Central Bank of Ireland Markets Update Issue 8 2020 - 06 August 2020 Central Bank of Ireland Central Bank Q&A on the payment of distributions and variable remuneration by investment firms during the COVID-19 pandemic Central Bank publishes findings from inspection of investment firms’ compliance with appropriateness test for consumers Investor Warning: Retail investors at risk when trading in volatile markets Central Bank of Ireland communicates its expectations of investment firms when engaging in unregulated activities European Securities and Markets Authority (ESMA) ESMA seeks secondary market experts to join its Consultative Working Group ESMA publishes data for the systematic internaliser calculations for equity, equity-like instruments, bonds and other non-equity instruments ESMA makes new bond liquidity data available EBA and ESMA launch consultation to revise joint guidelines for assessing the suitability of members of the management body and key function holders ESMA withdraws registration of NEX Abide Trade Repository AB ESMA updates transparency opinions for 3rd country venues ESMA is preparing a new RTS to further postpone CSDR settlement discipline ESMA publishes the MiFID/MiFIR Annual Review Report ESAs notify the European Commission about the outcome of the review of the PRIIPs key information document ESMA recommends supervisory coordination on accounting for COVID-19-related rent concessions ESMA tells market participants to continue preparations for the end of the UK transition period ESMA provides guidance on waivers from pre-trade transparency ESMA publishes translations for Guidelines on liquidity stress testing in UCITS and AIFs ESMA responds to European Commission Consultation on renewed sustainable finance strategy ESMA publishes its first Review Reports on the MiFIR transparency regime ESMA publishes results of the annual transparency calculations for non-equity instruments ESMA to assess German financial reporting system following Wirecard collapse ESMA promotes consistent application of prospectus disclosure requirements SFTR reporting regime sees successful first day 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.