Central Bank (Investment Market Conduct) Rules, consolidating Central Bank Transparency, Market Abuse and Prospectus requirements

The Central Bank has today published a Feedback Statement on CP121 – Consultation on amendments to Central Bank Market Abuse and Transparency Rules and consolidation into Central Bank (Investment Market Conduct) Rules.

The Central Bank has also published a notification that no feedback has been received on CP127 - Consultation on amendments to Prospectus Rules and consolidation into Central Bank (Investment Market Conduct) Rules.

The Central Bank will therefore proceed to make the Central Bank (Investment Market Conduct) Rules (the IMC Rules). As of today, we expect the IMC Rules will come into operation on 21 July 2019. However, there may be a delay in publishing the Rules, once made, due to the formalities accompanying the publication of the Rules.

Therefore, in anticipation of the above, the Central Bank is now making available a consolidated document setting out the proposed IMC Rules, incorporating the changes mentioned in the Feedback Statement on CP 121 and some additional minor amendments for consistency purposes. This is to ensure market participants are sufficiently informed of and prepared for the requirements which the Central Bank expects will apply, and which the Central Bank expects market participants will comply with, from 21 July 2019.

Further updates in relation to the IMC Rules will be issued via the Central Bank’s Markets Update as early as possible in the week commencing 22 July.

Certain updates to Central Bank Guidance and Q&As relating to Prospectuses, Transparency and Market Abuse will be required to ensure consistency with the IMC Rules and, in the case of the Prospectus related  Guidance and Q&As, with Prospectus Regulation (EU) 2017/1129. The Central Bank expects that some of these updates will be published during the week commencing 22 July 2019. The Central Bank intends to indicate on its website those aspects of its current Guidance and Q&As that have not yet been updated and to indicate where these should be applied to the extent of their correlation with the IMC Rules and (where applicable) the new regime introduced by the Prospectus Regulation. Please consult the Central Bank’s website for the most up to date position.

More information:

https://www.centralbank.ie/publication/consultation-papers

(e.g. if the article relates to MiFID firms link to MiFID firms page: https://www.centralbank.ie/regulation/industry-market-sectors/investment-firms/mifid-firms for more information)