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:

August

• 02.08.2024: ECB has decided to withdraw the banking licence of Banque Havilland S.A. directly supervised by the CSSF.
• 01.08.2024: EBA and ECB publishes a Joint report on payment fraud data across the EEA.

July

• 31.07.2024: ESMA publishes an Opinion: clarifies regulatory expectations in respect of crypto-asset issuers and services providers when they are members of multijurisdictional Groups and use execution venues falling outside of the scope of MiCA.
• 29.07.2024: FCA issues a Call for input to simplify retail conduct rules and guidance after the introduction of the Consumer Duty (PRIN 12). It closes on 31 October 2024.
• 26.07.2024: ESAs publishes their Final Joint Report on the draft technical standards on subcontracting under DORA.
• 26.07.2024: FINMA publishes a Guidance on Stablecoins
• 26.07.2024: FCA publishes PS24/9 which introduce new rules to facilitate joint payments for third-party research and execution services.
• 26.07.2024: FCA consults on new rules related to the derivatives trading obligation and post-trade risk reduction services – CP 24/12. Consultation closes 30 September 2024.
• 25.07.2024: ESAs publish consolidated Q&As on SFDR and associated delegated regulation.
• 25.07.2024: CB Payments Limited (part of the Coinbase Group) has been fined £3,503,546 for repeatedly breaching FCA requirements and requests under the Electronic Money Regulations 2011.
• 24.07.2024: CSSF clarifies the type of controls to be implemented by Luxembourg depositaries in relation to AIFs investing in illiquid assets
• 24.07.2024: ESMA sets out its long-term vision on the functioning of the Sustainable Finance Framework.
• 24.07.2024: EBA extends the existing joint ESAs Guidelines on complaints handling to credit servicers.
• 23.07.2024: CSSF publishes the July Newsletter.
• 17.07.2024: ESAs publishes second batch of policy products under DORA – RTS on the Reporting of major ICT-related incidents and significant cyber threats, RTS on the harmonisation of the conduct of oversight activities, RTS specifying the criteria for determining the composition of the joint examination teams and RTS on the threat-led penetration testing
• 17.07.2024: FCA publishes PS24/7 setting out the final rules and guidance necessary to implement the Overseas Funds Regime.
• 16.07.2024: ESMA consults on Firm’s order execution policies under MiFID II. Consultation closes 16 October 2024.
• 15.07.2024: EBA consults on Guidelines on reporting of data (ARTs and EMTs) to assist authorities in their supervisory duties and significance assessment under MiCA. Consultation closes 15 October 2024.
• 12.07.2024: ESAs consults on Guidelines under MiCA regarding the classification of crypto assets. Consultation closes 12 October 2024.
• 11.07.2024: ESMA has updated the AIFMD, MiCA, MiFID II and UCITs Q&As.
• 11.07.2024: FCA publishes PS26/4 which set out the final rules for a new, simplified and more competitive UK listing regime.
• 11.07.2024: CSSF informs stakeholders that the DORA Law of 1 July 2024 was published. It enters into force on 17 January 2024.
• 11.07.2024: AMF publishes the summary of Spot inspections on (1) Integration of sustainability risk and related disclosures by asset management companies and (2) marketing material used by distributors – focus on ESG aspects
• 10.07.2024: ESMA publishes the June Newsletter.
• 10.07.2024: ESMA consults on a new package related to MiFIR with the objective of increasing transparency and system resilience in financial markets. Consultation closes respectively on 30 September 2024 and 15 October 2024.
• 09.07.2024: ESMA consults on CSDR Refit – Notification by third countries CSDs. Consultation closes on 9 September 2024.
• 08.07.2024: ESMA consults on reporting requirements and governance expectations for ESMA supervised entities. Consultations closes 18 October 2024.
• 05.07.2024: EBA publishes a Statement highlighting priorities for the supervision of issuers of ARTs and EMT for 2024/2025.
• 04.07.2024: EBA publishes Guidelines on information requirements in relation to transfers of funds and certain crypto-assets transfers under Regulation (EU) 2023/1113 – Travel Rule

June

• 27.06.2024: EBA and ESMA publish joint Guidelines on the suitability of members of the management body and shareholders for entities under MiCA
• 27.06.2024: CSSF publishes the June Newsletter.
• 25.06.2024: AMF publishes the summary of Spot inspections of Financial management delegation arrangements at asset management companies
• 20.06.204: CSSF publishes an update of the CSSF FAQ regarding Circular CSSF 02/77 (which will be replaced by Circular CSSF 24/856 as of 1 January 2025) as well as of the CSSF FAQ on the Law of 17 December 2010
• 20.06.2024: FCA reminds stakeholders that it will keep monitoring trading apps under review over gaming concerns following the release of the Research note on the impact of gamification on investor behaviour.
• 19.06.2024: EBA publishes a batch of policy products under MiCA: RTS on the use of ARTS and EMTs as a mean of exchange, ITS reporting obligations on ARTs and EMTs , Guidelines on liquidity stress testing and RTS on supervisory colleges.
• 19.06.2024: the new Banking Package (CRR III and CRD VI) have been published in the EU Official journal. They enter into force respectively 1 January 2025 and 11 January 2026
• 18.06.2024: ESAs publish an Opinion to propose improvements to the sustainable finance disclosure regulation (SFDR).
• 13.06.2024: FINMA publishes Guidance on operational risk management by fund management companies and managers of collective assets
• 12.06.2024: AMF publishes the Final report on the Mystery shopping exercise in respect of the collection of clients sustainability preferences by credit institutions.
• 12.06.2024: ESMA publishes the May Newsletter.
• 07.06.2024: FINMA publishes Guidance on Cyber risks and further details on the requirements for reporting cyber-attacks and conducting scenario-based cyber exercises
• 06.06.2024: AMF publishes Recommendation DOC-2024-04 on the implementation of a differentiated portfolio transparency regime for actively managed ETFs
• 05.06.2024: EBA publishes a batch of policy products under MICA for ARTs and EMTs: RTS on governance arrangements for remuneration, Guidelines on the minimum content of the governance arrangements and RTS on conflicts of interest management.
• 05.06.2024: IOSCO publishes Good Practices to improve trading venues’ resilience in case of Market Outages
• 03.06.2024: EBA and ESMA publish a Discussion Paper on the review of the investment firms prudential framework (IFD/IFR). The discussion closes on 3 September 2024.

A high level summary of new regulations and/or relevant guidelines/circulars can be found on our page: new regulations and regulatory initiatives