Your World First. Market Intelligence & Regulatory Watch

Transcription

1 Your World First Market Intelligence & Regulatory Watch April 2018

2 2 Market Intelligence & Regulatory Watch

3 Market Intelligence & RegWatch solutions Market intelligence & regwatch: an innovative approach from CMS Francis Lefebvre Avocats In an economic, legal and political environment marked by innovation and digital transformation, the solutions offered by CMS Francis Lefebvre Avocats allow you to anticipate future regulatory changes. The strategic and prospective analysis we undertake on behalf of our clients allows them to anticipate future regulatory changes. Market Intelligence & Regulatory Watch is more than just a range of services it constitutes a new approach to legal expertise, combining it with a multidisciplinary approach. Our legal expertise is combined with our impact analysis and strategic advisory activities. This innovative approach gives our clients access to a comprehensive range of even more relevant solutions. A comprehensive range of solutions tailored to your needs Regulatory intelligence We unravel changes in the legal environment relevant to your activities in order to provide you with opportunities to plan adaptations to your business models and your organisational, operational and legal set-ups. We are at the forefront of the review of the rules governing the banking and financial sector and participate regularly in working groups and projects related to the Paris marketplace and led by the various trade associations of which we are members: AFG (French Asset Management Association), AFTI (French Association of Securities Professionals), AMAFI (French Financial Markets Association). For instance, we are coordinating AMAFI s work on the impacts for broker-dealers of implementation of Regulation (EU) 2016/679 on general data protection (GDPR). We have also responded to the consultation organised by the French Treasury regarding the possibility of using blockchain technology for representation and circulation of financial securities, preceding the adoption of ordinance no of 8 December We are regularly asked by the authorities to comment on draft laws and decrees concerning blockchain and Initial Coin Offerings (ICOs).

4 Legislative, regulatory and case law watch Advocacy and influence strategies We provide you with an up-to-date regulatory database covering all of your activities and interests at both European and French levels. We carry out a weekly watch on your behalf of the latest news and developments in terms of legislation, regulations and case law affecting you. This watch is sent to you by each week. We help you to express your sometimes complex challenges and positions in a way that is comprehensible and accessible to your stakeholders. We draw on our powerful networks to organise discussions with representatives of public authorities at French and European level. We work with you to formalise influence strategies supported by our regulatory and corporate relations expertise. We help you to formalise responses to consultations launched by public authorities (the European Commission, the AMF, the French Treasury, etc.) The work we undertake on behalf of our clients is carried out with complete transparency and in strict compliance with ethical rules applicable in the legal profession. 1 Anticipating legislative and regulatory changes 2 Measuring impacts on your activities 3 Managing regulatory risks 4 Establishing your strategies and positions 5 Developing new services 4 Market Intelligence & Regulatory Watch

5 The RegWatch website Presentation of regwatch RegWatch is the CMS Francis Lefebvre Avocats website providing access to legislative and regulatory information relevant to the banking and financial sectors. Thanks to the work undertaken by our teams, RegWatch allows you to monitor changes affecting your business and gives you the regular up-to-date information you need. The information comes from a range of sources and public databases (EUR-Lex, European Commission, ESMA, EBA and AMF) or our own internal analyses and memos. Centralised access to our regulatory resources centre RegWatch gives you access to thematically organised regulatory resources from CMS Francis Lefebvre Avocats. In view of the increase in legislative and regulatory standards, access to organised and relevant information via a single interface represents significant timesavings in your watch. Each text concerning banking and financial regulations is subject to an information sheet. RegWatch presents the three levels of the EU regulation in each sheet: - The first level corresponds to the secondary legislation adopted by European Union institutions; - The second level corresponds to acts implementing and applying the relevant directive or regulation. These are known as regulatory technical standards (RTS) and implementing technical standards (ITS); - The third level relates to guidelines, recommendations, opinions, questions and responses adopted by the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and any other banking or financial regulatory body at national or European level. 5

6 Each sheet includes useful documents referring to French implementation acts. Other useful documents include reports, summaries and studies (for example) which can potentially provide key information necessary to understand the regulation in question. Provision of a customised mapping to track legislative and regulatory initiatives updated monthly You are provided with a mapping, revised monthly, to track legislative and regulatory initiatives. It is customised and tailored to your needs to enable you to track subjects of interest to you. A summary of the major issues is provided for each text, as well as its main provisions. It sets out the important key dates for each forthcoming regulation, along with points for your attention Framework for STS; 12 March 2018: EC proposal for covered bonds; 14 March 2018: reduction in non-performing loans. Progress on PEPP products; Action plan. Banks capacity to lend to the economy" Institutional and retail investment 22 November 2016: EC proposal. Preventive restructuring and second chance for entrepreneurs Main progress implemented in the framework of the CMU plan Removal of national barriers Flotation and fund-raising on stock markets 23 March 2017: EC roadmap for removing barriers to the free circulation of capital; 12 March 2018: EC Proposal about assignment of claims. Simplified prospectus; 18 December 2017 : EC consultation Facilitating SME IPOs. EuVECAand FESE: facilitating investment in innovative SMEs; Venture capital Infrastructure investments Financial stability Other funding sources; 12 March 2018: crossborder distribution o f investment funds. Reduction in the amount of capital held by insurance companies. 8 March 2018: action plan promoting sustainable growth + Fintech action plan." Measures planned by the European Commission in respect of the Capital Markets Union (CMU) 6 Market Intelligence & Regulatory Watch

7 The different RegWatch packages CMS Francis Lefebvre Avocats offers several packages to meet your specific needs. The weekly watch, available with Bronze packages and above, gives you access to all news and publications to keep you informed of regulatory changes on a daily basis. This watch can be supplemented by the regulatory resources available with the Silver package from our RegWatch website, giving you a single access point for all regulations by theme. Our strategic analyses and impact studies available with the Gold package give you a more precise and rounded vision of regulations relevant to you. BRONZE SILVER GOLD Weekly legislative, regulatory and case law watch. Weekly legislative, regulatory and case law watch. Weekly legislative, regulatory and case law watch. Access to regulatory resources: - Centralisation of banking and financial information; - Wide range of content information; - Significant timesaving. Access to regulatory resources: - Centralisation of banking and financial information; - Wide range of content information; - Significant timesaving. Strategic analyses and impact studies concerning banking and financial regulations. 7

8 Overview of the main themes covered by RegWatch at European level Banking CRR II/CRD V Capital requirements and regulatory ratios SRM Regulation on the resolution of credit institutions/funds SSM Banking Union/Single Supervisory Mechanism BRRD Directive relating to the recovery and resolution of credit institutions and investment firms BSR Regulation reforming banking structures DGSD Deposit Guarantee Schemes Directive EDIS European Deposit Insurance Scheme FICOD Financial Conglomerates Directive Capital market CMU Capital Markets Union PD3 Prospectus regulation STS Simple, Transparent and Standardised securitisations SFTR Securities Financing Transactions Regulation Market infrastructure BMR Benchmarks Regulation CCP recovery and resolution Central Counterparty Recovery and Resolution Regulation CSDR The European Central Securities Depositories Regulation EMIR 2 European market and infrastructure regulation revisal MAD/MAR Market Abuse Directive/Market Abuse Regulation MIFID II/ MIFIR Markets in Financial Instruments Directive/Regulation Retail services/payment services AMLD 4 th and 5 th Anti-Money Laundering and Terrorist Financing Directive PSD2 Payment Services Directive PRIIPs Packaged Retail and Insurance-based Investment Products Regulation Retail financial services and insurance Asset management AIFMD 2/EUVECA 2 Alternative Investment Fund Managers texts revisal EFSI 2.0 & EIP European Fund for Strategic Invest-ments & External Investment Plan ELTIF 2 European Long-Term Investment Funds Regulation IORP Directive on Institutions for Occupational Retirement Provision MMF Money Market Fund Regulation UCITS VI Directive on Undertakings for Collective Investment in Transferable Securities (improvement of the marketing of UCITS) Insurance IDD 2 The Insurance Distribution Directive Solvency II revisal of the Directive on the takingup and pursuit of the business of Insurance and Reinsurance PEPP A Pan-European personal Pension Product EDIS European Deposit Insurance Scheme Digitisation Of Financial Services Fintechs/Distributed Ledger Technology (DLT) European Commission Action plan GDPR General Data Protection Regulation NIS Directive on the security of Networks and Information Systems eidas Regulation on electronic identification and trust services 8 Market Intelligence & Regulatory Watch

9 Contacts Jérôme Sutour Partner Head of Financial Services T E jerome.sutour@cms-fl.com Karima Lachgar Head of Market intelligence & Regulatory Watch T E karima.lachgar@cms-fl.com Véronique Arnoux Knowledge Management T E veronique.arnoux@cms-fl.com Hélène Chalmeton Knowledge Management T E helene.chalmeton@cms-fl.com Khawla Salih Jurist T E khawla.salih@cms-fl.com

10 Key figures CMS Francis Lefebvre Avocats > 700 staff > 500 lawyers > 100 partners 2 nd largest law firm in France by revenue CMS and Global Banking & Finance figures 19 practice and sector groups working across offices Over 500 banking and finance lawyers 74 offices 68 cities > 140 banking & finance partners 42 countries 10 Market Intelligence & Regulatory Watch

11 The Americas Europe Bogotá Lima Mexico City Rio de Janeiro Santiago de Chile Aberdeen Amsterdam Antwerp Barcelona Belgrade Berlin Bratislava Bristol Brussels Bucharest Budapest Cologne Duesseldorf Edinburgh Frankfurt Funchal Geneva Glasgow Hamburg Kyiv Leipzig Lisbon Ljubljana London Luxembourg Lyon Madrid Manchester Milan Monaco Moscow Munich Paris Podgorica Poznan Prague Reading Rome Sarajevo Seville Sheffield Skopje S o fi a Strasbourg Stuttgart Tirana Utrecht Vienna Warsaw Zagreb Zurich Algiers Casablanca Luanda Dubai Istanbul Muscat Riyadh Tehran Beijing Hong Kong Shanghai Singapore Africa Middle East Asia-Pacific 11

12 CMS Francis Lefebvre Avocats 2 rue Ancelle Neuilly-sur-Seine Cedex France T CMS Francis Lefebvre Avocats, a société d exercice libéral à forme anonyme (S.E.L.A.F.A.), is a member of CMS Legal Services EEIG (CMS EEIG), a European Economic Interest Grouping that coordinates an organization of independent law firms. CMS EEIG provides no client services. Such services are solely provided by CMS EEIG s member firms in their respective jurisdictions. CMS EEIG and each of its member firms are separate and legally distinct entities, and no such entity has any authority to bind any other. CMS EEIG and each member firm are liable only for their own acts or omissions and not those of each other. The brand name CMS and the term «firm» are used to refer to some or all of the member firms or their offices. Further information can be found at cms.law/fl. CMS Francis Lefebvre Avocats (Avril 2018) Implantations CMS / CMS locations: Aberdeen, Algiers, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Berlin, Bogotá, Bratislava, Bristol, Brussels, Bucharest, Budapest, Casablanca, Cologne, Dubai, Duesseldorf, Edinburgh, Frankfurt, Funchal, Geneva, Glasgow, Hamburg, Hong Kong, Istanbul, Kyiv, Leipzig, Lima, Lisbon, Ljubljana, London, Luanda, Luxembourg, Lyon, Madrid, Manchester, Mexico City, Milan, Monaco, Moscow, Munich, Muscat, Paris, Podgorica, Poznań, Prague, Reading, Rio de Janeiro, Riyadh, Rome, Santiago de Chile, Sarajevo, Seville, Shanghai, Sheffield, Singapore, Skopje, Sofia, Strasbourg, Stuttgart, Tehran, Tirana, Utrecht, Vienna, Warsaw, Zagreb and Zurich. cms.law/fl