Central Bank of Ireland publishes Markets Update No 4 of 2025

On 14 May 2025, the Central Bank of Ireland (the Central Bank) published Issue No 4 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:

• ESMA submits technical advice under the Listing Act

On 7 May 2025, ESMA submitted to the European Commission its Final Report, setting out Level 2 technical advice under the Listing Act concerning Market Abuse Regulation (MAR) and MiFID II Small and Medium Enterprises (SMEs) Growth Markets.

The Commission will adopt the relevant Level 2 delegated acts by July 2026.

By way of background, the Listing Act package, comprising the Listing Act Directive, the Listing Act Regulation and the Multiple Vote Share Structure Directive, was published in the Official Journal on 14 November 2024.

The package aims to simplify listing requirements to promote better access to public capital markets for EU companies - in particular SMEs - by reducing the administrative burden on listed companies or companies seeking a listing.

• Ireland and Hong Kong agree MoU on cross-border distribution of public funds

  On 14 May 2025, the Central Bank and the Hong Kong Securities and Futures Commission (SFC) entered into a Memorandum of Understanding (MoU) on Mutual Recognition of Funds (MoU).

  This allows eligible Hong Kong and Irish public funds to be marketed in each other’s market through a more streamlined process. In particular, it provides for the cross-border offering

  • of eligible Hong Kong public collective investment schemes in Ireland for the first time and
  • of Irish UCITS that meet specific criteria to be authorised by the SFC for sale in Hong Kong under an expedited approval process.

  Our summary of the MoU can be found here.