Asset Management & Investment Funds: Irish Practice Developments - May 2020
CBI markets update
The Central Bank of Ireland (CBI) published issue 5 2020 of its markets update. It contains updates from CBI, the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO). CBI updates include:
Central Bank confirms application of measures outlined in various statements made by ESAs in recent weeks in relation to regulatory flexibility
- in particular the CBI confirmed its application of two recent EBA statements to MiFID investment firms subject to CRR/CRD IV, one on the application of the prudential framework on targeted aspects in the area of market risk in the COVID-19 outbreak, and another on additional supervisory measures in the COVID-19 pandemic
- in addition the CBI confirmed its approach to certain deadlines for bilateral margining under EMIR, in accordance with recent ESA publications.
COVID-19: Financial Crime Risk – Regulatory expectations
There have been many reports on emerging financial crime risks related to the COVID-19 pandemic, including increased cybercrime risk and COVID-19 related fraud targeting vulnerable customers. The CBI issued an Industry Letter on Thematic Inspection of Cybersecurity Risk Management in Asset Management Firms (discussed in our March bulletin). Against this backdrop, ALG's Financial Regulation team look at regulatory expectations for managing financial crime risk. Read here.
For more information in relation to this topic please contact your usual contact on the A&L Goodbody Asset Management & Investment Funds team.
Date published: 3 June 2020