Central Bank of Ireland Markets Update Issue 3 2017 - 15 May 2017 Central Bank of Ireland Central Bank publishes Policy Statement on EBA Remuneration Guidelines Central Bank publishes International Discussion Paper on Exchange Traded Funds Central Bank publishes letter to Fund Administrators on outsourcing activities Central Bank issues Client Assets industry lettter Central Bank publishes 25th Edition of the AIFMD Q&A Central Bank publishes 17th Edition of UCITS Q&A ESMA (European Securities and Markets Authority) ESAs highlight main risks for the EU financial system ESMA advises Commission on fees for trade repositories ESMA to cooperate with New Zealand's regulators on CCPs ESMA clarifies CCPs’ portfolio margining under EMIR ESMA publishes updated AIFMD and UCITS Q&As ESMA issues final guidelines regarding circuit breakers under MiFID II ESMA publishes response to Capital Markets Union Mid-Term Review ESMA promotes common approach to rules supporting the use of smaller CRAs ESMA identifies areas for improvements in shareholder identification and communication systems ESMA advises on draft legislation for CCP recovery and resolution ESMA clarifies market structure issues under MiFID II ESMA publishes responses to TR portability consultation ESMA publishes an opinion on MAR accepted market practices on liquidity contracts ESMA proposes updates to endorsement guidelines for 3rd country credit ratings ESMA updates MiFID II/MiFIR investor protection Q&As ESMA updates Q&A on MiFIR data reporting ESMA updates EMIR Q&A and validation rules MiFID II: ESMA issues final specifications for non-equity tape ESMA updates Q&A on CSDR implementation ESMA provides implementing details for SFTR ESMA updates list of recognised third-country CCPs ESMA publishes updated Q&A on CFDs and other speculative products ESMA publishes final rules to ensure integrity of EU financial benchmarks ESMA issues clarification on credit ratings and rating outlooks publication timelines MAR guidelines on commodity derivatives now available in all EU languages ESMA discusses haircuts in EU securities financing transactions ESMA publishes two sets of guidelines under CSDR CRA Guidelines on the validation and review of methodologies now available in all EU languages ESMA sees relatively ample liquidity in sovereign bond markets ESMA issues opinion on Spanish pension schemes to be excempt from central clearing under EMIR EBA and ESMA call to clarify margin requirements between CRR and EMIR ESAs welcome European Commission’s public consultation on their operation ESMA letter on EMIR Review and Sanctioning Powers to the European Commission ESMA advocates common principles for setting up share classes in UCITS funds ESMA sees high market and valuation risk amid substantial political and policy uncertainty ESMA updates Q&As on MiFID II transparency and market structure topics ESMA to cooperate with non-EU regulators on CCPs ESMA publishes first set of CSDR Q&As ESMA issues implementing rules for package orders under MiFID II ESAs publish statement on variation margin exchange ESAs warn on money laundering and terrorist financing risks affecting the EU financial sector ESMA writes to European Commission on MiFID II systematic internalisers operating broker crossing networks ESAs consult on Packaged Retail and Insurance-Based Investment Products with Environmental or Social Objectives ESMA revises MiFID standard on position reporting ESMA assesses DLT’s potential and interactions with EU rules ESMA publishes Practical Guide to national rules across EEA on major holdings notifications under Transparency Directive ESMA publishes 2017 supervision plan for CRAs, trade repositories and 3rd country CCPs ESMA updates Q&A on MiFID II implementation ESMA updates its EMIR Q&A ESMA announces details of 2017 CCP stress test ESMA consults on future guidelines for portability between trade repositories Please note that this Markets Update is intended to be a general summary only and does not purport to constitute an interpretation of, or the Central Bank’s position on, any of the legislative provisions, rules, requirements or guidance referenced herein. In case of any doubt, you should refer to the relevant legislative provision, rule, requirement or guidance document as applicable. The staff of the Central Bank are not authorised and cannot give you legal advice; you should seek this from your own legal advisor, if required.