In line with EU requirements, the Central Bank and the Irish Stock Exchange (ISE) announced that they have successfully completed a joint project to unwind a delegation arrangement between the Central Bank and the ISE relating to the performance of certain tasks under the Transparency (Directive 2004/109/EC) Regulations 2007 (the Transparency Regulations). These delegated tasks have been carried out by the ISE on behalf of the Central Bank since 2007. Under European law any delegation of tasks provided for in the Transparency Directive and the Transparency Regulations must end by 19 January 2013. This is the final of three delegation arrangements to be unwound by the Central Bank and the ISE in accordance with European law since December 2011. From an investment funds perspective, the transparency regime impacts on closed ended listed funds only.