GlobalReach Multi-Strategy ICAV

The Central Bank has determined the appropriate fine to be €275,000, which was reduced by 30% to €192,500 as allowed for by the settlement discount scheme provided for in the EMIR Regulations Settlement Scheme. This is the first monetary penalty imposed on an investment fund by the Central Bank to date. The reporting obligations under EMIR and other sectoral legislation increase transparency and enable the Central Bank to obtain 1 A derivative is a financial contract (such as a future, option or warrant) whose value derives from, and is dependent on, the value of an underlying asset (such as a commodity, currency or security). Derivatives can trade on an exchange or over the counter (OTC), and the objective of the reporting obligation set out in EMIR is to improve the transparency of, and reduce the risks associated with, OTC derivatives markets. 2 Trade repositories are commercial firms that centrally collect and maintain the records of derivative contracts and/or types of securities financing transactions (SFTs). SFTs allow investors and firms to use assets, such as the shares or bonds they own, to secure funding for their own activities. The registration of a trade repository with ESMA means that it can be used by counterparties to a derivative transaction and/or SFT to fulfil their trade reporting obligations under EMIR and/or the Securities Financing Transactions Regulation respectively.