Regulatory overview

Discover the latest regulatory news with SGSS' experts.

What are the main changes or impacts for the AIFM? On 26 February 2024, the Council adopted the Directive, which amended the Alternative Investment Fund Managers Directive (AIFMD) and modernised the framework governing Undertakings for Collective Investment in Transferable Securities (UCITS) at European Union (EU) level. Read more

Christian de Beaufort, Regulatory senior advisor, Public Affairs at Societe Generale Securities Services

Three years after the launch of the review process, the amended version of CSDR, known as CSDR Refit in reference to the eponymous European Commission's programme, came into force on 16 January 2024, 20 days after it was published in the Official Journal of the European Union. Read more

Sylvie Bonduelle, Regulatory senior advisor, Public Affairs at Societe Generale Securities Services

Analysis of key regulatory initiatives

Discover a general overview of the key regulatory initiatives.

Community and International news

ESAP: the platform will open on 10 July 2027
On 23 December 2023, the three constituent texts of the European Single Access Point (ESAP) were published in the...

International and European news

On 23 December 2023, the three constituent texts of the European Single Access Point (ESAP) were published in the Official Journal of the EU setting out both the implementation timetable and the scope of the data that will be available, covering information on financial markets, financial services and sustainable finance that are already subject to disclosure...

ESAP: the platform will open on 10 July 2027

SFDR: ESAs publish consolidated Q&As on SFDR
On January 12 2024, the European Securities and Markets Authority (ESMA) updated their consolidated questions and...

International and European news

On January 12 2024, the European Securities and Markets Authority (ESMA) updated their consolidated questions and answers (Q&A) on the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088 - SFDR).

SFDR: ESAs publish consolidated Q&As on SFDR

EMIR: the ESMA has updated its Q&As and the Commission has reached a provisional EMIR 3.0 agreement
On February 2 2024, the European Securities and Markets Authority (ESMA) updated its Q&As on European Market...

International and European news

On February 2 2024, the European Securities and Markets Authority (ESMA) updated its Q&As on European Market Infrastructure Regulation (EMIR).

EMIR: the ESMA has updated its Q&As and the Commission has reached a provisional EMIR 3.0 agreement

DORA: the European Commission has published a delegated acts project
On January 17 2024, the three European Supervisory Authorities (EBA, EIOPA and ESMA) published the first set of...

International and European news

On January 17 2024, the three European Supervisory Authorities (EBA, EIOPA and ESMA) published the first set of definitive draft technical standards under the Digital Operational Resilience Act (DORA) aimed at enhancing the digital operational resilience of the EU financial sector by strengthening financial entities’ Information and Communication Technology...

DORA: the European Commission has published a delegated acts project

MiCA: the European Commission has adopted 4 new delegated acts
The Markets in Crypto-Assets (MiCA) Regulation will be applicable in its totality from December 30, 2024; however, the...

International and European news

The Markets in Crypto-Assets (MiCA) Regulation will be applicable in its totality from December 30, 2024; however, the requirements set for asset-referenced tokens and e-money tokens will be applicable as early as June 30, 2024.

MiCA: the European Commission has adopted 4 new delegated acts

MIF II: the review of MIFID II/MIFIR package has been published
The two texts amending the MIF II package were published in the Official Journal of the European Union on Friday 8 March...

International and European news

The two texts amending the MIF II package were published in the Official Journal of the European Union on Friday 8 March 2024.

MIF II: the review of MIFID II/MIFIR package has been published

AIFMD: the directive amending the AIFM and UCITS directive has been published
On 7 February 2024, the Council adopted the Directive, which amended the Alternative Investment Fund Managers Directive...

International and European news

On 7 February 2024, the Council adopted the Directive, which amended the Alternative Investment Fund Managers Directive (AIFMD) and modernised the framework governing Undertakings for Collective Investment in Transferable Securities (UCITS) at European Union (EU) level.

AIFMD: the directive amending the AIFM and UCITS directive has been published

ELTIF 2.0: the European Commission has proposed amendments to the ESMA RTS Project
On 6 March 2024, the European Commission (EC) sent a letter to the European Securities and Markets Authority (ESMA)...

International and European news

On 6 March 2024, the European Commission (EC) sent a letter to the European Securities and Markets Authority (ESMA) notifying its acceptance of the draft RTS project with some amendments. The EC considered that ESMA had failed to take a proportionate approach in its formulation of the draft RTS project issued on 19 December 2023 “with regard to the calibration...

ELTIF 2.0: the European Commission has proposed amendments to the ESMA RTS Project

CSDR Refit: the text has entered into force
Officially adopted on 13 December 2023 and published in the Official Journal of the European Union (EU) on 27 December,...

International and European news

Officially adopted on 13 December 2023 and published in the Official Journal of the European Union (EU) on 27 December, CSDR Refit (2023/2845) (Central Securities Depository Regulation review) entered into force on 16 January 2024.

CSDR Refit: the text has entered into force

National news

US - The SEC has given the green light to 11 ETFs for bitcoin
The US securities regulator has approved the first US-listed exchange-traded funds (ETF) to track bitcoin.

National news

The US securities regulator has approved the first US-listed exchange-traded funds (ETF) to track bitcoin.

US - The SEC has given the green light to 11 ETFs for bitcoin

IT - Consob and Bank of Italy MoU to strengthen cooperation
On 27 February 2024, the Commissione Nazionale per le Società e la Borsa (Consob) and the Bank of Italy signed a...

National news

On 27 February 2024, the Commissione Nazionale per le Società e la Borsa (Consob) and the Bank of Italy signed a Memorandum of Understanding (MoU) to strengthen their cooperation with regard to issuers supervised by Consob that fall, at the same time, within the Bank of Italy's direct scope of supervision.

IT - Consob and Bank of Italy MoU to strengthen cooperation

UK – The government has endorsed taskforce recommendations on potential T+1 for the UK
On March 28, 2024, the taskforce asked to examine the possibility of the UK adopting a ‘T+1’ standard settlement period...

National news

On March 28, 2024, the taskforce asked to examine the possibility of the UK adopting a ‘T+1’ standard settlement period has submitted its report to the government.

UK – The government has endorsed taskforce recommendations on potential T+1 for the UK

CH – The new Swiss fund category L-QIF is available
Since 1 March 2024, a new Swiss fund category, the Limited Qualified Investor Fund (L-QIF), is available to qualified...

National news

Since 1 March 2024, a new Swiss fund category, the Limited Qualified Investor Fund (L-QIF), is available to qualified investors.

CH – The new Swiss fund category L-QIF is available

FR - The financial part of the law on green industry begins to enter into force
On March 14, 2024, the Green Industry Investment Tax Credit, known as C3IV, came into effect. It was adopted in the...

National news

On March 14, 2024, the Green Industry Investment Tax Credit, known as C3IV, came into effect. It was adopted in the financial part of the law °2023-973 of 23 October 2023 on green industry.

FR - The financial part of the law on green industry begins to enter into force

FR – The AMF has published its position on the SFDR review
On 20 February 2024, the French Financial Markets Authority (AMF) published a position paper outlining the key...

National news

On 20 February 2024, the French Financial Markets Authority (AMF) published a position paper outlining the key principles it believes should guide the SFDR (Sustainable Finance Disclosure Regulation) review.

FR – The AMF has published its position on the SFDR review

FR - Opening of the AMF ROSA service for French fund management companies’ products
As of 28 March 2024, as part of its digitisation project, ROSA becomes the new French Financial Markets Authority (AMF)...

National news

As of 28 March 2024, as part of its digitisation project, ROSA becomes the new French Financial Markets Authority (AMF) Products repository, replacing the GECO interface.

FR - Opening of the AMF ROSA service for French fund management companies’ products

LUX - CSSF circular concerning the processing of NAV errors for Luxembourg-based funds
On 28 March 2024, CSSF Circular CSSF 24/856 was published. It will enter into force on 1 January 2025 and will replace...

National news

On 28 March 2024, CSSF Circular CSSF 24/856 was published. It will enter into force on 1 January 2025 and will replace CSSF 02/77 (applying to UCITS and UCI subject to part II of the 2010 law and concerning the treatment of NAV calculation errors).

LUX - CSSF circular concerning the processing of NAV errors for Luxembourg-based funds