Tracker, Financial Services Regulation & Compliance - Investment Firms



Central Bank of Ireland (CBI) has issued a notice for users of Derivatives in Ireland
This notice is to make users of Derivatives aware of their obligations under the European Market Infrastructure Regulation (EMIR). CBI has been designated a National Competent Authority (NCA) for EMIR in Ireland. EMIR applies both to Financial Counterparties (including investment firms authorised in accordance with Directive 2004/39/EC) and Non-Financial Counterparties.

Irish Stock Exchange (ISE) publishes its review of 2014
The year review highlights growth in the ISE in 2014.  Deirdre Somers, chief executive, said that 2014 was a landmark year for the ISE, noting that 7,000 new debt listings and 1,600 new fund classes were added over the course of the year. It was further announced that the ISE had reached a milestone of 25,000 debt listings on 9 January 2014. Some further highlights mentioned in the review include the following:

  • The signing of a Memorandum of Understanding with Shanghai Stock Exchange to facilitate new international business and to develop the relationship between both exchanges;
  • Plans to launch a programme to support entrepreneurs and companies who are preparing to list on the stock market; and
  • The launch of, which is a new information portal for funds listed on the ISE.

EU & International

European Securities and Markets Authority (ESMA) to cooperate with Hong Kong Securities and Futures Commission (SFC) on Central Counterparties (CCPs)
ESMA and the Hong Kong SFC have both entered a Memorandum of Understanding, which establishes cooperation arrangements between them in relation to CCPs that are established in Hong Kong and have applied for recognition under European Market Infrastructure Regulation (EMIR). This Memorandum of Agreement became effective on 19 December 2014. ESMA is in the process of establishing such cooperation agreements with a number of other third countries.

ESMA publishes an opinion on draft Regulatory Technical Standards (RTS) on the clearing obligation for interest rate swaps
ESMA has issued an opinion in response to European Commission's notification in December 2014 of its intention to endorse, with amendments, a draft RTS submitted by ESMA.  The opinion explains ESMA's support of the Commission's intention to extend the initial approach, with the aim of postponing the starting date of the frontloading obligation. ESMA detailed its concerns on the proposed exemption of non-EU intragroup transactions from the clearing obligation.  

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

Date published: 3 February 2015