Central Bank of Ireland publishes Markets Update No 2 of 2024

On 8 March 2024, the Central Bank of Ireland (the Central Bank) published Issue No 2 2024 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 the following three items.

Central Bank publications

1. Update on Funds Authorisation process

(a) UCITS and RIAIF umbrella applications must now be submitted via the Portal and not by email.

Further information can be found on the relevant Central Bank webpage

• Authorisation Process for UCITS
• Application Forms for UCITS
• Authorisation Process for AIFs.

(b) Standalone UCITS/RIAIFs and new Sub-funds of existing UCITS/RIAIF umbrellas will continue to be submitted through ORION.

Section 1 of the UCITS Application Form and Section 1 of the RIAIF Application Form have been updated.

(c) 5.00 pm deadline - final authorisation documents

All QIAIF, UCITS and RIAIFs (whether a new authorisation or containing post authorisation amendment) must submit final authorisation documents by 5.00 pm on the day prior to the proposed authorisation day.

The Central Bank Authorisation Team will require dated documentation to be received in respect of UCITS and RIAIFs no later than 10am on the day prior to the proposed authorisation day - ideally, these should be submitted as early as possible.

2. Prospectus Regulatory Framework Q&As - second edition

On 4 March 2024,the Central Bank published the second edition of its Prospectus Regulatory Framework Questions & Answers document. This includes

• updates to a number of Q&As "to better reflect the Central Bank's processes and the current regulatory regime" and
• the deletion of a number of Q&As that are no longer relevant.

ESMA publication

3. Obligation to publish MiFID RTS 28 reports after 13 February 2024

On 13 March 2024, ESMA published a Statement in respect of reporting requirements under RTS28, pending full application of the new rules under MiFID II.

Under the reviewed MiFID II/MiFIR framework, investment firms are no longer required to annually report detailed information on trading venues and execution quality through RTS 28 reports.

ESMA clarifies that it expects NCAs, including the Central Bank, not to prioritise supervisory actions towards investment firms relating to the periodic RTS 28 reporting obligation, from 13 February 2024 until the forthcoming legislative amendment to Article 27(6) of MiFID applies.