management expectations
• increased supervisory scrutiny and engagement

Responses to the consultation should be submitted by stakeholders by 3 August 2026.

European

ESMA publishes consultation on EU transition to T+1 settlement

The European Securities and Markets Authority (ESMA) has published a consultation on proposed revisions to post‑trade guidelines under CSDR as part of preparations for the EU’s move to a T+1 settlement cycle. The changes are intended to promote more efficient and consistent allocation and confirmation processes, including greater reliance on structured electronic messaging. The EU’s move to T+1 will take effect on 11 October 2027.

Stakeholders were invited to submit feedback by 7 July and ESMA expects to publish the final report and updated guidelines by October 2026.

Date published: 30 June 2026

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.