Central Bank of Ireland Markets Update - July 2022

On 4 July 2022, the Central Bank of Ireland (the Central Bank) published Issue 7 of its regular Markets Update, in which it sets out alerts of interest to Irish regulated firms and other market participants.

This issue contains a single item, concerning the Notice of intention published by the Central Bank on 4 July 2022.

The Notice relates to the application of the ESMA Guidelines on stress test scenarios under the MMF Regulation (the Guidelines).

The Guidelines

• were published on 4 May 2022 and came into force on 4 July 2022
• are updated at least once a year to take latest market developments into account
• are addressed to NCAs, money market funds (MMFs) and managers of MMFs as defined in the MMF Regulation and
• establish common reference parameters for stress test scenarios to be included in the stress tests conducted by MMFs or managers of MMFs in accordance with Article 28 of the MMF Regulation.

The Central Bank notes that it will consult on the incorporation of a provision in the Central Bank UCITS Regulations and AIF Rulebook in due course.

In the meantime, it expects full compliance with the Guidelines from 4 July 2022.