Central Bank of Ireland publishes Markets Update No 3 of 2025

On 17 April 2025, the Central Bank of Ireland (the Central Bank) published Issue No 3 of 2025 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 Related Articles at the foot of this page.

The new Update contains the following items of interest:

The Central Bank updates its UCITS Q&As

On 17 April 2025, the Central Bank published the 42nd Edition of its UCITS Q&A.

This revises QA ID 1012 regarding the requirements that apply to a Responsible Person of a UCITS ETF or UCITS ETF Share Class of a UCITS in respect of portfolio transparency and disclosure of information on the portfolio.

The Central Bank's Notice of Intention re MMF Regulation Stress Test Scenarios

On 17 April 2025, the Central Bank also published a Notice of Intention (the Notice) in respect of ESMA's "Guidelines on stress test scenarios under the MMF Regulation" (the Guidelines), which were published on 24 February 2025.

The Guidelines establish common reference parameters for the 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.

In the Notice, the Central Bank confirms that, 'in due course', it will consult on incorporating a provision in its UCITS Regulations and AIF Rulebook requiring all managers of MMFs to adhere to the Guidelines.

In the meantime, the Central Bank expects firms to comply fully with the Guidelines from 4 May 2025.