The Central Bank of Ireland (CBI) launched a COVID-19 hub on 2 April 2020. Here is the statement launching CBI COVID-19 hub. The hub includes FAQs for consumers, businesses and regulated firms both from the CBI and other European authorities. To date, content is updated every few days.
Is the Central Bank extending supervisory reporting requirements for firms?
How is the Central Bank regulating the financial services industry in the current environment?
What should credit and financial institutions be doing to prevent money laundering and terrorist financing?
What should securities market venues and other market participants be doing at this time?
Please see our newsalert of 17 April 2020 on the package of measures where regulatory flexibility will be allowed in respect of requirements applicable to securities markets, investment management and investment firms in light of the challenges posed by COVID-19. The measures are targeted at UCITS, AIFs, fund service providers, investment managers and investment firms.
ALG's Financial Regulation team compiled an overview of the various statements issued by the CBI, EBA, ECB and ESMA related to the COVID-19 pandemic as of 15 April 2020. These statements outline regulators' expectations of regulated financial services providers in an uncertain economic and regulatory landscape.
sets out CBI expectations in respect liquidity management, particularly in the context of current market conditions
looks at processes around breaches of UCITS and AIF requirements in light of recent market volatility and helpfully notes that, "where notification of a breach is reported by a service provider of the fund management company, such as the depositary, duplicate reporting is not required"
discusses investor disclosures and risk warnings
references the challenges of the incapacitation of directors in the context of the COVID-19 pandemic (please see our Q&A of the month)
CBI markets updates
The CBI published Issue 3 2020 of its Markets Update on 17 April 2020. It contains updates from CBI, the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO).
CBI updates include:
Central Bank sets out areas where regulatory flexibility will be allowed as regards requirements applicable to securities markets, investment management and investment firms in light of the challenges posed by COVID-19. (These were detailed in our newsalert).
Funds preparation with regard to interest rate benchmark reforms. Industry Communication, February 2020. The purpose of this communication was to remind those responsible for the management of investment funds of their obligations to adequately prepare for the implementation of global benchmark reforms and any associated risks.
The Central Bank publishes a notice of intention in relation to the application of the ESMA Guidelines on stress test scenarios under the Money Market Fund (MMF) Regulation
The IRS has granted an extension to the exchange of FATCA data from Model 1 IGA countries to the IRS (see Reporting FAQ 5). The extension has been granted from end of September to December 2020. The Department of Finance / Revenue are reviewing the position and considering whether an extension will be granted to Irish firms reporting.