Regulatory overview

On June 9 2023, the European Union published the Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets and amending the Directive (EU) 2015/849.

The European MiCA (Markets in Crypto-Assets) regulation on crypto-asset markets was published on June 9, 2023, in the OJ of the European Union.

On May 23 2023, the Council of the European Union and European Parliament reached a provisional agreement on three proposals creating the European Single Access Point (ESAP), which is part of the Capital Markets Union (CMU) Action Plan.

On May 24, 2023, the European Commission published the Retail Investment Strategy (RIS) aimed at increasing citizens' participation in capital markets. This project has crucial implications for retail investors, particularly in terms of access to financial products and appropriate advice.

On June 19, 2023, the European Commission proposed a new set of rules (FASTER initiative) to improve the withholding tax process within the EU between investors, financial intermediaries and Tax administrations.

On May 31 2023, the European Securities and Markets Authority (ESMA) informed that amended rules for transparency calculations start applying on June 5 2023.

The 29 June 2023, the Council has reached a provisional agreement with the European Parliament on changes to the EU’s trading rules.

The EU Council announced on 27 June 2023 that a provisional agreement had been reached between the Parliament and the Council on the revision of the Central Securities Depositories Regulation.

On June 13 2023, the European Commission published a sustainable finance package which includes:

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, launched the 6 July 2023 a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on sustainability-related disclosures and the integration of sustainability risks.

On July 27, 2023, a report assessing the implementation of the Shareholder Rights Directive 2 (SRD2) was published jointly by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). It will serve the Commission's work to evaluate the implementation of SRD2, and into the process of its potential revision.

A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on July 11, 2023.

The AMF publishes its 2023 Markets and Risk Outlook the 7 July 2023. Against a backdrop of tighter monetary policies and rising inflation, the 2023 edition highlights that the risk of an asset price correction remains high.

On June 12, 2023, the Autorité des marchés financiers (AMF) published a report summarizing SPOT inspection on portfolio Asset Management Companies (AMC)' compliance with their non-financial contractual commitments.

On June 29 2023, the Federal Financial Supervisory Authority (BaFin) published a circular which provides a framework for the design of the risk management of institutions.

On June 14 2023, the Comisión Nacional del Mercado de Valores (CNMV) published a press release on a new system related to the admission of fixed-income securities to trading in Spanish regulated markets.

The 26 July 2023, the green light has been given to the new guidelines on prospectuses by the Committee of Market Operators and Investors (COMI), set up by Consob (Commissione Nazionale per le Società e la Borsa).

Following the publication in July 2023 of responses to the consultation on the new retail disclosure regime, the UK government has confirmed that it will revoke the PRIIPs regulation and ensure that the FCA can deliver a new UK retail disclosure regime as part of the implementation of the Future Regulatory Framework Review.

On July 12 2023, the Securities and Exchange Commission (SEC), the American financial markets authority, published the finalized version of its Money Market Funds (MMF) reform.