Regulatory overview

In line with its commitment, the Industry Committee published its report on 30 June 2025.

The migration to the ISO 20022 format for interbank payments, which began in March 2023 with priority given to payment instructions, is proceeding according to plan.

On 25 June 2025, publication of the ESMA’s final report on the functioning and review of the DLT Pilot Regime with information about business models, types of DLT financial instruments offered, and technical or legal issues encountered by supervisors to date.

On 26 June 2025, the European Securities and Markets Authority (ESMA) published advice on the UCITS Eligible Assets Directive (EAD).

On 19 June 2025, the European Securities and Markets Authority (ESMA) published its final report on the Active Account Requirement (AAR) under EMIR 3.

On July 15, 2025, the European Supervisory Authorities (EBA, EIOPA, and ESMA) published explanatory guidance on the supervisory framework for critical third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA).

On Thursday, June 5, 2025, several European ministers of economy and finance officially launched the “Finance Europe” label. This new label is intended to help European savers improve the return on their savings by directing their investments towards financing European companies.

Publication on July 20, 2025 of implementing decree no. 2025-673 of July 18, 2025

Publication on August 4, 2025, in the Official Journal of a decree modernizing the AIF regime, particularly regarding the publication of the reconstitution and realization values of SCPIs and the composition of FCPE assets.

On 27 June 2025, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 25/894, which reforms and replaces Circular CSSF 15/612.

On 5 June 2025, the CSSF published Version 4 of its FAQ on the Money Market Funds Regulation (MMFR) to clarify Luxembourg-specific interpretations of EU Regulation 2017/1131.

On July 17, 2025, the US Congress passed the Genius Act, a landmark law establishing the first federal regulatory framework for “payment stablecoins.”