France

Topic: Regulation and Compliance

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CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’. In April 2012, the CPMI and IOSCO published the PFMI, which set out … Continue Reading

IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’.  The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

Commission Delegated Regulation (EU) 2022/2328 supplementing the CRR with regard to RTS specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own funds requirements for residual risks

On 29 November 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2328 of 16 August 2022 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own … Continue Reading

ESMA annual report – 2022 on the application of waivers and

On 21 November 2022, the European Securities and Markets Authority (ESMA) published its annual report 2022 on the application of waivers and deferrals. Articles 4(4) and 992) of MiFIR require ESMA to monitor the application of pre-trade transparency waivers and to submit an annual report to the European Commission on how equity and non-equity waivers … Continue Reading

FSB publishes 2022 annual report on promoting global financial stability

On 16 November 2022, the Financial Stability Board (FSB) published its latest annual report on promoting financial stability. The report, delivered to the G20 leaders ahead of their Bali Summit, describes the FSB’s work to promote global financial stability. Among other things the report makes the following findings: The outlook for financial stability is particularly … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

FSB chair writes to G20 leaders ahead of the Bali Summit

On 11 November 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 leaders ahead of their Summit in Bali on 15-16 November. The letter sets forth that developments since the Rome Summit have been a stark reminder that global financial stability should not be taken for granted. So … Continue Reading

Monthly wrap up: France

In our latest monthly wrap up we highlight some of the key regulatory papers published by the Autorité Des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) during the period 20 September to 2 November 2022. Marie-Anne Barbat-Layani appointed Chair of the AMF By decree of the President of the … Continue Reading

ESMA publishes guidelines on the scope of the CRA Regulation

On 31 October 2022, the European Securities and Markets Authority (ESMA) published guidelines on the scope of the Credit Rating Agency (CRA) Regulation. The purpose of the guidelines is to clarify the scope of the CRA Regulation, in particular the provisions concerning: Obligation to register. Credit rating activities and exemptions from registrations. Private credit ratings. … Continue Reading

Commission Delegated Regulation (EU) 2022/2058 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach

On 26 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2058 of 28 February 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council  with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach, as referred … Continue Reading

Commission Delegated Regulation (EU) 2022/2059 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the technical details of back-testing and profit and loss attribution requirements under Articles 325bf and 325bg of Regulation (EU) No 575/2013

On 26 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2059 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the technical details of back-testing and profit and loss attribution … Continue Reading

Commission Delegated Regulation (EU) 2022/2060 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under the internal model approach and specifying the frequency of that assessment under Article 325be(3) of that Regulation

On 26 October 2022, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2022/2060 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under … Continue Reading

Regulation (EU) 2022/3036 published, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities

On 25 October 2022, Regulation (EU) 2022/3036 of the European Parliament and of the Council of 19 October 2022 was published in the Official Journal of the European Union, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for … Continue Reading

EBA launches call for interest for two expert groups and a call for input to advise on its work under the recast Funds Transfers Regulation

On 21 October 2022, The European Banking Authority (EBA) issued a call for expression of interest to join two Technical Expert Groups – on crypto assets service providers and anti-money laundering and countering the financing of terrorism, and on restrictive measures regimes – and a call for input on the Joint Guidelines to prevent the … Continue Reading

Communication from the Commission on guidelines for a best-execution process for sales of non-performing loans on secondary markets

On 21 October 2022, there was published in the Official Journal of the European Union a communication from the European Commission on guidelines for a best-execution process for sales of non-performing loans (NPLs) on secondary markets. The communication sets forth that the objective of these guidelines is to encourage good sell and buy-side processes for … Continue Reading

European Commission adopts work programme for 2023

The European Commission has published its work programme for 2023. The work programme contains the key legislative priorities for the upcoming year and provides an overview and rough timeline of when the Commission is expected to publish each initiative. With regard to financial services legislation, the following legislative initiatives are envisaged: Q1 2023 Retail investment … Continue Reading

Regulation Around the World – Operational resilience

In the latest instalment of our Regulation Around the World series, financial services partners in 15 jurisdictions provide an update on regulatory developments concerning operational resilience. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers … Continue Reading

ESMA call for evidence on SRD2

On 11 October 2022, the European Securities and Markets Authority (ESMA) issued a call for evidence on the implementation of the revised Shareholders Rights Directive (SRD2). The purpose of the call for evidence is to collect information and map the state of play with regards to the implementation of the SRD2 provisions on the identification … Continue Reading

ESMA announces strategic priorities for the next five years

On 10 October 2022, the European Securities and Markets Authority (ESMA) published its Strategy for 2023-2028. The main elements of the Strategy are: Fostering effective markets and financial stability. Strengthening supervision of EU financial markets. Enhancing protection of retail investors. Enabling sustainable finance. Facilitating technological innovation and effective use of data.… Continue Reading

EBA response to the Commission on the current level of margins and of excessive volatility in energy derivatives markets

On 29 September 2022, the European Banking Authority (EBA) published its response to the European Commission’s earlier letter asking the European Supervisory Authority for its views on the current level of margins and of excessive volatility in energy derivatives markets. In summary the EBA states that: Banks are already providing significant levels of support to … Continue Reading

The FCA’s Consultation Paper on the perimeter of the definition of trading venue

There are three types of trading venue under MiFID II: Regulated Markets, Multilateral Trading Facilities and Organised Trading Facilities. MiFID II introduced a definition of multilateral system[1], still relevant in the UK, which is common to all types of trading venue and requires that all multilateral systems operate in accordance with Title II or Title … Continue Reading

ESMA reminds firms of the impact of inflation in the context of investment services to retail clients

On 27 September 2022, the European Securities and Markets Authority (ESMA) published a statement reminding firms of the MiFID II requirements concerning fair, clear and not misleading information, suitability and product governance requirements. ESMA believes that investment firms may play a role in considering inflation and inflation risk, as appropriate, when manufacturing and distributing investment … Continue Reading

ESMA responds to the Commission regarding recent developments in the energy derivatives market

On 22 September 2022, the European Securities and Markets Authority (ESMA) submitted its response to the European Commission regarding the current level of margins and of excessive volatility in energy derivatives markets. The letter comes in response to the formal request from the Commission that ESMA received on 13 September 2022. ESMA’s letter covers: Circuit … Continue Reading

ESMA updates Q&As on MiFID II and MiFIR market structure topics

On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on MiFID II and MiFIR market structure topics. The question and answer for question 35 under Direct Electronic Access and algorithmic trading has been updated: Can trading venues set specific trading hours which are applicable only to a sub-set of financial … Continue Reading
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