Securities services
Regulatory
To keep abreast of the regulatory landscape, our public affairs team publishes regular updates on regulatory topics being prepared and already issued with in-depth analysis on their impacts.
We also provide periodically a regulatory review which allows you to keep up with recent regulatory news.
Click below to read our regulatory selection & scroll down for additional news.
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02
Jun
2021
Flashnews: Where to find the data to calculate penalties? (CSDR - SDR 2022)
ESMA has just published a new version of its CSDR Q&A (May 28, 2021), specifying the register and databases CSDs should...
ESMA has just published a new version of its CSDR Q&A (May 28, 2021), specifying the register and databases CSDs should...
Regulatory
ESMA has just published a new version of its CSDR Q&A (May 28, 2021), specifying the register and databases CSDs should use to apply the penalties:
Flashnews: Where to find the data to calculate penalties? (CSDR - SDR 2022)12
May
2021
The upsurge in the unlisted sector requires the digitalisation of processes
Investments in private equity, private debt, infrastructures or real estate are a response to investors’ search for...
Investments in private equity, private debt, infrastructures or real estate are a response to investors’ search for...
ESG/CSR
Investments in private equity, private debt, infrastructures or real estate are a response to investors’ search for performance, as well as meaning. These increasingly sought-after real assets are facing unprecedented momentum and volumes.
The upsurge in the unlisted sector requires the digitalisation of processes30
Mar
2021
Luxembourg’s fund industry is ripe for growth
Sustainable finance, innovation and Brexit present a number of opportunities for Luxembourg’s fund industry. According...
Sustainable finance, innovation and Brexit present a number of opportunities for Luxembourg’s fund industry. According...
Market Perspectives
Sustainable finance, innovation and Brexit present a number of opportunities for Luxembourg’s fund industry. According to Mathieu Maurier, Country Head of Societe Generale Securities Services in Luxembourg, we can seize these opportunities by taking a collaborative approach and being receptive to change.
Luxembourg’s fund industry is ripe for growth24
Feb
2021
Flashnews: Cleared derivatives: The new regulation finally published!
On 17 February 2021, Delegated Regulation 2021/237 was published in the Union Official Journal. Entered into force the...
On 17 February 2021, Delegated Regulation 2021/237 was published in the Union Official Journal. Entered into force the...
Regulatory
On 17 February 2021, Delegated Regulation 2021/237 was published in the Union Official Journal. Entered into force the day after its publication, this text amends the three delegated regulations on the clearing obligation (products concerned, date of entry into force...), namely 2015/2205 and 2016/1178 for interest rate derivatives and 2016/592 for credit...
Flashnews: Cleared derivatives: The new regulation finally published!24
Feb
2021
Green finance: Two regulations for financial market players - February 2021
Discover the two new green finance regulations governing sustainability-related information and their legal & technical...
Discover the two new green finance regulations governing sustainability-related information and their legal & technical...
Regulatory
Discover the two new green finance regulations governing sustainability-related information and their legal & technical framework in the financial services sector: SFDR (Sustainable Finance Disclosure Regulation) and Taxonomy.
Green finance: Two regulations for financial market players - February 202123
Feb
2021
Should the Alternative Investment Fund Managers Directive be reviewed?
The current situation of the Alternative Investment Fund Managers Directive (AIFMD) is marked by the public consultation...
The current situation of the Alternative Investment Fund Managers Directive (AIFMD) is marked by the public consultation...
Regulatory
The current situation of the Alternative Investment Fund Managers Directive (AIFMD) is marked by the public consultation launched by the European Commission with players in the world of alternative investment funds (AIFs), which closed on 29 January 2021.
Should the Alternative Investment Fund Managers Directive be reviewed?19
Feb
2021
Flashnews: Uncleared derivatives: the end of a long wait
The last attempt by European regulators (ESMA, EBA and EIOPA: ESAs) will have been the right one. Delegated Regulation...
The last attempt by European regulators (ESMA, EBA and EIOPA: ESAs) will have been the right one. Delegated Regulation...
Regulatory
The last attempt by European regulators (ESMA, EBA and EIOPA: ESAs) will have been the right one. Delegated Regulation 2021/236, published on 17 February 2021 in the Union Official Journal and entered into force the following day, closes a long period of uncertainty and questioning for the industry.
Flashnews: Uncleared derivatives: the end of a long wait27
Jan
2021
Flashnews: The settlement discipline regime (CSDR) SDR 2022
A few days before the fateful date of February 1, 2021, it is now official, the settlement disciplines regime will only...
A few days before the fateful date of February 1, 2021, it is now official, the settlement disciplines regime will only...
Regulatory
A few days before the fateful date of February 1, 2021, it is now official, the settlement disciplines regime will only come into force in one year, namely February 1, 2022.
Flashnews: The settlement discipline regime (CSDR) SDR 202226
Jan
2021
All eyes on emerging and frontier markets
Low interest rates and distorted equity prices in developed markets are forcing institutional investors to re-think...
Low interest rates and distorted equity prices in developed markets are forcing institutional investors to re-think...
Market Perspectives
Low interest rates and distorted equity prices in developed markets are forcing institutional investors to re-think their portfolio exposures. As a result, some investors are starting to seek out alpha opportunities in emerging and frontier markets.
All eyes on emerging and frontier markets21
Jan
2021
Eric de Nexon's Regulatory Chronicle - January 2021
As I have done in previous years, I will dedicate this letter for the month of January to discussing the most important...
As I have done in previous years, I will dedicate this letter for the month of January to discussing the most important...
Regulatory
As I have done in previous years, I will dedicate this letter for the month of January to discussing the most important topics to be dealt with in this new year, as well as in the years ahead.
Eric de Nexon's Regulatory Chronicle - January 202112
Jan
2021
Regulatory changes in the Swiss market
New rules for cross-border financial services into the Swiss market. Asset Managers, along with other Financial Service...
New rules for cross-border financial services into the Swiss market. Asset Managers, along with other Financial Service...
Regulatory
New rules for cross-border financial services into the Swiss market.
Asset Managers, along with other Financial Service Providers (FSPs), may have to review the way they distribute their funds in Switzerland as a new regulatory framework has entered into force.
Regulatory changes in the Swiss market15
Dec
2020
Regulations & blockchain: the challenge of technological neutrality
The term "technological neutrality" is often used to say that the law cannot impose or even favor one technology over...
The term "technological neutrality" is often used to say that the law cannot impose or even favor one technology over...
Regulatory
The term "technological neutrality" is often used to say that the law cannot impose or even favor one technology over another when different technologies are likely to meet the same performance objectives.
Regulations & blockchain: the challenge of technological neutrality10
Dec
2020
Flashnews: On the way to CSDR 2
Regularly announced for soon and long awaited, the consultation on a revision of CSDR was finally published by the...
Regularly announced for soon and long awaited, the consultation on a revision of CSDR was finally published by the...
Regulatory
Regularly announced for soon and long awaited, the consultation on a revision of CSDR was finally published by the European Commission on 8 December 2020. A period of 8 weeks is now opened to answer the various questions asked by the EC.
Flashnews: On the way to CSDR 210
Dec
2020
The Romanian capital market becomes an emerging market
For the first time in history, the Romanian capital market has been included since September 21, 2020 in the Emerging...
For the first time in history, the Romanian capital market has been included since September 21, 2020 in the Emerging...
Market Perspectives
For the first time in history, the Romanian capital market has been included since September 21, 2020 in the Emerging Markets indices, according to the classification of the global index provider FTSE Russell.
The Romanian capital market becomes an emerging market
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Regulatory News
Find out moreMain Market Initiatives
On-going Market Initiatives
- Main Market Initiatives - General Overview
- SRD - Shareholder Rights Directive
- IORP - Institutions for Occupational Retirement Provision
- MIFID II /MIFIR - Markets in Financial Instruments Directive & Regulation
- EMIR Regulation - European Market Infrastructure Regulation / Derivative Products
- T2SProject - Target 2 Securities Project - CSD Settlement & Delivery Platform
- CSDR - Central Securities Depositories Regulation
- AIFM Directive - Alternative Investment Funds Managers Directive
- UCITS V Directive - Undertakings for Collective Investment in Transferable Securities
- EuVECA/EuSEF - Venture capital funds and social entrepreneurship funds
- CBFD - Cross Border Fund Distribution
- PRIIPs Regulation - Packaged Retail and Insurance-based Investment Products
- BMR - Benchmark Regulation
- SFT - Securities Financing Transactions Regulation
Other Market Initiatives
- UCITS I-IV Directive - Undertakings for Collective Investments in Transferable Securities I-IV Directive
- MiFID 1 - Markets in Financial Instruments Directive 1
- SHORT SELLING - Regulation on Short selling and certain aspects of credit default swaps
- SOLVENCY II Directive
- T+2 - Harmonising settlement cycles
- LEI - Legal Entity Identifier CFTC Interim Compliant Identifier (CICI)
- FTT - Financial Transaction Tax (France)
- FATCA Legislation - Foreign Account Task Compliance Act Legislation
- DODD-FRANK ACT (Title VII)
- Shadow Banking
- MMFR - Money market funds Regulation
- ELTIFs - European Long-Term Investment Funds
- COLLATERAL Directive
- FINALITY Directive
- Recovery & Resolution (for non banks)
Regulatory videos
11
May
2021
Consultation on the European Settlement Finality Directive (SFD)
The European settlement Finality Directive is currently under review. What is the original purpose of the directive?...
The European settlement Finality Directive is currently under review. What is the original purpose of the directive?...
Regulatory
The European settlement Finality Directive is currently under review.
What is the original purpose of the directive? What is the reason for this review by the European Commission and which entities would be most affected by the revision of the directive?
Consultation on the European Settlement Finality Directive (SFD)10
May
2021
The new challenges of General Meetings
At the end of January 2021, AFTI (French Association of Securities Professionals) published a methodological guide for...
At the end of January 2021, AFTI (French Association of Securities Professionals) published a methodological guide for...
Regulatory
At the end of January 2021, AFTI (French Association of Securities Professionals) published a methodological guide for General Meetings.
Has Covid disrupted its implementation? How easy is it to encourage issuers and their shareholders to further digitize their exchanges? A second AFTI guide on the Shareholders' Rights Directive was published in July 2020,...
The new challenges of General Meetings21
Jan
2021
Eric de Nexon's January 2021 Regulatory Chronicle
Watch Eric de Nexon's regulatory perspectives for 2021.
Watch Eric de Nexon's regulatory perspectives for 2021.
Regulatory
Watch Eric de Nexon's regulatory perspectives for 2021.
Eric de Nexon's January 2021 Regulatory Chronicle21
Jan
2021
François Letondu's interview on Central Bank Digital Currency (CBDC)
François Letondu, Head of macro-sector and macro-financial studies at Societe Generale, explains the concept behind...
François Letondu, Head of macro-sector and macro-financial studies at Societe Generale, explains the concept behind...
Regulatory
François Letondu, Head of macro-sector and macro-financial studies at Societe Generale, explains the concept behind Central Bank Digital Currencies (CBDCs), their links with the Blockchain, the 2 different types of CBDCs and central banks views on the subject.
François Letondu's interview on Central Bank Digital Currency (CBDC)18
Sep
2020
Liquidity stress testing for investment funds
ESMA recently published the French translation of its guidelines on liquidity stress testing for investment funds....
ESMA recently published the French translation of its guidelines on liquidity stress testing for investment funds....
Regulatory
ESMA recently published the French translation of its guidelines on liquidity stress testing for investment funds. Discover what they entail.
Liquidity stress testing for investment funds 18
Sep
2020
Update on Capital Market Union: Phase 2
It was already a year ago that I dedicated my column to the CMU, the Capital Markets Union, which has been close to the...
It was already a year ago that I dedicated my column to the CMU, the Capital Markets Union, which has been close to the...
Regulatory
It was already a year ago that I dedicated my column to the CMU, the Capital Markets Union, which has been close to the European Commission’s heart for a number of years.
Update on Capital Market Union: Phase 2 12
Jun
2020
Interview with David Durouchoux - SG FORGE - Digital Capital Markets
The Deputy CEO of FORGE, David Durouchoux, explains the FORGE project related to Digital Assets activities using the...
The Deputy CEO of FORGE, David Durouchoux, explains the FORGE project related to Digital Assets activities using the...
Regulatory
The Deputy CEO of FORGE, David Durouchoux, explains the FORGE project related to Digital Assets activities using the blockchain technology and its experimentation with the Banque de France to demonstrate the feasibility and credibility of a Euro deposited on a blockchain within the Eurosystem.
Interview with David Durouchoux - SG FORGE - Digital Capital Markets12
Jun
2020
The Regulatory Chronicle of Eric de Nexon - June 2020
To cope with the pandemic facing us today, public authorities promptly took all kinds of measures to support the economy...
To cope with the pandemic facing us today, public authorities promptly took all kinds of measures to support the economy...
Regulatory
To cope with the pandemic facing us today, public authorities promptly took all kinds of measures to support the economy and to adapt the rules to the particular conditions brought about by the lockdown situation in order to best support the economy within a framework guaranteeing business continuity and safety.
The Regulatory Chronicle of Eric de Nexon - June 2020