Regulatory overview

Discover the latest regulatory news with SGSS' experts.

New French undertakings for collective investment chart of accounts

Aziz Adda - Regulatory Watch, Societe Generale Securities Services

In France, the accounting of Undertakings for Collective Investment, or UCIs, is organised by a chart of accounts proposed by the Autorité des Normes Comptables (ANC) and approved by the Commission des Normes Privées. The chart of accounts for UCIs has not been properly revised since 2003, though some changes have been adopted to accommodate new products. 
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Is there a european project on withholding tax procedures within the EU?

Catherine Peyratout, Head of Client Taxation for SGSS, Societe Generale

A draft European Directive should be issued at the end of 2022 in order to define a common and standardised procedure within the European Union for withholding tax refunds for all Member States. 
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Analysis of key regulatory initiatives

Discover a general overview of the key regulatory initiatives.

Community and International news

AllInternational and European news
SFDR : European Commission published SFDR RTS on ESG disclosure standards
The European Commission adopted on 6 April 2022 a technical standard to be used by financial market participants when...
International and European news
The European Commission adopted on 6 April 2022 a technical standard to be used by financial market participants when disclosing sustainability-related information under the Sustainable Finance Disclosures Regulation (SFDR).
SFDR : European Commission published SFDR RTS on ESG disclosure standards
ESMA and EBA published guidelines on the supervisory process of investment firms
On 21 July 2022, ESMA* and EBA** published guidelines to harmonise the supervisory review and evaluation process of...
International and European news
On 21 July 2022, ESMA* and EBA** published guidelines to harmonise the supervisory review and evaluation process of investment firms.
ESMA and EBA published guidelines on the supervisory process of investment firms
ELTIF European long-term investment funds: European Council adopts its position
On May 24, 2022, the Council adopted its position to improve the European long-term investment funds (ELTIFs) regulation...
International and European news
On May 24, 2022, the Council adopted its position to improve the European long-term investment funds (ELTIFs) regulation to facilitate long-term investment in the real economy.
ELTIF European long-term investment funds: European Council adopts its position
AIFM Alternative Investment Funds: European Council adopts its position
On June 17, 2022, the Council reached agreement on its position on a review of the alternative investment fund managers...
International and European news
On June 17, 2022, the Council reached agreement on its position on a review of the alternative investment fund managers directive, the legislative framework which governs managers of hedge funds, private equity funds, private debt funds, real estate funds and other so-called alternative investment funds in the Union.
AIFM Alternative Investment Funds: European Council adopts its position
The Pilot Regime will start on March 23, 2023
On June 2, 2022, Regulation (UE) 2002/858, known as the "Pilot Regime", was published in the Official Journal of the...
International and European news
On June 2, 2022, Regulation (UE) 2002/858, known as the "Pilot Regime", was published in the Official Journal of the European Union, which establishes requirements for new market infrastructures based on the distributed ledger technology.
The Pilot Regime will start on March 23, 2023
Crypto-asset markets: European agreement on the draft MiCA regulation
On 30 June 2022, the draft European regulation on crypto-asset markets (“Markets in Crypto-Assets” or “MiCA”) was the...
International and European news
On 30 June 2022, the draft European regulation on crypto-asset markets (“Markets in Crypto-Assets” or “MiCA”) was the subject of an interim political agreement following the negotiation phase between the Parliament, the Council and the European Commission
Crypto-asset markets: European agreement on the draft MiCA regulation
Provisional agreement on CSRD rules on sustainability information
On 21 June 2022, the Council and the European Parliament reached a provisional political agreement on the Directive on...
International and European news
On 21 June 2022, the Council and the European Parliament reached a provisional political agreement on the Directive on the Publication of Sustainability Information by Enterprises (CSRD).
Provisional agreement on CSRD rules on sustainability information
ESMA guidance to NCA to carry out supervisory actions on sustainability
ESMA published on 31 May 2022 a Supervisory Briefing document on sustainability risks and disclosures in investment...
International and European news
ESMA published on 31 May 2022 a Supervisory Briefing document on sustainability risks and disclosures in investment management area (here) that is intended to enhance convergence among Member State competent authorities.
ESMA guidance to NCA to carry out supervisory actions on sustainability
EMIR Refit: Commission adopts ESMA proposals on reporting to TRs
The ESMA consultation on a major change in reporting to Trade Repositories (TRs) ended in July 2020 and resulted in a...
International and European news
The ESMA consultation on a major change in reporting to Trade Repositories (TRs) ended in July 2020 and resulted in a proposal for delegated acts sent to the European Commission in December 2020.
EMIR Refit: Commission adopts ESMA proposals on reporting to TRs
Council of the EU publishes text on the review of the AIFMD and the UCITS Directive
On 21 June 2022, Council of the EU adopted its position on AIFMD* II as regards delegation arrangements, liquidity risk...
International and European news
On 21 June 2022, Council of the EU adopted its position on AIFMD* II as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination.
Council of the EU publishes text on the review of the AIFMD and the UCITS Directive
EU-wide system for withholding tax
On 1 April 2022, the EU Commission has published a Public Consultation on its initiative to introduce a common EU-wide...
International and European news
On 1 April 2022, the EU Commission has published a Public Consultation on its initiative to introduce a common EU-wide system for withholding tax claims on dividend and interest payments within the EU. It will include a system for tax authorities to exchange information and cooperate with each other.
EU-wide system for withholding tax

National news

AllNational news
FR - AMF wants to ban movement commissions
On May 23, 2022, AMF announced changes to its general regulations and its doctrine on movement commissions and the...
National news
On May 23, 2022, AMF announced changes to its general regulations and its doctrine on movement commissions and the marketing of funds.
FR - AMF wants to ban movement commissions
FR – Publication by the ANC of the new UCI chart of accounts
On June 8, 2022, the Autorité des Normes Comptables (ANC) published ANC Regulation No. 2022-03, which amends ANC...
National news
On June 8, 2022, the Autorité des Normes Comptables (ANC) published ANC Regulation No. 2022-03, which amends ANC Regulation No. 2020-07 on the annual accounts of collective investment undertakings with variable capital, a modified version of which is also proposed pending the approval of the new text. The main amendments relate to:
FR – Publication by the ANC of the new UCI chart of accounts
LU – ALFI has published its brochure and study on Swing Pricing
On 14 July 2022, the Association of the Luxembourg Fund Industry (ALFI) published its Swing Pricing brochure and the...
National news
On 14 July 2022, the Association of the Luxembourg Fund Industry (ALFI) published its Swing Pricing brochure and the study carried out among 56 Asset Managers representing USD 4.347 billion AuM, representing 71% of total Luxembourg Assets Under Management.
LU – ALFI has published its brochure and study on Swing Pricing
LU – CSSF published circular about UCI administration
In view of evolutions in the field of UCI administration, the Commission de Surveillance du Secteur Financier (CSSF)...
National news
In view of evolutions in the field of UCI administration, the Commission de Surveillance du Secteur Financier (CSSF) specifies its requirements concerning governance and internal organisation by publishing Circular CSSF 22/811 on 16 May 2022.
LU – CSSF published circular about UCI administration
UK – The supervisory authorities have set out measures to increase financial sector resilience
On 21 July 2022, the Bank of England, Prudential Regulation Authority and FCA have set out potential measures to oversee...
National news
On 21 July 2022, the Bank of England, Prudential Regulation Authority and FCA have set out potential measures to oversee and strengthen the resilience of services provided by critical third parties (CTPs) to the UK financial sector.
UK – The supervisory authorities have set out measures to increase financial sector resilience
US - SEC Adopts Amendments to Proxy Rules Governing Proxy Voting Advice
The Securities and Exchange Commission voted the 13 July 2022 to adopt amendments to its rules governing proxy voting...
National news
The Securities and Exchange Commission voted the 13 July 2022 to adopt amendments to its rules governing proxy voting advice. The final amendments aim to avoid burdens on proxy voting advice businesses that may impair the timeliness and independence of their advice. The amendments also address misperceptions about liability standards applicable to proxy voting...
US - SEC Adopts Amendments to Proxy Rules Governing Proxy Voting Advice
IR - Central Bank highlights weaknesses in Virtual Asset Service Providers’ AML/CFT Framework
The Central Bank of Ireland has the 11 July 2022 published a bulletin in relation to Virtual Asset Service Providers...
National news
The Central Bank of Ireland has the 11 July 2022 published a bulletin in relation to Virtual Asset Service Providers (VASPs), seeking to assist applicant firms to strengthen both their applications for registration and their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Frameworks.
IR - Central Bank highlights weaknesses in Virtual Asset Service Providers’ AML/CFT Framework
SP - Revision in Spain of the Code of good practices for institutional investors and asset managers
On 24 June 2022, the Comicion Nacional del Mercado del valores (CNMV) opened a consultation on the Code of good...
National news
On 24 June 2022, the Comicion Nacional del Mercado del valores (CNMV) opened a consultation on the Code of good practices for institutional investors, asset managers and proxy advisors.
SP - Revision in Spain of the Code of good practices for institutional investors and asset managers
PL – End of WIBOR and WIBID publication
The Polish deputy finance minister announced in June 2022 the cessation end of 2022 of WIBOR/WIBID publication.
National news
The Polish deputy finance minister announced in June 2022 the cessation end of 2022 of WIBOR/WIBID publication.
PL – End of WIBOR and WIBID publication
IT - Consob simplifies the procedures for approving prospectuses
On 1st August 2022, the Italian Securities Commission (Consob) has enacted simplified procedures for the approval of...
National news
On 1st August 2022, the Italian Securities Commission (Consob) has enacted simplified procedures for the approval of prospectuses and green light for documentation in English: these are the two main changes introduced by the amendments to the Issuers Regulations approved by the Commission to comply with the needs of the market.
IT - Consob simplifies the procedures for approving prospectuses