Financial Services Regulatory Update – July 2023 Round Up

CBI Engagement Update on Consumer Protection Code Review

On 31 July 2023, the Central Bank of Ireland (“CBI”) published an engagement update (here) following on from its discussion paper (here), published in October 2022, on the review of the Consumer Protection Code 2012.

The CBI intends to introduce a revised and modernised Consumer Protection Code in 2024, which includes consolidating existing rules with the Code of Conduct on Mortgage Arrears (“CCMA”). It plans to consult on the revised Code in December 2023.

Following adoption of the revised Code in 2024, work on further enhancements to the Code will be undertaken over the course of 2024, with additional Regulations planned for 2025.

More information is available on the CBI’s website (here).

DoF Progress Report on the “Ireland for Finance” Strategy

On 19 July 2023, the Department of Finance published its 2022 progress report (here) in respect of the “Ireland for Finance” strategy, providing an update on the Department’s eleven action measures due for reporting.

The “Ireland for Finance” 2023 Action Plan was previously published in March (here).

Extension of Transitional Period for Third-Country Benchmarks

On 14 July 2023, the European Commission adopted Delegated Regulation (here), under the Benchmark Regulation (“BMR”), extending the transitional period laid down for third-country benchmarks.

BMR rules are currently suspended to allow EU supervised entities to continue to use non-EU benchmarks until 31 December 2023, irrespective of whether they are on the Benchmarks Register of the European Securities and Markets Authority (“ESMA”).

The adopted Delegated Regulation extends the suspension period until 31 December 2025.

Following a period of scrutiny by the Council of the EU and the European Parliament, the Delegated Regulation may be published in the Official Journal and be entered into force.

LIBOR Updates

On 3 July 2023, the UK Financial Conduct Authority (“FCA”) confirmed (here) that the US dollar LIBOR bank panel ended in the UK on the 30 June 2023. This was the last remaining LIBOR panel. Overnight and 12-month US dollar LIBOR settings have now permanently ceased. 1-month, 3-month, and 6-month US dollar LIBOR settings will continue to be published by the ICE Benchmark Administration (“IBA”) using a synthetic methodology until September 2024.

Relatedly, on 3 July 2023, the Board of the International Organization of Securities Commissions (“IOSCO”) issued a statement (here) confirming that it has concluded its review of alternatives to USD LIBOR, which assessed the extent to which four benchmarks developed as potential substitutes for USD LIBOR (two credit sensitive rates (“CSRs”) and two term SOFR rates) have implemented IOSCO’s 2013 Principles for Financial Benchmarks in the areas of benchmark design, data sufficiency and transparency. The review by IOSCO identified varying degrees of vulnerability or concern with each rate’s implementation of the principles in scope, as compared to SOFR, along with areas for improvement.

Additionally, on 28 July 2023, the Financial Stability Board (“FSB”) published a document (here) containing final reflections on the LIBOR transition. Principally, the FSB wishes to encourage firms and market participants to: (i) consider their choice of reference rates; (ii) use benchmarks that are robust, suitable, sustainable, and compatible with relevant guidance and regulation; and (iii) continue to incorporate robust contractual fallbacks.

European Commission adopts the European Sustainability Reporting Standards

On 31 July 2023, the European Commission adopted the European Sustainability Reporting Standards ("ESRS") (here) which provide information for investors to understand the sustainability impact of the companies in which they invest.

The ESRS, which will be phased in over time for different companies, are intended for use by all companies subject to the Corporate Sustainability Reporting Directive ("CSRD").

For more information, please see our recently-published briefing (here).

European Commission Guidance on Transition Financing

On 7 July 2023, the European Commission published in the Official Journal a Recommendation (here) on facilitating finance for the transition to a sustainable economy.

The Recommendation is addressed to undertakings that wish to contribute to the green transition, as well as to financial intermediaries and investors, and Member States and supervisory authorities. It offers practical guidance to financial market participants that wish to obtain or provide transition finance.

Sustainability Disclosure under the Prospectus Regulation

On 11 July 2023, ESMA issued a public statement (here) outlining supervisory expectations in relation to how ESG-related disclosure requirements under the Prospectus Regulation, concerning equity and non-equity prospectuses, should be satisfied.

For more information, please see our recently-published briefing (here).

EBA Consultation regarding Climate Risk Scenario Analysis

On 20 July 2023, the European Banking Authority (“EBA”) launched a public consultation (here) on its draft templates for collecting climate-related data from EU banks. The EBA’s effort is part of the one-off “Fit-for-55” climate risk scenario analysis, which the EBA will carry out with the support of other relevant EU bodies.

The consultation runs until 11 October 2023.

ECB Opinion regarding CSDD Directive

On 14 July 2023, the European Central Bank (“ECB”) published in the Official Journal its opinion (here) in respect of the European Commission’s proposal for a Directive on corporate sustainability due diligence (“CSDD”) (proposal here).

EBA Decision concerning ESG Data Collection

On 18 July 2023, the EBA published a Decision (here) in respect of the ad hoc collection of financial institutions’ ESG data.

The decision will provide competent authorities and the EBA with the necessary data and tools to fulfil their monitoring functions, and ESG-related mandates by collecting information available to institutions as part of Pillar 3 disclosure obligations with respect to ESG risks.

ISDA Framework for Climate Scenario Analysis in the Trading Book

On 12 July 2023, the International Swaps and Derivatives Association (“ISDA”) published a whitepaper (here) providing a conceptual framework for climate scenario analysis in the trading book.

According to ISDA, this development marks a major step forward in efforts to understand and manage the impact of climate-related events on traded assets.

Stress Test of European Banking System

On 28 July 2023, the EBA published the results (here) of its 2023 EU-wide stress test, which involved 70 banks from 16 EU and EEA countries.

The results of the 2023 EU-wide stress test showed European banks remaining resilient under a hypothetical adverse economic scenario, which combined a severe EU and global recession with increasing interest rates and higher credit spreads.

The EBA stress test also indicated that Ireland’s two largest banks currently hold enough capital to withstand a severe adverse economic shock scenario over the next three years.

Outcome of DoF Consultation on the Credit Servicers’ Directive

On 22 June 2023, the Department of Finance published a document (here) setting out the outcomes of its public consultation on the transposition of the Credit Servicers’ Directive.

The publication sets out the initial decisions taken by the Department following consideration of the submissions it received. The EU Directive is due to be transposed into Irish law and in effect by 30 December 2023.

For an overview of the consultation’s outcomes, please see our recently-published briefing (here).

CBI July 2023 Euro Area Bank Lending Survey

On 25 July 2023, the CBI published the results (here) of its July 2023 bank lending survey, relating to Q2 2023. The results are summarised as follows:

• In Q2 2023, Irish banks moderately tightened credit standards on loans to firms and expect to tighten these again in Q3.
• Banks reported that firms’ aggregate loan demand increased slightly in Q2 2023, but is expected to stabilise in Q3 2023.
• On aggregate, banks tightened credit standards for consumer loans while standards for mortgages were unchanged. In Q3 2023, banks expect to tighten credit standards on both consumer loans and mortgages.
• Aggregate demand for consumer lending increased moderately in Q2 2023, while demand for mortgages remained stable. Banks expect demand for both types of loans to be unchanged in Q3 2023.

Remuneration of Minimum Reserves

On 27 July 2023, the Governing Council of the ECB announced (here) its decision to set the remuneration of minimum reserves at 0%. The change will become effective as of the beginning of the reserve maintenance period starting on 20 September 2023.

EBA Report on Asset Encumbrance Ratio

On 17 July 2023, the EBA published its annual asset encumbrance report (here).

The report highlights that banks in 2022 limited the use of funding from central banks. As a result, the overall asset encumbrance ratio decreased in 2022 by 3.3 percentage points to 25.8%.

EBA Guidelines regarding Bank Recovery Planning

On 19 July 2023, the EBA published a final report (here) containing guidance for banks and credit institutions on overall recovery capacity in recovery planning.

The guidelines will apply from three months following their publication on the EBA’s website in all official EU languages.

ECB Opinion on Amendments to EU’s CMDI Framework

On 5 July 2023, the ECB issued an opinion (here) on proposed amendments to the EU’s crisis management and deposit insurance (“CMDI”) framework, amending the Bank Recovery and Resolution Directive (“BRRD”), the Single Resolution Mechanism (“SRM”) Regulation, and the Deposit Guarantee Schemes Directive (“DGSD”).

RTS – Securitisation Regulation

On 7 July 2023, the European Commission adopted Delegated Regulation (here) containing regulatory technical standards (“RTS”) supplementing the Securitisation Regulation specifying risk retention requirements for originators, sponsors, original lenders, and servicers.

The Delegated Regulation is due to enter into force on the twentieth day following its prospective publication in the Official Journal.

Draft ITS – IRRBB Reporting Requirements

On 31 July 2023, the EBA published a final report (here) containing draft implementing technical standards (“ITS”) on supervisory reporting with regard to interest rate risk in the banking book (“IRRBB”) reporting requirements.

The draft ITS will be submitted to the Commission for endorsement before being published in the Official Journal. The first reference date for the application of these technical standards is envisaged to be in September 2024.

EBA Consultation on Draft ITS concerning MREL and TLAC

On 7 July 2023, the EBA launched a consultation (here) on draft amending ITS on disclosures and reporting of the minimum requirement for own funds and eligible liabilities (“MREL”) and the total loss absorbency requirements (“TLAC”) with regard to information on daisy chains and prior permissions.

The EBA’s consultation runs until 18 August 2023.

Updated ESMA Q&As

On 13 July 2023, ESMA published updated versions of its Q&A documentation in respect of: the Securitisation Regulation (here); and the Credit Rating Agencies (“CRA”) Regulation (here)

Commencement of Certain Provisions of the Courts and Civil Law (Miscellaneous Provisions) Act 2023

Minister for Justice Helen McEntee has commenced (here) the majority of the provisions of the Courts and Civil Law (Miscellaneous Provisions) Act 2023, with the commenced provisions having taken effect from 31 July 2023.

Part 6 of the 2023 Act, which has now been commenced, introduces amendments to the Occupiers’ Liability Act 1995 that will be of particular interest for insurance-related purposes. Most significantly, the amendments:

• codify a number of recent court decisions which rebalance the duty of care owed by occupiers to visitors and recreational users;
• change the standard to clarify that when the occupier of a property has acted with reckless disregard for a visitor or customer, it is the standard of reckless disregard rather than reasonable grounds which should apply in relation to any consideration of liability;
• limit the circumstances in which a court can impose liability on the occupier of a premises where a person has entered onto premises for the purpose of committing an offence; and
• allow for a broader range of scenarios where it can be shown that a visitor or customer has voluntarily assumed a risk resulting in harm.

The Government has outlined its clear expectation that insurers lower their prices in response to its reforms regarding the duty of care.

CBI NCID Mid-Year Report

On 13 July 2023, the CBI published mid-year liability data (here), providing insights into settled claims and costs relating to employers’ liability and public liability insurance.

The report found that while the Personal Injury Guidelines are now being applied in the majority of claims settled under the Direct and PIAB settlement channels, only 3% of litigated claims have been settled under the Guidelines due to the more protracted length of time involved. By contrast, 89% of injury claim costs in H1 2022 were settled through the litigation channel.

ECON Proposals regarding Solvency II Reform

On 18 July 2023, the European Parliament's Economic and Monetary Affairs Committee (“ECON”) voted on amendments to proposals by the European Commission regarding:

• reforms to the Solvency II Directive (adopted text of ECON’s report here); and
• the proposed Insurance Recovery and Resolution Directive (“IRRD”) (adopted text of ECON’s report here).

ECON additionally voted to enter into interinstitutional negotiations on the legislative proposals with the Council of the EU, which agreed its position in June 2023 (here).

EIOPA publishes Technical Information under IDD

On 3 July 2023, the European Insurance and Pensions Authority (“EIOPA”) published a final report (here) following its consultation on the proposal to adopt RTS adapting the base euro amounts for the professional indemnity insurance (“PII”) cover and financial capacity of intermediaries under the Insurance Distribution Directive (“IDD”). The following changes are proposed:

• for the base PII amount applying to each claim to increase from €1,300,380 to €1,564,610;
• for the base aggregate PII amount per year to increase from €1,924,560 to €2,315,610; and
• for the base financial capacity amount to increase from €19,510 to €23,480.

EIOPA ran a public consultation from 9 February 2023 to 6 May 2023 on the proposed draft RTS. While most stakeholders expressed support, some raised concerns about the methodology used in the IDD for adjusting the minimum amounts and highlighted the need to have sufficient time to adjust a large number of PII contracts to ensure that the required insurance cover will be available in time.

CBI Letter on Trading Venue Compliance with Requirements under MAR

The CBI has published a letter (here), dated 26 July 2023 and addressed to trading venue operators, outlining the findings of the CBI’s thematic inspection in respect of operators’ market surveillance arrangements and their compliance with the Market Abuse Regulation (“MAR”)

The inspection identified a number of failings concerning the effectiveness of market surveillance arrangements, including a significant lack of board awareness and accountability, weak quality assurance procedures, insufficient resourcing (including at local level) and poor alert closure and calibration governance.

The CBI requires that Chairpersons take responsibility for the findings in the letter, ensuring that it is discussed, minuted and actioned. Furthermore, the CBI requires that trading venue operators immediately commence a review of their trade surveillance arrangements, taking into account the letter and other CBI communications, and all legal obligations under MAR.

Where the CBI identified risks to investors and the market due to the issues outlined in the letter, formal supervisory requirements and outcome-focused actions have been imposed on the relevant firms.

CBI Guidance for Investment Firms

The CBI has published updated guidance (here) for investment firms to assist in interpreting revised client asset requirements (“CAR”), as contained in the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023 (applicable to investment firms from 1 July 2023 and to credit institutions from 1 January 2024). The CBI’s guidance will apply from the same dates as the regulatory provisions.

Additionally, on 13 July 2023, the CBI issued guidance (here) to investment firms in relation to completing the monthly client asset report (“MCAR”).

Public Statements by ESMA

On 6 July 2023, ESMA issued a statement (here) detailing the results of its 2022 common supervisory action (“CSA”) undertaken with national competent authorities (“NCAs”) on cost and charges disclosure rules under MiFID II.

The statement also provides detail on ESMA’s mystery shopping exercise, conducted in relation to cost and charges information provided to retail clients by investment firms.

ESMA issued a further statement on 12 July 2023 (here), addressed to investment firms, and highlighting retail investor protection concerns relating to securities lending and other securities financing transactions (“SFTs”), as well as clarifying regulatory requirements under MiFID II.

EBA Consultation on Guidelines regarding Application of the Group Capital Test under IFR

On 25 July 2023, the EBA launched a consultation (here) on its draft guidelines on the application of the group capital test for investment firm groups, in accordance with Article 8 of the Investment Firms Regulation (“IFR”). The guidelines aim at setting harmonised criteria to address an observed diversity in the application of the group capital test across the EU. In particular, the guidelines identify criteria to assist competent authorities in their assessment of the simplicity of group structures, and the significance of the risk posed to clients and to the wider market.

The EBA’s consultation runs until 25 October 2023.

Political Agreement on AIFMD II

On 20 July 2023, the Council of the EU issued a press release (here) announcing that it has reached provisional political agreement with the European Parliament on the proposed Directive amending the Alternative Investment Fund Managers Directive (“AIFMD”) and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, and the provision of depositary and custody services.

Negotiators also reached provisional agreement on an EU framework for funds originating loans, as well as enhanced rules for delegation by investment managers to third parties, measures to identify undue costs that could be charged to funds and to prevent misleading names, and enhancements to data sharing arrangements between competent authorities.

CBI Consultation on Macroprudential Policy in respect of Investment Funds

On 18 July 2023, the CBI published a discussion paper (here) regarding potential approaches to the development and operationalisation of a macroprudential framework for the investment funds sector.

The CBI is inviting stakeholders to provide feedback on the discussion paper, with the consultation running until 15 November 2023.

ESMA launches CSA on sustainability risks and disclosures in the investment funds sector

On 6 July 2023, ESMA launched (here) a CSA with NCAs, in relation to the investment funds sector, on sustainability-related disclosures and the integration of sustainability risks.

The CSA will assess the compliance of supervised asset managers with the relevant provisions in the Sustainable Finance Disclosure Regulation (“SFDR”), the Taxonomy Regulation and relevant implementing measures, including the relevant provision in the AIFMD and the UCITS Directive, on the integration of sustainability risks.

European Commission Report on MMF Regulation

On 20 July 2023, the European Commission published a report (here) on the functioning of the Regulation on money market funds (“MMFs”) (“MMF Regulation”) from a prudential and economic point of view.

The Commission report highlights that the MMF Regulation has enhanced financial stability and has overall successfully passed the test of recent market stress events.  At present, the Commission is not proposing a revision of the Regulation, though it will continue to carefully monitor the MMF sector and related vulnerabilities.

Renewal of EU Sanctions against Russia

On 20 July 2023, the Council of the EU announced (here) a renewal, until at least 31 January 2024, of restrictive measures targeting sectors of the Russian economy.

The sanctions, first introduced in 2014 in response to Russia's actions destabilising the situation in Ukraine, have been significantly expanded since February 2022. They currently consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport and luxury goods. They also cover: a ban on the import or transfer of seaborne crude oil and certain petroleum products from Russia to the EU, a de-SWIFTing of several Russian banks, and the suspension of the broadcasting activities and licenses of several Kremlin-backed disinformation outlets. Additionally, specific measures were introduced to strengthen the ability of the EU to counter sanctions circumvention.

Proposal regarding Uniformity in Sanctions Enforcement

On 6 July 2023, the European Parliament’s Civil Liberties Committee (“LIBE”) adopted (here) a draft negotiating mandate on a proposed Directive on the definition of criminal offences and penalties for the violation of EU restrictive measures. The new law would ensure that EU sanctions, including those against Russia, are enforced uniformly across member states, with common definitions and dissuasive penalties.

Withdrawal of ESMA Recognition Decisions concerning UAE-based CCPs

On 25 July 2023, ESMA announced its decision (here) to revoke recognition decisions concerning three central counterparties (“CCPs”) established in the United Arab Emirates, owing to the addition of the UAE, by the European Commission, to the list of high-risk third countries presenting strategic deficiencies in their national AML/CFT regimes.

In order to minimise potential market disruption, ESMA has made provision for an adaptation period of three months. The withdrawal of recognition decisions will therefore take effect from 25 October 2023. From that date, the CCPs concerned will no longer be permitted to provide clearing services to clearing members or trading venues established in the EU.

ESMA has also updated its list (here) of third-country CCPs recognised under the European Market Infrastructure Regulation (“EMIR”).

Initial Margin Model Validation under EMIR

On 3 July 2023, the EBA issued a report (here) containing final draft RTS on initial margin model validation (“IMMV”) under Article 11 of the EMIR.

Additionally, the EBA published an opinion (here) on the regulatory scope and validation of initial margin models.

Anti-Procyclicality Margin Measures

On 19 July 2023, ESMA published a final report (here) containing proposed revised RTS in respect of requirements for CCPs that aim to limit the procyclicality of margin requirements, under EMIR.

ESMA has submitted the final draft RTS to the European Commission, which has three months to decide whether or not to endorse the proposed revisions.

Progress Report on the Digital Finance Project

On 14 July 2023, the ECB published its fourth progress report (here) on the investigation phase of the digital euro project. The report presents the Eurosystem’s views on principles for a compensation model for a digital euro, updates on ongoing work, and outlines the findings of the prototyping and market research exercises completed in Q2 2023.

In autumn 2023, the ECB’s Governing Council will review the outcome of the digital euro investigation phase and decide whether to start testing and developing a digital euro.

Fourth EBA Opinion on ML/TF Risks

On 13 July 2023, the EBA issued its fourth biennial opinion (here) regarding money laundering (“ML”) and terrorist financing (“TF”) risks facing the EU’s financial system.

Since the last EBA opinion, issued in 2021, geopolitical events and technological developments have had a profound impact on the financial sector’s exposure to financial crime risks. New risks arise from the laundering of proceeds from environmental crimes and cybercrimes, with a perceived increase in risks associated with financial innovation linked to market growth. Legislative developments, including a comprehensive ‘AML Package’ and the Markets in Crypto-Assets (“MiCA”) Regulation create legal uncertainty and a hesitancy by some competent authorities and institutions to invest in more advanced financial crime controls.

In addition, the TF risks identified in 2021 continue to exist, whilst the changed geopolitical situation and an increase in right-wing extremism and terrorism have given rise to further risks.

In its opinion, the EBA is issuing 23 proposals to EU legislators and competent authorities to address ML/TF risks and to strengthen the EU’s financial crime safeguards.

EBA Report on AML/CFT Supervision

On 11 July 2023, the EBA published a report (here) outlining the findings of its implementation reviews in respect of competent authorities’ approaches to supervising AML/CFT requirements.

EU Proposal regarding Instant Credit Transfers in Euro

On 3 July 2023, ECON published the adopted text of its report (here) on the proposal for a Regulation amending the Single Euro Payments Area Regulation (“SEPA Migration Regulation”) and the Cross-Border Payments Regulation as regards instant credit transfers in euro.

Relatedly, on 17 July 2023, the Council of the EU published an information note (here) outlining, ahead of trilogue negotiations, the negotiating positions taken by the various EU institutions on the proposal.

Consultations on Technical Standards supplementing the MiCA Regulation

On 12 July 2023, the EBA published several consultation papers in relation to RTS and ITS issued under the MiCA Regulation:

• draft RTS on information to be contained in an application for authorisation to offer to the public and to seek admission to trading of asset-referenced tokens and draft ITS on standard forms, templates and procedures for the information to be included in the application (here);
• draft RTS specifying the requirements, templates and procedures for handling complaints (here); and
• draft RTS on the detailed content of information necessary to carry out the assessment of a proposed acquisition of qualifying holdings in issuers of asset-referenced tokens (here).

Each of the EBA’s consultations runs until 12 October 2023.

Additionally, ESMA has published a consultation paper (here) on its first set of technical standards issued under the MiCA Regulation. ESMA’s draft standards relate to: (i) the content, forms and templates for notification by certain financial entities; (ii) the content, forms and templates for the application for authorisation of Crypto Assets Service Providers (“CASPs”), (iii) the complaint-handling procedure; (iv) the identification, prevention, management and disclosure of conflicts of interest by CASPs; and (v) the assessment of intended acquisition of qualifying holdings requirements.

ESMA’s consultation runs until 20 September 2023.

Selected Consultations, Discussion Papers, Speeches and Reports Published

Basel Committee on Banking Supervision (“BCBS”) – Consultation on Revisions to BCBS Core Principles for Effective Banking Supervision (here) (runs 6 October 2023)

CBI – Markets Update (July 2023) (here)

Climate Resilience Dialogue (established by the European Commission) – Interim Report on the Climate Insurance Protection Gap (here)

EBA – Consultation on Draft Guidelines on the Establishment and Maintenance of National Lists or Registers of Credit Servicers under the Credit Servicers’ Directive (here) (consultation runs until 26 October 2023)

EBA – “FinTech and the future of financial intermediation” – Remarks by  José Manuel Campa, EBA Chair (here)

EBA – Guidelines on Overall Recovery Capacity in Recovery Planning (here)

EBA – Report on the Ad-Hoc Analysis of Unrealised Losses on EU Banks’ Bond Holdings (here)

EBA  – Report on Competent Authorities/ Approaches to the Supervision of Banks with respect to AML/CFT Compliance (here)

EBA – Report on Interdependent Assets and Liabilities in the NSFR under Article 428f(3) of the CRR (here)

EBA – Report on the Monitoring of Additional Tier 1 (AT1), Tier 2 AND TLAC/MREL Instruments of EU Institutions (here)

ECB – Guide on Effective Risk Data Aggregation and Risk Reporting (here) (consultation runs until 6 October 2023)

ECB – Report on the Analysis of Unrealised Losses in Banks’ Bond Portfolios Measured at Amortised Cost (conducted together with the EBA) (here)

ECB – Survey on Credit Terms and Conditions in Euro-Denominated Securities Financing and Over-the-Counter Derivatives Markets (“SESFOD”) (June 2023) (here)

EIOPA – Discussion Paper on Open Insurance: An Exploratory Use Case in the Insurance Sector (here)

EIOPA – Staff Paper on Measures to address Demand-Side Aspects of the Natural Catastrophe Insurance Protection Gap (here)

ESMA – Final Report on the Review of Technical Standards under Article 34 of MiFID II (here)

ESMA – Manual on Post-Trade Transparency Requirements under MiFID II and MiFIR (here)

ESMA – Report on the Call for Evidence on Pre-Hedging (here)

ESMA – Report on Marketing Requirements and Marketing Communications under the Regulation on Cross-Border Distribution of Funds (here)

ESMA – Reports on Penalties and Measures Imposed in 2022 under: (i) the AIFMD (here); and (ii) the UCITS Directive (here)

ESMA – Report on Sanctions and Measures Imposed under MiFID II in 2022 (here)

ESMA  – Report on Suspicious Transaction and Order Reports (“STORs”) (here)

ESMA – Supervisory Briefing on Understanding the Definition of Advice under MiFID II (here)

European Systemic Risk Board (“ESRB”) – Compliance Report: Recommendation on Liquidity and Leverage Risks in Investment Funds (here)

International Capital Market Association (“ICMA”) – ICMA Quarterly Report Q3 2023 (here)

International Sustainability Standards Board (“ISSB”) – Consultation on the Proposed IFRS Taxonomy for Sustainability Disclosure (here) (runs until 26 September 2023)

IOSCO – Consultation on Anti-Dilution Liquidity Management Tools (“LMTs”) (here) (runs until 4 September 2023)

ISDA – ISDA in Review: July 2023 (here)

You may also be interested in:

McCann FitzGerald regularly publishes briefings on topics relevant to financial services briefings, among others. You may be interested in the below briefings, published in July:

Financial Services:

• A Bank’s Duty of Care: UK Supreme Court Clarifies Scope of the Quincecare Duty (here)
• Credit Servicing: Outcome of Consultation on Transposition of EU Directive (here)
• ESMA sets out Expectations for Sustainability Disclosures in Prospectuses (here)
• High Court Rules Against Ulster Bank in Tracker Mortgage Decision (here)
• Ireland as a Location for E-Money Institutions 2023 (here)
• MiCA: EU Regulates Crypto-Assets (here)

Company Law:

• Irish Examiner Appointed to Northern Irish Registered Company (here)

Data Protection:

• Compensation in Data Breach Claims – Recent Irish Developments (here)
• European Commission Adopts Adequacy Decision for the new EU-US Data Privacy Framework (here)
• Never Mind the Hyperbolics: New Confidentiality Provisions for DPC (here)

Litigation:

• Should Ireland Liberalise its Rules on Third-Party Litigation Funding? Law Reform Commission Consultation (here)
• The Representative Actions Act 2023 Signed into Law but Lacks Clarity on Litigation Funding (here)
• Third Party Funding of International Commercial Arbitration is Permitted in Ireland (here)