Thu, May 5, 2022

ESMA, AMF and CSSF Regulatory Update—First Quarter 2022

The Financial Services Compliance and Regulation practice of Kroll provides updates from the European Securities and Markets Authority (ESMA), the French Autorité des marchés financiers (AMF) and Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), for asset managers during Q1 2022.

AMF Updates—March

  • Impacts of the Ukrainian Crisis on Asset Management Companies

  • Sanction: The AMF Enforcement Committee Fined a Media Company and Its Director for Conflicts of Interests and Price Manipulation

  • ESMA: Peer Review on Supervision of Cross-Border Activities of Investment Firms

  • AMF: Modification of the FRA-RAC Questionnaire for 2021

  • The AMF Updates Its Doctrine on The Risk Management System and Program of Activities for Asset Managers

  • EU: Entry into Force of the Transitional Regime of the PRIIPs Regulation for UCIS

  • FinDatEx Published ESG Templates

  • ESMA Sanctioned a Leading European Trade Repository for Breaches of the EU Market Infrastructure Regulation EMIR

  • EU: Updated Statement of the Supervisory Authorities on Sustainability (SFDR and Taxonomy Regulations)

  • ESMA Publishes Its Final Report on the EU Carbon Market (Emission Allowances and Associated Derivatives)

  • AMF: The Application of the EU Regulation on Short Selling

AMF Updates—February

  • AMF: Update of Its Policy on Marketing Communications for Collective Investment Schemes

  • ESMA’s Supervisory Briefing on Supervisory Expectations in Relation to Firms Using Tied Agents in the MiFID 2 Framework

  • ESMA: Launch of Common Supervisory Action With National Competent Authorities on Disclosure of Costs and Fees Under MiFID 2

  • The AMF Launches a Public Consultation on Liquidity Management Tools for Fund Managers

  • The Platform on Sustainable Finance Published Its Report on a Social Taxonomy

AMF Update—January

  • AMF: The Enforcement Committee Fines an Asset Management Company 

  • ESMA: Publication of Its Guidance on Appropriateness and Execution-Only Requirements (MiFID 2)

  • AMF: Publication of Its Priorities for 2022

  • AMF Published 2020 Key Figures for Asset Management 

  • ESMA Launches a Common Supervisory Action With National Competent Authorities on the Valuation of UCITS and Open-Ended AIFs in the EU

  • Good Practice Regarding Accreditation and ESG Aspects

  • ESMA: Consultation on ESG Under MiFID 2

  • AMF: Update of Its Policy on Funds That Use Total Return Swaps (TRS) and Extra-Financial Criteria

CSSF Updates

  • European Commission Adopted a Delegated Regulation that Amends the List of High-Risk Third Countries with Strategic Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Deficiencies

  • CSSF—2021 Survey Related to the Fight Against Money Laundering and Terrorist Financing

  • Circular CSSF 22/795—Application of The ESMA Guidelines on Marketing Communications (ESMA34-45-1272) Under the Regulation on Facilitating the Cross-Border Distribution of Collective Investment Undertakings

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