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European
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Two sets of Irish MiFID Regulations published
On 10 March 2026, two statutory instruments were published amending the European Union (Markets in Financial Instruments) Regulations 2017 (the MiFID Regulations). The European Union (Markets in Financial Instruments) (Amendment) Regulations 2026 (S.I. No. 80 of 2026) make targeted changes including (i) clarifying the Central Securities Depositories exemption by reference to Article 73 of the Central Securities Depositories Regulation and (ii) amending the client order handling provisions so that, unless the Central Bank of Ireland otherwise directs, investment firms must make public client limit orders that are “large in scale” compared with normal market size.
The European Union (Markets in Financial Instruments) (Amendment) (No. 2) Regulations 2026 (S.I. No. 81 of 2026) amend the client asset safeguarding requirements in Schedule 3 of the MiFID Regulations by introducing new conditions and client disclosure obligations where local law in a third-country jurisdiction prevents full compliance with Irish client asset requirements, and deleting paragraph 4 of Part 1 of Schedule 3.
Both Regulations commence on 31 August 2026.
ESMA publishes report on the retail investor journey
On 12 March 2026, the European Securities and Markets Authority (ESMA) published its report on the retail investor journey following a call for evidence seeking stakeholder input on key aspects of the investor experience, with a particular focus on investor protection requirements under the Markets in Financial Instruments Directive II (MiFID II). Based on the feedback received, ESMA outlined a number of actions and operational improvements to make it easier for retail investors to access suitable investment opportunities. ESMA will focus on three areas: streamlining disclosure requirements and tackling information overload for investors; reducing complexity in suitability and appropriateness assessments; and simplifying MiFID II requirements on sustainability preferences. ESMA's findings will inform technical advice on initiatives aimed at enhancing retail participation in EU capital markets.
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.