On 2 March 2023, the Central Bank of Ireland (the “Central Bank”) published its third annual Securities Markets Risk Outlook Report (the “Report”). The Report highlights the conduct risks that the Central Bank has identified as key for securities markets in 2023, being external risk environment, sustainable investing, market integrity, market conduct risk management, delegation and outsourcing, cybersecurity, data quality and digital innovation.The Report also outlines the Central Bank’s expectations of regulated financial service providers (“RFSPs”) and market participants in terms of identifying, mitigating and managing those risks in the context of their particular business activities.
Supervisory Priorities for 2023
The publication of the Report follows hot on the heels of the Central Bank’s cross-sectoral ‘Dear CEO’ letter dated 16 February 2023 addressing the key regulation and supervisory priorities for 2023 (the “Letter”). The priorities of the Central Bank of most relevance to funds and their service providers are:
- assessing and managing risks to the financial and operational resilience of firms. This includes the potential decline in asset…
