ESMA has published the results of its peer review into the application by Member States of the Guidelines on Money Market Funds (MMFs), which were adopted by ESMA’s predecessor in 2010. Some Member States have implemented the guidelines by means of a new specific regulation (as is the case in the UK), others by reference to existing provisions, while 10 of them had not implemented the guidelines by July 2012. The review concludes that a risk-based approach to supervision is more appropriate in larger markets, but uniform compliance monitoring is also needed to meet essential standards across all funds. It also identifies good practice, such as performance of stress tests. (Source: ESMA Finds Divergence in National Supervision of MMFs)