
Regulatory watch

Regulatory overview
Discover the latest regulatory updates with SGSS' experts.
Analysis of key regulatory and standards initiatives
Regulations related to asset management and investment funds
- AIFM Directive - Alternative Investment Funds Managers Directive
- CBFD - Cross Border Fund Distribution
- EuVECA/EuSEF - Venture capital funds and social entrepreneurship funds
- ELTIFs - European Long-Term Investment Funds
- MMFR - Money market funds Regulation
- PRIIPs Regulation - Packaged Retail and Insurance-based Investment Products
- UCITS V Directive - Undertakings for Collective Investment in Transferable Securities
- UCITS I-IV Directive - Undertakings for Collective Investments in Transferable Securities I-IV
Regulations on markets, financial instruments and market infrastructures
- BMR - Benchmark Regulation
- CSDR - Central Securities Depositories Regulation
- Dodd-Frank Wall Street Reform and Consumer Protection Act (Title VII)
- EMIR Regulation - European Market Infrastructure Regulation/Derivative Products
- ESAP - European Single Access Point Regulation
- Finality Directive
- Harmonising settlement cycles at T+2
- MIFID I - Markets in Financial Instruments Directive I
- MIFID II/MIFIR - Markets in Financial Instruments Directive & Regulation
- Post Trade - US T+1 - Settlement cycle shortened to T+1 in the US market
- Recovery & Resolution (for non banks)
- Shadow Banking
- T2SProject - Target 2 Securities Project - CSD Settlement & Delivery Platform
Regulations related to Digital Finance
Regulations related to Sustainable Finance
Regulations related to Insurance and Retirement
Regulations on Collateral and Financing
Regulations related to Shareholder Rights
Regulatory insights

28 Apr 2025
EMIR: Third countries CCPs and the UK, a long story
The possibility for UK CCPs to offer their service to European clearing houses has been a recurring issue since Brexit...
EMIR: Third countries CCPs and the UK, a long story
The possibility for UK CCPs to offer their service to European clearing houses has been a recurring issue since Brexit...
Regulatory
The possibility for UK CCPs to offer their service to European clearing houses has been a recurring issue since Brexit and their new status as "third country CCPs".
EMIR: Third countries CCPs and the UK, a long story
28 Apr 2025
Shareholder Rights Directives (SRDs): French market cited as an example by the European Commission
In March 2025, the European Commission published a report assessing the application of the Shareholder Rights Directives...
Shareholder Rights Directives (SRDs): French market cited as an example by the European Commission
In March 2025, the European Commission published a report assessing the application of the Shareholder Rights Directives...
Regulatory
In March 2025, the European Commission published a report assessing the application of the Shareholder Rights Directives (SRDs) approximately four years after the entry into force of SRD2.
Shareholder Rights Directives (SRDs): French market cited as an example by the European Commission
28 Apr 2025
Sustainable Finance: What is the ESG Omnibus Directive?
In Europe, sustainable finance regulations aim to regulate financial operations in order to support sustainable...
Sustainable Finance: What is the ESG Omnibus Directive?
In Europe, sustainable finance regulations aim to regulate financial operations in order to support sustainable...
Regulatory
In Europe, sustainable finance regulations aim to regulate financial operations in order to support sustainable development, encourage asset managers to take ESG (Environment, Social and Governance) aspects into account and increase the transparency of financial product providers. Here, we will focus on the new directive proposed by the European Commission:...
Sustainable Finance: What is the ESG Omnibus Directive?
08 Apr 2025
T+1 in Europe: The future is faster and more efficient
Addressing market challenges, liquidity risks and establishing an appropriate deployment roadmap: Europe's post-trading...
T+1 in Europe: The future is faster and more efficient
Addressing market challenges, liquidity risks and establishing an appropriate deployment roadmap: Europe's post-trading...
Regulatory
Addressing market challenges, liquidity risks and establishing an appropriate deployment roadmap: Europe's post-trading agenda.
T+1 in Europe: The future is faster and more efficient
19 Feb 2025
Revision of the UCITS Eligible Assets Directive: the regulator’s willingness to be open
Financial intermediation by Undertakings for Collective Investment in Transferable Securities (UCITS) has always been...
Revision of the UCITS Eligible Assets Directive: the regulator’s willingness to be open
Financial intermediation by Undertakings for Collective Investment in Transferable Securities (UCITS) has always been...
Regulatory
Financial intermediation by Undertakings for Collective Investment in Transferable Securities (UCITS) has always been popular with general public investors in France.
Revision of the UCITS Eligible Assets Directive: the regulator’s willingness to be open
29 Jan 2025
ESMA formalises European governance for the transition to T+1 in the European Union
Following the ESMA Final Report published in November 2024 and the Joint Communication of the European Commission, ESMA...
ESMA formalises European governance for the transition to T+1 in the European Union
Following the ESMA Final Report published in November 2024 and the Joint Communication of the European Commission, ESMA...
Regulatory
Following the ESMA Final Report published in November 2024 and the Joint Communication of the European Commission, ESMA and the ECB on future governance, a new step has been taken.
ESMA formalises European governance for the transition to T+1 in the European Union
16 Jan 2025
CSDR Refit: the future penalty mechanism
The consultation launched by the European Markets Authority (ESMA) in the winter of 2023 provided an opportunity for the...
CSDR Refit: the future penalty mechanism
The consultation launched by the European Markets Authority (ESMA) in the winter of 2023 provided an opportunity for the...
Regulatory
The consultation launched by the European Markets Authority (ESMA) in the winter of 2023 provided an opportunity for the European regulator to propose a wide range of possible changes to the penalty regime, ranging from a simple change in the rates applied to complete overhauls of the system through the simple or convex introduction of progressive rates,...
CSDR Refit: the future penalty mechanism
14 Jan 2025
The FASTER directive: New tax rules to encourage cross-border investments
On 10 December 2024, the Council of Europe adopted a directive with new rules for withholding tax procedures (FASTER).
The FASTER directive: New tax rules to encourage cross-border investments
On 10 December 2024, the Council of Europe adopted a directive with new rules for withholding tax procedures (FASTER).
Regulatory
On 10 December 2024, the Council of Europe adopted a directive with new rules for withholding tax procedures (FASTER).
The FASTER directive: New tax rules to encourage cross-border investmentsRegulatory videos
16
May
2022

Corporate Actions, do you speak 20022?
The ISO 20022 format has just been adopted for electronic data interchange between financial institutions for Corporate...
The ISO 20022 format has just been adopted for electronic data interchange between financial institutions for Corporate...
Regulatory
The ISO 20022 format has just been adopted for electronic data interchange between financial institutions for Corporate Actions. What is it about and why is this change necessary? Interview with Pierre Colladon, Senior Advisor Public Affairs and Regulation at Societe Generale Securities Services.
Corporate Actions, do you speak 20022?16
May
2022

Pilot Regime: an experimental regulation at the service of innovation
Find out all about the Pilot Regime, designed to test the use of distributed ledger technologies (DLT) in market...
Find out all about the Pilot Regime, designed to test the use of distributed ledger technologies (DLT) in market...
Regulatory
Find out all about the Pilot Regime, designed to test the use of distributed ledger technologies (DLT) in market infrastructure, through our interview with Alain Rocher, Head of Knowledge Management at Societe Generale Securities Services.
Pilot Regime: an experimental regulation at the service of innovation24
Jan
2022

"Gates": A solution to address liquidity risk
Discover "Gates": the liquidity management tool addressing liquidity risk, with Christian de Beaufort, Market...
Discover "Gates": the liquidity management tool addressing liquidity risk, with Christian de Beaufort, Market...
Regulatory
Discover "Gates": the liquidity management tool addressing liquidity risk, with Christian de Beaufort, Market Infrastructures & Regulation, SGSS.
"Gates": A solution to address liquidity risk24
Jan
2022

Revision of the AIFM and UCITS Directives – European Commission proposal
Discover the AIFM and UCITS Directives latest updates with Marie-Claire de Saint-Exupéry, Senior Advisor Public Affairs...
Discover the AIFM and UCITS Directives latest updates with Marie-Claire de Saint-Exupéry, Senior Advisor Public Affairs...
Regulatory
Discover the AIFM and UCITS Directives latest updates with Marie-Claire de Saint-Exupéry, Senior Advisor Public Affairs at SGSS.
Revision of the AIFM and UCITS Directives – European Commission proposal16
Nov
2021

The Reserved Alternative Investment Fund: Key features and Advantages
Watch Jean-Pierre Gomez' interview on RAIF.
Watch Jean-Pierre Gomez' interview on RAIF.
Regulatory
Watch Jean-Pierre Gomez' interview on RAIF.
The Reserved Alternative Investment Fund: Key features and Advantages17
Sep
2021

CSD Regulatory
Discover the CSDR latest updates with our expert Sylvie Bonduelle.
Discover the CSDR latest updates with our expert Sylvie Bonduelle.
02
Jul
2021

Flash Video - Asset Management: The challenges of SFDR's new "green" reporting
Watch Jean-Pierre Gomez' interview on SFDR.
Watch Jean-Pierre Gomez' interview on SFDR.
Regulatory
Watch Jean-Pierre Gomez' interview on SFDR.
Flash Video - Asset Management: The challenges of SFDR's new "green" reporting11
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)