Central Bank of Ireland Markets Update Issue 7 2023 - 18 July 2023 Central Bank of Ireland Publication of the Discussion Paper: An approach to macroprudential policy for investment funds European Securities and Markets Authority (ESMA) ESMA publishes Report on Suspicious Transactions and Order Reports New Q&As available National regulators strengthen their supervision of the compliance function ESMA highlights risks arising from securities lending to retail investors ESMA does not find evidence to ban pre-hedging but warns on risks ESMA seeks first input on detailed rules for crypto markets ESMA issues Opinion on CNMV product intervention measures ESMA publishes Final Report on revised technical standards for passporting ESMA provides insights into the expected sustainability disclosures in prospectuses ESMA updates its guidance on the definition of advice in a supervisory briefing New manual on post-trade transparency available ESMA upgrades rating data repository and publishes latest data on CRA performance ESMA highlights areas for improvement in firms’ disclosure of cost and charges under MiFID ESMA and NCAs to assess disclosures and sustainability risks in the investment fund sector ESMA publishes second overview of national rules governing fund marketing ESMA finds adequate setup of measures to reduce volatility in trading of energy derivatives 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.