Regulatory overview

On November 17, 2022, the ESAs published a Q&A for SFDR that provides a lot of detail on the calculation methodologies for PAI and Taxonomy as well as some definitions.

On October 13, 2022, the Delegated Regulation 2022/1930 amending the Delegated Act 2018/1229 was published in the Official Journal of the European Union: the obligation to trigger a buy-in in the event of an aged failing settlement will enter into force on 2 November 2025 (instead of February 1st, 2022, as originally required). This deadline should allow the...

On October 11, 2022, the European Parliament’s rapporteur published his draft report on the proposal to revise the Central Securities Depositary Regulation (CSDR) by advocating the abolition of the mandatory buy-in. Even if it is not certain that it will be followed by the Parliament, it went further than the European Commission, which published its proposal...

On October 20, 2022, TARGET consolidation, the merger of Target 2 and Target 2 Securities technological platforms that will permit liquidity management optimisation, was rescheduled from 21 November 2022 to 20 March 2023.

The texts introducing changes in reporting to the Trade Repositories were published in the EU OJ on 7 October 2022, specifying a date for the revision of the reporting to regulators: 29 April 2024.

The following elements were published in the EU OJ on 28 November 2022:

The MiCA draft regulation was adopted on October 10 by the European Parliament's Economic Affairs Committee (28 votes for, one against) after being validated on October 5 by the European Council.

The European Securities and Markets Authority (ESMA) has published its final Guidelines on certain aspects of the MiFID II suitability requirements on September 23, 2022.

On 3 October 2022, the European Union published in its Official Journal the opinion of the European Central Bank of 9 August 2022 on a proposal for a directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds.

On 19 October 2022, Council of the EU published the provisional agreement reached on European long-term investment funds (ELTIF).

On October 6, 2022, following the public consultation held in February 2022 on the strengthening of liquidity management tools requirements, the Autorité des Marchés Financiers (AMF) published an update of its doctrine to clarify its requirements on the way these tools operate in collective investment undertakings (UCIs).

On 24 November 2022, the AMF (Autorité des Marchés Financiers), following October’s update of its DOC-2017-05 policy on Gates, published another update relative to the introduction of Swing Pricing or Anti Dilution Levies mechanisms.

On October 12, 2022, the French Financial Markets Authority (AMF) published a summary of SPOT controls on the obligations of UCITS group depositaries when they contact their client management companies and as part of their monitoring.

On 2 December 2022, 7 questions/answers from the CSSF were published to clarify certain aspects of Regulation (EU) 2019/2088 regarding sustainability in the financial services sector, in particular on prospectus updates, publication of information on the website, pre-contractual and periodical publications.

On September 20, 2022, the Commission de Surveillance du Secteur Financier (CSSF) published a FAQ on cross-border fund distribution as an orientation on commercial communications.

On November 10, 2022, the Swiss Financial Market Supervisory Authority FINMA identified seven significant risks for the financial sector in its 2022 risk monitoring. Priorities for oversight are derived from these.

On 20 October 2022, Bank of Italy published communication on combating money laundering and terrorist financing.

The 25 of October, the Financial Conduct Authority (FCA) proposed a package of new measures including investment product sustainability labels and restrictions on how terms like ‘ESG’, ‘green’ or ‘sustainable’ can be used.

CBI clarifies incorporation by reference in a prospectus of annual financial reports prepared in accordance with the European Single Electronic Format (ESEF) Regulation. On 5 October 2022, the Central Bank confirmed the permissibility of incorporating by reference annual financial reports prepared in accordance with the ESEF Regulation in a prospectus.

On November 2, 2022, the Securities and Exchange Commission adopted amendments to Form N-PX to enhance the information that mutual funds, exchange-traded funds, and certain other registered funds report about their proxy votes.