Domestic

Central Bank of Ireland discussion paper on DLT and tokenisation in financial services

The Central Bank of Ireland (CBI) published discussion paper 12 DLT and Tokenisation in Financial Services, opening a wide-ranging consultation on the potential future role of distributed ledger technology (DLT) and tokenisation within Irish and EU financial services.

The CBI invites written responses to the discussion paper by 5 June 2026 via its online submission form and intends to publish a feedback statement addressing issues raised. The DP will support engagement with domestic and international stakeholders and will inform the CBI’s assessment of whether existing policy and regulatory approaches remain fit for purpose.

European

ESMA 2025 report on costs and performance of EU retail products

The European Securities and Markets Authority (ESMA) published its 2025 market report on the costs and performance of EU retail investment products providing an overview of key developments up to the end of 2024.

ESMA’s analysis covers UCITS, retail AIFs and structured retail products, and this year additionally includes new analyses of active ETFs and European long-term investment funds (ELTIFs).

ESMA TRV risk monitor 1/2026

ESMA has published its TRV risk monitor 1/2026, outlining the key risks and vulnerabilities in EU financial markets. ESMA finds that risks of market and systemic stress remain high despite resilient market performance in the second half of 2025. 

ESMA guidelines on stress test scenarios under the MMF Regulation

ESMA published the official translations, including the English version, of its 2025 guidelines on stress test scenarios under Article 28 of the Money Market Funds Regulation (MMF Regulation). The parts of the guidelines shown in red text will apply from 26 May 2026, with the other parts already applying from the dates specified in Articles 44 and 47 of the MMF Regulation.

Date published: 23 April 2026

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.