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.

Continuing the implementation of its Capital Markets Union, the European Commission in 2021 proposed a new set of measures aimed at improving “the ability of companies to raise capital across the EU and ensure that Europeans get the best deals for their savings and investments”*. In addition to the amendment of existing texts, the principle of a single access...

6 months after being validated by the ECON* committee of the European Parliament, MICA**, the long-awaited text on the regulation of new digital assets (crypto-currencies, utility tokens, stable coins, etc.) has finally been adopted on April 20, 2023 in plenary session of Parliament.

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**. This specific process - dedicated to settlements directly against a CCP - diverged from the standard mode in which the CSD is responsible for the entire process (calculation,...

The decision by the CCP* ICE Clear Europe (ICEU) to stop clearing Credit Default Swaps (CDS) at the end of October 2023 will result in the transfer of positions held by clients to another CCP. In concrete terms, these will be closed in ICEU and reopened in the new environment.

The AMF* published on 23 March 2023, an overview of SFDR** classifications introduced by the SFDR regulation on the French fund market. This assessment covers 10,600 French collective investment schemes, representing assets under management of more than €1.9 trillion at end-2021. As this assessment is based on data at end-2021, it does not take into account...

The 2018 Sustainable Finance Action Plan has been translated into ambitious regulations. As their implementation period starts, efforts made by the industry are considerable. But will this bear fruit in the long term? Asset managers stand between enthusiasm, scepticism and fear of greenwashing. Laetitia Hamon, Head of Sustainable Finance, Luxembourg Stock...

After the Council, which voted last December to amend the European Commission's (EC) proposal, it is up to Parliament (EP) to formalise its vision of the future CSDR Refit*.

The Pilot Regime comes into force in a few days’ time on Thursday, 23 March.

In recent years, we have seen a significant increase in the importance of CSR issues within the finance industry, driven by the urgency of certain major challenges such as climate change and the decline in biodiversity, as well as an awareness of the levers we have as investors and the potential for value creation within the companies in which we invest.

Payments in EURO on the TARGET 2, EURO1/STEP1 payment systems will be required to adopt the new SWIFT ISO20022 standard as of 20 March 2023. The SWIFT ISO 20022 standard thus becomes the new defined standard for financial messages, in particular payment messages, which will be deployed between March 2023 and November 2025 (due to the delayed start announced in...

On the 15 February 2023, the Securities and Exchange Commission adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one (T+1).