Regulatory overview
Discover the latest regulatory updates with SGSS' experts.
Shareholder Rights Directives (SRDs): French market cited as an example by the European Commission
The European Commission published in March 2025 a report assessing the application of the Shareholder Rights Directives, or SRDs, 4 years after the entry into force of the SRD2. France and some of its tools, in particular VOTACCESS, are highlighted for the level of compliance achieved and the general efficiency of the solutions developed to meet SRDs requirements. We explain the improvements made, the Commission's recommendations and the next steps. Read more
Pierre Colladon, Senior Advisor (Public Affairs), Societe Generale Securities Services
Sustainable Finance: What is the ESG Omnibus Directive?
In February 2025, the European Commission proposed simplifying the rules on sustainability (CSRD), due diligence (CS3D) and Taxonomy with the ESG Omnibus Directive. We explain everything you need to know about this new directive, which could be published as early as 2026, with a reminder of the main European regulations on sustainable finance. Read more
Jean-Pierre Gomez, Senior Advisor (Public Affairs), Societe Generale Securities Services Luxembourg
Analysis of key regulatory initiatives
Discover a general overview of the key regulatory initiatives.
Community and International news
Display allInternational and European news
T+1: Publication of industry recommendations on changes to be implemented
In line with its commitment, the Industry Committee published its report on 30 June 2025.
In line with its commitment, the Industry Committee published its report on 30 June 2025.
International and European news
In line with its commitment, the Industry Committee published its report on 30 June 2025.
T+1: Publication of industry recommendations on changes to be implemented
ISO 20022: End of formats coexistence for payment messages
The migration to the ISO 20022 format for interbank payments, which began in March 2023 with priority given to payment...
The migration to the ISO 20022 format for interbank payments, which began in March 2023 with priority given to payment...
International and European news
The migration to the ISO 20022 format for interbank payments, which began in March 2023 with priority given to payment instructions, is proceeding according to plan.
ISO 20022: End of formats coexistence for payment messages
DLT: ESMA publishes final report on the functioning and review of the DLT Pilot Regime
On 25 June 2025, publication of the ESMA’s final report on the functioning and review of the DLT Pilot Regime with...
On 25 June 2025, publication of the ESMA’s final report on the functioning and review of the DLT Pilot Regime with...
International and European news
On 25 June 2025, publication of the ESMA’s final report on the functioning and review of the DLT Pilot Regime with information about business models, types of DLT financial instruments offered, and technical or legal issues encountered by supervisors to date.
DLT: ESMA publishes final report on the functioning and review of the DLT Pilot Regime
EAD: Publication of advice on eligible assets for UCITS
On 26 June 2025, the European Securities and Markets Authority (ESMA) published advice on the UCITS Eligible Assets...
On 26 June 2025, the European Securities and Markets Authority (ESMA) published advice on the UCITS Eligible Assets...
International and European news
On 26 June 2025, the European Securities and Markets Authority (ESMA) published advice on the UCITS Eligible Assets Directive (EAD).
EAD: Publication of advice on eligible assets for UCITS
EMIR 3: Publication of ESMA’s final report on the active account requirement
On 19 June 2025, the European Securities and Markets Authority (ESMA) published its final report on the Active Account...
On 19 June 2025, the European Securities and Markets Authority (ESMA) published its final report on the Active Account...
International and European news
On 19 June 2025, the European Securities and Markets Authority (ESMA) published its final report on the Active Account Requirement (AAR) under EMIR 3.
EMIR 3: Publication of ESMA’s final report on the active account requirement
DORA: ESAs publish guidance on the supervisory framework for critical third-party providers
On July 15, 2025, the European Supervisory Authorities (EBA, EIOPA, and ESMA) published explanatory guidance on the...
On July 15, 2025, the European Supervisory Authorities (EBA, EIOPA, and ESMA) published explanatory guidance on the...
International and European news
On July 15, 2025, the European Supervisory Authorities (EBA, EIOPA, and ESMA) published explanatory guidance on the supervisory framework for critical third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA).
DORA: ESAs publish guidance on the supervisory framework for critical third-party providersNational news
Display allNational news
Estonia, France, Germany, the Netherlands, Portugal, Luxembourg and Spain: Birth of label Finance Europeon
On Thursday, June 5, 2025, several European ministers of economy and finance officially launched the “Finance Europe”...
On Thursday, June 5, 2025, several European ministers of economy and finance officially launched the “Finance Europe”...
National news
On Thursday, June 5, 2025, several European ministers of economy and finance officially launched the “Finance Europe” label. This new label is intended to help European savers improve the return on their savings by directing their investments towards financing European companies.
Estonia, France, Germany, the Netherlands, Portugal, Luxembourg and Spain: Birth of label Finance Europeon
France: Decree relating to UCITS
Publication on July 20, 2025 of implementing decree no. 2025-673 of July 18, 2025
Publication on July 20, 2025 of implementing decree no. 2025-673 of July 18, 2025
National news
Publication on July 20, 2025 of implementing decree no. 2025-673 of July 18, 2025
France: Decree relating to UCITS
France: Decree on rules applicable to AIFs
Publication on August 4, 2025, in the Official Journal of a decree modernizing the AIF regime, particularly regarding...
Publication on August 4, 2025, in the Official Journal of a decree modernizing the AIF regime, particularly regarding...
National news
Publication on August 4, 2025, in the Official Journal of a decree modernizing the AIF regime, particularly regarding the publication of the reconstitution and realization values of SCPIs and the composition of FCPE assets.
France: Decree on rules applicable to AIFs
Luxembourg: CSSF publishes Circular on notification rules for non-authorised funds
On 27 June 2025, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 25/894, which...
On 27 June 2025, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 25/894, which...
National news
On 27 June 2025, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 25/894, which reforms and replaces Circular CSSF 15/612.
Luxembourg: CSSF publishes Circular on notification rules for non-authorised funds
Luxembourg: CSSF publishes a FAQ on Money Market Funds Regulation
On 5 June 2025, the CSSF published Version 4 of its FAQ on the Money Market Funds Regulation (MMFR) to clarify...
On 5 June 2025, the CSSF published Version 4 of its FAQ on the Money Market Funds Regulation (MMFR) to clarify...
National news
On 5 June 2025, the CSSF published Version 4 of its FAQ on the Money Market Funds Regulation (MMFR) to clarify Luxembourg-specific interpretations of EU Regulation 2017/1131.
Luxembourg: CSSF publishes a FAQ on Money Market Funds Regulation
United States: Publication of the GENIUS Act on stablecoins
On July 17, 2025, the US Congress passed the Genius Act, a landmark law establishing the first federal regulatory...
On July 17, 2025, the US Congress passed the Genius Act, a landmark law establishing the first federal regulatory...
National news
On July 17, 2025, the US Congress passed the Genius Act, a landmark law establishing the first federal regulatory framework for “payment stablecoins.”
United States: Publication of the GENIUS Act on stablecoins