Wed, Aug 10, 2022

ESMA, AMF and CSSF Regulatory Update—Second 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 Q2 2022.

AMF and ESMA Updates—June

  • AMF: Update of Its Doctrine on the Regime for Digital Asset Service Providers

  • European Supervisory Authorities (ESAs): Joint Report on the Withdrawal of Authorization for Serious Breaches of AML/CFT Rules

  • ESAs: Clarifications on the ESAs’ Draft RTS Under SFDR

  • AMF: Response to the European Commission’s Public Consultation on ESG Ratings

  • ESMA: Final Report on EMIR RTS on the Commodity Derivative Clearing Threshold

  • AFG: Response to the European Commission’s Public Consultation on ESG Ratings

  • ESMA: Update of Its Report on Trends, Risks and Vulnerabilities

  • FATF: Consolidated Assessment Ratings

  • AMF: Adoption of ESMA’s Guidelines on Suitability and Execution-Only Requirements Under MiFID II

  • EDPB: Proposition of a New Regulatory Framework on AML/CFT in Light of the GDPR

  • AMF: Assessment on Money Market Funds (MMF) Between March 31, 2020 and March 31, 2021

  • ACPR-AMF: 2021 Annual Report

  • European Commission: Publication of the European Pilot Regime Regulation Regarding Market Infrastructures on Blockchain Technology

  • AFG: 2021 Annual Report

  • AMF: Application of the EU Regulation on Short Selling

  • Council and European Parliament: Provisional Agreement on the Corporate Sustainability Reporting Directive (CSRD)

  • AFG: Response to the Targeted Consultation on Digital Euro

  • European Commission: Entry into force of the transitional regime of the PRIIPs Regulation for Undertakings for Collective Investment (UCIs)

  • ESMA: Results of Its Call for Evidence on ESG Ratings

  • France Invest: Annual Study on the Net Performance of Private Equity in France

  • Article 29 of the Energy and Climate Law Reporting

AMF and ESMA Updates—May

  • AMF: Consultation on the Integration of ESG Requirements into the AMF General Regulation
  • AFG: Response to ESMA’s Consultation on Guidelines on Certain Aspects of the MiFID II ESG Requirements
  • Digital Finance: Provisional Agreement Reached on the Digital Operational Resilience Act (DORA)
  • ESMA: Final Report Regarding the Review of the MiFID II Framework on Best Execution Reports by Investment Firms
  • ESMA and AMF: Focus on the Impact of the Ukrainian Conflict Ahead of the 2022 Half-Yearly Closing
  • ESMA: Statement Regarding Actions to Manage the Impacts of the Russian-Ukrainian Crisis on Investment Fund Portfolios
  • U.S. Subsidiary of German Insurer Fined by U.S. Authorities to Pay USD 6 billion for Hedge Fund Fraud
  • ESMA: Consultation on Implementing Technical Standards (ITS) Regarding Notifications for Cross-Border Marketing and Management of AIFS and UCITS
  • AMF: 2021 Annual Report and Review of Its Five-Year Strategic Plan #Supervision2022
  • ESMA: Update of Its Q&As on the Application of the UCITS and AIFM Directives Regarding Performance Fees
  • AMF: Summary of Its Findings Regarding Costs and Fees of UCITS Marketed to Retail Investors, and Update of Its Policy on Funds with High Fees
  • ESMA: Report on the Common Supervisory Action (CSA) on Supervision of Fees and Costs in Investment Funds
  • ESMA: Supervisory Briefing on Sustainability Risks and Disclosures in the Area of Investment Management

AMF and ESMA Updates—April

  • ESMA: Update of Q&As Regarding the Benchmark Regulation, ESMA Guidelines on Environment, Society, Governance (ESG), and Data Reporting Under MiFIR and SFTR

  • ESMA: Data Quality Report Under EMIR and SFTR Regulations

  • ESMA: Final Report on the Review of the EU Regulation on Short Selling

  • ESMA: Response to the Consultation of the European Commission on a Review of EMIR Regulation

  • European Commission: Adoption of Technical Standards Under Regulation on Sustainability-Related Disclosure in the Financial Sector

  • AMF: Summary of the SPOT Inspections on Bond Post-Trade Transparency

  • AMF: Ombudsman’s Annual Report

  • ACPR-AMF: Assessment of Marketing Practices Related to Online Financial Products

  • European Commission: Update of Its Q&A on EU Sanctions in the Context of the Russian-Ukrainian Crisis

  • Enforcement Committee of the AMF: EUR 150,000 Fine Against a Financial Investment Advisor (Conseiller En Investissement) and Its Manager for Breaching Their Professional Obligations

  • AMF: Fees and Contributions for 2022

  • AFG: Guide on Disclosure of New Gender Equality Requirements (Rixain Law)

  • ESMA: Recommendations to Improve Retail Investor Protection

CSSF Updates

  • CSSF: Update of Circular CSSF 21/769 on Governance and Security Requirements for Supervised Entities to Perform Tasks or Activities Through Telework

  • European Commission: Publication of the Delegation Regulation (Level 2) of SFDR

  • CSSF: Circular CSSF 22/806 on Outsourcing Arrangements

  • CSSF: Circular CSSF 22/810 on Investment Fund Marketing Notification Files

  • CSSF: Circular CSSF 22/811 on the Authorization and Organization of Entities Acting as UCI Administrators

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