Page Contents
Deadlines
CBI Markets Update
The above list does not cover:
By way of example, the Companies (Accounting) Act 2017 obliges UCITS investment companies and AIF investment companies to file annual accounts with the CRO within eleven months of their financial year-end.
The Central Bank of Ireland (CBI) issued Issue 6 of 2024 of its markets update which included the following.
ESMA statement on good practices in relation to pre-close calls between an issuer and analysts
“Pre-close calls” are communication sessions between a [listed] issuer and an analyst or group of analysts who generate research, forecasts, and recommendations related to the issuer’s financial instruments for their clients. These “pre-close calls” usually take place immediately before the periods preceding an interim or a year-end financial report during which issuers refrain from providing any additional information or updates. “Pre-close calls” can influence market expectations and instrument prices.
ESMA considers that “pre-close calls” carry inherent risks of inadvertent unlawful disclosure of inside information increased by the lack of publicity of these events and the absence of records of what was presented. Issuers are reminded about the prohibition of unlawful disclosure of inside information and that public disclosure of inside information should take place in accordance with Article 17 of the Market Abuse Regulation and Commission Implementing Regulation (EU) 2016/10552.
The EBA and ESMA published a discussion paper on the potential review of the investment firm prudential framework to gather early feedback to inform a response to a European Commission call for advice. This consultation is open for response until 30 August 2024 and considers UCITS Management Companies and AIFMs. A parallel data collection exercise addressed to competent authorities, investment firms and UCITS Management Companies and AIFMs has also been launched.
On 1 May 2024, the CBI published three guidance notes for industry on the MiFID investment firm authorisation process. These include two new guidance documents on the pre-formal application stages of the process - the preliminary meeting and the key facts document stages of the authorisation process. The MiFID investment firm authorisation application form was updated to reflect changes in regulatory references and legislation and the existing guidance note on completing an application form for authorisation was revised to provide greater clarity on the content required. All of these documents can be found on the CBI’s webpage for MiFID Investment Firms – Authorisation Process.
An application form was created for MiFID investment firms who wish to seek a voluntary revocation of license - “Application Form for Withdrawal (Voluntary Revocation) of Authorisation of a MiFID Investment Firm”. An accompanying guidance note was also published. These can be found on the CBI’s webpage for MiFID Investment Firms – Revocation Process for MiFID Firms.
For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.
Date published: 25 June 2024