Regulatory Update—Third Quarter 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