Per rimanere aggiornati sul panorama normativo, il nostro team Public Affairs pubblica aggiornamenti periodici su questioni normative, sia in fase di discussione che già rilasciate, fornendo un’analisi approfondita del loro impatto.
La sintesi del trimestre precedente consente di rimanere aggiornati in merito alle più recenti novità del settore.
Con SGSS puoi trasformare un vincolo in opportunità.
Analysis of key regulatory and standards initiatives
On-going regulatory initiatives
- AIFM Directive - Alternative Investment Funds Managers Directive
- BMR - Benchmark Regulation
- CBFD - Cross Border Fund Distribution
- CSDR - Central Securities Depositories Regulation
- ELTIFs - European Long-Term Investment Funds
- EMIR Regulation - European Market Infrastructure Regulation/Derivative Products
- ESAP - European Single Access Point Regulation
- EuVECA/EuSEF - Venture capital funds and social entrepreneurship funds
- IORP - Institutions for Occupational Retirement Provision
- MIFID II/MIFIR - Markets in Financial Instruments Directive & Regulation
- MMFR - Money market funds Regulation
- Pilot Regime - Transitional regulatory framework to test the use of DLTs
- PRIIPs Regulation - Packaged Retail and Insurance-based Investment Products
- Recovery & Resolution (for non banks)
- SFDR/Taxonomy - Green Finance Regulation
- SRD - Shareholder Rights Directive
- UCITS V Directive - Undertakings for Collective Investment in Transferable Securities
Other regulatory initiatives
- Collateral Directive
- Dodd-Frank Wall Street Reform and Consumer Protection Act (Title VII)
- FATCA - Foreign Account Tax Compliance Act
- Finality Directive
- FTT - Financial Transaction Tax (France)
- LEI - Legal Entity Identifier CFTC Interim Compliant Identifier (CICI)
- MIFID I - Markets in Financial Instruments Directive I
- SFT - Securities Financing Transactions Regulation
- Shadow Banking
- Short selling - Regulation on Short selling and certain aspects of credit default swaps
- Solvency II Directive
- T2SProject - Target 2 Securities Project - CSD Settlement & Delivery Platform
- Harmonising settlement cycles at T+2
- UCITS I-IV Directive - Undertakings for Collective Investments in Transferable Securities I-IV
Quarterly regulatory overview
Regulatory Insights
14 Sep 2023
Fund liquidity risk management: a challenge for Asset Managers
In response to the AMF's requirements concerning liquidity management tools, Societe Generale Securities Services (SGSS)...
Fund liquidity risk management: a challenge for Asset Managers
In response to the AMF's requirements concerning liquidity management tools, Societe Generale Securities Services (SGSS)...
Regolamentazione
In response to the AMF's requirements concerning liquidity management tools, Societe Generale Securities Services (SGSS) provides its asset manager clients with a range of services.
Fund liquidity risk management: a challenge for Asset Managers
14 Sep 2023
ELTIF 2: Opportunities to grasp for Asset Managers and investors
The new European Long-Term Investment Funds regulation (ELTIF 2 or ELTIF review) becomes applicable on 10 January 2024. ...
ELTIF 2: Opportunities to grasp for Asset Managers and investors
The new European Long-Term Investment Funds regulation (ELTIF 2 or ELTIF review) becomes applicable on 10 January 2024. ...
Regolamentazione
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.
ELTIF 2: Opportunities to grasp for Asset Managers and investors
13 Sep 2023
Come rafforzare i diritti degli azionisti?
Shareholders rights directive II è una normativa europea che definisce il set di regole volte a rafforzare i diritti...
Come rafforzare i diritti degli azionisti?
Shareholders rights directive II è una normativa europea che definisce il set di regole volte a rafforzare i diritti...
Regolamentazione
Shareholders rights directive II è una normativa europea che definisce il set di regole volte a rafforzare i diritti degli azionisti di società quotate sui mercati regolamentati. In particolare il miglioramento del processo comunicativo tra Emittenti e azionisti e l’agevolazione dell’esercizio del diritto di voto in occasione delle assemblee societarie anche...
Come rafforzare i diritti degli azionisti?
01 Sep 2023
ESG – Voluntary vs. Regulatory? Both?
The implementation of sustainable finance and "green" investment objectives is gradual and entails a shift in mindset....
ESG – Voluntary vs. Regulatory? Both?
The implementation of sustainable finance and "green" investment objectives is gradual and entails a shift in mindset....
29 Aug 2023
CSDR - SDR: 31 August 2024: End of CCPs' role in collecting penalties
Article 19 of Delegated Regulation 2018/1229 had entrusted CCPs* with the task of collecting (and redistributing) from...
CSDR - SDR: 31 August 2024: End of CCPs' role in collecting penalties
Article 19 of Delegated Regulation 2018/1229 had entrusted CCPs* with the task of collecting (and redistributing) from...
Regolamentazione
Article 19 of Delegated Regulation 2018/1229 had entrusted CCPs* with the task of collecting (and redistributing) from their clearing members the penalties calculated by CSDs**.
CSDR - SDR: 31 August 2024: End of CCPs' role in collecting penalties
08 Aug 2023
What is the RAIF (Reserved Alternative Investment Fund)?
What is the RAIF? Discover the Reserved Alternative Investment Fund, its features, benefits and how it works.
What is the RAIF (Reserved Alternative Investment Fund)?
What is the RAIF? Discover the Reserved Alternative Investment Fund, its features, benefits and how it works.
Regolamentazione
What is the RAIF? Discover the Reserved Alternative Investment Fund, its features, benefits and how it works.
What is the RAIF (Reserved Alternative Investment Fund)?
21 Jul 2023
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...
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...
Regolamentazione
A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on 11th July, 2023.
Modernising Luxembourg's legislative framework for investment funds
20 Jul 2023
New Spanish market reform: all you need to know on the measures and upgrades
The Spanish settlement process will soon undergo another reform; Societe Generale Securities Services Madrid is...
New Spanish market reform: all you need to know on the measures and upgrades
The Spanish settlement process will soon undergo another reform; Societe Generale Securities Services Madrid is...
Regolamentazione
The Spanish settlement process will soon undergo another reform; Societe Generale Securities Services Madrid is upgrading its system to get prepared.
New Spanish market reform: all you need to know on the measures and upgrades
05 Jul 2023
CSDR Refit: The adoption of the text is imminent
The EU Council announced on 27 June that a provisional agreement had been reached between the Parliament and the Council...
CSDR Refit: The adoption of the text is imminent
The EU Council announced on 27 June that a provisional agreement had been reached between the Parliament and the Council...
Regolamentazione
The EU Council announced on 27 June that a provisional agreement had been reached between the Parliament and the Council on the revision of CSDR*.
CSDR Refit: The adoption of the text is imminent
26 Jun 2023
L’AMF publie sa synthèse des contrôles SPOT sur le respect des engagements extra-financiers contractuels des sociétés de gestion
(Only available in French) L’Autorité des marchés financiers (AMF) a diligenté une étude et une campagne de contrôles...
L’AMF publie sa synthèse des contrôles SPOT sur le respect des engagements extra-financiers contractuels des sociétés de gestion
(Only available in French) L’Autorité des marchés financiers (AMF) a diligenté une étude et une campagne de contrôles...
Regolamentazione
(Only available in French) L’Autorité des marchés financiers (AMF) a diligenté une étude et une campagne de contrôles SPOT* sur le respect des engagements extra-financiers contractuels des fonds (OPCVM** et FIA***) gérés par les sociétés de gestion de portefeuille (SGP). L’AMF a publié sa synthèse le 12 juin 2023.
L’AMF publie sa synthèse des contrôles SPOT sur le respect des engagements extra-financiers contractuels des sociétés de gestion
20 Jun 2023
Fonds d’épargne salariale : l'AMF modifie sa doctrine concernant l’introduction simplifiée d’outils de gestion de la liquidité
(Only available in French) Dans la continuité des mesures prises en octobre et novembre 2022 pour faciliter...
Fonds d’épargne salariale : l'AMF modifie sa doctrine concernant l’introduction simplifiée d’outils de gestion de la liquidité
(Only available in French) Dans la continuité des mesures prises en octobre et novembre 2022 pour faciliter...
Regolamentazione
(Only available in French) Dans la continuité des mesures prises en octobre et novembre 2022 pour faciliter l’introduction des outils de gestion de la liquidité dans les organismes de placement collectif (OPC), le 12 juin 2023 l’Autorité des marchés financiers (AMF) publie une nouvelle mise à jour de son instruction DOC-2011-21 pour prendre en compte les...
Fonds d’épargne salariale : l'AMF modifie sa doctrine concernant l’introduction simplifiée d’outils de gestion de la liquidité
19 Jun 2023
Equity options and index options: The end of the exemption?
Risk management (and in particular the exchange of initial margins and variation) for derivatives contracts not cleared...
Equity options and index options: The end of the exemption?
Risk management (and in particular the exchange of initial margins and variation) for derivatives contracts not cleared...
Regolamentazione
Risk management (and in particular the exchange of initial margins and variation) for derivatives contracts not cleared by a CCP* is the subject of a dedicated delegated regulation (2016/2251).
Equity options and index options: The end of the exemption?
09 Jun 2023
Publication of the MICA regulation
The European MiCA regulation on crypto-asset markets was finally published on June 9, 2023, in the OJ of the European...
Publication of the MICA regulation
The European MiCA regulation on crypto-asset markets was finally published on June 9, 2023, in the OJ of the European...
Regolamentazione
The European MiCA regulation on crypto-asset markets was finally published on June 9, 2023, in the OJ of the European Union.
Publication of the MICA regulation
26 Apr 2023
Towards a broader model for identifying shareholders and holders in France
The implementation of SRD2 resulted in the replacement of the former shareholder identification process (known as “TPI”)...
Towards a broader model for identifying shareholders and holders in France
The implementation of SRD2 resulted in the replacement of the former shareholder identification process (known as “TPI”)...
Regolamentazione
The implementation of SRD2 resulted in the replacement of the former shareholder identification process (known as “TPI”) by the “SRD2” process at the end of 2021 with a national regulatory framework that broadens the scope of eligible instruments. However, this enlargement could come up against other national provisions in some countries, such as bank secrecy.
Towards a broader model for identifying shareholders and holders in France
Mostra di più
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Video regolamentari
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)