Regulatory watch
To keep abreast of the regulatory landscape, our public affairs team publishes regular updates on regulatory topics being prepared and already issued with in-depth analysis on their impacts.
We also provide periodically a regulatory review which allows you to keep up with recent regulatory news.
Click below to read our regulatory selection & scroll down for additional news.
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Analysis of key regulatory and standards initiatives
On-going regulatory initiatives
- AIFM Directive - Alternative Investment Funds Managers Directive
- BMR - Benchmark Regulation
- CBFD - Cross Border Fund Distribution
- CSDR - Central Securities Depositories Regulation
- ELTIFs - European Long-Term Investment Funds
- EMIR Regulation - European Market Infrastructure Regulation / Derivative Products
- ESAP - European Single Access Point Regulation
- EuVECA/EuSEF - Venture capital funds and social entrepreneurship funds
- IORP - Institutions for Occupational Retirement Provision
- MIFID II /MIFIR - Markets in Financial Instruments Directive & Regulation
- MMFR - Money market funds Regulation
- PRIIPs Regulation - Packaged Retail and Insurance-based Investment Products
- Recovery & Resolution (for non banks)
- SFDR/Taxonomy - Green Finance Regulation
- SRD - Shareholder Rights Directive
- UCITS V Directive - Undertakings for Collective Investment in Transferable Securities
Other regulatory initiatives
- Collateral Directive
- Dodd-Frank Wall Street Reform and Consumer Protection Act (Title VII)
- FATCA - Foreign Account Tax Compliance Act
- Finality Directive
- FTT - Financial Transaction Tax (France)
- LEI - Legal Entity Identifier CFTC Interim Compliant Identifier (CICI)
- MIFID I - Markets in Financial Instruments Directive I
- SFT - Securities Financing Transactions Regulation
- Shadow Banking
- Short selling - Regulation on Short selling and certain aspects of credit default swaps
- Solvency II Directive
- T2SProject - Target 2 Securities Project - CSD Settlement & Delivery Platform
- Harmonising settlement cycles at T+2
- UCITS I-IV Directive - Undertakings for Collective Investments in Transferable Securities I-IV
Quarterly regulatory overview
Regulatory Insights
26 Apr 2023
Towards a broader model for identifying shareholders and holders in France
The implementation of SRD2 resulted in the replacement of the former shareholder identification process (known as “TPI”)...
Towards a broader model for identifying shareholders and holders in France
The implementation of SRD2 resulted in the replacement of the former shareholder identification process (known as “TPI”)...
Regulatory
The implementation of SRD2 resulted in the replacement of the former shareholder identification process (known as “TPI”) by the “SRD2” process at the end of 2021 with a national regulatory framework that broadens the scope of eligible instruments. However, this enlargement could come up against other national provisions in some countries, such as bank secrecy.
Towards a broader model for identifying shareholders and holders in France
26 Apr 2023
Who has never dreamed of having all the information they needed in a single click? The European Commission’s future one-stop shop intends to fulfil this wish
Continuing the implementation of its Capital Markets Union, the European Commission in 2021 proposed a new set of...
Who has never dreamed of having all the information they needed in a single click? The European Commission’s future one-stop shop intends to fulfil this wish
Continuing the implementation of its Capital Markets Union, the European Commission in 2021 proposed a new set of...
Regulatory
Continuing the implementation of its Capital Markets Union, the European Commission in 2021 proposed a new set of measures aimed at improving “the ability of companies to raise capital across the EU and ensure that Europeans get the best deals for their savings and investments”*. In addition to the amendment of existing texts, the principle of a single access...
Who has never dreamed of having all the information they needed in a single click? The European Commission’s future one-stop shop intends to fulfil this wish
25 Apr 2023
MICA: The end of the tunnel?
6 months after being validated by the ECON* committee of the European Parliament, MICA**, the long-awaited text on the...
MICA: The end of the tunnel?
6 months after being validated by the ECON* committee of the European Parliament, MICA**, the long-awaited text on the...
Regulatory
6 months after being validated by the ECON* committee of the European Parliament, MICA**, the long-awaited text on the regulation of new digital assets (crypto-currencies, utility tokens, stable coins, etc.) has finally been adopted on April 20, 2023 in plenary session of Parliament.
MICA: The end of the tunnel?
25 Apr 2023
CSDR – SDR: Role of CCPs in collecting penalties
Article 19 of Delegated Regulation 2018/1229 had entrusted CCPs* with the task of collecting (and redistributing) from...
CSDR – SDR: Role of CCPs in collecting penalties
Article 19 of Delegated Regulation 2018/1229 had entrusted CCPs* with the task of collecting (and redistributing) from...
Regulatory
Article 19 of Delegated Regulation 2018/1229 had entrusted CCPs* with the task of collecting (and redistributing) from their clearing members the penalties calculated by CSDs**. This specific process - dedicated to settlements directly against a CCP - diverged from the standard mode in which the CSD is responsible for the entire process (calculation,...
CSDR – SDR: Role of CCPs in collecting penalties
07 Apr 2023
Consequence of the trading obligation required by MIFIR on the cessation of the clearing of Credit Default Swaps by ICE Clear Europe - ESMA position
The decision by the CCP* ICE Clear Europe (ICEU) to stop clearing Credit Default Swaps (CDS) at the end of October 2023...
Consequence of the trading obligation required by MIFIR on the cessation of the clearing of Credit Default Swaps by ICE Clear Europe - ESMA position
The decision by the CCP* ICE Clear Europe (ICEU) to stop clearing Credit Default Swaps (CDS) at the end of October 2023...
Regulatory
The decision by the CCP* ICE Clear Europe (ICEU) to stop clearing Credit Default Swaps (CDS) at the end of October 2023 will result in the transfer of positions held by clients to another CCP. In concrete terms, these will be closed in ICEU and reopened in the new environment.
Consequence of the trading obligation required by MIFIR on the cessation of the clearing of Credit Default Swaps by ICE Clear Europe - ESMA position
06 Apr 2023
Publication of AMF study on SFDR classifications and fossil fuel exposure
The AMF* published on 23 March 2023, an overview of SFDR** classifications introduced by the SFDR regulation on the...
Publication of AMF study on SFDR classifications and fossil fuel exposure
The AMF* published on 23 March 2023, an overview of SFDR** classifications introduced by the SFDR regulation on the...
Regulatory
The AMF* published on 23 March 2023, an overview of SFDR** classifications introduced by the SFDR regulation on the French fund market. This assessment covers 10,600 French collective investment schemes, representing assets under management of more than €1.9 trillion at end-2021. As this assessment is based on data at end-2021, it does not take into account...
Publication of AMF study on SFDR classifications and fossil fuel exposure
23 Mar 2023
ESG Regulation in 2023: Riding the wave rather than waiting for the end
The 2018 Sustainable Finance Action Plan has been translated into ambitious regulations. As their implementation period...
ESG Regulation in 2023: Riding the wave rather than waiting for the end
The 2018 Sustainable Finance Action Plan has been translated into ambitious regulations. As their implementation period...
Regulatory
The 2018 Sustainable Finance Action Plan has been translated into ambitious regulations. As their implementation period starts, efforts made by the industry are considerable. But will this bear fruit in the long term? Asset managers stand between enthusiasm, scepticism and fear of greenwashing. Laetitia Hamon, Head of Sustainable Finance, Luxembourg Stock...
ESG Regulation in 2023: Riding the wave rather than waiting for the end
15 Mar 2023
CSDR Refit - SDR: Parliament adopts its amendments
After the Council, which voted last December to amend the European Commission's (EC) proposal, it is up to Parliament...
CSDR Refit - SDR: Parliament adopts its amendments
After the Council, which voted last December to amend the European Commission's (EC) proposal, it is up to Parliament...
Regulatory
After the Council, which voted last December to amend the European Commission's (EC) proposal, it is up to Parliament (EP) to formalise its vision of the future CSDR Refit*.
CSDR Refit - SDR: Parliament adopts its amendments
13 Mar 2023
The impact of the Pilot Regime on market players
The Pilot Regime comes into force in a few days’ time on Thursday, 23 March.
The impact of the Pilot Regime on market players
The Pilot Regime comes into force in a few days’ time on Thursday, 23 March.
Regulatory
The Pilot Regime comes into force in a few days’ time on Thursday, 23 March.
The impact of the Pilot Regime on market players
10 Mar 2023
Sustainable finance regulations: a driver for the asset management industry?
In recent years, we have seen a significant increase in the importance of CSR issues within the finance industry,...
Sustainable finance regulations: a driver for the asset management industry?
In recent years, we have seen a significant increase in the importance of CSR issues within the finance industry,...
Regulatory
In recent years, we have seen a significant increase in the importance of CSR issues within the finance industry, driven by the urgency of certain major challenges such as climate change and the decline in biodiversity, as well as an awareness of the levers we have as investors and the potential for value creation within the companies in which we invest.
Sustainable finance regulations: a driver for the asset management industry?
07 Mar 2023
New SWIFT ISO 20022 standard for cash payment messages
Payments in EURO on the TARGET 2, EURO1/STEP1 payment systems will be required to adopt the new SWIFT ISO20022 standard...
New SWIFT ISO 20022 standard for cash payment messages
Payments in EURO on the TARGET 2, EURO1/STEP1 payment systems will be required to adopt the new SWIFT ISO20022 standard...
Regulatory
Payments in EURO on the TARGET 2, EURO1/STEP1 payment systems will be required to adopt the new SWIFT ISO20022 standard as of 20 March 2023. The SWIFT ISO 20022 standard thus becomes the new defined standard for financial messages, in particular payment messages, which will be deployed between March 2023 and November 2025 (due to the delayed start announced in...
New SWIFT ISO 20022 standard for cash payment messages
17 Feb 2023
AFME Post Trade - US T+1 - Date Confirmed May 28 2024
On the 15 February 2023, the Securities and Exchange Commission adopted rule changes to shorten the standard settlement...
AFME Post Trade - US T+1 - Date Confirmed May 28 2024
On the 15 February 2023, the Securities and Exchange Commission adopted rule changes to shorten the standard settlement...
Regulatory
On the 15 February 2023, the Securities and Exchange Commission adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one (T+1).
AFME Post Trade - US T+1 - Date Confirmed May 28 2024
16 Feb 2023
SFDR: AMF proposal to introduce minimum environmental standards
The AMF proposes that the European Commission introduce in European law minimum environmental standards that financial...
SFDR: AMF proposal to introduce minimum environmental standards
The AMF proposes that the European Commission introduce in European law minimum environmental standards that financial...
Regulatory
The AMF proposes that the European Commission introduce in European law minimum environmental standards that financial products should meet to be categorised “Article 9” or “Article 8” under SFDR*.
SFDR: AMF proposal to introduce minimum environmental standards
02 Feb 2023
New Spanish market reform: The active and constructive participation of Societe Generale Securities Services Madrid
The Spanish settlement process is on the cusp of another reform, underpinned by the latest Securities Law which removes...
New Spanish market reform: The active and constructive participation of Societe Generale Securities Services Madrid
The Spanish settlement process is on the cusp of another reform, underpinned by the latest Securities Law which removes...
Regulatory
The Spanish settlement process is on the cusp of another reform, underpinned by the latest Securities Law which removes the post trade interface.
New Spanish market reform: The active and constructive participation of Societe Generale Securities Services Madrid
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Regulatory videos
16
May
2022
Corporate Actions, do you speak 20022?
The ISO 20022 format has just been adopted for electronic data interchange between financial institutions for Corporate...
The ISO 20022 format has just been adopted for electronic data interchange between financial institutions for Corporate...
Regulatory
The ISO 20022 format has just been adopted for electronic data interchange between financial institutions for Corporate Actions. What is it about and why is this change necessary? Interview with Pierre Colladon, Senior Advisor Public Affairs and Regulation at Societe Generale Securities Services.
Corporate Actions, do you speak 20022?16
May
2022
Pilot Regime: an experimental regulation at the service of innovation
Find out all about the Pilot Regime, designed to test the use of distributed ledger technologies (DLT) in market...
Find out all about the Pilot Regime, designed to test the use of distributed ledger technologies (DLT) in market...
Regulatory
Find out all about the Pilot Regime, designed to test the use of distributed ledger technologies (DLT) in market infrastructure, through our interview with Alain Rocher, Head of Knowledge Management at Societe Generale Securities Services.
Pilot Regime: an experimental regulation at the service of innovation24
Jan
2022
"Gates": A solution to address liquidity risk
Discover "Gates": the liquidity management tool addressing liquidity risk, with Christian de Beaufort, Market...
Discover "Gates": the liquidity management tool addressing liquidity risk, with Christian de Beaufort, Market...
Regulatory
Discover "Gates": the liquidity management tool addressing liquidity risk, with Christian de Beaufort, Market Infrastructures & Regulation, SGSS.
"Gates": A solution to address liquidity risk24
Jan
2022
Revision of the AIFM and UCITS Directives – European Commission proposal
Discover the AIFM and UCITS Directives latest updates with Marie-Claire de Saint-Exupéry, Senior Advisor Public Affairs...
Discover the AIFM and UCITS Directives latest updates with Marie-Claire de Saint-Exupéry, Senior Advisor Public Affairs...
Regulatory
Discover the AIFM and UCITS Directives latest updates with Marie-Claire de Saint-Exupéry, Senior Advisor Public Affairs at SGSS.
Revision of the AIFM and UCITS Directives – European Commission proposal16
Nov
2021
The Reserved Alternative Investment Fund: Key features and Advantages
Watch Jean-Pierre Gomez' interview on RAIF.
Watch Jean-Pierre Gomez' interview on RAIF.
Regulatory
Watch Jean-Pierre Gomez' interview on RAIF.
The Reserved Alternative Investment Fund: Key features and Advantages17
Sep
2021
CSD Regulatory
Discover the CSDR latest updates with our expert Sylvie Bonduelle.
Discover the CSDR latest updates with our expert Sylvie Bonduelle.
02
Jul
2021
Flash Video - Asset Management: The challenges of SFDR's new "green" reporting
Watch Jean-Pierre Gomez' interview on SFDR.
Watch Jean-Pierre Gomez' interview on SFDR.
Regulatory
Watch Jean-Pierre Gomez' interview on SFDR.
Flash Video - Asset Management: The challenges of SFDR's new "green" reporting11
May
2021
Consultation on the European Settlement Finality Directive (SFD)
The European settlement Finality Directive is currently under review. What is the original purpose of the directive?...
The European settlement Finality Directive is currently under review. What is the original purpose of the directive?...
Regulatory
The European settlement Finality Directive is currently under review.
What is the original purpose of the directive? What is the reason for this review by the European Commission and which entities would be most affected by the revision of the directive?
Consultation on the European Settlement Finality Directive (SFD)