Central Bank of Ireland publishes Markets Update No 2 of 2023

On 20 February 2023, the Central Bank of Ireland (the Central Bank) published Issue No 2 2023 of its regular Markets Update, in which it sets out alerts of interest to Irish regulated firms and other market participants.
For our summaries of the previous issues, please see the right-hand column of this page.

The new Update contains two items:

Process clarifications for UCITS and AIFs documentation updates following Commission Delegated Regulation (EU) 2023/363

Commission Delegated Regulation (EU) 2023/363, published in the Official Journal on 17 February 2023, amended the existing disclosure requirements under the EU’s SFDR Level 2 RTS.

As a result, the Central Bank has introduced a streamlined process for managers to use when submitting UCITS and AIF pre-contractual documents which have had to be updated in light of the new changes.

Our summary of the Central Bank’s publication, which sets out details of the new process can be found here.

Extension of the application date for the clearing obligation and bilateral margin requirements for OTC derivative contracts not cleared by a CCP related to counterparties which are part of the same group

On 13 February 2023, two delegated acts (here and here) were published in the Official Journal, entering into force the following day.

They postpone to 25 June 2025 the application of both (a) the clearing obligation and (b) the bilateral margin requirements. They affect certain intra-group transactions between Irish counterparties and other entities in the same group, which are established in countries where no equivalence decision has been adopted under Article 13(2) of EMIR.