Addressing market challenges, liquidity risks and establishing an appropriate deployment roadmap: Europe's post-trading agenda.

Financial intermediation by Undertakings for Collective Investment in Transferable Securities (UCITS) has always been popular with general public investors in France.

Following the ESMA Final Report published in November 2024 and the Joint Communication of the European Commission, ESMA and the ECB on future governance, a new step has been taken.

The consultation launched by the European Markets Authority (ESMA) in the winter of 2023 provided an opportunity for the European regulator to propose a wide range of possible changes to the penalty regime, ranging from a simple change in the rates applied to complete overhauls of the system through the simple or convex introduction of progressive rates,...

On 10 December 2024, the Council of Europe adopted a directive with new rules for withholding tax procedures (FASTER).

At the request of the management company Ofi Invest AM and the insurer Generali France, Societe Generale participated, from April to November 2024, in the projects led by the Banque de France and the European Central Bank (ECB) concerning the use of a wholesale Central Bank Digital Currency (wCBDC), i.e. “exploratory” euro cash tokens, for the settlement of...

While ESMA's preliminary report published last March suggested a potential move to T+1, the final report, available since November 18, 2024, leaves no room for the conditional. Not only is the move to T+1 in Europe now a fact, but it also even has a date (admittedly, this is only a proposal from the regulator; to become official, it will have to go through a...

The European Commission Delegated Regulation (EU) 2024/2759 (the “Delegated Regulation”) containing the European Long-Term Investment Fund (ELTIF) regulatory technical standards (RTS) has been published in the Official Journal of the European Union on 25 October 2024.

Shortening the settlement cycle is a recurring process – veteran bankers will remember the arrival of D+5 in France in the 1990s, replaced by D+3 and then T+2 in 2014. Such a shift is natural, and it follows the industry’s progress in automation, rationalization, and harmonization. So how is this new iteration such a big challenge?

The migration to ISO 20022 of the payment ecosystem continues to gain momentum worldwide.

At present, the Shareholders’ Rights Directive (SRD2) has not been fully convincing: electronic retail voting at general meetings (GAs) is still a long way off.

AIFMD II provides clarifications expected by Alternative Investment Fund Management (AIFM) managers regarding the AIFM passport regime regulating the issuance of loans across the EU. The new Directive establishes common rules for the granting of loans, covering the management of conflicts of interest, credit risk management and risk diversification according...

In 2024, a new directive will come into force – the Corporate Sustainability Reporting Directive (CSRD). Signed on 21 June 2022 and approved by the European Parliament in November 2022, the CSRD is replacing the NFRD (Non-Financial Reporting Directive) to establish new non-financial reporting standards and obligations.

Three years after the launch of the review process, the amended version of CSDR , known as CSDR Refit in reference to the eponymous European Commission's programme , came into force on 16 January 2024, 20 days after it was published in the Official Journal of the European Union.

From 28 May 2024, the US standard settlement cycle for most broker-dealer transactions in securities will be shortened to 1 business day after the trade date (T+1).