ESMA issued a follow-up peer review into the compliance of national competent authorities (NCAs) with guidelines regarding money market funds. This report follows up an earlier peer review published in April 2013, focusing on eight NCAs that were not compliant with the guidelines. The follow-up peer review covers the period from 1 May 2014 to 1 May 2015. Peer reviews and their follow up are an important means of identifying areas for further convergence and of incentivising convergence. This report provides an update on the findings of the first peer review and sets out the result of this second assessment by peers. Out of the eight jurisdictions subject to this follow-up peer review assessment, the guidelines are now applied in seven countries. The countries now fully applying the guidelines (in addition to those identified in the 2013 report) are: Bulgaria, Cyprus, Liechtenstein, Lithuania, Latvia, Malta and Portugal.