September 2025
CONTENT
EUROPEAN UNION
Buffers
OJ publishes Recommendation ESRB/2025/4, amending Recommendation ESRB/2015/2 on voluntary reciprocity for macroprudential measures
On 22 September 2025, OJ published Recommendation ESRB/2025/4, amending Recommendation ESRB/2015/2 on voluntary reciprocity for macroprudential measures. The amendment concerns the German sectoral systemic risk buffer (sSyRB) on residential real estate exposures.
In March 2022, BaFin activated a 2% sSyRB on exposures (retail and non-retail) secured by residential property located in Germany. This was recognised by the ESRB in 2022 (Recommendation ESRB/2022/4). On 31 March 2025, BaFin recalibrated the measure, reducing the buffer to 1% and requested continued ESRB support for reciprocity across the EU.
The ESRB now updates its reciprocity list to reflect the recalibrated German measure. The Recommendation requires other Member States’ authorities to reciprocate the German 1% sSyRB on a consolidated, sub-consolidated, and individual basis, thereby applying the buffer to exposures in Germany from banks operating via subsidiaries, branches, or direct cross-border lending.
To limit administrative burden, a materiality threshold of EUR 10 billion in relevant exposures is maintained. Institutions below this level may be exempted from applying the buffer. Authorities may also set lower thresholds or choose not to apply a threshold at all.
The ESRB emphasises that reciprocity is necessary to avoid regulatory arbitrage and leakage of systemic risk measures across borders, ensuring consistent resilience of EU banking groups with exposures to German real estate markets. Authorities must reciprocate within three months of publication in the OJ, unless exposures are immaterial.
This amendment therefore aligns the reciprocity framework with the recalibrated German sSyRB while reinforcing the principle of cross-border consistency in macroprudential capital requirements.
Digital Assets
EU publishes CDR (EU) 2025/1125 supplementing Regulation (EU) 2023/1114 o with regard to RTS specifying the information in an application for authorisation to offer asset-referenced tokens to the public or to seek their admission to trading
On 15 September 2025, the EU published Commission Delegated Regulation (EU) 2025/1125 of 5 June 2025 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the information in an application for authorisation to offer asset-referenced tokens to the public or to seek their admission to trading.
To enable competent authorities to assess whether legal persons or other undertakings that intend to offer to the public or seek the admission to trading of asset-referenced tokens (‘applicant issuers’) meet the requirements laid down in Title III of Regulation (EU) 2023/1114 and do not fall in any of the grounds justifying the refusal of authorisation, the information to be provided in an application for authorisation to offer to the public or to seek admission to trading of an asset-referenced token submitted in accordance with Article 18(1) of that Regulation should be sufficiently detailed and comprehensive.
The applicant issuer should submit information that is true, accurate, complete and up-to-date. For that purpose, the applicant issuer should inform the competent authorities of any changes or updates, occurring after the submission of the application, and before the public offer or admission to trading of the asset-referenced token, that relate to the information provided in the application, and that could be relevant for the assessment of the application. Competent authorities should also be able to enquire whether any changes or updates have occurred before the public offer or admission to trading of the asset-referenced token.
Issuers of an asset-referenced token that are not crypto-asset service providers or other obliged entities are not subject to Directive (EU) 2015/849 of the European Parliament and of the Council or to Regulation (EU) 2023/1113 of the European Parliament and of the Council. However, it is crucial that the applicant issuer’s business model is structured in a manner that does not expose the applicant issuer or the financial sector to risks of money laundering and terrorist financing, since that constitutes a ground of refusal of the authorisation. Accordingly, the applicant issuer should provide an overall risk assessment containing adequate information to enable the competent authority’s assessment of the applicant issuer’s business model’s exposure and sensitivity in relation to money laundering and terrorist financing risks. The overall risk assessment should include information on the mechanisms and arrangements related to the issuance, redemption and distribution of an asset-referenced token and the envisaged involvement of crypto-asset service providers in such mechanisms. Where the applicant issuer’s business model would involve arrangements with crypto-asset service providers, the application for authorisation should include a forward-looking description prepared by such crypto-asset service provider of their internal controls and continuous compliance with the relevant anti-money laundering and counter terrorism financing Union rules.
In respect of shareholders and members directly or indirectly holding qualifying holdings in the applicant issuer, the application for authorisation should contain all information enabling the competent authority to carry out a comprehensive assessment of the sufficiently good repute of such shareholders or members and that they do not fall within the ground of refusal of the authorisation set out in Article 21(2), point (c), of Regulation (EU) 2023/1114. For that purpose, the application for authorisation should contain the information necessary and sufficient enabling competent authorities to verify that those shareholders or members have not been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute and to establish the certainty and legitimate origin of the funds or other assets used to set-up the applicant issuer and finance the business of that applicant issuer.
This Regulation enters into force on 5 October 2025.
Market Risk
EU publishes Commission Delegated Regulation (EU) 2025/1496 amending the Capital Requirements Regulation on the FRTB application date
BACKGROUND
On 19 September 2025, the Official Journal of the European Union published Commission Delegated Regulation (EU) 2025/1496, adopted on 12 June 2025. This regulation amends the Capital Requirements Regulation (CRR – Regulation (EU) No 575/2013) to further postpone the date of application of the Fundamental Review of the Trading Book (FRTB) own funds requirements for market risk.
The FRTB standards, developed by the Basel Committee on Banking Supervision (BCBS), were first introduced into EU law by CRR2 (Regulation (EU) 2019/876) and later transformed into binding requirements under CRR3 (Regulation (EU) 2024/1623). Initially set to apply from 1 January 2025, their entry into force was postponed once already to 1 January 2026 through Delegated Regulation (EU) 2024/2795, due to delays in major international jurisdictions. The Commission now extends this deferral by another year to ensure global alignment and preserve a level playing field for EU institutions.
WHAT'S NEW?
The delegated regulation defers the application of the FRTB own funds requirements to 1 January 2027. Until that date, institutions must continue to apply the pre-FRTB market risk framework set out in the version of the CRR in force on 8 July 2024, the day before CRR3 entered into effect.
Recognising the operational complexity of maintaining two frameworks, the Commission invites competent authorities to apply flexibility in their supervisory assessments of internal models, so that any temporary deferral does not result in capital changes unrelated to genuine market risk.
During the deferral period, institutions must continue to report under both frameworks — the existing CRR market risk requirements and the FRTB reporting obligations set out in Article 430b CRR. Similarly, disclosure obligations linked to FRTB are postponed to 1 January 2027. Institutions will therefore keep disclosing their market risk exposures and own funds requirements based on the pre-FRTB methodology throughout 2026.
WHAT'S NEXT?
The FRTB capital framework will become binding across the EU on 1 January 2027. In the meantime, banks and investment firms are expected to continue preparing operationally for the transition while maintaining dual reporting and disclosure. Supervisory authorities will monitor implementation progress and international developments to ensure consistency and safeguard competitive neutrality in global trading activities.
Other - Capital Markets
EU Council publishes a press release on a provisional agreement to simplify the InvestEU programme
On 23 September 2025, the Council of the EU announced that its presidency and European Parliament negotiators reached a provisional agreement to simplify the InvestEU programme, aiming to strengthen EU competitiveness and mobilise additional investment. The reform is part of the Commission’s Omnibus II package on investment programme simplification.
The revised InvestEU framework supports EU strategic priorities, notably the Competitiveness Compass, the Clean Industrial Deal, defence industrial policy, and military mobility. The agreement includes both financial enhancements and administrative simplification measures.
On the financial side, the EU guarantee will be increased by €2.9 billion (from €26.2 billion to €29.1 billion). In addition, InvestEU operations will be able to combine capacity with three legacy programmes: the European Fund for Strategic Investment (EFSI), the Connecting Europe Facility (CEF) debt instrument, and the InnovFin debt facility. This is expected to unlock at least €50 billion in additional investments across the EU. The reform also seeks to increase the appeal of the member state compartment, which allows countries to align investments with national priorities.
On the simplification side, the provisional agreement aims to reduce the burden on implementing partners, intermediaries, and final recipients, generating estimated cost savings of €350 million. Key measures include:
- Revising the definition of SMEs.
- Reducing indicators required for small-size operations (<€300,000).
- Cutting the frequency of reporting from semi-annual to annual.
- Streamlining reporting scope for small operations.
The agreement reflects the broader EU commitment to a “simplification revolution”, following calls from the Letta report (2024), the Draghi report (2024), and the Budapest declaration (Nov 2024).
Next steps: The provisional agreement must now be formally endorsed by the Council and Parliament before adoption.
Other - Governance & Organisation
EU Council publishes a press release on on Omnibus IV positions – digitalisation, common specifications, and small mid-caps
-
On 24 September 2025, the Council of the EU announced that Coreper approved negotiating mandates on two key elements of the Commission’s Omnibus IV package: digitalisation and common specifications (1) and small mid-cap enterprises - SMCs (2). These measures aim to reduce administrative burdens, modernise compliance processes, and strengthen EU competitiveness.
Digitalisation and common specifications:
The proposals amend 20 pieces of EU product legislation under single market rules to implement the “digital by default” principle, replacing paper-based documentation with digital formats. Key features include:
- Digitalisation of the EU declaration of conformity and exchanges between authorities and operators.
- Allowing instructions for use to be provided digitally.
- Introducing common specifications as an alternative compliance route where harmonised standards are unavailable, providing legal certainty and coherence with the approach in the Toy Safety Regulation (Art. 14).
- Safeguards: paper-based safety information must remain available where consumer harm risks arise.
- Additional clarifications: access to digital information, companies’ “digital contact,” and alignment across EU acquis.
The Council extended the directive’s transposition deadline to 24 months.
Small mid-cap enterprises (SMCs):
To smooth the transition for SMEs that outgrow the SME definition, the proposals extend certain SME mitigation/support measures to SMCs. These firms account for ~6% of EU employment and are concentrated in strategic sectors (electronics, aerospace, defence, energy, health). The Commission initially defined SMCs as enterprises with <750 employees and turnover ? €150m or balance sheet ? €129m. The Council raised thresholds to <1000 employees and turnover ? €200m or balance sheet ? €172m, broadening eligibility. The aim is to avoid a “cliff-edge effect” for scaling firms, preserve incentives to grow, and strengthen competitiveness.
Next steps:
The Council’s position allows negotiations with the European Parliament to begin. The proposals are part of the EU’s broader “simplification revolution,” launched after the Letta and Draghi competitiveness reports and the Budapest declaration, with six Omnibus packages put forward in 2025.
Other - Payments & Open Finance
EU publishes Decision (EU) 2025/1970 of the European Central Bank of 23 September 2025 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2025/32)
On 30 September 2025, the EU publishes Decision (EU) 2025/1970 of the European Central Bank of 23 September 2025 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2025/32).
On 11 June 2021, the Governing Council approved the introduction of a cross-currency settlement functionality in the TARGET Instant Payment Settlement (TIPS) Service. Subsequently, on 31 July 2025, the Governing Council adopted Guideline (EU) 2025/1889 of the European Central Bank (ECB/2025/28), which introduces a dedicated cross-currency credit transfer facility, known as the TIPS one-leg out (OLO) credit transfer facility in TIPS. This facility allows for the sending and receipt of payments to or from other compatible payment systems in other jurisdictions or currency areas, using existing functionality for the euro leg of these transactions.
Guideline (EU) 2025/1889 (ECB/2025/28) also reflects the availability of this cross-currency settlement functionality in TIPS in the general description of TARGET services and clarifies and updates certain other aspects of Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8).
Holders of TIPS dedicated cash accounts (DCAs) and TIPS AS (ancillary system) technical accounts will have the option to avail themselves of the cross-currency settlement functionality and thus accept TIPS OLO credit transfer orders.
Amendments made to Guideline (EU) 2022/912 (ECB/2022/8) which affect the terms and conditions of TARGET-ECB should be reflected in Decision (EU) 2022/911 of the European Central Bank (ECB/2022/22).
Therefore, Decision (EU) 2022/911 (ECB/2022/22) should be amended accordingly.
This Decision enters into force on 6 October 2025.
Reporting
ESMA publishes draft final report On the draft Regulatory Technical Standards amending Delegated Regulation (EU) 2019/815 as regards the 2025 update of the taxonomy for the ESEF
On 11 September 2025, the ESMA published draft final report On the draft Regulatory Technical Standards amending Delegated Regulation (EU) 2019/815 as regards the 2025 update of the taxonomy for the ESEF.
The European Single Electronic Format (ESEF) requires the use of a taxonomy for the digital reporting of consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS). This taxonomy is based on, and extends from, the IFRS Accounting Taxonomy, which is updated annually by the IFRS Foundation to reflect various developments. These include the issuance of new IFRSs, amendments to existing standards, analysis of commonly reported disclosures and enhancements to the taxonomy’s general content or underlying technology.
The draft RTS presented in Annex I constitutes a technical update to the existing Regulation. Its purpose is to reflect the latest IFRS Accounting Taxonomy updates and to provide additional support to preparers in tagging their financial statements. This draft RTS is developed under the same legal empowerment set out in Article 4(7) of the TD.
To incorporate the aforementioned adjustments in the IFRS Accounting taxonomies 2025, the draft RTS on ESEF amends:
- Annex I, which furnishes the glossary of terms used in the RTS on ESEF, to reflect new data and attribute types introduced, particularly in relation to IFRS 18 such as percent, area, true/false or domain;
- Annex II, which provides the mandatory mark-ups to be used by issuers in preparing their iXBRL consolidated financial statements, to introduce targeted amendments to Table 1 “Mandatory elements of the core taxonomy to be marked up for financial years beginning on or after 1 January 2026” in order to reflect the updates to the list of accounting policies and list of notes. Additionally, for issuers applying IFRS 18 already for financial years beginning on or after 1 January 2026, a new Table 2 “Mandatory elements of the core taxonomy to be marked up for financial years beginning on or after 1 January 2026” should be introduced to appropriately capture the corresponding changes in the list of accounting policies and of notes specific to the new standard; and
- Annex VI, which contains the description of the core taxonomy schema to be used for marking up the IFRS consolidated financial statements, to update the list of taxonomy elements to ensure alignment with the modifications introduced in the IFRS taxonomy elements. As this core taxonomy serves as common dictionary supporting both IFRS 18 and IAS 1 presentation options, each element includes the appropriate label types that clearly indicate whether the taxonomy element is applicable to IAS 1 or IFRS 18 or both, where relevant.
EP publishes its draft recommendation for second reading on the Council’s first-reading position regarding the Regulation amending Regulations (EU) No 1092/2010, 1093/2010, 1094/2010, 1095/2010, 806/2014, 2021/523, and 2024/1620
On 18 September 2025, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) issued its draft recommendation for second reading (rapporteur: Paulius Saudargas) on the Council’s first-reading position regarding the Regulation amending Regulations (EU) No 1092/2010, 1093/2010, 1094/2010, 1095/2010, 806/2014, 2021/523, and 2024/1620. The package concerns the streamlining of certain reporting requirements in the fields of financial services and investment support.
The legislative file (2023/0363(COD)) is part of the EU’s broader effort to reduce regulatory reporting burdens, enhance data consistency, and rationalise obligations across the European Supervisory Authorities (ESAs), the Single Resolution Mechanism (SRM), InvestEU, and related frameworks.
The draft legislative resolution:
- Approves the Council position at first reading without amendments.
- Notes that the adoption of the act follows the Council’s position.
- Instructs the Parliament’s President to sign the regulation with the Council President and arrange for its publication in the Official Journal.
The short justification recalls that the Council position reflects the interinstitutional agreement reached with Parliament during early second-reading negotiations. ECON had already confirmed this outcome in its vote of 19 March 2025, following legal-linguistic verification. As a result, the rapporteur recommends that Plenary endorse the Council’s position without modifications.
This legislative outcome illustrates Parliament’s support for aligning reporting requirements across EU financial services legislation, simplifying obligations for supervised entities, and improving supervisory efficiency without undermining prudential or conduct oversight.
BELGIUM
Reporting & Disclosures
Chambre des représentants de Belgique publishes draft law amending Article 116 of the Law of 2 December 2024 on the disclosure of sustainability information, the assurance of sustainability information and on miscellaneous provisions
On the 16 September 2025, the Chambre des représentants de Belgique published draft law amending Article 116 of the Law of 2 December 2024 on the disclosure, by certain companies and groups, of sustainability information and on the assurance of sustainability information and on miscellaneous provisions, with regard to the dates of application of the disclosure obligations.
Under the draft law of 16 September 2025, Belgium amends Article 116 of the Law of 2 December 2024 on the publication and assurance of sustainability information. This measure transposes EU Directive (EU) 2025/794, also known as the “Stop the Clock” directive, adopted on 14 April 2025. The directive postpones the application of certain CSRD and CSDDD obligations to ease the administrative burden on companies and support competitiveness.
In practical terms, the law introduces a two-year delay in the phased application of CSRD reporting. Large companies not yet covered by the first wave of CSRD will now begin reporting from 1 January 2027 instead of 1 January 2025. Listed SMEs, small non-complex banks and captive insurers will begin reporting from 1 January 2028 instead of 1 January 2026. The obligations for the first wave of large public-interest entities with more than 500 employees, already in force for reporting on the 2024 financial year, remain unchanged. The same applies to the fourth wave of large non-EU companies with significant EU operations, which remains scheduled to start with the 2028 financial year.
The adjustment reflects the European Commission’s conclusion that many companies are not yet ready to implement the standards. Without this delay, firms would face costly compliance for only a short period before relief measures take effect. The postponement therefore ensures consistency, provides companies with more preparation time, and helps maintain EU competitiveness in the context of wider economic and geopolitical pressures.
BRAZIL
Accounting
BCB publishes CMN Resolution No. 5,252 on accounting concepts and criteria for recognition, measurement, write-off and disclosure of sustainability assets and liabilities
On 25 September 2025, the BCB published CMN Resolution No. 5,252 on accounting concepts and criteria for recognition, measurement, write-off and disclosure of sustainability assets and liabilities.
The resolution defines a sustainability asset as an intangible, transferable asset created to promote social, environmental, or climate sustainability and a sustainability liability as an obligation tied to such commitments that can be settled with sustainability assets. Recognition is restricted to assets granted by government bodies or certified by independent, qualified entities using recognized methodologies.
Institutions must measure sustainability assets at cost, acquisition price, or fair value depending on origin, and classify them either as retirement or trading. Assets and liabilities must be remeasured at trial balances and balance sheets, reclassified if their purpose changes, and written off when sold or when the related obligation is fulfilled.
Liabilities must be valued based on the book value of linked sustainability assets or, where uncovered, the best estimate of expected outflows. Institutions must disclose in explanatory notes their accounting policies, recognition values, fair values, gains/losses, and exposures to sustainability-related items.
The Central Bank retains authority to require adjustments in valuation models and institutions must preserve documentation for at least five years. Initial application will be prospective, with adjustments recorded against accumulated profits or losses net of tax effects.
It enters into force on the 1 January 2027.
Financial instruments
CVM publishes CVM/SSE Circular Letter 7/25 on the Unification of the registries of FIDC and FII Administrators with the registry of Portfolio Administrators
On the 16 September 2025, the CVM published CVM/SSE Circular Letter 7/25 on the Unification of the registries of FIDC and FII Administrators with the registry of Portfolio Administrators.
The Brazilian Securities and Exchange Commission (CVM) addresses the administrators of Credit Rights Investment Funds (FIDC) and Real Estate Investment Funds (FII) regarding the unification of their registries with the general registry of portfolio administrators.
The circular explains that, until now, FIDC and FII administrators maintained separate records within CVM, updated manually by the Superintendence of Securitization and Agribusiness (SSE) through the Division of Securitization and Agribusiness (DSEC). Although these administrators already required authorization under CVM Resolution No. 21, the lack of integration with the broader portfolio administrators’ registry led to duplicated processes.
CVM will implement a unified registry for all fiduciary administrators of securities portfolios. This unified structure will encompass every category of investment funds managed by an institution, eliminating the need for separate entries for FIDC or FII. Nevertheless, administrators of FIDC, FII, and FIAGRO remain subject to the legal requirement of being a financial institution, given the regulatory framework applicable to these types of funds.
The circular further notes that responsibilities assigned to the director in charge of portfolio administration, covering compliance with internal policies, risk management, internal controls, and the distribution of fund quotas, will remain unchanged and will apply uniformly across all fund categories administered by the institution.
It enters into force on the 1 October 2025.
Reporting
BCB publishes Normative Instruction No. 656 on changes of the filling instructions and the layout of code document 2062, Statement of Operational Limits Individual – DLI
On the 1 September 2025, the BCB published Normative Instruction No. 656 on changes of the filling instructions and the layout of code document 2062, Statement of Operational Limits Individual – DLI.
BCB Normative Instruction No. 656 updates the instructions and layout for document 2062 Statement of Individual Operational Limits (DLI), originally regulated by Instruction No. 85/2021. The changes include wording adjustments, modifications in general and specific guidelines, and updates in various tables and annexes. Among the main points are revisions to the detailing of minimum net equity, paid-up capital, and limits for operations with related parties, including the exclusion or renaming of certain accounts, the addition of new accounts and codes, and the creation of new annexes covering related party types and submission indicators.
The updated DLI layout now ensures that institutions provide information on their paid-in capital and equity, as well as clearer reporting on exposures to related parties, improving the Central Bank’s ability to monitor risks.
According to the Central Bank, the instruction falls under exemptions from Regulatory Impact Analysis because it implements superior legal norms and strengthens prudential oversight to preserve the stability and soundness of the financial system. It entered into force on the date of its publication.
It enters into force on the 1 September 2025.
FRANCE
Alternative Products
AFG publishes note on decree adjusting investment rules for certain categories of AIFs / L’AFG publie une note sur le décret ajustant les règles d’investissement de certaines catégories de FIA
On 9 September 2025, the AFG published a note on Decree No. 2025-762 of 4 August 2025, which modernises the regime of certain alternative investment funds (AIFs). The decree introduces clarifications and relaxations for professional specialised funds (FPS), professional private equity funds (FPCI and FCPR), and real estate funds (SCPI, OPCI, OPPCI).
Key measures include
Professional specialised funds (FPS):
- Expansion of eligible lending to all companies eligible for ELTIF portfolios.
- Relaxed conditions on loan transfers, removing AMF programme approval when aligned with investment strategy.
- Exemption from strict borrowing limits when issuing debt securities.
- Broader use of derivatives for hedging portfolio risks beyond interest rate and credit risks.
Private equity funds:
- For FCPR, indirect investments may now count towards the legal quota.
- For FPCI, the eligibility criteria for receivables are simplified, removing requirements on collateral, valuation, and liquidity, aligning them with FPS rules.
Real estate funds:
- Adjusted leverage ratio calculation for assets under leasing or held in funds.
- SCPI now allowed to grant/receive real and personal securities on their assets, similar to OPCI.
- Updated list of eligible assets for SCPI.
- New rules on SCPI valuation: semi-annual updates, mandatory publication, and revised appraisal frequency rules (with stricter requirements from 1 January 2026).
- The appointment of external property appraisers is now solely by the management company (from 1 January 2026).
- Removal of the 10% limit on shareholder loans with non-controlled companies for OPPCI.
These adjustments aim to increase flexibility, align rules across fund categories, and support the competitiveness of French AIFs.
Version française
Le 9 septembre 2025, l’Association Française de la Gestion financière (AFG) a publié une note relative au décret n° 2025-762 du 4 août 2025, qui modernise le régime de certains fonds d’investissement alternatifs (FIA). Ce décret apporte des clarifications et des assouplissements pour les fonds professionnels spécialisés (FPS), les fonds professionnels de capital-investissement (FPCI et FCPR) et les fonds immobiliers (SCPI, OPCI, OPPCI).
Mesures clés
Fonds professionnels spécialisés (FPS) :
- Extension des prêts éligibles à toutes les entreprises admissibles aux portefeuilles ELTIF.
- Assouplissement des conditions de cession de prêts, supprimant l’obligation d’approbation du programme par l’AMF lorsque cela reste conforme à la stratégie d’investissement.
- Exemption des limites strictes d’endettement lors de l’émission de titres de créance.
- Utilisation élargie des produits dérivés pour couvrir les risques de portefeuille, au-delà des risques de taux et de crédit.
Fonds de capital-investissement :
- Pour les FCPR, les investissements indirects peuvent désormais être pris en compte dans le quota légal.
- Pour les FPCI, les critères d’éligibilité des créances sont simplifiés, supprimant les exigences sur les garanties, la valorisation et la liquidité, et s’alignant sur les règles applicables aux FPS.
Fonds immobiliers :
- Ajustement du calcul du ratio d’endettement pour les actifs en leasing ou détenus via des fonds.
- Les SCPI peuvent désormais octroyer ou recevoir des sûretés réelles et personnelles sur leurs actifs, comme les OPCI.
- Mise à jour de la liste des actifs éligibles pour les SCPI.
- Nouvelles règles de valorisation des SCPI : mises à jour semi-annuelles, publication obligatoire, et révision des fréquences d’expertise (exigences renforcées à partir du 1er janvier 2026).
- La désignation des experts immobiliers externes est désormais assurée uniquement par la société de gestion (à compter du 1er janvier 2026).
- Suppression de la limite de 10 % sur les prêts aux actionnaires avec des sociétés non contrôlées pour les OPPCI.
Ces ajustements visent à accroître la flexibilité, harmoniser les règles entre les catégories de fonds et renforcer la compétitivité des FIA françaises.
Legifrance publishes Decree on the issuance of debt securities by SPFs and specialised financing organisations / Legifrance publie le décret relatif à l’émission de titres de créance par les FPS et les organismes de financement spécialisés
On 8 September 2025, Legifrance published Decree n° 2025-948, which sets the rules for specialised professional funds (FPS) and specialised financing organisations (OFS) regarding the issuance of debt securities. The text implements the framework introduced by Ordinance n° 2024-662 of 3 July 2024 modernising alternative investment funds (AIFs).
Scope: concerned publics are portfolio management companies of alternative investment funds (AIFs) and investors.
Key points:
- Authorised instruments: FPS may now issue negotiable debt securities, bonds, or debt securities under foreign law.
- Fund rules: the fund’s statutes or rules must specify the characteristics and conditions of the debt issuance.
- Minimum structure: FPS must at all times include at least two fund units in their liabilities.
- Repeal: Article D. 214-240-3 of the Monetary and Financial Code is repealed.
- Cross-references: the decree updates references in other regulatory provisions to include the new Article D. 214-202-2.
The decree entered into force on 9 September 2025.
Version française
Le 8 septembre 2025, Legifrance a publié le décret n° 2025-948, qui fixe les règles applicables aux fonds professionnels spécialisés (FPS) et aux organismes de financement spécialisé (OFS) en matière d’émission de titres de créance. Ce texte met en œuvre le cadre introduit par l’ordonnance n° 2024-662 du 3 juillet 2024 modernisant les fonds d’investissement alternatifs (FIA).
Champ d’application : les publics concernés sont les sociétés de gestion de portefeuille de FIA et les investisseurs.Points essentiels :
- Instruments autorisés : les FPS peuvent désormais émettre des titres de créance négociables, des obligations ou des titres de créance de droit étranger.
- Règles du fonds : les statuts ou le règlement du fonds doivent préciser les caractéristiques et les conditions d’émission des titres de dette.
- Structure minimale : les FPS doivent à tout moment comprendre au moins deux parts de fonds à leur passif.
- Abrogation : l’article D. 214-240-3 du Code monétaire et financier est abrogé.
- Renvois : le décret met à jour les références dans d’autres dispositions réglementaires pour intégrer le nouvel article D. 214-202-2.
Le décret est entré en vigueur le 9 septembre 2025.
Anti-Money Laundering / Combating Terrorism Financing / Combatting Proliferation Financing (AML/CFT/CPF)
AMF publishes position on ESMA's market abuse guidelines in relation to the MiCA regulation / L’AMF publie sa position sur les lignes directrices de l’ESMA relatives aux abus de marché dans le cadre du règlement MiCA
On 19 September 2025, the AMF announced its compliance with ESMA guidelines on market abuse monitoring under MiCA. These guidelines set out supervisory practices to prevent and detect market abuse in crypto-assets markets, ensuring convergence among EU regulators.
They are addressed to competent authorities, as defined in Article 3(1)(35) of MiCA, and aim to harmonise classification practices across Member States.
The guidelines require national authorities to:
- Assess whether existing surveillance practices from financial instruments markets are relevant for crypto-assets.
- Introduce new monitoring practices, including social media surveillance and considering the handling of inside information by employees of crypto-asset service providers (CASPs).
- Ensure that CASPs’ market abuse prevention frameworks remain continuously effective.
- Establish procedures to review suspicious transaction or order reports (STORs) submitted by market participants.
The measures target risks such as insider dealing, unlawful disclosure of inside information, and market manipulation in crypto-asset markets.
The orientations are applicable from 19 September 2025.
Version française
L’AMF se conforme aux orientations de l’ESMA sur la surveillance des abus de marché dans le cadre de MiCA (19 septembre 2025)
Le 19 septembre 2025, l’Autorité des marchés financiers (AMF) a annoncé sa conformité aux orientations de l’ESMA relatives à la surveillance des abus de marché dans le cadre du règlement MiCA (Markets in Crypto-Assets Regulation).
Ces orientations définissent les pratiques de supervision visant à prévenir et détecter les abus de marché sur les marchés des crypto-actifs, tout en assurant une convergence des approches entre les autorités européennes.
Elles s’adressent aux autorités compétentes, telles que définies à l’article 3(1)(35) de MiCA, et visent à harmoniser les pratiques de classification et de contrôle au sein des États membres.
Les orientations imposent aux autorités nationales de :
- Évaluer la pertinence des dispositifs de surveillance existants issus des marchés d’instruments financiers pour leur application aux crypto-actifs ;
- Mettre en place de nouvelles pratiques de suivi, notamment la surveillance des réseaux sociaux et la prise en compte de la gestion des informations privilégiées par les employés des prestataires de services sur crypto-actifs (CASP) ;
- Veiller à l’efficacité continue des dispositifs de prévention des abus de marché mis en œuvre par les CASP ;
- Établir des procédures d’examen des déclarations de transactions ou d’ordres suspects (STOR) transmises par les acteurs du marché.
Ces mesures visent à lutter contre les risques de délit d’initié, de divulgation illicite d’informations privilégiées et de manipulation de marché sur les marchés de crypto-actifs.
Les orientations sont applicables à compter du 19 septembre 2025.
ACPR publishes hotfix version of AML-CFT taxonomy v2.4.0.1 / L’ACPR publie une version corrective (hotfix) de la taxonomie LBC/FT v2.4.0.1
On 5 September 2025, the ACPR released the AML-CFT taxonomy v2.4.0.1 (hotfix) for the decree of 31 December 2025. This new version is optional and introduces a minor technical adjustment compared to the version published on 12 August 2025.
The only modification concerns the removal of cross-referencing of “Insurance” table variants in the “Bank” entry point, and vice versa. This change aims to clarify the processing report (CRT) transmitted to reporting institutions. This hotfix is optional.
Deliverables associated with the taxonomy include updated documentation, annotated statements, validation files, and skeleton instances.
Version française
Publication par l’ACPR de la taxonomie LCB-FT v2.4.0.1 (correctif) – 5 septembre 2025
Le 5 septembre 2025, l’ACPR a publié la taxonomie LCB-FT v2.4.0.1 (hotfix) relative au décret du 31 décembre 2025.
Cette nouvelle version, facultative, introduit un ajustement technique mineur par rapport à la version précédente diffusée le 12 août 2025.
La seule modification concerne la suppression du référencement croisé des variantes du tableau « Assurance » dans le point d’entrée « Banque », et inversement. Cette évolution vise à clarifier le rapport de traitement (CRT) transmis aux établissements déclarants.
Les livrables associés à la taxonomie comprennent la documentation mise à jour, les états annotés, les fichiers de validation et les instances modèles (skeletons).
Artificial Intelligence
Legifrance publishes Decree on the creation of the Council of Artificial Intelligence and Digital / Legifrance publie le décret portant création du Conseil de l’intelligence artificielle et du numérique
On 4 September 2025, Legifrance published Decree n° 2025-902, which transforms the former National Digital Council (Conseil national du numérique) into the Council of Artificial Intelligence and Digital (Conseil de l’intelligence artificielle et du numérique). The reform adapts the Council’s mission, composition and functioning to reflect the growing role of artificial intelligence in society, the economy and territories.
Key points:
- Renaming and broadened mission: the Council is now explicitly tasked with examining issues related to both digital technologies and AI, advising the Government, and contributing to France’s positions at EU and international level.
- Composition revised: reduced from 21 to 17 permanent members, including representatives from the Economic, Social and Environmental Council (Conseil économique, social et environnemental), the Council for Economic Analysis (Conseil d’analyse économique), and the National Digital Ethics Advisory Committee (Comité consultatif national d’éthique du numérique). External experts may join thematic working groups.
- Work programme: must now be prepared in consultation with the High Commissioner for Strategy and Planning (Haut-Commissaire à la stratégie et au plan), and then published.
- Governance: members are appointed for two years, serve on a voluntary basis, and may not be represented. The Council is placed under the authority of the minister responsible for artificial intelligence and digital.
The decree entered into force on 5 September 2025.
Version française
Le 4 septembre 2025, Legifrance a publié le décret n° 2025-902, qui transforme l’ancien Conseil national du numérique en Conseil de l’intelligence artificielle et du numérique (CIAN). Cette réforme adapte la mission, la composition et le fonctionnement du Conseil pour refléter le rôle croissant de l’intelligence artificielle dans la société, l’économie et les territoires.
Points clés:
- Changement de nom et mission élargie : le Conseil est désormais chargé d’examiner les enjeux liés aux technologies numériques et à l’IA, de conseiller le Gouvernement, et de contribuer aux positions françaises au niveau européen et international.
- Composition révisée : le nombre de membres permanents passe de 21 à 17, incluant des représentants du Conseil économique, social et environnemental, du Conseil d’analyse économique, et du Comité consultatif national d’éthique du numérique. Des experts externes peuvent rejoindre des groupes de travail thématiques.
- Programme de travail : il doit désormais être élaboré en concertation avec le Haut-Commissaire à la stratégie et au plan, puis publié.
- Gouvernance : les membres sont nommés pour deux ans, siègent à titre volontaire, et ne peuvent être représentés. Le Conseil relève du ministre chargé de l’intelligence artificielle et du numérique.
Le décret est entré en vigueur le 5 septembre 2025.
Market Abuse
AMF applies ESMA guidelines on market abuse surveillance under MiCA / L’AMF applique les lignes directrices de l’ESMA sur la surveillance des abus de marché dans le cadre du règlement MiCA
On 19 September 2025, the Autorité des marchés financiers (AMF) published Position DOC-2025-07, confirming its application of the guidelines issued by the European Securities and Markets Authority (ESMA) on supervisory practices to prevent and detect market abuse in the context of the Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114). The guidelines, adopted by ESMA on 9 July 2025, enter into force on 19 September 2025.
The guidelines specify how national authorities must organise their surveillance of crypto-asset markets to ensure convergence across the EU. They aim to prevent and identify insider dealing, unlawful disclosure of inside information, and market manipulation. National authorities, including the AMF, are required to:
- Assess existing surveillance practices developed for financial instruments and determine their relevance for crypto-asset markets.
- Adopt new monitoring tools, such as surveillance of social media activity and consideration of inside information held by employees of crypto-asset service providers (CASPs).
- Ensure market abuse frameworks at CASPs remain appropriate, including procedures for analysing suspicious transaction and order reports (STORs).
These obligations strengthen regulatory oversight under MiCA by extending market abuse prevention practices to the crypto-asset sector, ensuring that both authorities and service providers adapt to specific risks posed by crypto-asset markets.
Version française
Le 19 septembre 2025, l’Autorité des marchés financiers (AMF) a publié la Position DOC-2025-07, confirmant son application des lignes directrices émises par l’Autorité européenne des marchés financiers (ESMA) sur les pratiques de supervision visant à prévenir et détecter les abus de marché dans le cadre du Règlement sur les marchés des crypto-actifs (MiCA, Règlement (UE) 2023/1114).
Les lignes directrices ont été adoptées par l’ESMA le 9 juillet 2025 et sont entrées en vigueur le 19 septembre 2025.
Objectif des lignes directrices
Elles précisent comment les autorités nationales doivent organiser leur surveillance des marchés de crypto-actifs afin d’assurer une convergence au sein de l’UE. Elles visent à prévenir et identifier :
- les délits d’initié,
- la divulgation illicite d’informations privilégiées,
- et la manipulation de marché.
Obligations des autorités nationales (y compris l’AMF)
Évaluer les pratiques de surveillance existantes développées pour les instruments financiers et déterminer leur pertinence pour les marchés de crypto-actifs.
Adopter de nouveaux outils de surveillance, tels que la surveillance des activités sur les réseaux sociaux et la prise en compte des informations privilégiées détenues par les employés des prestataires de services sur crypto-actifs (CASPs).
Garantir que les dispositifs de prévention des abus de marché chez les CASPs restent appropriés, y compris les procédures d’analyse des rapports de transactions et ordres suspects (STORs).
Impact
Ces obligations renforcent la supervision réglementaire sous MiCA en étendant les pratiques de prévention des abus de marché au secteur des crypto-actifs, assurant que les autorités et les prestataires de services s’adaptent aux risques spécifiques de ces marchés.
Payments
Legifrance publishes requirements for payment and e-money institutions participating in payment systems/ Legifrance publie un arrêté relatif aux exigences pour les établissements de paiement et de monnaie électronique participant à des systèmes de paiemen
On 1 September 2025, Legifrance published an arrêté defining the list of information and documents that payment institutions and e-money institutions must provide when requesting or participating in a payment system, in line with Article L.330-5 of the Monetary and Financial Code. The text implements the EU Regulation (EU) 2024/886 on instant credit transfers in euro.
Key points:
- Protection of client funds: institutions must document measures ensuring funds are held in segregated accounts, invested in safe and liquid assets, or covered by insurance/guarantees. Copies of contracts and compliance attestations are required.
- Governance and controls: institutions must provide risk maps, internal control mechanisms, audit procedures, responsible persons’ identities/CVs, governance structures, and monitoring of outsourcing, agents, and branches.
- Exit plan: a liquidation plan adapted to the institution’s size and business model must describe how pending operations and contracts will be handled in case of business termination.
- Scope: applicable also in New Caledonia, French Polynesia, and Wallis and Futuna (with adaptations).
The regulation entered into force on 2 September 2025.
Version française
Le 1er septembre 2025, Legifrance a publié un arrêté définissant la liste des informations et documents que les établissements de paiement et établissements de monnaie électronique doivent fournir lorsqu’ils demandent ou participent à un système de paiement, conformément à l’article L.330-5 du Code monétaire et financier. Ce texte met en œuvre le Règlement (UE) 2024/886 relatif aux virements instantanés en euro.
Points clés:
- Protection des fonds des clients : les établissements doivent documenter les mesures garantissant que les fonds sont détenus sur des comptes ségrégués, investis dans des actifs sûrs et liquides ou couverts par une assurance/garantie. Des copies de contrats et des attestations de conformité sont exigées.
- Gouvernance et contrôles : les institutions doivent fournir cartes des risques, mécanismes de contrôle interne, procédures d’audit, identité et CV des responsables, structures de gouvernance, ainsi que la supervision de l’externalisation, des agents et des succursales.
- Plan de sortie : un plan de liquidation, adapté à la taille et au modèle d’activité de l’établissement, doit préciser la gestion des opérations et contrats en cours en cas de cessation d’activité.
- Champ d’application : les dispositions s’appliquent également en Nouvelle-Calédonie, Polynésie française et Wallis-et-Futuna, avec les adaptations nécessaires.
Le règlement est entré en vigueur le 2 septembre 2025.
Supervision
AMF publishes response on European capital markets supervision and joint proposals on MiCA with FMA and CONSOB / L’AMF publie sa réponse sur la supervision des marchés de capitaux européens et ses propositions conjointes sur MiCA avec la FMA et la CONSOB
On 17 September 2025, the AMF published its response to the European Commission’s consultation on the Savings and Investment Union. The AMF calls for a stronger role and revised governance of ESMA to overcome fragmented national supervision, which currently creates divergences, higher costs, weaker investor protection, and reduced competitiveness in EU financial markets.
The AMF proposes a model similar to the banking sector’s Single Supervisory Mechanism, with direct ESMA supervision of large cross-border entities (pan-European market infrastructures, global CASPs, and large asset management groups) and delegated supervision of smaller, nationally focused entities by NCAs. It also suggests new governance for ESMA, with a Board of Supervisors including all NCAs and a small executive committee of independent experts to ensure efficiency and a European-level perspective.
In parallel, the AMF, together with the Austrian FMA and Italian CONSOB, issued a joint position on MiCA supervision. The three regulators highlight divergences observed since MiCA’s entry into application in December 2024 and propose four enhancements:
- Direct ESMA supervision of major CASPs to avoid regulatory arbitrage and ensure uniform oversight.
- Stricter rules for non-EU platforms targeting EU investors, requiring intermediaries to use only MiCA-compliant or equivalent venues.
- Mandatory independent cybersecurity audits before MiCA authorisation and renewal, covering asset protection, resilience, and incident management.
- Centralised ESMA management of token white papers (excluding stablecoins) to provide legal certainty and streamline cross-border offerings.
Together, these proposals aim to create a more coherent supervisory framework, strengthen investor protection, and reinforce the competitiveness of EU financial markets and crypto-asset services.
Version française
Le 17 septembre 2025, l’Autorité des marchés financiers (AMF) a publié sa réponse à la consultation de la Commission européenne sur la mise en place d’une Union de l’épargne et de l’investissement.
L’AMF y appelle à un renforcement du rôle de l’ESMA et à une révision de sa gouvernance, afin de surmonter la fragmentation actuelle de la supervision nationale, source de divergences, de coûts plus élevés, d’une protection des investisseurs affaiblie et d’une moindre compétitivité des marchés financiers de l’Union européenne.
L’AMF propose un modèle inspiré du Mécanisme de surveillance unique (MSU) du secteur bancaire, dans lequel l’ESMA assurerait directement la supervision des grands acteurs transfrontaliers (infrastructures de marché paneuropéennes, prestataires mondiaux de services sur crypto-actifs — CASP — et grands groupes de gestion d’actifs), tandis que les autorités nationales compétentes (ANC) exerceraient une surveillance déléguée des entités de taille plus modeste à ancrage national.
L’AMF suggère également une nouvelle gouvernance pour l’ESMA, comprenant un Conseil des superviseurs réunissant toutes les ANC et un comité exécutif restreint composé d’experts indépendants, afin d’accroître l’efficacité et de garantir une approche véritablement européenne.
Parallèlement, l’AMF, conjointement avec la FMA autrichienne et la CONSOB italienne, a publié une position commune sur la supervision au titre de MiCA.
Les trois autorités soulignent les divergences apparues depuis l’entrée en application de MiCA en décembre 2024 et proposent quatre améliorations :
- Supervision directe par l’ESMA des principaux CASP pour éviter l’arbitrage réglementaire et garantir une surveillance homogène ;
- Règles plus strictes pour les plateformes hors UE ciblant les investisseurs européens, imposant aux intermédiaires d’utiliser uniquement des plateformes conformes à MiCA ou jugées équivalentes ;
- Audits indépendants obligatoires de cybersécurité avant l’autorisation MiCA et lors de son renouvellement, portant sur la protection des actifs, la résilience opérationnelle et la gestion des incidents ;
- Gestion centralisée par l’ESMA des livres blancs de jetons (hors stablecoins), afin d’assurer la sécurité juridique et de simplifier les offres transfrontalières.
Ces propositions visent à instaurer un cadre de supervision plus cohérent, à renforcer la protection des investisseurs et à accroître la compétitivité des marchés financiers et des services liés aux crypto-actifs dans l’Union européenne.
GERMANY
Consumer protection
BMJV press release on draft law on Third Act Amending the Act against Unfair Competition
On 3 September 2025, the BMJV press release on draft law on Third Act Amending the Act against Unfair Competition.
These and other consumer protection changes are provided for in a draft law of the Federal Ministry of Justice and Consumer Protection (BMJV), which the Federal Cabinet adopted. The draft is intended to transpose two EU directives into German law.
The draft law implements the unfair competition requirements of the EU Directive regarding the empowerment of consumers for the ecological transition through better protection against unfair practices and better information (Directive 2024/825) and an unfair competition law template from the EU Directive with regard to financial services contracts concluded at a distance (Directive 2023/2673) 1:1.
In detail, the following regulations will then apply:
- Stricter requirements for the use of general environmental claims
- Special requirements for statements on greenhouse gas compensation
- New requirements for the use of sustainability seals
- Advertising ban for products with a deliberately limited shelf life
- Reduction of legal uncertainties through transitional period until the end of September 2026
- Ban on manipulative online design patterns in financial services contracts
On these and other unfair practices, the European Commission has announced that it will present a draft Digital Fairness Act as early as 2026, which will not be limited to financial services, but will cover all business areas. The German government will be actively involved in the negotiations.
Digital Assets
BaFin publishes Draft of the Ordinance on the Notifications and Submission of Documents under the Crypto Market Supervision Act
On 29 September 2025, BaFin published a draft ordinance on the notifications and submission of documents under the Crypto Market Supervision Act.
On 1 January 2026, BaFin’s Kryptomärkteanzeigenverordnung (KMAnzV) is slated to enter into force; BaFin has issued a Referentenentwurf specifying the notification and document?submission obligations under Germany’s Kryptomärkteaufsichtsgesetz (KMAuG), which implements and complements MiCA (EU) 2023/1114. The ordinance standardises how and where firms submit notices and documents: filings must generally be made to BaFin and the relevant Deutsche Bundesbank regional office, with electronic channels permitted/required and scope to waive signatures. Submissions may be in English, but BaFin can require a (certified) German translation, which remains legally controlling.
Cross-border operations: CASPs must file separate notifications for each EU/EEA state for passporting of services and branch establishment, including the target state, services list, start date, other non-MiCA activities, branch address for service, and branch managers. Close links & holdings: the draft prescribes forms and threshold-triggered updates for passive (inbound to the institute) and active (institute’s own participations) links, with annual summary filings by 15 June (status as of 31 Dec) and additional annexes for complex structures. Outsourcing (wesentliche Auslagerungen): extensive ex-ante/ex-post notifications via BaFin’s portal are required, covering contract metadata, data types (incl. personal data), cloud model/deployment, locations (incl. data storage), materiality assessment, risk analysis results, governance approvals, audit plans, sub-outsourcing, substituteability, costs, time-criticality, and jurisdictions; material changes and serious incidents must also be notified. Mergers: intent, failure, and legal completion must be reported. Managers’ side activities & holdings: standardised forms for secondary employments and personal participations. Financial statements: if year-end accounts are approved unchanged, a dated confirmation suffices (no need to resubmit the full accounts). The ordinance mirrors existing Anzeigenverordnung/ZAG-AnzV to ensure consistency, reduce ambiguity, and support paperless supervision. No alternatives or additional costs are identified; the draft aligns with UN SDG 16 on accountable institutions.
BaFin publishes the Crypto Market Notification Ordinance (KMMV)
BACKGROUND
On 18 September 2025, BaFin published the Crypto Market Notification Ordinance (Kryptomärktemitteilungsverordnung – KMMV), which specifies the disclosure obligations for the publication of inside information in Germany’s crypto-asset market.
The ordinance was adopted on 25 August 2025 and entered into force the day after promulgation (26 August 2025). It implements §36 of the Crypto Market Supervision Act (Kryptomärkteaufsichtsgesetz – KMAuG), and further develops the national framework under MiCA (Regulation (EU) 2023/1114) and the Commission Implementing Regulation (EU) 2024/2861 on technical standards for disclosure and delayed disclosure of inside information.
Through the KMMV, BaFin aims to ensure legal clarity and harmonisation in how issuers, applicants, and crypto-asset service providers disclose and report insider information under the new MiCA regime.
WHAT'S NEW?
The KMMV sets out detailed rules on both the content and the transmission of notifications of inside information, aligning national practice with EU requirements while introducing additional supervisory precision.It specifies the minimum information that must be included in notifications under §36(1) KMAuG:the wording of the inside information, the exact time of publication, the media channels used (in line with Article 88(1) MiCA), and a contact person including telephone number and email address. Notifications must be submitted electronically to BaFin through channels published on its website and may use BaFin’s reporting and publication system.For delayed disclosure (Aufschub) under Article 88(3) MiCA, the ordinance adds national requirements beyond the EU Implementing Regulation 2024/2861. Issuers or service providers must record and notify BaFin of all times when the justification for delay was reviewed, as well as the names, business addresses, phone numbers, and email contacts of all persons involved in the decision to delay disclosure. These delay notifications follow the same electronic submission procedures as ordinary insider notifications.By clarifying the format, content, and procedural rules, the KMMV creates a uniform national standard for MiCA-related insider information disclosures, ensuring both transparency and traceability for supervisory purposes.
WHAT'S NEXT?
The ordinance applies immediately and is now binding on all entities falling under §36 KMAuG — namely crypto-asset issuers, applicants for admission to trading, and service providers within BaFin’s supervisory scope. These entities must ensure their internal procedures and IT systems are adapted to the electronic notification requirements and that records on delayed disclosure decisions are properly maintained.BaFin is expected to monitor compliance through its electronic reporting channels, contributing to the consistent implementation of MiCA’s market integrity framework across the EU while reinforcing Germany’s supervisory oversight of crypto-asset markets.
Reporting & Disclosures
BMJV publishes press release on adoption of the Act implementing Directive (EU) 2022/2464 on corporate sustainability reporting, as amended by Directive (EU) 2025/794
On 3 September 2025, the BMJV publishes press release on adoption of the Act implementing Directive (EU) 2022/2464 on corporate sustainability reporting, as amended by Directive (EU) 2025/794.
The Federal Cabinet has adopted a draft law of the Federal Ministry of Justice and Consumer Protection to transpose the EU Directive on Corporate Sustainability Reporting into German law. The previous German government had already presented a draft for the implementation of the Corporate Sustainability Reporting Directive (CSRD). However, the legislative process was not completed at the time. The CSRD aims to encourage certain companies to report on the social and environmental impacts and risks of their operations. The aim of the draft law published today is to implement the EU Directive with as little bureaucracy as possible.
The draft serves to implement Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014 and Directives 2004/109/EC, 2006/43/EC and 2013/34/EU as regards corporate sustainability reporting (OJ L 2022, p. OJ L 322, 16.12.2022, p. 15) (Corporate Sustainability Reporting Directive, 'the CSRD'). The deadline for transposition of the Directive expired on 6 July 2024. The draft is intended to ensure that the Federal Republic of Germany fulfils its obligation under EU law to introduce sustainability reporting by companies as quickly as possible. An earlier draft implementing law, which had been introduced into the parliamentary procedure during the 20th legislative period (Bundestag printed paper 20/12787), has lapsed according to the principle of discontinuity and must therefore be reintroduced. The requirements of the CSRD will be implemented in the new implementation draft according to the principle of 1:1 and the existing legal framework will be adapted selectively.
Supervision
DK publishes statement on the draft of the Banking Directive Implementation and Bureaucracy Relief Act (BRUBEG)
On 11 September 2025, the DK published statement on the draft of the Banking Directive Implementation and Bureaucracy Relief Act (BRUBEG).
The Deutsche Kreditwirtschaft (DK) strongly supports the Federal Ministry of Finance's goal of implementing the Capital Requirements Directive (CRD VI) with a focus on proportionality and reducing bureaucracy to enhance the competitiveness of the German banking sector. DK appreciates that the draft legislation accounts for the structural diversity and specifics of the domestic banking industry and preserves established procedures such as fit and proper assessments. However, DK raises concerns that some proposed changes would introduce additional requirements, increase costs, and constrain the operational flexibility of institutions. The association emphasizes the urgent need for real progress in cutting bureaucracy, praising measures like raising thresholds for certain credit approvals but urging further relief, especially concerning reporting obligations and ESG-related rules, which DK finds insufficiently proportionate. DK also calls for a legally sound and practical mechanism to amend general terms and conditions (AGB) to resolve ongoing legal uncertainties. The statement criticizes proposals that extend supervisory powers too far, particularly those perceived as infringing on fundamental rights, and recommends aligning national rules with existing European frameworks to avoid redundant or conflicting regulations. DK advocates for flexible, risk-oriented regulatory approaches and longer transitional periods to enable effective compliance, especially regarding ESG risk management. Overall, DK supports the objectives of the Banking Directive Implementation and Bureaucracy Relief Act (BRUBEG) but urges refining the draft to ensure balanced, practical, and legally certain regulations that truly alleviate burdens without compromising supervisory goals.
GUERNSEY
Anti-Money Laundering / Combating Terrorism Financing / Combatting Proliferation Financing (AML/CFT/CPF)
GFSC updates its AML/CFT Handbook - Appendix C
On 4 September 2025, the GFSC updated its AML/CFT Handbook - Appendix C.
The Commission has updated the Handbook on Countering Financial Crime and Terrorist Financing (the “Handbook”) to include Malta in the Appendix C list of equivalent jurisdictions.
Appendix C to the Handbook lists those countries or territories which the Commission considers require businesses to have in place measures consistent with the FATF Recommendations and where such businesses are appropriately supervised for compliance with those requirements. However, the inclusion of a country on Appendix C does not signify that it is intrinsically low-risk.
Malta’s addition to Appendix C means that in certain circumstances specified in the Handbook, specific customer due diligence (CDD) concessions may be applied to businesses connected with the jurisdiction. Firms must ensure that in determining the application of those CDD measures which apply only where the risk is low, that their customer risk assessments consider all relevant risk factors and not solely by reference to the jurisdiction’s inclusion on Appendix C.
IRELAND
Alternative Products
CBI publishes an announcement on updating its ELTIF (European Long-Term Investment Fund) authorisation process
On 9 September 2025, the Central Bank of Ireland (CBI) announced updates to its ELTIF (European Long-Term Investment Fund) authorisation process, including revisions to the official application form and website guidance. The changes respond to regulatory developments and aim to clarify requirements for asset managers seeking to establish ELTIFs in Ireland.
The updated ELTIF application form introduces clarifications in three key areas:
- Open-ended ELTIFs – confirmation that applicants can now establish open-ended ELTIFs, reflecting changes introduced under the revised ELTIF Regulation (EU) 2023/606, which entered into force in January 2024 and allowed greater flexibility in liquidity structures.
- Sustainable Finance Disclosure Regulation (SFDR) disclosures – ELTIFs must ensure compliance with SFDR disclosure obligations, specifically integrating sustainability-related information in line with Article 8 and Article 9 product categorisations.
- Performance fee disclosures for open-ended retail ELTIFs – applicants must disclose methodologies and conditions for performance fees in retail-facing products, aligning with the Central Bank’s approach to performance fee transparency across UCITS, retail AIFs, and ELTIFs.
Alongside the updated form, the CBI has published revised website guidance on the ELTIF authorisation process, outlining procedural steps, documentation requirements, and supervisory expectations. These updates are intended to streamline applications and ensure consistency with both EU-level legislation and the CBI’s domestic supervisory framework.
For asset managers, this clarification provides regulatory certainty in structuring and marketing ELTIFs to retail and professional investors in Ireland. It highlights supervisory priorities on liquidity management, sustainability integration, and transparent fee disclosures, reinforcing Ireland’s positioning as a domicile for long-term investment funds under the reformed ELTIF framework.
CBI publishes consultation CP162, proposing a suite of amendments to its AIF Rulebook
On 9 September 2025, CBI published CP162, proposing a suite of amendments to its AIF Rulebook (Ireland’s domestic rules implementing AIFMD and related supervisory conditions) to align with the revised AIFM Directive (Directive (EU) 2024/927) and evolving market practice.
The consultation tackles multiple areas across Retail Investor AIFs, Qualifying Investor AIFs, AIFMs, Depositaries, and ELTIFs.
Key proposals include:
- Liquidity management tool (LMT) enhancements: expand fund flexibility to adopt additional LMTs beyond those listed in Annex V of AIFMD, and strengthen disclosure obligations regarding selection and operation of LMTs.
- Removal of Loan Origination QIAIF section: aligning with the EU’s updated rules on loan origination in AIFs by removing inconsistent domestic provisions.
- Intermediary investment vehicle rules: require more disclosure, due diligence, and oversight for Qualifying Investor AIFs investing via intermediary vehicles; remove certain restrictions on wholly owned subsidiaries.
- Capital commitment / minimum subscription flexibility: permitting Qualifying Investor AIFs to structure minimum subscriptions via capital commitment models, and expanding the list of exempt parties (e.g., employees, group companies) from minimum requirements.
- Governance / procedural streamlining: delete obsolete chapters (e.g. AIF management company authorisation), remove the need to specify depositor/AIFM replacement procedures in constitutional documents, clarify connected party dealing rules, update share class and voting regimes, and align ELTIF chapter cross-references.
- Reporting, transparency, and consistency updates: revise definitions, improve reporting flexibility (via Central Bank website updates instead of hardcoding in the rulebook), and refine disclosure expectations (e.g. warehousing, side pockets, redemption terms, prospectus content).
The consultation window is 9 September to 5 November 2025, with stakeholders invited to respond to structured questions.
Overall, CP162 represents a significant effort by the Central Bank to modernise the domestic AIF regulatory regime, reduce unnecessary burden, and provide more structural flexibility while preserving investor safeguards.
Financial instruments
CBI publishes Consultation Paper 161 (CP161), proposing revisions to the Central Bank UCITS Regulations and related Guidance on performance fees applicable to UCITS and certain retail-investor AIFs.
On 9 September 2025, the Central Bank of Ireland published Consultation Paper 161 (CP161), proposing revisions to the Central Bank UCITS Regulations and related Guidance on performance fees applicable to UCITS and certain retail-investor AIFs.
The goals are (i) to align the domestic regulatory framework with the Amending Directive (EU) 2024/927, (ii) to incorporate prior updates, Q&As, and clarify ambiguous rules, and (iii) specifically to modernise performance fees and liquidity management tool provisions in line with ESMA and international best practices.
On performance fees, CP161 proposes removing existing legislative constraints to permit:
- shorter performance reference periods (less than the full fund life, with a 5-year minimum) for HWM/HoH models,
- fulcrum fee models or symmetrical fee structures,
- more frequent crystallisation (i.e., more than once annually) under certain models, subject to conditions
- and permitting an entity other than the depositary (approved by the depositary) to verify performance fee calculations.
On liquidity management tools (LMTs) and redemption gates, CP161 suggests deleting the rule that a redemption gate can only be imposed if redemption requests exceed 10% of units or NAV.
It also proposes embedding new rules to align with Annex IIA of the UCITS Directive and IOSCO / FSB best practice guidance on liquidity mismatch in open-ended funds, requiring UCITS to adopt a mix of quantitative (e.g. gates, notice periods) and anti-dilution tools (e.g. swing pricing, redemptions fees) and to disclose the terms of activation/deactivation.
Other amendments include: revising definitions (anti-dilution levy, performance reference period, KID, etc.), removing obsolete MMF-related rules, changes to share class dealing rules (with derogations for ETFs), stronger prospectus disclosure of maximum recurring fees, and more flexible reporting mechanisms using the Central Bank’s website.
The consultation is open from 9 September to 5 November 2025, targeting feedback from stakeholders for final drafting.
Payments
Ireland publishes S.I. No. 419 of 2025, formally amending the European Communities (Cross Border Payments) Regulations 2010
On 5 September 2025, Houses of the Oireachtas published S.I. No. 419 of 2025, formally amending the European Communities (Cross Border Payments) Regulations 2010
The Irish Minister for Finance, Paschal Donohoe, signed S.I. No. 419 of 2025, formally amending the European Communities (Cross Border Payments) Regulations 2010 to ensure full domestic implementation of Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments. The statutory instrument was published in Iris Oifigiúil on 5 September 2025.
The amendments focus on currency conversion services in the context of cross-border payments. Specifically:
- Scope expansion: Regulation 4(2) is amended to include persons providing currency conversion services at ATMs or at the point of sale, in addition to payment service providers (PSPs).
- New offence provisions: Regulation 13 is amended to introduce penalties for non-PSPs providing currency conversion services that contravene Article 4(1), (3), (4) or (7) of the EU Cross Border Payments Regulation (concerning transparency of currency conversion charges and disclosure of mark-ups).
Under the new rules, a person (other than a PSP) who breaches these obligations is guilty of an offence and liable:
- On summary conviction: to a class A fine;
- On conviction on indictment: to a fine not exceeding €100,000.
This amendment strengthens enforcement of transparency requirements for dynamic currency conversion (DCC) services at ATMs and POS terminals, addressing consumer protection and market integrity concerns. It ensures that both PSPs and non-PSPs are subject to equivalent obligations when providing currency conversion in the EU.
Secondary Market/Trading
Ireland publishes S.I. No. 436 of 2025 updating Ireland’s MiFID II framework
BACKGROUND
On 29 September 2025, the Houses of the Oireachtas published S.I. No. 436 of 2025 – European Union (Markets in Financial Instruments) (Amendment) Regulations 2025, giving further effect in Irish law to Directive 2014/65/EU (MiFID II) as amended by Directive (EU) 2024/790 (part of the MiFID quick-fix and Listing Act package). The measure also aligns domestic provisions with the MiFIR review (Regulation (EU) No 600/2014 as amended).
The statutory instrument amends the Principal Regulations (S.I. No. 375 of 2017) to reflect recent EU-level updates to market structure, trading obligations, data quality, and commodity derivatives provisions. It also introduces consequential amendments across several Irish financial laws, ensuring coherence throughout the national framework.
WHAT'S NEW?
The amendments bring Ireland’s MiFID II regime in line with the latest EU reforms on market efficiency, investor protection, and trading transparency.Key updates include:
- Revised definitions: The terms “Directive,” “multilateral system,” and “systematic internaliser” are updated. The latter is now expressly limited to firms dealing on own account in equity instruments, excluding multilateral activity but preserving the opt-in possibility.
- Dealing-on-own-account exemption: The Article 2 carve-out is refined to exempt entities trading on own account in instruments other than commodities or emissions, unless they act as market makers, venue members, high-frequency traders, or execute client orders. A safe harbour is introduced for non-financial firms trading for liquidity management or risk reduction purposes.
- Best execution rules (Regulation 35): Legacy reporting items are removed. Firms must inform clients of the execution venue post-trade for instruments under MiFIR trading obligations, continuously monitor and reassess their execution policies, and notify clients of material changes.
- Data quality requirements: Trading venues and data reporting service providers are now expressly required to maintain arrangements ensuring compliance with MiFIR Article 22b data-quality standards.
- Market structure and venue integrity: Venues must have at least three materially active members or users interacting in price formation. Circuit breakers are reinforced with calibrated parameters, public disclosure of halt rules, and a new Central Bank of Ireland intervention power when disorderly trading occurs.
- Tick sizes and third-country shares: Regulated markets may apply the same tick size as the “most relevant market” in a third country for certain non-EEA shares traded in foreign currencies.
- Commodities and emissions derivatives: Enhanced position management controls and reporting duties apply. Weekly public reports must now distinguish between options and non-options, and daily position data must include economically equivalent OTC contracts.
- Consequential amendments: Updates extend across the Central Bank Act 1971, Investment Intermediaries Act 1995, Taxes Consolidation Act 1997, Stamp Duties Consolidation Act 1999, and CBI Minimum Competency Regulations 2017, to align terminology and cross-references with the amended MiFID II framework.
WHAT'S NEXT?
The updated MiFID II framework entered into force on 29 September 2025. Irish investment firms, trading venues, and data reporting service providers must ensure that their systems, client disclosures, and compliance processes are consistent with the new definitions, execution standards, and data quality obligations.The Central Bank of Ireland will supervise implementation and is expected to provide further guidance on supervisory expectations under the revised MiFID II and MiFIR regime. This amendment marks the final national step in Ireland’s transposition of the EU’s Listing Act and MiFIR review reforms, reinforcing market integrity and aligning Irish rules with EU-wide trading standards.
ITALY
Artificial Intelligence
Italy publishes Law no.132 of 23 September 2025 on Provisions and delegations to the Government on intelligence artificial
On 23 September 2025, the Italy published Law no.132 of 23 September 2025 on Provisions and delegations to the Government on intelligence artificial. (25G00143).
The law approved by the Italian Parliament establishes principles for the research, experimentation, development, adoption, and application of artificial intelligence (AI) systems and models. It promotes a correct, transparent, and responsible use of AI, centered on human values, to harness the opportunities AI offers. It ensures vigilance regarding the economic and social risks as well as the impact on fundamental rights of AI.
The provisions of this law are interpreted and applied in accordance with EU Regulation (EU) 2024/1689 of the European Parliament and Council dated June 13, 2024, which sets harmonized rules on artificial intelligence and amends various other EU regulations and directives.
This EU Regulation, also known as the AI Act, aims to create a unified legal framework that fosters the development and safe, ethical use of AI within the EU, protecting health, safety, and fundamental rights, while supporting innovation. It classifies AI systems by risk levels and imposes obligations accordingly, ensuring an anthropocentric and trustworthy approach to AI.
This Law enters into force on 10 October 2025.
LUXEMBOURG
Anti-Money Laundering / Combating Terrorism Financing / Combatting Proliferation Financing (AML/CFT/CPF)
CSSF publishes Version 9 of its FAQ on the AML/CFT Market Entry Form – Fund and IFM (eDesk) / La CSSF publie la version 9 de sa FAQ sur le formulaire d’entrée LBC/FT – Fonds et IFM (eDesk)
On 30 September 2025, the CSSF published Version 9 of its FAQ on the AML/CFT Market Entry Form – Fund and IFM (eDesk). The Market Entry Form is required for the authorisation/registration of UCITS, Part II UCIs, SIFs, SICARs, ELTIFs, EuSEF, EuVECA, and investment fund managers (IFMs), including management companies and AIFMs. The FAQ clarifies when the form must be submitted, how updates should be handled, and the documentary requirements for key function holders.
Key updates (30/09/2025) concern:
- Q1 (when to complete a Market Entry Form): Clarifies scope for new funds, new sub-funds under certain conditions, ELTIF notification updates, and entry of qualified shareholders in authorised IFMs.
- Q5 (documents for existing managers/directors): Where board members/directors have already been approved by the CSSF in the relevant entity, no new declaration of honour, CV, criminal record or ID is needed. Instead, the date/context of prior submission should be referenced. New appointments must be notified separately (Funds: amendments.uci@cssf.lu; IFMs: gfi@cssf.lu).
- Q6 (appointment of a new RC): A signed RC identification form and supporting documents must be provided. Submission via eDesk is possible only if the RC change coincides with a trigger event for a Market Entry Form. Otherwise, documents must be sent by email.
- Earlier May 2025 updates (Q2, Q5, Q6, Q8, Q10–12, Q14–15) covered: accepted signatures (wet ink or verified digital), handling missing documents in eDesk, indirect shareholdings including private equity funds, portfolio managers “known to the CSSF”, and ELTIF-specific notification procedures.
The FAQ also details rules on:
- Delegation rights in eDesk (RR/RC may invite contributors per form).
- Sub-fund approval process (Q11) requiring umbrella-level filings.
- Indirect shareholders <10% (Q13) – no reporting needed if written confirmations are provided and no AML/CFT sanctions exist.
- AIFMs under Article 3(2) AIFM Law (Q15) – only initial Market Entry required; subsequent changes notified by email, unless the CSSF explicitly requests an update.
Overall, the FAQ provides practical guidance on AML/CFT onboarding procedures for funds and IFMs, emphasising when documentation must be resubmitted and how eDesk processes are triggered.
Version française
Le 30 septembre 2025, la CSSF a publié la Version 9 de sa FAQ concernant le Formulaire d’Entrée sur le Marché (Market Entry Form) pour les fonds et gestionnaires de fonds (IFM) via eDesk.
Le Formulaire d’Entrée sur le Marché est requis pour l’autorisation ou l’enregistrement des fonds suivants : UCITS, OPCI de type Part II, SIF, SICAR, ELTIF, EuSEF, EuVECA, ainsi que pour les gestionnaires de fonds (IFM), y compris les sociétés de gestion et les AIFM.
La FAQ clarifie quand le formulaire doit être soumis, comment les mises à jour doivent être gérées, et les exigences documentaires pour les titulaires de fonctions clés.
Mises à jour clés (30/09/2025):
- Q1 (quand remplir un Formulaire d’Entrée) : précision du périmètre pour les nouveaux fonds, les nouveaux sous-fonds sous certaines conditions, les mises à jour des notifications ELTIF, et l’inscription des actionnaires qualifiés dans les IFM autorisés.
- Q5 (documents pour dirigeants/membres existants) : si les administrateurs ou dirigeants ont déjà été approuvés par la CSSF dans l’entité concernée, aucune nouvelle déclaration sur l’honneur, CV, casier judiciaire ou pièce d’identité n’est nécessaire. Il suffit de référencer la date et le contexte de la soumission antérieure. Les nominations nouvelles doivent être notifiées séparément (Fonds : amendments.uci@cssf.lu; IFM : gfi@cssf.lu
- ).Q6 (nomination d’un nouveau RC) : un formulaire d’identification RC signé et les documents justificatifs doivent être fournis. La soumission via eDesk n’est possible que si le changement de RC coïncide avec un événement déclencheur pour un Formulaire d’Entrée. Sinon, les documents doivent être envoyés par email.
Mises à jour antérieures (mai 2025):
Q2, Q5, Q6, Q8, Q10–12, Q14–15 : signatures acceptées (manuscrite ou digitale vérifiée), gestion des documents manquants dans eDesk, participations indirectes (y compris fonds de private equity), gestionnaires de portefeuille “connus de la CSSF”, et procédures spécifiques pour ELTIF.
Autres précisions pratiques:
- Droits de délégation dans eDesk : le RR/RC peut inviter des contributeurs pour chaque formulaire.
- Processus d’approbation des sous-fonds (Q11) : nécessite des dépôts au niveau umbrella.Actionnaires indirects <10 % (Q13) : pas de reporting nécessaire si des attestations écrites sont fournies et qu’aucune sanction LCB-FT n’existe.
- AIFM sous Article 3(2) de la loi AIFM (Q15) : seul le Formulaire d’Entrée initial est requis ; les modifications ultérieures sont notifiées par email, sauf demande explicite de la CSSF.
Résumé:
La FAQ fournit des orientations pratiques sur les procédures d’onboarding AML/CFT pour les fonds et IFM, en insistant sur quand les documents doivent être resoumis et comment les processus eDesk sont déclenchés.
CSSF publishes the Frequently asked questions regarding International Financial Sanctions / La CSSF publie la foire aux questions relative aux sanctions financières internationales
On 30 September 2025, The CSSF’s refreshed FAQ consolidates how Luxembourg financial-sector professionals must implement, report, and evidence compliance with international financial sanctions. It reiterates the legal backbone: the Law of 19 Dec 2020 (implementation of restrictive measures), the Grand-ducal Regulation 2022, and CSSF Regulation 12-02 (notably Articles 33, 38, 39). Professionals must apply restrictive measures without delay, including freezing funds/economic resources and prohibiting transactions, and must notify the Ministry of Finance (sanctions@fi.etat.lu/ postal) with a simultaneous copy to CSSF (adm_jurcc@cssf.lu). The Ministry provides a frozen funds form and additional templates.
Key operational clarifications (new/updated 30 Sep 2025):
- Where to find rules: Centralized hubs at the Ministry of Finance and CSSF sites; CSSF pages also host Ukraine-related material.
- What to report: Only formal restrictive measures taken (freezes, prohibitions/restrictions) — not internal control set-ups.
- ML/TF suspicions: In addition to sanctions steps, file a goAML report to Luxembourg FIU without delay if there’s suspicion (including attempted circumvention).
- >€100k deposit reporting (Russia/Belarus): Banks must report to the Ministry and copy CSSF each year (Art. 5g 833/2014; Art. 1z 765/2006).
- Chain responsibility: Where multiple regulated parties are involved (e.g., TA, depositary, intermediaries), each remains individually responsible to report—no reliance on others.
- Ownership & control tests: Sanctions can apply below 50% ownership where de facto control exists; indirect ownership/control also triggers measures. Professionals must assess control indicators, not just share percentages.
- Homonyms: Conduct diligent identity resolution (unique identifiers, document evidence); suspend transactions and consult the Ministry if uncertain.
- “Without delay”: Interpret as immediate action to prevent flight/dissipation of assets (hours in TF contexts), followed by rapid notifications to Ministry and CSSF.
CSSF underlines its investigatory and enforcement powers (on-sites, document access, fines) to supervise sanctions compliance.
Version française
Le 30 septembre 2025, la FAQ actualisée de la CSSF consolide la manière dont les professionnels du secteur financier luxembourgeois doivent mettre en œuvre, déclarer et prouver leur conformité aux sanctions financières internationales. Elle réitère le cadre juridique : la loi du 19 décembre 2020 (mise en œuvre de mesures restrictives), le règlement grand-ducal 2022 et le règlement CSSF 12-02 (notamment les articles 33, 38 et 39). Les professionnels doivent appliquer sans délai les mesures restrictives, notamment le gel des fonds/ressources économiques et l'interdiction des transactions, et doivent en informer le ministère des Finances (sanctions@fi.etat.lu/ postal) avec copie simultanée à la CSSF (adm_jurcc@cssf.lu). Le ministère fournit un formulaire de gel des fonds et des modèles supplémentaires.
Principales précisions opérationnelles (nouvelles/mises à jour le 30 septembre 2025):
- Où trouver les règles : plateformes centralisées sur les sites du ministère des Finances et de la CSSF ; les pages de la CSSF hébergent également des documents relatifs à l'Ukraine.
- Que signaler : uniquement les mesures restrictives formelles prises (gel, interdictions/restrictions) — et non les dispositifs de contrôle interne.
- Soupçons de blanchiment d'argent/financement du terrorisme : en plus des mesures de sanction, déposez sans délai un rapport goAML auprès de la CRF luxembourgeoise en cas de soupçon (y compris de tentative de contournement).
- Déclaration des dépôts supérieurs à 100 000 € (Russie/Biélorussie) : les banques doivent faire rapport au ministère et en envoyer une copie à la CSSF chaque année (art. 5g 833/2014 ; art. 1z 765/2006).
- Responsabilité en chaîne : lorsque plusieurs parties réglementées sont impliquées (par exemple, TA, dépositaire, intermédiaires), chacune reste individuellement responsable de la déclaration, sans pouvoir se fier aux autres.
- Tests de propriété et de contrôle : des sanctions peuvent s'appliquer en dessous de 50 % de propriété lorsqu'il existe un contrôle de fait ; la propriété/le contrôle indirect déclenche également des mesures. Les professionnels doivent évaluer les indicateurs de contrôle, et pas seulement les pourcentages de participation.
- Homonymes : procéder à une vérification minutieuse de l'identité (identifiants uniques, preuves documentaires) ; suspendre les transactions et consulter le ministère en cas de doute.
- « Sans délai » : interpréter comme une action immédiate visant à empêcher la fuite/la dissipation des actifs (en quelques heures dans le contexte du blanchiment de capitaux), suivie d'une notification rapide au ministère et à la CSSF.
La CSSF souligne ses pouvoirs d'enquête et d'exécution (visites sur place, accès aux documents, amendes) pour superviser le respect des sanctions.
Other - Financial Products
CSSF publishes an announcement on new transmission method for Money Market Fund (MMF) reporting / La CSSF publie une annonce relative à la nouvelle méthode de transmission pour le reporting des fonds monétaires (MMF)
On 2 September 2025, Luxembourg’s CSSF announced that, effective 1 September 2025, the submission channels for MMF reporting have changed. Reports will be accepted exclusively via two options, both free of charge:
ZIP upload in eDesk (ZIP must contain the XML report) using the dedicated eDesk procedure; and
Automated ZIP submission via API (S3 protocol).
Version française
Le 2 septembre 2025, la CSSF du Luxembourg a annoncé qu’à compter du 1er septembre 2025, les canaux de soumission pour les rapports des fonds monétaires (MMF) ont été modifiés. Les rapports sont désormais acceptés exclusivement par l’un des deux modes suivants, tous deux gratuits :
Téléversement d’un fichier ZIP dans eDesk (le ZIP doit contenir le rapport au format XML), via la procédure dédiée dans eDesk ;
Soumission automatisée d’un fichier ZIP via API (protocole S3).
Other - Governance & Organisation
CSSF publishes an update of its website related to information on investment vehicles and fund managers / La CSSF publie la mise à jour de son site internet relative aux informations sur les véhicules d’investissement et les gestionnaires de fonds
On 22 September 2025, the authority announced a website restructuring: from 19 September 2025, a single point of entry provides access to information on investment vehicles and investment fund managers.
The objective is to increase transparency and facilitate access to key information by simplifying searches and improving information architecture. Navigation is now organised by major topics, with users able to filter by different categories of investment vehicles and fund managers.
The communiqué signals an operational, user-experience–oriented change rather than a new rule: it consolidates scattered pages into a coherent hub, reducing friction for market participants, service providers, and investors seeking regulatory or register-type information.
Practically:
- stakeholders should update their internal bookmarks/process notes to the new entry point,
- ensure teams (compliance, legal, IR, distribution) know how to retrieve up-to-date information under the revised taxonomy/filters.
Version française
Le 22 septembre 2025, l’autorité a annoncé une refonte de son site web : depuis le 19 septembre 2025, un point d’accès unique permet de consulter les informations relatives aux supports d’investissement et aux gestionnaires de fonds.
L’objectif est d’augmenter la transparence et de faciliter l’accès aux informations clés, en simplifiant les recherches et en améliorant l’architecture de l’information. La navigation est désormais organisée par grands thèmes, avec la possibilité pour les utilisateurs de filtrer selon différentes catégories de véhicules d’investissement et de gestionnaires de fonds.
Le communiqué souligne qu’il s’agit d’une évolution opérationnelle et orientée expérience utilisateur, et non d’une nouvelle règle : il consolide des pages dispersées en un hub cohérent, réduisant les frictions pour les acteurs du marché, les prestataires de services et les investisseurs recherchant des informations réglementaires ou de type registre.
Concrètement, les parties prenantes doivent :
- Mettre à jour leurs favoris et notes de processus internes pour refléter ce nouveau point d’accès ;
- S’assurer que leurs équipes (conformité, juridique, relations investisseurs, distribution) savent comment retrouver les informations à jour selon la nouvelle organisation et les filtres proposés.
Primary Market
Legilux publishes Consolidated version of the Law of 30 May 2018 on markets in financial instruments / Legilux publie la version consolidée de la Loi du 30 mai 2018 sur les marchés d’instruments financiers
On 10 September 2025, Legilux published a consolidated version of Law of 30 May 2018 on markets in financial instruments and it is applicable as of 29 September 2025. On 30 May 2018, Luxembourg adopted the Law on markets in financial instruments, transposing MiFID II (Directive 2014/65/EU) and aligning national law with MiFIR (Regulation 600/2014). The law has since been amended multiple times, most recently consolidated as of 29 September 2025, to integrate a wide range of EU regulatory updates.
The law establishes the framework for investment firms, trading venues, and market infrastructures in Luxembourg. It regulates:
- licensing,
- conduct of business,
- investor protection (suitability/appropriateness tests, product governance, inducements,
- best execution), transparency (pre/post-trade),
- transaction reporting, and
- organisational requirements (risk management, conflicts of interest, governance).
The law also integrates subsequent EU reforms:
- CRD V / IFD-IFR (2021): prudential requirements for investment firms.
- MiFID Quick Fix (2021): adapted investor disclosures.
- DLT Pilot Regime (2023): framework for market infrastructures based on distributed ledger technology.
- DORA & NIS2 (2024): digital operational resilience obligations for investment firms.
- EU Listing Act package (2025): simplification of capital market access, including SME listing and prospectus reforms.
Supervision is entrusted to the Commission de Surveillance du Secteur Financier (CSSF), with coordination by the Ministry of Finance where necessary. The law also interacts with the 1993 Financial Sector Law, 1998 CSSF Law, 2005 Collateral Law, and other sectoral texts, ensuring cross-compliance.
The consolidation illustrates Luxembourg’s full alignment with MiFID II/MiFIR evolution and related EU packages, making it the backbone of investment services and trading regulation. Institutions must comply not only with the base MiFID II framework but also with new layers such as DORA resilience, ESG-related disclosure (through SFDR/Taxonomy cross-links), and simplified listing provisions.
Version française
Loi du 30 mai 2018 sur les marchés d’instruments financiers – version consolidée (publiée le 10 septembre 2025)
Le 10 septembre 2025, Legilux a publié une version consolidée de la loi du 30 mai 2018 relative aux marchés d’instruments financiers, applicable à compter du 29 septembre 2025.
Adoptée initialement le 30 mai 2018, cette loi transpose la directive MiFID II (2014/65/UE) et aligne le droit national sur le règlement MiFIR (600/2014). Depuis son adoption, elle a fait l’objet de plusieurs modifications, la version consolidée de septembre 2025 intégrant un large éventail de mises à jour issues de la réglementation européenne.
Cette loi établit le cadre applicable aux entreprises d’investissement, aux plateformes de négociation et aux infrastructures de marché au Luxembourg. Elle encadre notamment :
- l’agrément et les conditions d’exercice,
- les règles de conduite et la protection des investisseurs (tests d’adéquation et d’appropriation, gouvernance des produits, incitations, meilleure exécution),
- la transparence (pré- et post-négociation),
- le reporting des transactions,
- ainsi que les exigences organisationnelles (gestion des risques, conflits d’intérêts, gouvernance).
La version consolidée intègre également plusieurs réformes européennes ultérieures :
- CRD V / IFD-IFR (2021) : exigences prudentielles pour les entreprises d’investissement ;
- MiFID Quick Fix (2021) : adaptation des obligations d’information des investisseurs ;
- Régime pilote DLT (2023) : cadre pour les infrastructures de marché utilisant la technologie des registres distribués ;
- DORA et NIS2 (2024) : obligations en matière de résilience opérationnelle numérique pour les entreprises d’investissement ;
- Paquet “EU Listing Act” (2025) : simplification de l’accès aux marchés de capitaux, notamment pour les PME, et réforme du prospectus.
La surveillance de la loi relève de la Commission de Surveillance du Secteur Financier (CSSF), en coordination avec le ministère des Finances lorsque cela est nécessaire. La loi interagit également avec d’autres textes clés du droit financier luxembourgeois — notamment la loi de 1993 sur le secteur financier, la loi de 1998 sur la CSSF, et la loi de 2005 sur les garanties financières — afin d’assurer une cohérence réglementaire complète.
Cette consolidation illustre la pleine convergence du cadre luxembourgeois avec l’évolution de MiFID II/MiFIR et des initiatives européennes associées. Elle constitue le socle de la réglementation des services d’investissement et des marchés financiers au Luxembourg. Les institutions doivent désormais se conformer non seulement au cadre MiFID II de base, mais aussi à ses extensions récentes, incluant la résilience numérique (DORA), la transparence ESG (via les liens SFDR/Taxonomie) et les simplifications en matière de cotation introduites par le paquet « Listing Act ».
Reporting
CSSF publishes reporting update – U1.1 schema availability linked to the annex of Circular CSSF 15/627 / La CSSF publie une mise à jour du reporting – disponibilité du schéma U1.1 lié à l’annexe de la Circulaire CSSF 15/627
On 25 September 2025, the CSSF announced the availability of the new XML schema (U1.1) for regulatory reporting, linked to the annex of Circular CSSF 15/627 (as amended on 7 February 2025). The new U1.1 reporting format becomes applicable from the December 2025 reference period.
Key points:
- The updated XML schema is now downloadable from the CSSF website.
- The schema is designed to be backward compatible with the current version, meaning existing reporting processes should not be disrupted for fields that remain unchanged.
- However, the schema introduces new fields: while technically still optional in the XSD, the CSSF stresses that these will be subject to validation checks depending on the reporting period.
This indicates a phased implementation approach: reporting entities may continue to file using the current dataset structure but must prepare to include and validate the additional fields by December 2025.
The change underscores the CSSF’s intent to enhance supervisory data quality while providing market participants with sufficient lead time for system updates. Compliance teams and reporting specialists should review the schema promptly, update internal reporting tools, and ensure that the necessary data points are captured in preparation for December 2025 submissions.
Version française
Le 25 septembre 2025, la CSSF a annoncé la mise à disposition du nouveau schéma XML (U1.1) pour le reporting réglementaire, lié à l’annexe de la Circulaire CSSF 15/627 (telle que modifiée le 7 février 2025). Le format U1.1 devient applicable à partir de la période de référence de décembre 2025.
Points clés:
- Le schéma XML mis à jour est désormais téléchargeable sur le site de la CSSF.
- Il est conçu pour être rétrocompatible avec la version actuelle, ce qui signifie que les processus de reporting existants ne devraient pas être perturbés pour les champs inchangés.
- Cependant, le schéma introduit de nouveaux champs : bien qu’ils restent techniquement optionnels dans le XSD, la CSSF précise qu’ils seront soumis à des contrôles de validation selon la période de reporting.
Cette approche traduit une mise en œuvre progressive : les entités peuvent continuer à déclarer avec la structure de données actuelle, mais doivent se préparer à inclure et valider les nouveaux champs d’ici décembre 2025.
Cette évolution illustre la volonté de la CSSF d’améliorer la qualité des données de supervision, tout en laissant aux acteurs du marché un délai suffisant pour la mise à jour de leurs systèmes.
Les équipes de conformité et les spécialistes du reporting sont invités à examiner rapidement le schéma, mettre à jour leurs outils internes et à s’assurer que les données nécessaires sont collectées en vue des déclarations de décembre 2025.
Reporting & Disclosures
CSSF publishes its feedback report on ESMA CSA on sustainability risks & disclosures / La CSSF publie son retour d’expérience sur la CSA de l’ESMA concernant les risques et divulgations en matière de durabilité
BACKGROUND
On 30 September 2025, the CSSF published its feedback from its participation in ESMA’s Common Supervisory Action (CSA) on sustainability risks and disclosures in the investment management sector. The initiative, launched by ESMA in July 2023, aimed to assess investment fund managers’ (IFMs) compliance with SFDR, the Taxonomy Regulation, and relevant UCITS/AIFMD requirements on sustainability risk integration. The CSA was carried out in two stages across a fixed sample of 30 Luxembourg-domiciled IFMs: the first phase (September 2023) focused on greenwashing risks, and the second (March 2024) reviewed organisational arrangements and transparency at both entity and product levels.
ESMA’s final report, issued in June 2025, concluded that compliance was overall satisfactory but highlighted the need for further improvements and convergence. The CSSF’s feedback report confirms similar findings and details its observations, expectations, and recommendations to the industry.
WHAT'S NEW?
1. Entity-level SFDR disclosures
- Remuneration policies: All IFMs included sustainability risks in their remuneration frameworks, using criteria such as ESG-linked performance indicators or clawback triggers. The CSSF expects precise documentation and measurable integration of ESG metrics.
- Principal Adverse Impact (PAI) statements: All IFMs published statements, but location and accessibility varied. The CSSF requires that these appear clearly under the prescribed “Sustainability-related disclosures” website section. The CSSF also notes that PAI coverage must include all investment decisions (Articles 6, 8, and 9), and data quality and disclosure of sources and assumptions must improve.
- Templates and indicators: IFMs must complete all mandatory indicators, including Scope 3 emissions and real estate metrics, and avoid modifying RTS templates beyond format.
- Policies and actions: Disclosures must specify policy approval dates, responsibilities, methodologies, data sources, and margins of error. Actions taken and planned must be granular and tailored to each PAI, not generic.
- Engagement and international standards: Summaries should include indicators, adaptation measures when no PAI reduction is observed, and references to international frameworks and forward-looking climate scenarios.
2. Integration of sustainability risks in risk management
All sampled IFMs have integrated sustainability risks in their policies and procedures, but the CSSF identifies improvement areas:
- Define clear indicators and limits in risk profiles.
- Ensure coverage of all funds and assets, including Article 6 funds, cash, derivatives, structured products, and private assets.
- Improve reporting frequency and escalation processes.Explicitly describe data-quality controls in risk frameworks.
The CSSF highlights that sustainability risk management should be comprehensive, with consistency across all asset classes and fund types.
3. Product-level disclosures
- Article 2(17) SFDR definition of sustainable investment: IFMs apply varied methodologies combining SDG alignment, internal/external ESG scores, taxonomy alignment, exclusions, and transition commitments. The CSSF expects transparent, detailed disclosure of all assumptions, methodologies, and thresholds.
- Fund names: Overall compliance was satisfactory, with one renaming following the ESMA Guidelines on fund names (CSSF Circular 24/863). IFMs must self-assess compliance with these Guidelines across all funds.
- Website “Summary” section: Must summarise RTS-required content within two A4 pages, clearly mapping to the relevant RTS sections.
- Sustainability credentials (labels/ratings): Disclosures must identify the certifying body, data sources, validity period, and provide a link to the methodology.
- Article 6 funds: No misleading ESG references were observed; CSSF emphasises that Article 6, 8, and 9 classifications must remain distinct and visible.
- Periodic disclosures: Actual results must match pre-contractual commitments, including sustainable and taxonomy-aligned investment proportions. The “Do No Significant Harm” (DNSH) test must consider all Table 1 PAIs and relevant Tables 2–3 indicators. The CSSF calls for greater completeness, clarity, and comparability of periodic information.
WHAT'S NEXT?
The CSSF requires all Luxembourg IFMs to perform a comprehensive self-assessment against both the ESMA CSA report and the CSSF feedback. Where gaps are identified, IFMs must implement corrective measures without delay.The CSSF will continue to engage bilaterally with IFMs to monitor remediation and ensure convergence with supervisory expectations.In practice, IFMs should prioritise:
- Updating PAI statements and website disclosures to meet accessibility and completeness criteria.
- Reinforcing data quality frameworks and clearly documenting methodologies.
- Aligning remuneration, governance, and risk management policies with sustainability integration requirements.
- Ensuring consistency across pre-contractual, periodic, and website disclosures under SFDR and the Taxonomy Regulation.
Version française
BACKGROUND
Le 30 septembre 2025, la CSSF a publié son retour d’expérience à la suite de sa participation à l’action commune de supervision (CSA) menée par l’ESMA sur l’intégration des risques de durabilité et les obligations de transparence dans le secteur de la gestion d’actifs.
Lancée en juillet 2023, cette initiative visait à évaluer la conformité des gestionnaires de fonds d’investissement (IFM) aux dispositions du SFDR, du Règlement Taxonomie et des textes d’application de l’UCITS et de l’AIFMD relatifs à la gestion des risques de durabilité.
La CSA s’est déroulée en deux phases sur un échantillon fixe de 30 IFM luxembourgeois : une première étape (septembre 2023) axée sur les risques de greenwashing, suivie d’une seconde (mars 2024) portant sur les dispositifs organisationnels et la transparence au niveau de l’entité et du produit.
Le rapport final de l’ESMA, publié en juin 2025, a conclu à une conformité globalement satisfaisante tout en soulignant des axes d’amélioration et la nécessité d’une convergence accrue des pratiques de supervision. Le rapport de la CSSF confirme ces constats et formule ses observations, attentes et recommandations à l’attention du secteur.
WHAT'S NEW?
1. Informations SFDR au niveau de l’entité
- Politiques de rémunération : tous les IFM incluent désormais les risques de durabilité dans leurs politiques de rémunération (critères ESG dans les objectifs, déclencheurs de clawback, due diligence des délégués). La CSSF attend une documentation plus précise et mesurable de cette intégration.
- Déclarations sur les incidences négatives principales (PAI) : toutes les entités ont publié leurs déclarations, mais leur accessibilité varie. La CSSF exige qu’elles figurent clairement dans la rubrique « Informations liées à la durabilité » du site. Les PAI doivent couvrir toutes les décisions d’investissement (articles 6, 8 et 9 du SFDR). Les IFM sont invités à améliorer la qualité des données et à divulguer les sources, efforts et hypothèses utilisés.
- Modèles et indicateurs : les IFM doivent compléter tous les indicateurs obligatoires (y compris les émissions de Scope 3 et les actifs immobiliers) et ne pas modifier les modèles RTS au-delà de la mise en forme.
- Politiques et actions : les informations doivent préciser les dates d’approbation, responsabilités, méthodologies, sources de données et marges d’erreur. Les actions passées et futures doivent être spécifiques à chaque PAI.
- Engagements et normes internationales : les résumés doivent inclure les indicateurs suivis, les ajustements prévus en cas d’absence de progrès, ainsi que des références aux standards internationaux et scénarios climatiques prospectifs.
2. Intégration des risques de durabilité dans la gestion des risques
Tous les IFM ont adapté leurs politiques pour intégrer les risques de durabilité, mais la CSSF relève plusieurs axes d’amélioration :
- Définir des indicateurs et limites explicites dans le profil de risque.
- Étendre la couverture à l’ensemble des fonds et classes d’actifs, y compris les fonds article 6, la trésorerie, les produits structurés, les dérivés et les actifs privés.
- Renforcer la fréquence des reportings à la direction et les plans d’escalade en cas d’écart.
- Documenter explicitement les contrôles de qualité des données.
La CSSF souligne que la gestion des risques ESG doit être globale, cohérente et adaptée à tous les produits.
3. Informations au niveau des produits
- Définition d’un investissement durable (article 2(17) SFDR) : les IFM utilisent diverses approches combinant alignement sur les ODD, scores ESG internes ou externes, exclusions, alignement taxonomique et engagements de transition. La CSSF attend une transparence complète sur les hypothèses, méthodologies et seuils appliqués.
- Dénomination des fonds : conformité généralement satisfaisante, avec un seul renommage à la suite de la publication des Lignes directrices de l’ESMA (Circulaire CSSF 24/863). Tous les IFM doivent s’autoévaluer au regard de ces lignes directrices.
- Section « Résumé » des sites internet : elle doit synthétiser les informations prévues par les RTS sur un maximum de deux pages A4 et faire correspondre les rubriques du RTS.
- Labels et notations de durabilité : les IFM doivent préciser le certificateur, les sources de données, la période de validité et un lien vers la méthodologie utilisée.
- Fonds article 6 : aucun cas de communication trompeuse détecté ; la catégorie SFDR doit être clairement mentionnée.
- Rapports périodiques : les résultats réels doivent correspondre aux engagements précontractuels (investissements durables et alignement taxonomique). Le principe DNSH doit intégrer l’ensemble des indicateurs du Tableau 1 et, le cas échéant, ceux des Tableaux 2–3. La CSSF note des améliorations nécessaires en matière de clarté et de cohérence.
WHAT'S NEXT?
La CSSF demande à tous les IFM luxembourgeois d’effectuer une autoévaluation complète de leur conformité au regard du rapport de l’ESMA et du présent retour. Les lacunes identifiées doivent donner lieu à des mesures correctives rapides.
La CSSF poursuivra un suivi bilatéral avec les IFM afin de vérifier la mise en œuvre effective des ajustements et d’assurer une convergence accrue des pratiques.
En pratique, les IFM devraient :
- Actualiser leurs déclarations PAI et leurs informations en ligne pour en garantir la visibilité et l’exhaustivité.
- Renforcer les dispositifs de qualité des données et la documentation méthodologique.
- Aligner les politiques de rémunération, de gouvernance et de gestion des risques sur les exigences de durabilité.
- Veiller à la cohérence entre les informations précontractuelles, périodiques et en ligne publiées au titre du SFDR et du Règlement Taxonomie.
NETHERLANDS
Supervision
Overheid publishes Regulation on the performance of the duties of supervisors under the Financial Supervision Act
On 15 September 2025, Overheid published the Regulation on the performance of the duties of supervisors under the Financial Supervision Act (Nr. 31215) in the Staatscourant, which sets rules for the performance of tasks and cooperation by financial supervisors under the Wet op het financieel toezicht (Wft). The Regulation requires the Dutch supervisors—De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM)—to observe specific provisions from a suite of EU directives when exercising supervisory tasks and when cooperating with foreign/EU authorities. It repeals the 2012 “Regeling taakuitoefening en grensoverschrijdende samenwerking financiële toezichthouders Wft” and re-codifies its content in a clearer annex-by-annex structure without introducing new directives.
Article 2 anchors the obligation to take into account the directive provisions listed in 17 annexes (e.g., FICOD, Transparency, UCITS, Solvency II, AIFMD, CRD, MCD, DGSD, BRRD, MiFID II, PSD2, MAR implementing directive, IDD, IORP II, IFD, Covered Bonds, NPLD). Each annex identifies: the competent Dutch supervisor (DNB and/or AFM) and the relevant directive articles on cooperation, notifications, information-exchange, colleges, supervision on a consolidated/group basis, crisis management/early intervention, sanction publication, and whistleblowing mechanisms.
Article 4 sets entry into force on the first day of the first calendar month after publication in the Staatscourant. The Explanatory Note clarifies:
- Purpose: to improve accessibility/overview by restructuring the prior regulation;
- Scope: task execution by DNB/AFM and cross-border/EU cooperation (e.g., with EBA, ESMA, EIOPA, SRB, ECB);
- Method: no material policy change—only re-codification and minor technical corrections;
- Future-proofing: new EU directives can be incorporated by adding annexes.
Overall, the instrument consolidates and clarifies the supervisory cooperation obligations that already flow from EU law, aligning Dutch supervisory practice with the cited directives and formalising which authority (DNB/AFM) performs which cooperation and notification tasks.
Sustainable Finance / Green Finance
DNB publishes its updated guide on climate & nature-related risks
On 10 September 2025, De Nederlandsche Bank (DNB) published an updated supervisory guide to help financial institutions strengthen their management of climate and nature-related risks. The update comes amid intensified physical climate events (heatwaves, floods, wildfires) and rising regulatory expectations.
By law, Dutch financial institutions must manage all material risks, which explicitly includes ESG-related risks such as climate change and biodiversity loss. Although many institutions have taken steps, DNB’s prior assessments show that integration is inconsistent. The new guide provides practical examples and updated good practices to foster more robust frameworks.
Key additions include:
- Expanded statutory frameworks reflecting recent EU/ESG regulatory developments.
- New insights into nature-related and legal sustainability risks.
- Examples of climate action plans and how they can be embedded into risk management.
- The guide targets insurers, pension funds, investment firms, and payment institutions under DNB supervision, while banks follow the ECB’s own supervisory climate guidance.
DNB outlines how the guide will be used in supervision: the emphasis is shifting from raising awareness to regulatory compliance, with a risk-based approach that tailors supervisory intensity to institution size, complexity, and exposure. From 2025, DNB is conducting targeted reviews of climate/nature risk analyses at pension funds and insurers. Starting 2026, these risks will formally be integrated into prudential risk assessments (e.g. market, strategic risk). DNB is also expanding ESG data collection and dashboards to improve supervisory insight.
The guide is both a supervisory expectation and a reference document. While non-binding, it illustrates areas where DNB expects progress and will increasingly use compliance benchmarks.
SWITZERLAND
Governance & Organisation
FINMA publishes Memorandum of Understanding with UK Supervisory Authorities / La FINMA publie un protocole d’accord avec les autorités de supervision britanniques
On 22 September 2025, FINMA published Memorandum of Understanding with UK Supervisory Authorities
The Swiss Financial Market Supervisory Authority (FINMA) and the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have signed a Memorandum of Understanding (MoU) to strengthen supervisory cooperation in financial services.
Legal basis: The MoU implements the Berne Financial Services Agreement (BFSA), signed by Switzerland and the UK in December 2023, and will take effect when the BFSA enters into force in early 2026.
Focus: Enhancing cross-border market access, particularly in insurance and investment services, based on mutual recognition.
Key elements of cooperation:
- Submission of notifications and annual returns
- Registration in supervisory registers
- Ongoing dialogue between authorities
- Right of host supervisors to intervene when necessary
- Structured exchange of supervisory information (upon request or spontaneously)
Expected impact:
- Strengthened financial stability and market integrity in both countries
- Improved client and investor protection
- Expanded cross-border opportunities for financial service providers.
Version française
La FINMA (Autorité fédérale de surveillance des marchés financiers) et les autorités britanniques, à savoir la Financial Conduct Authority (FCA) et la Prudential Regulation Authority (PRA), ont signé un protocole d’accord (Memorandum of Understanding – MoU) afin de renforcer la coopération en matière de supervision des services financiers.
Base légale:
Ce protocole met en œuvre l’Accord sur les services financiers de Berne (BFSA), signé entre la Suisse et le Royaume-Uni en décembre 2023, et entrera en vigueur lorsque le BFSA prendra effet début 2026.
Objectif:
Le MoU vise à faciliter l’accès transfrontalier aux marchés, notamment dans les domaines de l’assurance et des services d’investissement, sur la base du principe de reconnaissance mutuelle.
Principaux éléments de coopération:
- Soumission des notifications et rapports annuels ;
- Enregistrement dans les registres de supervision ;
- Maintien d’un dialogue permanent entre autorités ;
- Droit d’intervention des superviseurs hôtes lorsque nécessaire ;
- Échanges structurés d’informations de supervision, sur demande ou de manière spontanée.
Impact attendu:
- Renforcement de la stabilité financière et de l’intégrité des marchés dans les deux pays ;
- Amélioration de la protection des clients et investisseurs ;
- Expansion des opportunités transfrontalières pour les prestataires de services financiers.
Open Finance
SBA publishes a non-binding notice on multibanking / L’ASB publie un avis non contraignant sur le multibanking
On 29 September 2025, SBA published a non-binding notice on multibanking, clarifying practical implications of AML due diligence obligations (LBA) and reporting duties to authorities for banks and intermediaries acting as Service Users in multibanking frameworks.
Multibanking is defined as an open banking application where clients can manage multiple bank accounts on one platform via standardised APIs. The model involves three roles:
- Service Provider (account-holding institution sharing client data),
- Service User (bank or third-party provider integrating data), and
- Platform Operator (centralised infrastructure enabling API connections and consent flows).
The notice focuses on AML obligations under the LBA for Service Users when handling data received from Service Providers.
Key legal aspects:
- Transaction monitoring (Art. 6(2) LBA / Art. 20 OBA-FINMA): Service Users must monitor their own client transactions. They are not required to include Service Provider transactions in their monitoring, unless suspicions arise in relation to their own relationships.
- Clarifications (Art. 6(2) LBA, Art. 16 OBA-FINMA): The duty to clarify economic background and purpose of transactions depends on data availability. If Service User systems store Service Provider data (e.g. for e-banking display), these may trigger clarification duties. Each institution defines “availability” internally.
- Reporting duties (towards FINMA, prosecutors, authorities): Obligations extend only to information under the Service User’s control. If authorities request documents, the Service User must provide its own multibanking contract with the client but is not obliged to provide Service Provider account balances or transactions (these must be obtained from the Service Provider). The SBA underlines that disproportionate requests should be challenged.
The notice explicitly excludes other legal domains (data protection, bank secrecy, contractual or operational risks). It stresses that responsibilities must be defined case-by-case by each institution, and that coordination between Service Users and Service Providers is key.
Version française
Le 29 septembre 2025, la Swiss Bankers Association (SBA) a publié un avis non contraignant sur le multibanking, clarifiant les implications pratiques des obligations de diligence AML (LBA) et des devoirs de reporting pour les banques et intermédiaires agissant en tant que Service Users dans les dispositifs de multibanking.
Le multibanking est défini comme une application d’open banking permettant aux clients de gérer plusieurs comptes bancaires sur une seule plateforme via des API standardisées. Le modèle implique trois rôles :
- Service Provider : établissement détenant les comptes et partageant les données clients ;
- Service User : banque ou prestataire tiers intégrant les données ;
- Platform Operator : infrastructure centralisée permettant les connexions API et la gestion des consentements.
L’avis se concentre sur les obligations AML prévues par la LBA pour les Service Users lorsqu’ils traitent des données provenant des Service Providers.
Aspects juridiques clés:
- Surveillance des transactions (Art. 6(2) LBA / Art. 20 OBA-FINMA) : les Service Users doivent surveiller leurs propres transactions client. Ils ne sont pas tenus d’inclure les transactions des Service Providers dans leur surveillance, sauf si un soupçon concerne leurs propres relations.
- Clarifications (Art. 6(2) LBA, Art. 16 OBA-FINMA) : l’obligation de clarifier l’origine économique et le but des transactions dépend de la disponibilité des données. Si les systèmes du Service User stockent des données du Service Provider (par exemple pour l’affichage e-banking), cela peut déclencher des obligations de clarification. Chaque institution définit en interne ce qu’elle entend par “disponibilité”.
- Obligations de reporting (FINMA, autorités, procureurs) : elles s’appliquent uniquement aux informations sous le contrôle du Service User. En cas de demande des autorités, le Service User doit fournir son contrat multibanking avec le client, mais n’est pas tenu de fournir les soldes ou transactions des comptes du Service Provider, qui doivent être obtenus directement auprès de celui-ci. La SBA souligne que les demandes disproportionnées doivent être contestées.
L’avis exclut explicitement d’autres domaines juridiques (protection des données, secret bancaire, risques contractuels ou opérationnels). Il insiste sur le fait que les responsabilités doivent être définies au cas par cas par chaque institution et que la coordination entre Service Users et Service Providers est essentielle.
UNITED KINGDOM
Supervision
FCA publishes Memorandum of Understanding between the Swiss Financial Market Supervisory Authority, the Financial Conduct Authority and the Bank of England, including the Prudential Regulation Authority, under the Berne Financial Services Agreement
On the 22 September 2025, the FCA published Memorandum of Understanding between the Swiss Financial Market Supervisory Authority, the Financial Conduct Authority and the Bank of England, including the Prudential Regulation Authority, under the Berne Financial Services Agreement.
The Memorandum of Understanding under the Berne Financial Services Agreement (BFSA) sets out the framework for cooperation between the Swiss Financial Market Supervisory Authority (FINMA), the Bank of England, including its Prudential Regulation Authority (PRA), and the UK Financial Conduct Authority (FCA). It implements Article 14 of the BFSA by establishing arrangements for supervisory cooperation, information sharing, and mutual assistance in the areas of insurance and investment services. Its objectives are to safeguard financial stability, protect investors and consumers, and preserve market integrity.
The MoU is not legally binding and does not create rights for third parties, but it provides detailed rules for cooperation. Authorities may exchange information on request or voluntarily, with clear requirements for specifying the purpose, urgency, and scope of each request. They are also required to share information proactively where relevant to financial stability, prudential concerns, or risks such as money laundering, terrorist financing, bribery, corruption, sanctions breaches, or fraud. Confidentiality is a core principle is that non-public information may only be used for supervisory purposes and shared with third parties or onward-sharing bodies such as HM Treasury or the Swiss National Bank under strict conditions. The MoU also allows for technical dialogue, joint working groups, and staff secondments. It can be amended by mutual consent and terminated with thirty days’ notice, but confidentiality obligations continue after termination.
The annex on insurance confirms the UK as the home supervisor for UK insurers providing services in Switzerland, with FINMA acting as host. It provides for notifications, a public register of eligible insurers, annual reporting, and pre-contractual disclosure requirements. FINMA retains host intervention powers in cases where client protection or financial stability is at risk. The annex on investment services establishes FINMA as the home supervisor for Swiss firms operating in the UK, with the FCA and PRA as host authorities. It mirrors the insurance framework, requiring notifications, a public register, regular reporting, pre-contractual disclosures, and procedures for dialogue and host intervention when necessary.
INTERNATIONAL
Anti-Money Laundering / Combating Terrorism Financing / Combatting Proliferation Financing (AML/CFT/CPF)
FATF updates its Consolidated assessment ratings (23/09/2025)
On 23 September 2025, the FATF updates its Consolidated assessment ratings.
Through its nine FATF-Style Regional Bodies (FSRBs), the FATF brings together a global network of 205 jurisdictions that have each committed at the highest political level, to implementing the FATF Recommendations.
FATF and FSRBs conduct peer reviews on an ongoing basis to assess how effectively their respective members' AML/CFT measures work in practice, and how well they have implemented the technical requirements of the FATF Recommendations.
This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance.
CONTACTS
This publication is produced by the Projects & Regulatory Monitoring teams as well as experts from the Legal Department and the Compliance Department of CACEIS entities, together with the close support of the Communications Department.
Editor
Gaëlle Kerboeuf, Group General Secretary, Legal Department
Permanent Editorial Committee
Gaëlle Kerboeuf, Group General Secretary, Legal Department
Jeanne Laurent - Head of Business Compliance (Luxembourg and Group)
Corinne Brand, Group Content Manager
Local
François Honnay, Head of Legal (Belgium)
Fanny Thomas, Head of Legal Client Contracts (France)
Aude Levant, Group Compliance
Jeanne Laurent, Head of Business Compliance (Luxembourg and Group)
Stefan Ullrich, Head of Legal (Germany)
Costanza Bucci, Head of Legal & Compliance (Italy)
Luciana Vertulli, Compliance Officer (Italy)
Fernand Costinha, Head of Legal (Luxembourg)
Julien Fetick, Senior Financial Lawyer (Luxembourg)
Gérald Stadelmann, Head of Legal (Luxcellence Luxembourg)
Alessandra Cremonesi, Head of Legal (Switzerland)
Puck Kranénburg (The Netherlands)
Robin Donagh, Head of Legal (Ireland)
Sarah Anderson, Head of Legal (UK)
Olga Kitenge, Legal, Risk & Compliance (UK)
Katherine Petcher, Group Head, Legal (Common Law Countries)
Beatriz Sanchez Jete, Compliance (Spain)
Arrate Okerantza Elejalde, Legal (Spain)
Jessica Silva, Compliance (Brazil)
Luiz Fernando Silva, Compliance (Brazil)
Libia Andrea Carvajal, Compliance (Colombia)
Daiana Garcia, Compliance (Colombia)
Karim Martínez, Compliance (Mexico)
Edgar Zugasti, Compliance (Mexico)
Design
CACEIS Group Communications
Photos credit
CACEIS, Adobe Stock
CACEIS
89-91 rue Gabriel Péri
92120 Montrouge