Central Bank of Ireland Markets Update Issue 9 2019 - 18 December 2019 Central Bank of Ireland IFR and IFD publication What does good regulation look like? - Colm Kincaid, Director of Securities and Markets Supervision INEDs – The spirit of challenge and responsibility - Michael Hodson, Director of Asset Management and Investment Banking Our Regulatory Philosophy and Priorities in Funds - Colm Kincaid, Director of Securities and Markets Supervision The Importance of Transparency in Securities Markets - Colm Kincaid, Director of Securities and Markets Supervision The Case for the Senior Executive Accountability Regime - Director General, Financial Conduct Derville Rowland Introductory statement by Derville Rowland, Director General, Financial Conduct, at the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach Harnessing Difference to Our Benefit - Gráinne McEvoy, Director of Consumer Protection The Senior Executive Accountability Regime: Our Expectations of Firms - Director General Derville Rowland Investment funds and the financing of a sustainable economy: a regulatory perspective - Gerry Cross, Director of Financial Regulation - Policy and Risk Introductory statement by Derville Rowland, Director General, Financial Conduct, at Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach Launch of the Administrative Sanctions Guidance - Derville Rowland, Director General, Financial Conduct Towards a Consumer-Focused Culture in Financial Services Firms - Gráinne McEvoy, Director of Consumer Protection Focusing on investor outcomes: some regulatory themes for the funds sector - Gerry Cross, Director of Policy & Risk The Infrastructure of Securities Markets Regulation - Colm Kincaid, Director of Securities and Markets Supervision Financial regulation and technological innovation: a thematic approach - Gerry Cross, Director of Policy & Risk Resilience in the face of changing winds - Michael Hodson, Director of Asset Management and Investment Banking European Securities and Markets Authority (ESMA) ESMA – Investors face increasing risks amid renewed market volatility ESMA publishes responses to its Consultation on cost of market data and consolidated tape ESMA publishes responses to its Call for evidence on certain investor protection topics EU financial regulators highlight risks of a no-deal Brexit and search for yield ESMA issues opinion on accepted market practice by Spanish CNMV ESMA publishes updated results of the annual transparency calculations for equity and equity-like instruments ESMA updates its financial instrument reference database ESMA publishes study on the exposure of the EU fund industry to CLOs ESMA agrees position limits under MiFID II ESMA response to European Commission on Annual Review of RTS 2 Steven Maijoor - introductory remarks to the 2nd Roundtable on Euro Risk Free Rates ESMA study finds high impact of costs on performance, especially for active equity funds ESMA issues an opinion on product intervention measures by Cyprus ESMA launches call for evidence on the effects of product intervention measures ESMA analyses use of derivatives by UCITS equity funds ESMA publishes translations for Prospectus Guidelines on risk factors ESMA prepares for new responsibilities in 2020 ESMA updates EMIR Q&A ESMA updates MiFID II Q&As on transparency and market structures issues ESMA consults on MAR review ESMA publishes updates its Q&As on investor protection issues ESMA consults on the commercial terms for providing client clearing services under EMIR Steven Maijoor delivers keynote speech at AFME's Legal and Compliance Conference ESMA Opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions ESMA consults on MiFIR alignment following the introduction of EMIR Refit ESMA publishes final report on CSDR Guidelines on standardised procedures and messaging protocols ESMA adopts MAR standards on supervisory cooperation ESMA publishes Annual Report on the application of waivers and deferrals under MiFIR Steven Maijoor addresses EU-Asia Financial Dialogue at ASIFMA Annual Conference 2019, Tokyo Steven Maijoor speech on the quality of corporate governance ESAs consult on changes to the key information document for PRIIPs ESMA sees significant room for improvement in national regulators’ supervision of derivatives data ESMA and the Australian Securities and Investments Commission to Cooperate on Benchmarks EU enforcers must monitor closely new reporting standards ESAs seek to promote consistent application of the PRIIPs Regulation to bonds Steven Maijoor delivers speech on Benchmarks in Madrid ESMA update on Brexit preparations ESMA report sees decrease in prospectus activity for 2018 ESMA publishes validation rules and XML schemas for SFTR reporting Opening Statement by ESMA Chair Steven Maijoor at ECON Hearing MiFID II: ESMA consults on position limits in commodity derivatives MiFID II: ESMA makes new bond liquidity data available MiFID II: ESMA publishes data for the systematic internaliser calculations for equity, equity-like instruments and bonds ESMA advises EC on the supervisory regime for third-country CCPs DG International Ratings SRL's CRA registration withdrawn ESMA updates its Q&As on the Securitisation Regulation Steven Maijoor delivers keynote address at Euro Finance Week ESMA begins recruitment of Chair and Members for its CCP Supervisory Committee Steven Maijoor delivers keynote at EFAMA Investment Management Forum ESMA publishes responses to consultation on aligning MiFIR to the changes introduced by EMIR Refit ESMA sees continued high market risk amid deteriorating economic fundamentals ESMA Chair Maijoor speech at EFRAG conference on IFRS and regulation ESMA publishes 2019 CRA Market Share calculation in the EU ESMA updates the CSDR Q&As ESMA updates Q&AS on MiFID II and MiFIR investor protection and intermediaries ESMA updates its Q&As relating to the Prospectus Regulation ESMA appoints Robert Ophèle as the Acting Chair of its CCP Supervisory Committee ESMA updates AIFMD Q&A ESMA publishes proposals on CRAs internal control functions ESMA recommends real-time consolidated tape for equity EMIR RTS on various amendments to the bilateral margin requirements and joint statement on the introduction of fall-backs in view of the international framework ESMA updates its Q&As on MiFID II and MiFIR transparency and market structures topics ESMA updates Q&A on MiFIR data reporting MiFID II: ESMA issues latest double volume cap data ESMA publishes 2nd Annual Report on EMIR penalties and supervisory measures ESMA values EU derivatives markets at €735tn ESMA publishes report on the responses received to its consultation on the ELTIF regulation ESMA issues briefing on benchmark recognition ESMA amends CRR standard on main indices and recognised exchanges ESMA updates its Q&As BMR ESMA issues second pan-EU overview on the use of supervisory sanctions for UCITS ESMA calls for strengthened supervision on suspicious transaction reporting ESMA reports on NCAs’ issuance of sanctions and administrative measures under MAR ESMA publishes responses received to its FRANDT consultation ESMA consults on procedural rules to impose penalties on supervised entities ESMA issues 2019 report on Accepted Market Practices under MAR ESMA publishes responses received to its consultation on the MAR review ESMA provides information on pending applications for benchmark administrators ESAs transform the way competent authorities cooperate with each other on AML/CFT matters International Organization of Securities Commissions (IOSCO) IOSCO publishes updates to peer reviews of regulation of MMFs and securitization 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.