Domestic

CBI publishes Investment Firm and Intermediary Newsletter

On 27 November 2025, the Central Bank of Ireland (CBI) published the Investment Firm and Intermediary Newsletter November 2025. The newsletter aims to highlight areas of interest across the investment firm and retail intermediaries’ sectors as well as to provide an update on some key pieces of work carried out this year by the CBI. This specific newsletter includes the outcome of the CBI’s thematic review of limited vs fair analysis of the market in the context of the retail intermediaries’ sector as well as CBI expectations and actions required for in-scope firms. It also includes a MiFID Insights section which comments on the CBI’s Operational Resilience Thematic Risk Assessment.

European

MiFIR RTS published in the OJ

On 3 November 2025, the below Commission Delegated Regulations and Commission Implementing Regulation relating to mandates under Markets in Financial Instruments Regulation (MiFIR) were published in the Official Journal of the EU:

• Commission Delegated Regulation (EU) 2025/1143 - sets out regulatory technical standards (RTS) on the authorisation and organisational requirements for approved publication arrangements and approved reporting mechanisms, and on the authorisation requirements for consolidated tape providers, and repeals Commission Delegated Regulation (EU) 2017/571.
• Commission Delegated Regulation (EU) 2025/1155 - sets out RTS specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and exchange traded funds, and repeals Commission Delegated Regulation (EU) 2017/574.
• Commission Delegated Regulation (EU) 2025/1156 - sets out RTS on the obligation to make market data available to the public on a reasonable commercial basis.
• Commission Delegated Regulation (EU) 2025/1246 - amends the RTS set out in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and equity instruments.
• Commission Implementing Regulation (EU) 2025/1157 - sets out implementing technical standards with regard to the standard forms, templates and procedures for the authorisation of approved publication arrangements, approved reporting mechanisms and consolidated tape providers, and related notifications, and repeals Commission Implementing Regulation (EU) 2017/1110.

ESMA sets out planned consultations for 2026

On 27 November, the European Securities and Markets Authority (ESMA) published a table of planned consultation for 2026, covering MiFIR, investor protection, the Listing Act, the European Market Infrastructure Regulation, the Central Securities Depository Regulation review and Alternative Investment Fund Managers Directive/Undertaking for Collective Investment in Transferable Securities Directive. ESMA will update the below table on a regular basis:

• MiFIR: consultation on the extension of order book data-exchange mechanism between national competent authorities expected in Q2 of 2026
• investor protection: consultation on the revision of the Money Market Fund stress testing guidelines in Q2 of 2026
• investor protection (Retail Investment Strategy) expected in the second half of 2026:
  • technical advice to the European Commission on investor protection topics, including a review of the delegated acts of Markets in Financial Instruments Directive II Delegated acts, and
  • technical standards on investor protection topics
• Listing Act:
  • Market Abuse Regulation guidelines on delay in the disclosure of inside information under the Listing Act expected in Q1 of 2026, and
  • update to guidelines on prospectus disclosure expected in Q3 of 2026.

Date published: 22 December 2025

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.