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
- DORA - European Digital Operational Resilience Act
- ELTIFs - European Long-Term Investment Funds
- EMIR Regulation - European Market Infrastructure Regulation/Derivative Products
- European Union Digital Finance Package
- ESAP - European Single Access Point Regulation
- EuVECA/EuSEF - Venture capital funds and social entrepreneurship funds
- IORP - Institutions for Occupational Retirement Provision
- MiCA - Markets in Crypto-Assets Regulation
- MIFID II/MIFIR - Markets in Financial Instruments Directive & Regulation
- MMFR - Money market funds Regulation
- Pilot Regime - Transitional regulatory framework to test the use of DLTs
- Post Trade - US T+1 - Settlement cycle shortened to T+1 in the US market
- 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
20 Oct 2023
Retail Investment Strategy: A package for the retail investor
Last May, the European Commission adopted the Retail Investment Strategy (RIS), which aims to protect retail investors,...
Retail Investment Strategy: A package for the retail investor
Last May, the European Commission adopted the Retail Investment Strategy (RIS), which aims to protect retail investors,...
Regulatory
Last May, the European Commission adopted the Retail Investment Strategy (RIS), which aims to protect retail investors, help them access European capital markets and provide them with a clear view of the return on their portfolios.
Retail Investment Strategy: A package for the retail investor 
11 Oct 2023
Supervisory actions on fees and valuation of fund assets
Asset managers' processes must comply with ESMA's recommendations following its supervisory actions on the costs and...
Supervisory actions on fees and valuation of fund assets
Asset managers' processes must comply with ESMA's recommendations following its supervisory actions on the costs and...
Regulatory
Asset managers' processes must comply with ESMA's recommendations following its supervisory actions on the costs and fees paid by investment funds (2022 report) and the valuation of UCITS and AIF assets (2023 report).
Supervisory actions on fees and valuation of fund assets
11 Oct 2023
ECMS Go Live should be rescheduled by several months
During the last Market Infrastructure Board (MIB) meeting on 27/28 September 2023, the ECMS (Eurosystem Collateral...
ECMS Go Live should be rescheduled by several months
During the last Market Infrastructure Board (MIB) meeting on 27/28 September 2023, the ECMS (Eurosystem Collateral...
Regulatory
During the last Market Infrastructure Board (MIB) meeting on 27/28 September 2023, the ECMS (Eurosystem Collateral Management System) status and feasibility of the Go Live plan were reviewed.
ECMS Go Live should be rescheduled by several months
25 Sep 2023
Publication of an AMF report on Private Equity
The French Financial Markets Authority (AMF) published a report on 11 September 2023 entitled "Private equity: state of...
Publication of an AMF report on Private Equity
The French Financial Markets Authority (AMF) published a report on 11 September 2023 entitled "Private equity: state of...
Regulatory
The French Financial Markets Authority (AMF) published a report on 11 September 2023 entitled "Private equity: state of play and vulnerabilities", in which it describes the growing Private Equity market, at the heart of the economy’s financing, and outlines the risks inherent in this type of investment.
Publication of an AMF report on Private Equity
19 Sep 2023
The Corporate Sustainability Reporting Directive (CSRD) at a glance
In 2024, a new directive will come into force – the Corporate Sustainability Reporting Directive (CSRD). Signed on 21...
The Corporate Sustainability Reporting Directive (CSRD) at a glance
In 2024, a new directive will come into force – the Corporate Sustainability Reporting Directive (CSRD). Signed on 21...
Regulatory
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.
The Corporate Sustainability Reporting Directive (CSRD) at a glance
14 Sep 2023
Fund liquidity risk management: a challenge for Asset Managers
In response to the AMF's requirements concerning liquidity management tools, Societe Generale Securities Services (SGSS)...
Fund liquidity risk management: a challenge for Asset Managers
In response to the AMF's requirements concerning liquidity management tools, Societe Generale Securities Services (SGSS)...
Regulatory
In response to the AMF's requirements concerning liquidity management tools, Societe Generale Securities Services (SGSS) provides its asset manager clients with a range of services.
Fund liquidity risk management: a challenge for Asset Managers
14 Sep 2023
ELTIF 2: Opportunities to grasp for Asset Managers and investors
The new European Long-Term Investment Funds regulation (ELTIF 2 or ELTIF review) becomes applicable on 10 January 2024. ...
ELTIF 2: Opportunities to grasp for Asset Managers and investors
The new European Long-Term Investment Funds regulation (ELTIF 2 or ELTIF review) becomes applicable on 10 January 2024. ...
Regulatory
The new European Long-Term Investment Funds regulation (ELTIF 2 or ELTIF review) becomes applicable on 10 January 2024.
This updated regulation is welcome by the fund industry. It is expected to create a more attractive framework for long-term investments, to provide more flexibility to Asset Managers and to improve access to retail investors.
ELTIF 2: Opportunities to grasp for Asset Managers and investors
13 Sep 2023
How are shareholders' rights strengthened?
The Shareholder Rights Directive II is a European legislation that defines the set of rules intended to strengthen the...
How are shareholders' rights strengthened?
The Shareholder Rights Directive II is a European legislation that defines the set of rules intended to strengthen the...
Regulatory
The Shareholder Rights Directive II is a European legislation that defines the set of rules intended to strengthen the rights of shareholders of companies listed on regulated markets. In particular, the improvement of the communication process between Issuers and shareholders and the facilitation of the exercise of voting rights in company general meetings,...
How are shareholders' rights strengthened?
01 Sep 2023
ESG – Voluntary vs. Regulatory? Both?
The implementation of sustainable finance and "green" investment objectives is gradual and entails a shift in mindset....
ESG – Voluntary vs. Regulatory? Both?
The implementation of sustainable finance and "green" investment objectives is gradual and entails a shift in mindset....
ESG/CSR
The implementation of sustainable finance and "green" investment objectives is gradual and entails a shift in mindset. This requires further education to raise awareness of environmental impacts. In this context, combining regulatory and voluntary commitments on ESG matters can be a complex task for Asset Managers and Asset Owners, but it is essential. And...
ESG – Voluntary vs. Regulatory? Both?
29 Aug 2023
CSDR - SDR: 31 August 2024: End of CCPs' role in collecting penalties
Article 19 of Delegated Regulation 2018/1229 had entrusted CCPs* with the task of collecting (and redistributing) from...
CSDR - SDR: 31 August 2024: End of CCPs' role 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**.
CSDR - SDR: 31 August 2024: End of CCPs' role in collecting penalties
08 Aug 2023
What is the RAIF (Reserved Alternative Investment Fund)?
What is the RAIF? Discover the Reserved Alternative Investment Fund, its features, benefits and how it works.
What is the RAIF (Reserved Alternative Investment Fund)?
What is the RAIF? Discover the Reserved Alternative Investment Fund, its features, benefits and how it works.
Regulatory
What is the RAIF? Discover the Reserved Alternative Investment Fund, its features, benefits and how it works.
What is the RAIF (Reserved Alternative Investment Fund)?
21 Jul 2023
Modernising Luxembourg's legislative framework for investment funds
A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on...
Modernising Luxembourg's legislative framework for investment funds
A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on...
Regulatory
A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on 11th July, 2023.
Modernising Luxembourg's legislative framework for investment funds
20 Jul 2023
New Spanish market reform: all you need to know on the measures and upgrades
The Spanish settlement process will soon undergo another reform; Societe Generale Securities Services Madrid is...
New Spanish market reform: all you need to know on the measures and upgrades
The Spanish settlement process will soon undergo another reform; Societe Generale Securities Services Madrid is...
Regulatory
The Spanish settlement process will soon undergo another reform; Societe Generale Securities Services Madrid is upgrading its system to get prepared.
New Spanish market reform: all you need to know on the measures and upgrades
05 Jul 2023
CSDR Refit: The adoption of the text is imminent
The EU Council announced on 27 June that a provisional agreement had been reached between the Parliament and the Council...
CSDR Refit: The adoption of the text is imminent
The EU Council announced on 27 June that a provisional agreement had been reached between the Parliament and the Council...
Regulatory
The EU Council announced on 27 June that a provisional agreement had been reached between the Parliament and the Council on the revision of CSDR*.
CSDR Refit: The adoption of the text is imminent
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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)