Tracker, Financial Services Regulation & Compliance - Investment Firms


Irish Minister for Finance launches public consultation on the transposition of the Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR)
Interested parties have been invited to contribute to a Public Consultation on Transposition of the Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), which has been launched by the Department of Finance. The Consultation is seeking views up until 21 September on the consultation which addresses the EU Member State discretions contained in MiFID II and MiFIR. The Directive must be transposed by 3 July 2017.

Central Bank of Ireland publishes review finding that investment firms often go beyond requirements for client reporting
The CBI has published the results of its thematic inspection on the quality of investment firm reporting to clients. The findings were largely positive, with the CBI stating that the firms inspected had met client reporting requirements and that many firms are surpassing the minimum regulatory requirements in this area. The CBI has urged firms to provide clients with regular, clear and informative investment reports in order to facilitate informed decision-making. The CBI has published a Dear CEO letter pointing out areas of good practice.

Irish Stock Exchange publishes rulebooks reflecting changes to EU Market Abuse Legislation
The ISE has published revised rulebooks to reflect the 3 July 2016 changes to EU market abuse legislation. The rulebooks for the following markets have been updated: the Main Securities Market, Global Exchange Market, Enterprise Securities Market and Atlantic Securities Market. In addition the applicable rules for member firms trading securities on the ISE’s markets and rulebooks for advisors to issuers on the Enterprise Securities Market and the Atlantic Securities Market have been updated.

Irish Stock Exchange announces a listing figure of over 35,000 securities
The ISE has published Quarterly statistics to the end of June 2016 which show that the ISE has over 35,000 securities from over 4,000 issuers in 80 countries. 1,756 new debt securities were admitted in the second quarter of 2016, in addition to 236 new investment fund classes. The ISE has also stated that the ISEQ is down 10.6% and has attributed this fall partly to the impact of the Brexit vote.



Delay of implementation of MiFID II and MiFIR rules confirmed
The legislation which will delay the implementation of MiFID II and the Regulation on Markets in Financial Instruments (MiFIR) has been published in the EU’s Official Journal. The legislation will now not become effective until 3 January 2018.

EU Commission adopts Delegated Regulations implementing Regulatory Technical Standards in respect of MiFID and MiFIR
The EU Commission has adopted a Delegated Regulation supplementing MiFID which specifies information which must be notified by investment firms and credit institutions exercising their freedom to provide services or the freedom of establishment. The RTS introduces harmonised documents to facilitate a smoother notification process for firms. The EU Commission has also adopted a Delegated Regulation supplementing MiFIR which specifies requirements in relation to straight-through processing and rules on the treatment of cleared derivative transactions.

For further information please contact a member of the Financial Regulation team

Date published: 04 Aug 2016