Publications réglementaires pour : Maisons de titres
Dernières publications des autorités de surveillance financière qui concernent Maisons de titres, avec type, impact, dates et vérifications à envisager.
Dernières publications
ESMA · Communiqué · · Élevé
One year to go for T+1 settlement: the regulatory framework is complete, now let’s make it happen
ESMA publishes a press release stating that the EU will switch to T+1 settlement on 11 October 2027 and that the regulatory framework for the transition is now complete. It refers to the revised RTS on Settlement Discipline and the revised CSDR Guidelines on standardised procedures and messaging protocols between investment firms and their professional clients, which set requirements on allocations and confirmations.
Dates dans le texte: 2026-12-07 Investment firms and their clients must comply with the new requirements on allocations and confirmations, including mandatory use of electronic standardised ch · 2027-10-11 EU switches to T+1 settlement.
Vérifications à envisager
Check whether current allocation and confirmation processes with professional clients meet the mandatory electronic, standardised, and machine-readable communication requirements applicable from 7 December 2026.
Assess readiness of systems and processes across the trading and settlement chain for the T+1 switch on 11 October 2027 and consider testing as early as possible.
FCA calls on private market firms to manage conflicts of interest in line with rapid growth
The FCA published the findings of a review of how firms identify, manage, mitigate and disclose conflicts of interest across private equity, private credit and real estate. The review found good practice alongside recurring weaknesses in cross-fund transfers, multi-party transactions, gifts and entertainment, and information barriers. The FCA states it expects firms to identify, record, manage and disclose conflicts effectively and to demonstrate fair treatment of investors.
Vérifications à envisager
Review whether the firm's conflicts identification and recording arrangements cover cross-fund transfers and multi-party transactions.
Check whether gifts and entertainment controls and information barrier arrangements are up to date with the firm's current size and complexity.
Consider whether conflicts disclosures give investors enough information to assess whether their interests are being protected.
ESMA updates its manual on transparency with new guidance for OTC derivatives and tick-size regime
ESMA has updated its manual on post-trade transparency under MiFID II/MiFIR. The update adds guidance on identifying OTC derivatives subject to transparency requirements, on providing identifying reference data for OTC derivatives, and on the tick-size regime, including Q&As and recommendations on when trading venues and national competent authorities may intervene. The text states that the updated manual is a draft until the related RTS 2 and RTS on CTP input/output data enter into force.
Vérifications à envisager
Check whether the firm's OTC derivatives are subject to transparency requirements under the updated guidance on identification.
Review how identifying reference data for OTC derivatives is provided for transparency reporting, noting the manual is a draft until the related RTS enter into force.
Review the tick-size Q&As and recommendations on trading venue and national competent authority intervention where relevant to the firm's trading activity.
CP26/39: Income sharing distribution and operational incident reporting for consolidated tape providers
The FCA consults on rules for how the equity consolidated tape provider (CTP) should split its income among data contributors, and proposes extending enhanced operational incident reporting requirements to all CTPs. The consultation is relevant to trading venues, approved publication arrangements, systematic internalisers, current and potential CTPs, and trade associations.
Dates dans le texte: 2026-12-17 Consultation CP26/39 closes; responses via online form or email to cp26-39@fca.org.uk · 2027-03-18 Operational incident reporting rules in PS26/2, on which these proposals build, come into force
Vérifications à envisager
Check whether your firm is a data contributor, trading venue, APA or systematic internaliser that would be affected by the proposed income sharing rules.
Review the proposed operational incident reporting requirements against current internal incident reporting processes if your firm is or may become a CTP.
CP26/37: Senior Managers and Certification Regime (SM&CR) Review: Phase 2
The FCA consults on the second phase of its review of the Senior Managers and Certification Regime (SM&CR), proposing to streamline senior manager applications, reduce the number of firms in the Enhanced regime, remove the Certification Regime and simplify Conduct Rule training and breach reporting thresholds. It applies to all firms in scope of the SM&CR, including third-country branches, and to cryptoasset firms expected to come into scope.
Dates dans le texte: 2026-10-22 Consultation opens · 2027-01-22 Deadline to send comments on CP26/37 · 2027-06-30 Expected publication of final rules in a Policy Statement in the first half of 2027
Vérifications à envisager
Check whether any of your current SMF roles would be affected by the proposed removal or notification changes.
Review the proposed changes to Statements of Responsibilities, Management Responsibilities Maps, Conduct Rule training and breach reporting thresholds against your current processes.
Consider whether your firm would be affected by the proposed change to Enhanced regime thresholds, and whether to respond by 22 January 2027.
The FCA consults on Primary Market Bulletin 67 (GC26/8), proposing amendments to technical notes 602.5 and 605.5 to reflect updated Prospectus Rules, revocation of technical note UKLA/TN/103.1 following the UK Listing Rules, and revocation of procedural note Primary Market/PN/902.4 as it duplicates information on the FCA website. Comments are requested by 9 December 2026.
Dates dans le texte: 2026-12-09 Deadline for comments on the consultation proposals to primarymarketbulletin@fca.org.uk
Vérifications à envisager
Review whether your prospectus or admission-to-trading work relies on technical notes 602.5, 605.5, UKLA/TN/103.1 or Primary Market/PN/902.4.
Consider whether to submit comments on the proposals by 9 December 2026.
The FCA published findings from its consumer finance supervisory work on how firms assess, evidence and monitor fair value under the Consumer Duty, highlighting good practice and areas for improvement under the price and value outcome in PRIN 2A.4 and chapter 7 of guidance FG22/5. It also shares observations on communicating fees and charges and preventing foreseeable harm from repeat or cumulative charges. The publication states that its examples do not create new requirements, and it is of interest mainly to consumer finance firms subject to the Consumer Duty.
Vérifications à envisager
Check whether fair value assessments include all financial and non-financial costs, such as consumers' time and effort, alongside expected benefits.
Review whether fair value conclusions are supported by sufficient evidence, management information and customer outcome data, including for customer groups with characteristics of vulnerability.
Review how fees and charges are communicated and whether controls such as limits on repeat or cumulative charges are monitored for effectiveness.
ESMA streamlines several Q&As as part of simplification efforts
ESMA has updated its Q&As on market structure under MiFID II, the Market Abuse Regulation and the Short Selling Regulation, withdrawing or amending several items as part of its Simplification and Burden Reduction initiative. The changes cover Q&As that are outdated, duplicative or covered by other ESMA guidance, such as supervisory briefings and opinions. The publication is relevant to firms that rely on these Q&As for interpreting MiFID II, MAR and SSR obligations.
Vérifications à envisager
Check whether your internal procedures reference any Q&As that have been withdrawn or amended.
Review the updated set of Q&As together with other ESMA guidance, such as supervisory briefings and opinions, for the applicable interpretation.
SEBI order for compliance - Release Order dated November 06, 2026 issued under RC No. 9229 of 2026 drawn against Rakeshbhai K Pandya in the matter of Trading activity in the scrip of ANI Integrated Services Limited
SEBI published a release order dated November 6, 2026 under recovery certificate RC No. 9229 of 2026, issued against Rakeshbhai K Pandya concerning trading activity in the scrip of ANI Integrated Services Limited. The publication is a recovery proceedings notice relating to an individual and the page text does not state the amount or the underlying findings.
Vérifications à envisager
Check whether the firm has any dealings or client relationships connected with the named individual or the scrip ANI Integrated Services Limited, if relevant to monitoring obligations.
Cancellation of Recovery Certificate No. 9229 of 2026 dated 29.07.2026 issued against Rakeshbhai K Pandya in the matter of Trading activity in the scrip of ANI Integrated Services Limited
SEBI published a notice cancelling Recovery Certificate No. 9229 of 2026, dated 29.07.2026, issued against Rakeshbhai K Pandya. The matter concerns trading activity in the scrip of ANI Integrated Services Limited. The publication does not state the reasons for the cancellation.
Vérifications à envisager
Check whether any internal records or client accounts reference Rakeshbhai K Pandya or the scrip ANI Integrated Services Limited in relation to this matter.
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