Irish Funds: A Year Of Change

Q What market trends have you seen recently? A In terms of trends we are seeing an increasing role for Esma. This is particularly the case with supervisory convergence, which has been identified by Esma as an area of strategic importance and has been included in its 2019 Work Programme which sets out its priorities and areas of focus for 2019. Esma views supervisory convergence as a necessary step in achieving its overall mission to enhance investor protection and promote stable and orderly markets. One of the key objectives of the supervisory convergence programme is to remove regulatory arbitrage and this is particularly relevant in the context of firms seeking to relocate as a result of Brexit. A Supervisory Coordination Network (SCN) has been established by Esma at which EU national competent authorities are afforded the opportunity to share and discuss details of Brexit related relocation applications that they have received in order to allow for the adoption of a