Central Bank of Ireland Markets Update Issue 6 2023 - 03 July 2023 Central Bank of Ireland Dear CEO Letter on Targeted Reviews on Control Frameworks and Risk Appetite Statements in MiFID Investment Firms & Market Operators ESMA publishes translations for Guidelines on MiFID II remuneration requirements ESMA publishes translations for Guidelines on MiFID II suitability requirements Central Bank publishes updated Guidance on Client Asset Requirements and Investor Money Requirements to coincide with the revised Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firm) Regulations 2023 Update to the confirmation required within the Central Bank QIAIF Application and QIAIF Post Authorisation Application Forms The Central Bank is hosting the Financial Stability Board (FSB) and the International Organisation of Securities Commissions (IOSCO) stakeholder outreach on open-ended funds Enhanced governance, performance and accountability in financial services: the Individual Accountability Framework – address by Deputy Governor Derville Rowland The Individual Accountability Framework: What it means for Directors. Remarks by Gerry Cross, Director of Financial Regulation, Policy & Risk Insurance, regulation and the transition to a net zero economy. Remarks by Gerry Cross, Director of Financial Regulation, Policy & Risk "Implementing DORA - Achieving enhanced digital operational resilience in European financial services" - Remarks by Gerry Cross, Director of Financial Regulation, Policy & Risk “The evolving crypto landscape – towards the implementation of MiCA”. Remarks by Gerry Cross, Director of Financial Regulation, Policy & Risk European Securities and Markets Authority (ESMA) ESMA fines S&P €1.1 million for failures related to the premature release of credit ratings to the public ESMA updates its guidance on product governance ESMA publishes guidance on fractional shares ESMA consults on position calculations for Trade Repositories ESMA issues its 2022 Corporate Reporting Enforcement and Regulatory Activities Report ESMA withdraws the CRA registration of Scope Hamburg GmbH ESMA provides guidance for supervision of copy trading services ESMA issues Statement on the Derivatives Trading Obligation New Q&As available ESAs propose amendments to extend and simplify sustainability disclosures ESMA finds data quality significantly improves under new monitoring approach Over 140,000 EEA issuers and instruments rated by CRAs ESAs call for vigilance in the face of mounting financial risks ESMA publishes the annual transparency calculations for non-equity instruments, bond liquidity data and quarterly SI calculations ESMA recognises four new Third Country CCPs ESMA postpones to 2024 the annual IFRS amendment of the ESEF ESMA finds high degree of concentration in natural gas derivatives markets ESAs draw consumers’ attention to how rises in inflation and interest rates might affect their finances ESMA calls for legislative amendments to prevent undue costs in funds ESMA seeks input on rules for long term investment funds ESAs publish Joint Annual Report for 2022 ESMA report points our improvements needed in supervision of asset valuation ESMA publishes Opinion on Market Outages ESMA highlights risks arising from investment firms providing unregulated products and services ESAs propose ESG disclosures for STS Securitisations ESAs consult to amend technical standards on the mapping of ECAIs’ credit assessments New Questions and Answers available ESAs launch discussion on criteria for critical ICT third-party service providers and oversight fees ESMA launches Fifth Stress Test Exercise for Central Counterparties Amended rules for transparency calculations to start applying on 5 June 2023 ESAs put forward common understanding of greenwashing and warn on risks Money market funds stress tests – overall resilience whilst LVNAVs exceed threshold in liquidity and credit risk scenarios ESMA publishes follow-up report to the peer review on the Guidelines on ETFs and other UCITS issues ESA’s Board of Appeal dismissed request for suspension in the appeal by Euroins Insurance Group AD against EIOPA ESMA launches Data Strategy for the next five years ESMA in 2022 – Focus on financial stability and investor protection ESMA launches Call for Evidence on sustainability in suitability and product governance ESAs consult on the first batch of DORA policy products ESMA publishes Guidelines on templates for summary resolution plans and for written arrangements for resolution colleges Please note that this Markets Update is intended to be a general summary only and does not purport to constitute an interpretation of, or the Central Bank’s position on, any of the legislative provisions, rules, requirements or guidance referenced herein. In case of any doubt, you should refer to the relevant legislative provision, rule, requirement or guidance document as applicable. The staff of the Central Bank are not authorised and cannot give you legal advice; you should seek this from your own legal advisor, if required.