Regulatory overview
Discover the latest regulatory news with SGSS' experts.
The adoption of the SWIFT ISO 20022 standard for Corporate Actions is the next step in the evolution of European markets. This adoption will have a significant impact. SGSS will allow its clients to gradually migrate to this new format until the ISO 15022 format is discontinued. Read more
Pierre Colladon, Senior Advisor Public Affairs & Regulation, Societe Generale Securities Services
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). Find out more about the reasons, impacts and opportunities for this change. Read more
Paola Deantoni, Senior Advisor Public Affairs, Societe Generale Securities Services
Analysis of key regulatory initiatives
Discover a general overview of the key regulatory initiatives.
Community and International news
Display allInternational and European news
Taxonomy: precise analysis criteria published
On November 21, 2023, technical examination criteria for determining under which conditions certain economic activities...
On November 21, 2023, technical examination criteria for determining under which conditions certain economic activities...
International and European news
On November 21, 2023, technical examination criteria for determining under which conditions certain economic activities can be considered to contribute substantially to climate change mitigation or adaptation, and whether these activities do not cause significant harm to any of the other environmental objectives, were published in the Official Journal of the...
Taxonomy: precise analysis criteria published
DORA falls out of the scope of NIS 2 cybersecurity Directive
On September 18, 2023, the European Commission published guidelines on the application of Article 4 of NIS 2 Directive...
On September 18, 2023, the European Commission published guidelines on the application of Article 4 of NIS 2 Directive...
International and European news
On September 18, 2023, the European Commission published guidelines on the application of Article 4 of NIS 2 Directive (Network and Information System Security) on cybersecurity (Directive (EU) 2022/2555).
DORA falls out of the scope of NIS 2 cybersecurity Directive
MICA: second set of technical standards published by ESMA
On 5 October 2023, ESMA launched the second public consultation under Markets in Crypto-Assets Regulation (MICA...
On 5 October 2023, ESMA launched the second public consultation under Markets in Crypto-Assets Regulation (MICA...
International and European news
On 5 October 2023, ESMA launched the second public consultation under Markets in Crypto-Assets Regulation (MICA Regulation) which closed on 14 December 2023.
MICA: second set of technical standards published by ESMA
AIFMD - Parliament published a briefing on the potential changes to the UCITSD and AIFMD
On September 14, 2023, the European Parliament (EP) published a briefing on the amendments to AIFMD and UCITSD.
On September 14, 2023, the European Parliament (EP) published a briefing on the amendments to AIFMD and UCITSD.
International and European news
On September 14, 2023, the European Parliament (EP) published a briefing on the amendments to AIFMD and UCITSD.
AIFMD - Parliament published a briefing on the potential changes to the UCITSD and AIFMD
ECMS - Launch of ECMS platform delayed by one year
The launch of ECMS (Eurosystem Collateral Management System), the Eurosystem's central bank collateralization platform,...
The launch of ECMS (Eurosystem Collateral Management System), the Eurosystem's central bank collateralization platform,...
International and European news
The launch of ECMS (Eurosystem Collateral Management System), the Eurosystem's central bank collateralization platform, has been postponed from April 8, 2024, to November 18, 2024. The aim is to give users more time to carry out tests in a stable environment.
ECMS - Launch of ECMS platform delayed by one year
ESG & MIFID II: Common Supervisory Action on MiFID II sustainability requirements in 2024
On October 3, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory...
On October 3, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory...
International and European news
On October 3, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) on MiFID II sustainability requirements to assess the progress made by intermediaries in the application of the key sustainability requirements which entered into application in 2022, following the amendments to the MiFID II...
ESG & MIFID II: Common Supervisory Action on MiFID II sustainability requirements in 2024
BMR: Common Supervisory Action on ESG disclosures for Benchmarks Administrators
On December 13, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a Common Supervisory...
On December 13, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a Common Supervisory...
International and European news
On December 13, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a Common Supervisory Action (CSA) on ESG disclosures under the Benchmarks Regulation (BMR). It is the first CSA for ESMA in its role as a direct supervisor of Benchmarks Administrators.
BMR: Common Supervisory Action on ESG disclosures for Benchmarks AdministratorsNational news
Display allNational news
FR - Regulatory reporting by asset management companies: the AMF calls for greater rigor
The AMF has published the results of a SPOT (Supervision des Pratiques Opérationnelle et Thématique) inspection campaign...
The AMF has published the results of a SPOT (Supervision des Pratiques Opérationnelle et Thématique) inspection campaign...
National news
The AMF has published the results of a SPOT (Supervision des Pratiques Opérationnelle et Thématique) inspection campaign on the production, control, and transmission to the AMF of regulatory reporting. The findings show that asset management companies need to be more vigilant about the quality of the data they transmit.
FR - Regulatory reporting by asset management companies: the AMF calls for greater rigor
FR - The AMF plans to review the regulatory framework applicable to private equity
On September 11, 2023, the Autorité des Marchés Financiers (AMF) published a report entitled "Private Equity: state of...
On September 11, 2023, the Autorité des Marchés Financiers (AMF) published a report entitled "Private Equity: state of...
National news
On September 11, 2023, the Autorité des Marchés Financiers (AMF) published a report entitled "Private Equity: state of play and vulnerabilities", in which it describes the fast-growing private equity market at the heart of financing the economy, and outlines the risks induced by this type of investment.
FR - The AMF plans to review the regulatory framework applicable to private equity
FR – Publication of the Climate Future Savings Plan (PEAC)
On October 11, 2023, the law on green industry was definitively adopted and published in the Journal Officiel on October...
On October 11, 2023, the law on green industry was definitively adopted and published in the Journal Officiel on October...
National news
On October 11, 2023, the law on green industry was definitively adopted and published in the Journal Officiel on October 24, 2023 (LOI n° 2023-973, article 34). The law provides for the introduction of a future climate savings plan (PEAC) to encourage young French people to save for the climate transition.
FR – Publication of the Climate Future Savings Plan (PEAC)
LUX - Monitoring action on asset valuation
Asset managers' processes must comply with ESMA's recommendations following its monitoring actions on costs and fees...
Asset managers' processes must comply with ESMA's recommendations following its monitoring actions on costs and fees...
National news
Asset managers' processes must comply with ESMA's recommendations following its monitoring actions on costs and fees charged to investment funds (2022 report) and on the valuation of UCITS and AIF assets (2023 report).
LUX - Monitoring action on asset valuation
UK - FCA provides update on OFR implementation
Currently, European Economic Area UCITS funds marketing in the UK via the Temporary Marketing Permissions Regime (TMPR)...
Currently, European Economic Area UCITS funds marketing in the UK via the Temporary Marketing Permissions Regime (TMPR)...
National news
Currently, European Economic Area UCITS funds marketing in the UK via the Temporary Marketing Permissions Regime (TMPR) must obtain individual recognition. The UK Overseas Funds Regime (OFR) however allows for recognition of collective investment schemes authorised under the law of a country or territory outside the UK, where (among other things) an...
UK - FCA provides update on OFR implementation
CH – Publication of the Swiss Stewardship Code
On October 4, 2023, the Asset Management Association Switzerland (AMAS) published its Swiss Stewardship Code, which...
On October 4, 2023, the Asset Management Association Switzerland (AMAS) published its Swiss Stewardship Code, which...
National news
On October 4, 2023, the Asset Management Association Switzerland (AMAS) published its Swiss Stewardship Code, which provides guidelines for Asset Managers, Asset Owners, and financial service providers, integrating responsible asset management into the investment processes of the Swiss investment industry.
CH – Publication of the Swiss Stewardship Code
CH - Negotiations with US to switch from non-reciprocal FATCA Model 2 to reciprocal Model 1
The State Secretariat for International Finance (SIF) of Switzerland in November 2023 released an update announcing the...
The State Secretariat for International Finance (SIF) of Switzerland in November 2023 released an update announcing the...
National news
The State Secretariat for International Finance (SIF) of Switzerland in November 2023 released an update announcing the finalization of the negotiations to transition from non-reciprocal FATCA Model 2 IGA (Intergovernmental Agreement) to reciprocal FATCA Model 1 IGA for the automatic exchange of tax information between Switzerland and the United States.
CH - Negotiations with US to switch from non-reciprocal FATCA Model 2 to reciprocal Model 1
US – SEC adopted rule amendments about mandatory treasury and repo clearing
On December 13, 2023, the Securities and Exchange Commission adopted rule amendments that will make mandatory, when it...
On December 13, 2023, the Securities and Exchange Commission adopted rule amendments that will make mandatory, when it...
National news
On December 13, 2023, the Securities and Exchange Commission adopted rule amendments that will make mandatory, when it involves a Fixed Income Clearing Corporation member, the clearing of U.S. Treasury securities and the clearing of All repo and reverse repo trades that include U.S. Treasuries.
US – SEC adopted rule amendments about mandatory treasury and repo clearing