Key Updates and Deadlines
A quick summary of recent publications, consultations or any other relevant NCAs & ESAs initiatives including enforcement actions in the EU, the UK and Switzerland:
January
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19.01.2023: ESMA launches a consultation on post-trade transparency. It closes on 31 March 2023.
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18.01.2023: ESMA publishes the December Newsletter.
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16.01.2023: ESMA and the NCAs are launching a common supervisory action on the application of MIFID II disclosures rules.
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12.01.2023: FCA publishes 2023 fines list.
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09.01.2023: AMF publishes its 2023 priorities
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03.01.2023: AMF fines the British company H2O AM (€75m) and two of its executives (respectively €15m and €3m) for several breaches of their professional obligations and imposed a ban of 5 years on the CEO to carry-out any regulated activities.
December
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30.12.2022: CSSF reminds supervised entities that starting 1.01.2023 it is forbidden to market and sell “Futures” to retail clients in Germany under the Product Intervention provision activated by the BAFIN in September 2022.
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27.12.2002: AMF issues an official warning to remind the public that companies proposing to invest in atypical assets/miscellaneous goods must be authorised
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23.12.2022: AMF issues an official warning in relation to firms (platforms) proposing investments in real estate through fundraising advertising the opportunity to build up a real estate portfolio and/or receive rental income.
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21.12.2022: ESMA publishes the final report draft Regulatory Technical Standards (RTS and ITS) specifying the information to be provided, and the templates to be used, to inform competent authorities of the cross-border marketing and management of investment funds and the cross-border provision of services by fund managers.
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20.12.2022: ESMA publishes the final Guidelines on reporting under EMIR Refit
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19.12.2022: ESMA issues an Opinion on RTS 1 and 2 amendments meant at improving the transparency regime under MiFIR (being currently reviewed/recast – Drafts already published)
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19.12.2023: FAC and PRA launch a consultation on removing the existing limits on the ratio between fixed and variable components of total remuneration. It closes in 31 Match 2023.
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16.12.2022: ESMA updates various QAs: AIFMD, DLT Pilot Regime, EU Crowdfunding, MiFID II and MiFIR market structures
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16.12.2022: ESMA issues Guidelines on standard forms, formats, and templates to apply for permission to operate a DLT Market Infrastructure
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16.16.12.2022: CSSF publishes December Newsletter
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14.12.2022: BIS publishes a Standard on the prudential treatment of banks exposures to cryptoassets, including tokenised traditional assets, stablecoins and unbacked cryptoassets. Entry into force 1.01.2025
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14.12.2022: ESMA clarifies its expectations on resumed requirements starting 28.02.2023 in relation to RTS27 (Best Execution reporting by Execution venues)
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14.14.12.2022: ESMA publishes a Supervisory briefing providing guidance on supervision of cross-border activities of investment firms
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14.12.2022: FINMA publishes partially revised FinMIO-FINMA (clearing obligation and derivatives reporting obligations). Entry into force 1.02.2023
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13.12.2022: ESMA publishes the November Newsletter.
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13.12.2023: FCA publishes a Discussion paper on retail disclosures. It closes on 7 March 2023
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08.12.2022: ESMA publishes its Peer Review Report on how NCAs handle the Brexit relocation processes
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08.12.2022: BIS publishes a QA on climate related financial risks
November
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29.11.2022: IOSCO and BIS publish a report on Financial Markets Infrastructures Cyber Resilience
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18.11.2022: ESMA launches a consultation on Guidelines for the use of ESG or Sustainability related terms in fund’s names. It closes on 23 February 2023
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18.11.2022: AMG and ACPR publish guidance on the Investment Firms and Investment advisors regulatory status
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18.11.2022: CSSF publishes the November Newsletter
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17.11.2022: ESMA launches a consultation on rules for passporting for investment firms. It closes on 17 February 2023
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17.11.2022: ESAs publishes QA on on sustainability-related disclosures in the financial services sector (hereinafter “SFDR”).
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15.11.2022: ESAs launch a joint Call for evidence on Greenwashing. It closes on 10 January 2023
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15.11.2022: ESMA publishes the October Newsletter
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14.11.2022: ACPR fines (€1.5 millions) Crédit Agricole Languedoc for partial failure of its AML/CFT systems and controls
October
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24.10.2022: CSSF publishes the October Newsletter
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18.10.2022: ESMA and ACER (Agency for the Cooperation of Energy Regulators) have set a new task force to strengthen the oversight of energy and energy derivatives markets.
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14.10.2022: ESMA publishes the September Newsletter.
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14.10.2022: FCA has fined Gatehouse Bank, £1.5m for significant weaknesses in its financial crime systems and controls.
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12.10.2022: AMF publishes the results of the Spot Inspections it carried out on Depositaries covering governance arrangements, on-boarding and monitoring obligations in relation to AIFMs and UCITs companies.
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12.10.2022: IOSCO publishes the final report on Retail Distribution and Digitalisation addressing the new risks emerging due to increased digitalisation and cross-border offerings of financial products and services to retail investors (Online marketing and distribution) and proposes new policy and enforcement toolkits.
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11.10.2022: ESMA issues a Call for evidence on the implementation of the revised Shareholders Rights Directive (SRD2). Closes on 28 of November 2022, with input to be delivered to EC by July 2023 (Statutory review).
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10.10.2022: ESMA announces its strategic priorities for the next 5 years.
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06.10.2022: FCA has fined Sigma Broking Ltd £530k and banned and fined three Directors (Simon Tyson, Stephen Tomlin, Matthew Kent) for market abuse reporting failures
A high level summary of new regulations and/or relevant guidelines/circulars can be found on our page: new regulations and regulatory initiatives
