Interview of Lucile de la Jonquiere: The issue of Sustainable Finance

Mai 2019 - Das Thema Sustainable Finance (dt. „Nachhaltige Finanzwirtschaft“) erlebt einen beispiellosen Boom – sowohl auf der internationalen politischen Bühne als auch bei Anlegern und Finanzmarktakteuren.
The regulatory chronicle of Eric de Nexon - May 2019

anlässlich des endgültigen Inkrafttretens des „Loi PACTE“ in Frankreich erschien es mir interessant, Ihnen einige Informationen und Überlegungen zu digitalen Assets sowie ihrer Ausgabe, ihrer Speicherung und ihrem Handel über die DLT/Blockchain-Technologie vorzustellen.
Main Market Initiatives

Community and International news

IOSCO work programme for 2019
On 25 March 2019, the International Organization of Securities Commissions (IOSCO) published its annual work programme...
International and European news
On 25 March 2019, the International Organization of Securities Commissions (IOSCO) published its annual work programme for 2019.
IOSCO work programme for 2019
Cross-border distribution of investment funds
On 6 December 2018, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published the final...
International and European news
On 6 December 2018, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published the final version of draft legislation on cross-border distribution of investment funds. The main changes affecting the UCITS and AIFM Directives are as follows:
Cross-border distribution of investment funds
Investment firms: proposal of a new prudential regime
On 26 February 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with...
International and European news
On 26 February 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on the legislative proposals for a new prudential regime for investment firms.
Investment firms: proposal of a new prudential regime
Carbon footprint: proposal of benchmark for investment portfolios
On 25 February 2019, the Council of the EU announced that had reached a preliminary agreement with the European...
International and European news
On 25 February 2019, the Council of the EU announced that had reached a preliminary agreement with the European Parliament on the proposal creating a new category of financial benchmarks aimed at giving greater information on an investment portfolio’s carbon footprint.
Carbon footprint: proposal of benchmark for investment portfolios
EMIR Refit : ESMA statement on implementation timing issues
On 31 January 2019, the European Supervisory Authority (ESMA) published a public statement with regards to the issues...
International and European news
On 31 January 2019, the European Supervisory Authority (ESMA) published a public statement with regards to the issues around the clearing and trading obligations for small financial counterparties
EMIR Refit : ESMA statement on implementation timing issues
MLD4: Adoption of Delegated Regulation
On 31 January 2019, the European Commission adopted a Delegated Regulation supplementing the Fourth Anti-Money...
International and European news
On 31 January 2019, the European Commission adopted a Delegated Regulation supplementing the Fourth Anti-Money Laundering Directive (MLD4) with regard to regulatory technical standards (RTS) for the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist financing risk in certain...
MLD4: Adoption of Delegated Regulation
EMIR Refit : ESMA guidance on clearing obligation
On 28 March 2019, the European Securities and Markets Authority (ESMA) published a statement providing guidance on the...
International and European news
On 28 March 2019, the European Securities and Markets Authority (ESMA) published a statement providing guidance on the new EMIR Refit regime for the clearing obligation for financial and non-financial counterparties.
EMIR Refit : ESMA guidance on clearing obligation
PRIIPS : Final Report on amendments to the KID
On the 8th February 2019, the European Supervisory Authorities (ESAs) published their final report following a...
International and European news
On the 8th February 2019, the European Supervisory Authorities (ESAs) published their final report following a consultation on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).
PRIIPS : Final Report on amendments to the KID
SFTR: Publication of Final Rules
On 22 March 2019, the delegated acts on reporting of EU securities financing transactions were officially published in...
International and European news
On 22 March 2019, the delegated acts on reporting of EU securities financing transactions were officially published in the Official Journal of the European Union.
SFTR: Publication of Final Rules

National news

US - Reform for Securities Offering by Closed-End Investment Companies
On 20 March 2019, the Securities and Exchange Commission voted to propose rule amendments to allow business development...
National news
On 20 March 2019, the Securities and Exchange Commission voted to propose rule amendments to allow business development companies and registered closed-end funds (collectively, “affected funds”) to use the registration, offering, and communications reforms the Commission already adopted for operating companies.
US - Reform for Securities Offering by Closed-End Investment Companies
GB - MoUs between FCA and EU regulators about cooperation
On 1 February 2019, the FCA announced that it had agreed Memoranda of Understanding (MoUs) with the European Securities...
National news
On 1 February 2019, the FCA announced that it had agreed Memoranda of Understanding (MoUs) with the European Securities and Markets Authority (ESMA) and EU27 regulators dealing with cooperation and exchange of information in the event of a hard Brexit scenario.
GB - MoUs between FCA and EU regulators about cooperation
ES - Spanish circular on information to be provided by management companies
On 26 December 2018, the Official State Gazette (BOE) has published CNMV Circular 5/2018, amending previous CNMV...
National news
On 26 December 2018, the Official State Gazette (BOE) has published CNMV Circular 5/2018, amending previous CNMV Circulars on public periodic reporting on accounting standards, annual accounts and reserved information statements of venture capital entities, CIS and venture capital entity management companies and branches of European management companies...
ES - Spanish circular on information to be provided by management companies
DE - German draft bill about the disclosure of certain Tax Arrangements
On 30 January 2019, the German Ministry of Finance has introduced a draft bill for the implementation of EU Mandatory...
National news
On 30 January 2019, the German Ministry of Finance has introduced a draft bill for the implementation of EU Mandatory Disclosure Rules – DAC 6.
DE - German draft bill about the disclosure of certain Tax Arrangements
EI - Money Market Funds and Share Cancellation Mechanism
The Central Bank of Ireland and the Luxembourg regulator (CSSF) issued a joint statement conveying their respective...
National news
The Central Bank of Ireland and the Luxembourg regulator (CSSF) issued a joint statement conveying their respective supervisory approaches in relation to share cancellation and the implementation of the Money Market Fund Regulation (“MMFR”).
EI - Money Market Funds and Share Cancellation Mechanism
LU - Circular CSSF on electronic transmission of funds documents
On 29 January 2019, the CSSF issued its circular 19/708 concerning the electronic transmission of prospectuses and...
National news
On 29 January 2019, the CSSF issued its circular 19/708 concerning the electronic transmission of prospectuses and financial reports of Undertakings for Collective Investment ("UCIs") and Specialized Investment Funds ("SIFs") to the CSSF (the "Circular 19/708")
LU - Circular CSSF on electronic transmission of funds documents
FR - Guide on UCI outperformance fees
In December 2018, the French Asset Management Association (AFG) and the French Association of Securities Professionals...
National news
In December 2018, the French Asset Management Association (AFG) and the French Association of Securities Professionals (AFTI) published a best market practices guide on outperformance fees in UCITS and General Investment Funds.
FR - Guide on UCI outperformance fees
FR - AMF study on impact of harmonised tick size regime
On 15 February 2019, the Autorité des Marchés Financiers (AMF) released the results of a new study on the impact of the...
National news
On 15 February 2019, the Autorité des Marchés Financiers (AMF) released the results of a new study on the impact of the European harmonised tick size regime stemming from the new Markets in Financial Instruments Directive (MiFID II).
FR - AMF study on impact of harmonised tick size regime