Fri, Nov 18, 2022

Regulatory Update—Third 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 Q3 2022.

AMF, AFG and ESMA Updates—July

  • EBA: Updated Guidance on the Collection of Information on High Earners, Pay Practices and Gender Pay Gaps
  • AFG: Guide for the Creation of A SICAV/SPPICAV Fund
  • AFG: AFG Responded to the IOSCO Consultation on Best Practices for ETFs
  • AFG: AFG’s Response to the European Commission’s Consultation on Money Market Funds
  • ACPR: Dialogue Strengthened by the EU’s New Digital Space
  • AMF: The AMF Publishes a Summary of Its SPOT Inspections on the Theme of Best Execution in Asset Management Companies
  • AMF: The AMF Publishes Its 2022 Markets and Risk Outlook
  • ESMA: ESMA Reminds Stakeholders of Prospectus Supervision Under EU Ukraine War Sanctions
  • ESMA: ESMA Consults on Regulatory Technical Standards Under the Benchmarks Regulation
  • ESMA: ESMA Reviews MiFID II Product Governance Guidelines 
  • ESMA: ESMA Reviews Clearing and Derivatives Trading Obligations Under the Benchmark Transition
  • AMF: Summary of the SPOT Inspection Campaign Conducted on Market Abuse Prevention Systems in Asset Management Companies
  • Anti-Fraud: The AMF Participates in the New Prevention Guide of the National Task Force
  • ESMA and EBA: Guidance on the Assessment of Suitability of Members of the Management Body and Key Posts Under the CRD and MiFID II
  • ESMA: ESMA Publishes Annual Peer Review of EU CCP Supervision
  • ESMA: New Q&As Available
  • ESMA: ESMA and EBA Publish Guidelines to Harmonize the Supervisory Review and Evaluation Process of Investment Firms
  • AMF: The AMF and the ARPP Are Stepping up Their Cooperation to Promote Clear and Responsible Advertising of Financial Products
  • Enforcement: The AMF Enforcement Committee Fines a Depositary for Breaches of Its Professional Obligations
  • AMF: Sustainability Requirements in the Distribution of Financial Instruments: Update on Upcoming Legislation and Its Implementation Dates
  • AFG: Publication of the Delegated Regulation Consolidating the RTS SFDR in the Official Journal of the European Union (OJEU)
  • AFG: AFG’s Response—Consultation on the Financial Action Task Force (FAFT) Revision of Recommendation 25
  • AMF: Crypto-Asset Markets: Agreement Reached on the European Crypto-Assets Regulation (MiCA)
  • AMF: AMF’s Response to the International Sustainability Standards Board’s Consultation on the Exposure Drafts on International Sustainability Disclosures
  • AMF: AMF’s Response to the EFRAG Consultation on the Draft European Sustainability Reporting Standards
  • ESMA: ESAs Issue Report on the Extent of Voluntary Disclosure of Principal Adverse Impact Under the Sustainable Finance Disclosure Regulation
  • AMF: Public Consultation on the End of Life of Private Equity Funds Intended for Retail Investors
  • ESMA: ESMA Launches Call for Evidence on Pre-hedging
  • AFG: Response to the ISSB Consultation on Extra-Financial Standards

AMF, AFG and ESMA Updates—August

  • AMF: Order of June 27, 2022, Approving Amendments to the General Regulation of the Autorité des Marchés Financiers
  • AFG: AFG Response to the EFRAG Consultation on Extra-Financial Standards
  • AMF: The AMF Complies With the ESMA Guidelines on Updating Stress Test Scenarios in Accordance With Article 28 of the Money Market Fund Regulation
  • ESMA: ESMA Provides Comments on First Draft of European Sustainability Reporting Standards
  • AFG: Guarantee Fund Applicable to Management Companies
  • AMF: The AMF Urges Market Participants to Notify It of Any Anomalies Found in Net Short Position Notifications

AMF, AFG and ESMA Updates—September

  • ESMA: Russian War Adds Uncertainty and Volatility to EU Financial Markets
  • AFG: Banque De France—Questionnaire on the Evolution of UCI Inflows 
  • ESMA: ESAs Warn of Rising Risks Amid a Deteriorating Economic Outlook
  • France Invest: External Growth at the SME Level: Under the Radar, A Dynamic Market and Ambitious Managers
  • AMF: Alert in the Event of a 10% Fall in the Value of a Leveraged Financial Instrument: An Obligation for the Intermediary
  • ESMA: ESMA Responds to the EU Commission Regarding Recent Developments in the Energy Derivatives Markets
  • ESMA: New Q&As Available
  • ESMA: ESMA Publishes Final Guidelines on MiFID II Suitability Requirements
  • AFG: AFG’s Response to the IRS Label Committee’s Consultation on the Guidelines for the Evolution of the IRS Label
  • ESMA: ESMA Reminds Firms of the Impact of Inflation in the Context of Investment Services to Retail Clients
  • ESMA: Report on the Review of the Clearing Thresholds Under EMIR
  • ESMA: ESAs Propose Disclosures for Fossil Gas and Nuclear Energy Investments
  • AMF: Findings of Studies Conducted on the Readability of Information Documents Intended for Retail Investors

CSSF Articles

  • ESMA: Update of the Q&As on the Application of the UCITS Directive and the Application of the AIFMD
  • CSSF: Clarification on the Completion and Submission of the Reports as per Circular CSSF 21/790
  • CSSF Regulation No. 22-04 of July 20, 2022, on the Equivalence of Certain Third Countries with Respect to Supervision and Authorization Rules for the Purpose of Providing
  • Investment Services or Performing Investment Activities and Ancillary Services by Third-Country Firms
  • CSSF: Communication on Regulatory Requirements in Relation to Regulation (EU) 2019/2088 on Sustainability-Related Disclosures in the Financial Services Sector and
  • Upcoming Enforcement of SFDR Level 2 Provisions
  • CSSF: Regulation 22-05 of July 27, 2022
  • CSSF: Cross-Border Distribution of Funds—Q&A on Marketing Communications

Financial Services Compliance and Regulation

End-to-end governance, advisory and monitorship solutions to detect, mitigate, drive efficiencies and remediate operational, legal, compliance and regulatory risk.

Regulatory Advisory and Assurance Services

Within our Regulatory Advisory and Assurance Services, we assist financial services firms in a range of engagements across our suite of subject matter expertise.