Domestic

CBI updates guidance document on investments product template - version 2

On 21 January 2025, the Central Bank of Ireland (CBI) published an update to its guidance on completing the investments product template version 2. The investments product template is applicable to all investment firms authorised under the European Union (Markets in Financial Instruments) Regulations 2017 (the MiFID Regulations), and branches established in Ireland by firms authorised in another Member State and providing services in the State under the MiFID Regulations.

The reporting date for the return is 31 December and it must be submitted by the last working day of March in the following year.

CBI updates guidance document on annual conduct of business return - version 3

On 21 January 2025, the CBI published an update to its guidance on completing the annual conduct of business return version 3. The conduct of business return is applicable to all investment firms authorised under the MiFID Regulations and branches established in Ireland by firms authorised in another Member State and providing services in the State under the MiFID Regulations.

The reporting date for the return is 31 December and it must be submitted by the last working day of March in the following year.

European

Start of DPE regime on 3 February and end of publication of systematic internalisers data

On 24 January 2025, the European Securities Market Authority (ESMA) reminded market participants that the new regime for the reporting of over the counter (OTC) transactions for post-trade transparency purposes became fully operational on 3 February 2025. ESMA also informed stakeholders that the quarterly publication of systematic internalisers (SI) data will be discontinued with immediate effect. 

Following the review of the Markets in Financial Instruments Regulation ((EU) 600/2014), the responsibility for reporting OTC-transactions will shift from SIs to the new designated publishing entities (DPEs). ESMA noted that the old approach has led many investment firms to opt in to the status of SI to be able to report the trades for their clients. ESMA added that when these firms were not dealing on own account on a systematic basis this added disproportionate requirements to them.

Under the DPE regime, national competent authorities are allowed to grant investment firms the status of DPE. DPEs, when they are party to a transaction, will need to make these transactions public through an approved publication arrangement.

Following the application of amendments to the Markets in Financial Instruments Directive II (2014/65/EU) under Directive (EU) 2024/790, it will no longer be necessary for ESMA to perform SI calculations from September 2025. ESMA advised that in view of the resources needed to perform the calculations and the fact that the regime will end shortly, they have decided to discontinue the voluntary publication of quarterly SI calculations data already now. Consequently, the mandatory SI regime will no longer apply from 1 February 2025, and investment firms will not need to perform the SI-test. However, investment firms can continue to opt into the SI-regime.

For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.