New Regulations have issued to implement Directive 2010/73/EU in Ireland and Directive 2010/78/EU. This will embed ESMA into the Prospectus Directive, Market Abuse, MiFID and Transparency Directive frameworks. In an investment funds context, changes to the Market Abuse regime essentially impact on listed funds, changes to the Prospectus regime impact on closed ended funds, changes to the Transparency regime impact on listed closed ended funds and changes to the MiFID regime impact on the regulated entities.