Regulatory overview
Discover the latest regulatory news with SGSS' experts.
AIFMD II provides clarifications expected by Alternative Investment Fund Management (AIFM) managers regarding the AIFM passport regime regulating the issuance of loans across the EU. The new Directive establishes common rules for the granting of loans, covering the management of conflicts of interest, credit risk management and risk diversification according to the type of fund (open or closed). Read more
Jean-Pierre Gomez, Head of Public and Regulatory Affairs, SGSS Luxembourg
At present, the Shareholders’ Rights Directive (SRD2) has not been fully convincing: electronic retail voting at general meetings (GAs) is still a long way off. Read more
Pierre Colladon, Senior Advisor Public Affairs & Regulation, Societe Generale Securities Services
Analysis of key regulatory initiatives
Discover a general overview of the key regulatory initiatives.
Community and International news
TuttiInternational and European news
ELTIF2: final version of RTS published by the European Commission
On July 19, 2024, the European Commission published the final version of regulatory technical standards (RTS) with...
On July 19, 2024, the European Commission published the final version of regulatory technical standards (RTS) with...
International and European news
On July 19, 2024, the European Commission published the final version of regulatory technical standards (RTS) with respect to ELTIF2 regulation.
ELTIF2: final version of RTS published by the European Commission
PRIIPS: FX forwards fall within the scope of the PRIIPs Regulation
On July 19, 2024, the European Commission published the final version of regulatory technical standards (RTS) with...
On July 19, 2024, the European Commission published the final version of regulatory technical standards (RTS) with...
International and European news
On July 19, 2024, the European Commission published the final version of regulatory technical standards (RTS) with respect to ELTIF2 regulation.
PRIIPS: FX forwards fall within the scope of the PRIIPs Regulation
EU publication of the Artificial Intelligence Act (AIA or AI Act)
On July 12, 2024, the European AI Regulation was published in the Official Journal of the European Union. It will...
On July 12, 2024, the European AI Regulation was published in the Official Journal of the European Union. It will...
International and European news
On July 12, 2024, the European AI Regulation was published in the Official Journal of the European Union. It will gradually come into force from August 1, 2024 until August 2, 2027 for the final measures.
EU publication of the Artificial Intelligence Act (AIA or AI Act)
FIDA regulation: a first step through the European Parliament
On April 18, 2024, the draft FIDA (financial data access) regulation was the subject of a compromise in Brussels:...
On April 18, 2024, the draft FIDA (financial data access) regulation was the subject of a compromise in Brussels:...
International and European news
On April 18, 2024, the draft FIDA (financial data access) regulation was the subject of a compromise in Brussels: members of the Econ committee adopted a first version of the text, authorizing access to financial data. Access should not be limited to payment accounts but should encompass all customer data processed by financial institutions.
FIDA regulation: a first step through the European Parliament
MICA: publication of regulatory technical standards (RTS) in the Official Journal of the EU
The 4 delegated acts were published in the EU Official Journal on May 30, 2024. They had been published by the European...
The 4 delegated acts were published in the EU Official Journal on May 30, 2024. They had been published by the European...
International and European news
The 4 delegated acts were published in the EU Official Journal on May 30, 2024. They had been published by the European Commission on February 23, 2024.
MICA: publication of regulatory technical standards (RTS) in the Official Journal of the EU
MICA: publication of ESMA and EBA guidelines
On June 27 2024, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published...
On June 27 2024, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published...
International and European news
On June 27 2024, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published joint guidelines on the suitability of members of the management body, and on the assessment of shareholders and members with qualifying holdings for issuers of asset reference tokens (ARTs) and crypto-asset service providers (CASPs), under...
MICA: publication of ESMA and EBA guidelines
DORA: 3 delegated regulations published in the EU Official Journal
On June 25 224, three delegated regulations were published in the Official Journal of the EU. They specify rules for:
On June 25 224, three delegated regulations were published in the Official Journal of the EU. They specify rules for:
International and European news
On June 25 224, three delegated regulations were published in the Official Journal of the EU. They specify rules for:
DORA: 3 delegated regulations published in the EU Official Journal
EMIR: European Parliament plenary session adopts revised regulation
On April 24, 2024, the revised EMIR regulation was adopted by the plenary session of the European Parliament. EMIR 3...
On April 24, 2024, the revised EMIR regulation was adopted by the plenary session of the European Parliament. EMIR 3...
International and European news
On April 24, 2024, the revised EMIR regulation was adopted by the plenary session of the European Parliament. EMIR 3 amends Regulation 648/2012 (EMIR), which governs the OTC derivatives market, central counterparties and trade repositories.
EMIR: European Parliament plenary session adopts revised regulation
SFDR: ESAs consider that the framework defined by SFDR could be improved
On June 18, 2024, the ESAs (ESMA + EBA + EIOPA) published their Opinion on the review of SFDR.
On June 18, 2024, the ESAs (ESMA + EBA + EIOPA) published their Opinion on the review of SFDR.
International and European news
On June 18, 2024, the ESAs (ESMA + EBA + EIOPA) published their Opinion on the review of SFDR.
SFDR: ESAs consider that the framework defined by SFDR could be improved
ESG: Rating regulation
The ESG Rating regulation on the transparency and integrity of ESG rating activities was passed by the European...
The ESG Rating regulation on the transparency and integrity of ESG rating activities was passed by the European...
International and European news
The ESG Rating regulation on the transparency and integrity of ESG rating activities was passed by the European Parliament on April 24, 2024.
ESG: Rating regulation
Amendment to the Directive on Sustainability Reporting
On May 8 2024, the European Union published the Directive (EU) 2024/1306 amending Directive 2013/34/EU as regards the...
On May 8 2024, the European Union published the Directive (EU) 2024/1306 amending Directive 2013/34/EU as regards the...
International and European news
On May 8 2024, the European Union published the Directive (EU) 2024/1306 amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.
Amendment to the Directive on Sustainability ReportingNational news
TuttiNational news
LU - CSSF updates Q&A in the context of US T+1 moce
With effect from end of May 2024, most securities transactions in the United States, as well as in Canada and Mexico,...
With effect from end of May 2024, most securities transactions in the United States, as well as in Canada and Mexico,...
National news
With effect from end of May 2024, most securities transactions in the United States, as well as in Canada and Mexico, have moved from a standard settlement cycle of T+2 to T+1. The applicable settlement cycles and related developments have an impact on the operations of UCITS and other investment funds.
LU - CSSF updates Q&A in the context of US T+1 moce
LU - CSSF reminds of PRIIPs KID review for 2024
On May 28 2024, the Commission de Surveillance du secteur financier (CSSF) reminded of the PRIIPs KID review.
On May 28 2024, the Commission de Surveillance du secteur financier (CSSF) reminded of the PRIIPs KID review.
National news
On May 28 2024, the Commission de Surveillance du secteur financier (CSSF) reminded of the PRIIPs KID review.
LU - CSSF reminds of PRIIPs KID review for 2024
GE - Draft law to promote investments by funds in renewable energies and infrastructure
On May 21 2024, the Bundesfinanzministerium (Federal Ministry of Finance) published a discussion draft of a law to...
On May 21 2024, the Bundesfinanzministerium (Federal Ministry of Finance) published a discussion draft of a law to...
National news
On May 21 2024, the Bundesfinanzministerium (Federal Ministry of Finance) published a discussion draft of a law to promote investments by funds in renewable energies and infrastructure. The draft is intended to enable the fund industry to channel urgently needed capital from private investors such as pension funds and private individuals into the financing of...
GE - Draft law to promote investments by funds in renewable energies and infrastructure
FR - Publication of the law on the attractiveness of France
On June 14, 2024, Law no. 2024-537 of June 13, 2024 aimed at increasing business financing and France's attractiveness...
On June 14, 2024, Law no. 2024-537 of June 13, 2024 aimed at increasing business financing and France's attractiveness...
National news
On June 14, 2024, Law no. 2024-537 of June 13, 2024 aimed at increasing business financing and France's attractiveness was published in the Journal Officiel.
FR - Publication of the law on the attractiveness of France
FR - Publication of the decrees and ordinances of the law on green industry
To enable the Paris marketplace to seize the opportunity of ELTIF 2.0, Article 40 of the Green Industry Law no. 2023-973...
To enable the Paris marketplace to seize the opportunity of ELTIF 2.0, Article 40 of the Green Industry Law no. 2023-973...
National news
To enable the Paris marketplace to seize the opportunity of ELTIF 2.0, Article 40 of the Green Industry Law no. 2023-973 of October 23, 2023 authorized the Government to modernize the French asset management framework. The decrees, orders and ordinances announced in the law have been published, in particular :
FR - Publication of the decrees and ordinances of the law on green industry
USA - Change of settlement cycle to T+1 in the U.S. market
Since May 28, 2024, the standard settlement cycle in the United States for most inter-dealer securities transactions has...
Since May 28, 2024, the standard settlement cycle in the United States for most inter-dealer securities transactions has...
National news
Since May 28, 2024, the standard settlement cycle in the United States for most inter-dealer securities transactions has been reduced to 1 business day after the trade date (T+1). Due to their proximity to the US market, the Canadian and Mexican markets have decided to follow suit.
USA - Change of settlement cycle to T+1 in the U.S. market
UK - FCA publishes Roadmap to implementing the Overseas Funds Regime
This document dated from May 2024 is issued jointly by HM Treasury and the FCA to explain how the Overseas Funds Regime...
This document dated from May 2024 is issued jointly by HM Treasury and the FCA to explain how the Overseas Funds Regime...
National news
This document dated from May 2024 is issued jointly by HM Treasury and the FCA to explain how the Overseas Funds Regime (OFR) is intended to be opened to European Economic Area (EEA) funds authorised under the UCITS (Undertakings for Collective Investment in Transferable Securities) Directive, following the Government’s decision to grant equivalence in...
UK - FCA publishes Roadmap to implementing the Overseas Funds Regime
IR - macroprudential measures for Irish-authorised GBP-denominated LDI funds
On April 29 2024, the Central Bank of Ireland introduced macroprudential measures for Irish-authorised GBP-denominated...
On April 29 2024, the Central Bank of Ireland introduced macroprudential measures for Irish-authorised GBP-denominated...
National news
On April 29 2024, the Central Bank of Ireland introduced macroprudential measures for Irish-authorised GBP-denominated LDI funds (Liability-driven investment).
IR - macroprudential measures for Irish-authorised GBP-denominated LDI funds
CH - FATCA Switzerland and United States agree on Reciprocal Exchange of Financial Data
On June 27 2024, the Eidgenössische Finanzmarktaufsicht (FINMA) announced that Switzerland and the United States of...
On June 27 2024, the Eidgenössische Finanzmarktaufsicht (FINMA) announced that Switzerland and the United States of...
National news
On June 27 2024, the Eidgenössische Finanzmarktaufsicht (FINMA) announced that Switzerland and the United States of America have agreed on the reciprocal exchange of financial data.
CH - FATCA Switzerland and United States agree on Reciprocal Exchange of Financial Data