Regulatory overview

Discover the latest regulatory news with SGSS' experts.

ELTIF 2: Opportunities to grasp for Asset Managers and investors

Marie-Claire de Saint-Exupéry, Senior Adviser Public Affairs, Societe Generale Securities Services

The new European Long-Term Investment Funds regulation (ELTIF 2 or ELTIF review) becomes applicable on 10 January 2024. This updated regulation is welcome by the fund industry. It is expected to create a more attractive framework for long-term investments, to provide more flexibility to Asset Managers and to improve access to retail investors.
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Fund liquidity risk management: a challenge for Asset Managers

Christian de Beaufort, Public Affairs and Regulation, Societe Generale Securities Services

Managing fund liquidity risk is a major challenge for asset managers given the AMF requirements. Gates, Swing Pricing: Find out more about the mechanisms recommended by the AMF and their updates.
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Analysis of key regulatory initiatives

Discover a general overview of the key regulatory initiatives.

Community and International news

Display allInternational and European news
AML - Regulation on information accompanying transfers of funds and certain crypto-assets
On June 9 2023, the European Union published the Regulation (EU) 2023/1113 on information accompanying transfers of...
International and European news
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.
AML - Regulation on information accompanying transfers of funds and certain crypto-assets
Publication of the MICA regulation
The European MiCA (Markets in Crypto-Assets) regulation on crypto-asset markets was published on June 9, 2023, in the OJ...
International and European news
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.
Publication of the MICA regulation
ESAP: provisional agreement reached by the Council and the Parliament
On May 23 2023, the Council of the European Union and European Parliament reached a provisional agreement on three...
International and European news
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.
ESAP: provisional agreement reached by the Council and the Parliament
RIS: Adoption by the commission of the Retail Investment Package
On May 24, 2023, the European Commission published the Retail Investment Strategy (RIS) aimed at increasing citizens'...
International and European news
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.
RIS: Adoption by the commission of the Retail Investment Package
EU Directive proposal on Relief of Excess Withholding Taxes process
On June 19, 2023, the European Commission proposed a new set of rules (FASTER initiative) to improve the withholding tax...
International and European news
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.
EU Directive proposal on Relief of Excess Withholding Taxes process
Start of application of MIFID/MIFIR amended rules for transparency calculations
On May 31 2023, the European Securities and Markets Authority (ESMA) informed that amended rules for transparency...
International and European news
On May 31 2023, the European Securities and Markets Authority (ESMA) informed that amended rules for transparency calculations start applying on June 5 2023.
Start of application of MIFID/MIFIR amended rules for transparency calculations
Capital markets union: Council and Parliament’ provisional agreement to strengthen market data transparency
The 29 June 2023, the Council has reached a provisional agreement with the European Parliament on changes to the EU’s...
International and European news
The 29 June 2023, the Council has reached a provisional agreement with the European Parliament on changes to the EU’s trading rules.
Capital markets union: Council and Parliament’ provisional agreement to strengthen market data transparency
CSDR Refit: Provisional agreement between the Council and the Parliament
The EU Council announced on 27 June 2023 that a provisional agreement had been reached between the Parliament and the...
International and European news
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.
CSDR Refit: Provisional agreement between the Council and the Parliament
Publication by the Commission of a sustainable finance package
On June 13 2023, the European Commission published a sustainable finance package which includes:
International and European news
On June 13 2023, the European Commission published a sustainable finance package which includes:
Publication by the Commission of a sustainable finance package
Controls of Asset Managers Companies by national authorities on SFDR and taxonomy
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, launched the...
International and European news
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.
Controls of Asset Managers Companies by national authorities on SFDR and taxonomy
SRD2: Identification of progress by ESMA and EBA in the directive implementation
On July 27, 2023, a report assessing the implementation of the Shareholder Rights Directive 2 (SRD2) was published...
International and European news
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.
SRD2: Identification of progress by ESMA and EBA in the directive implementation

National news

Display allNational news
LU - Modernising Luxembourg's legislative framework for investment funds
A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on...
National news
A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on July 11, 2023.
LU - Modernising Luxembourg's legislative framework for investment funds
FR – AMF’s publication of its 2023 Markets and Risk Outlook
The AMF publishes its 2023 Markets and Risk Outlook the 7 July 2023. Against a backdrop of tighter monetary policies and...
National news
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.
FR – AMF’s publication of its 2023 Markets and Risk Outlook
FR – AMF’s report on AMC compliance with non-financial contractual commitments
On June 12, 2023, the Autorité des marchés financiers (AMF) published a report summarizing SPOT inspection on portfolio...
National news
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.
FR – AMF’s report on AMC compliance with non-financial contractual commitments
GE – Bafin’s publication of a circular on risk management
On June 29 2023, the Federal Financial Supervisory Authority (BaFin) published a circular which provides a framework for...
National news
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.
GE – Bafin’s publication of a circular on risk management
SP - new admission system of fixed-income securities to trading in Spanish regulated markets
On June 14 2023, the Comisión Nacional del Mercado de Valores (CNMV) published a press release on a new system related...
National news
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.
SP - new admission system of fixed-income securities to trading in Spanish regulated markets
IT - new Italian guidelines on prospectus for clearer documents
The 26 July 2023, the green light has been given to the new guidelines on prospectuses by the Committee of Market...
National news
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).
IT - new Italian guidelines on prospectus for clearer documents
UK - Government Principles for the New UK Retail Disclosure Regime
Following the publication in July 2023 of responses to the consultation on the new retail disclosure regime, the UK...
National news
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.
UK - Government Principles for the New UK Retail Disclosure Regime
US - Finalisation by the SEC of the reform of money market funds
On July 12 2023, the Securities and Exchange Commission (SEC), the American financial markets authority, published the...
National news
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.
US - Finalisation by the SEC of the reform of money market funds