The Netherlands

Topic: General

Subscribe to General RSS feed

Consultation on revision Financial Supervision Funding Act

On 5 July 2017, the Dutch Minister of Finance (the Minister) published for consultation a draft legislative proposal for the Financial Supervision Funding Act 2019 (Wet bekostiging financieel toezicht 2019) (the Proposed Act). The Proposed Act is a revised version of the existing Financial Supervision Funding Act (Wet bekostiging financieel toezicht) (the Existing Act) and … Continue Reading

Joint reaction on European FinTech Consultation Paper

On 16 June 2017, the Dutch Minister of Finance published a joint reaction from the Netherlands Authority for Consumers and Markets (Autoriteit Consument en Markt), the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), the Dutch Central Bank (De Nederlandsche Bank) and the Ministry of Finance, on the consultation paper ‘Fintech: a more competitive … Continue Reading

Dutch Senate approved Act implementing the PRIIPs Regulation

On 6 June 2017, the Dutch Senate (Eerste Kamer) approved the draft Act implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Wet implementatie verordening essentiële-informatiedocumenten, the Implementation Act). The rules set out in the PRIIPs Regulation have direct effect and do not need to be transposed in national legislation. However, to grant … Continue Reading

FSB and CGFS joint report on Fintech credit

A working group established by the Committee on the Global Financial System and the Financial Stability Board has published a report on FinTech credit. FinTech credit is credit activity facilitated by electronic platforms such as peer-to-peer lenders. FinTech platforms facilitate various forms of credit, including consumer and business lending, lending against real estate, and non-loan … Continue Reading

Amendment Decree Financial Markets 2017 published

On 17 May 2017, the Dutch Minister of Finance published the Amendment Decree Financial Markets 2017 (Wijzigingsbesluit financiële markten 2017, the Amendment Decree) in the Bulletin of Acts and Decrees (Staatsblad). The Amendment Decree is part of an annual cycle of amendments to the laws and regulations relevant to the Dutch financial sector. The Amendment … Continue Reading

Consultation on Act implementing the Benchmarks Regulation

On 2 May 2017, the Dutch Minister of Finance published for consultation the Act implementing the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation) (Wet uitvoering verordening financiële benchmarks) (the Implementation Act). The Implementation Act will amend, among other things, the … Continue Reading

Consultation on Decree implementing PRIIPs Regulation

On 2 May 2017, the Dutch Minister of Finance published for consultation the Decree implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Besluit implementatie verordening essentiële-informatiedocumenten) (the Implementation Decree). The Implementation Decree will amend, among other things, the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft, … Continue Reading

Consultation on Act identification of holders of bearer shares

On 11 April 2017, the Dutch Minister of Finance published for consultation a draft legislative proposal of the Act identifying holders of bearers shares (Wet identificatie houders van aandelen aan toonder) (the Proposed Act). The Proposed Act introduces new rules that will make it possible to identify holders of bearer shares. Once the Proposed Act … Continue Reading

Consultation on decree implementing MiFID II

On 23 March 2017, the Dutch Minister of Finance published for consultation a first draft of the Decree implementing (i) the Markets in Financial Instruments Directive (recast) (2014/65/EU) (MiFID II), (ii) the Delegated Regulation supplementing MiFID II as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of the … Continue Reading

AFM publishes its supervisory agenda and planned activities for 2017

On 10 March 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2017 (the Agenda) as well as a calendar setting out the AFM’s envisaged activities (the Calendar). In the accompanying press release, the AFM indicates that it will focus on markets that can have a … Continue Reading

AFM published new MiFID II licence application forms

On 25 January 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published two new licence application forms. The new forms are published in respect of the licence application requirements pursuant to MiFID II. The first form is the licence application form that can be used by investment firms which require … Continue Reading

Legislative proposal published on implementing PRIIPs Regulation

On 4 January 2017, the Dutch Minister of Finance published a draft legislative proposal implementing the regulation on key information documents for packaged retail and insurance-based investments products (PRIIPs Regulation) (the Proposed Act). The Proposed Act will be implemented in the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS). The PRIIPs … Continue Reading

Amended rules on asset segregation for investment firms

On 23 December 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its feedback statement with respect to the segregation of client assets. In addition, it published the feedback it received. The relevant amended rules as laid down in the Further Regulation on Conduct of Business Supervision of Financial Undertakings … Continue Reading

Consultation on act implementing the Insurance Distribution Directive

On 23 December 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal implementing the Insurance Distribution Directive (IDD) (the Proposed Act). The Proposed Act will be implemented in, among others, the Act on the Financial Supervision (Wet op het financieel toezicht). The IDD aims to: (i) create a level playing field … Continue Reading

Dutch Central Bank publishes guidance on investment knowledge pension fund managers

On 21 December 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document setting out the level of investment knowledge that DNB expects from (prospective) pension fund directors (the Guidance Document). Directors (and certain other (co-)policymakers) of, among others, pension funds, banks and insurers need to be screened for integrity (betrouwbaarheid) and … Continue Reading

Dutch Minister of Finance published Repair Act Financial Markets 2017

On 20 December 2016, the Dutch Minister of Finance (the Minister) published the Repair Act Financial Markets 2017 (Herstelwet financiële markten 2017) (the Repair Act). The Repair Act provides for reparations of defects and omissions that have been made while implementing European legislation into Dutch law. The Repair Act provides for amendments, that are necessary … Continue Reading

Committee of Finance publishes report on implementation act MiFID II

On 7 December 2016, the Parliamentary Committee of Finance (the Committee) published its report on the Act implementing the Markets in Financial Instruments Directive (recast) (MiFID II) (Wet implementatie richtlijn markten voor financiële instrumenten 2014, the Legislative Proposal). The report sets out a significant number of questions with respect to the Legislative Proposal, which need … Continue Reading

Dutch Central Bank publishes its Supervision Outlook 2017

On 29 November 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its Supervision Outlook 2017 (Toezicht Vooruitblik 2017), in which it sets out its objectives and supervision activities planned for 2017. In the Supervision Outlook 2017 DNB also describes the risks and challenges in the financial services sector and how these may impact … Continue Reading

Dutch Minister of Finance on revising the Act of the Financial Supervision

On 22 November 2016, the Dutch Minister of Finance published a consultation document in relation to the revision of the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS) (the Consultation Document). The purpose of the Consultation Document is to investigate whether, and if so how, it is possible to make the … Continue Reading

Dutch Minister of Finance on regulatory budget of Dutch regulators

On 21 November 2016, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament containing answers to questions that were raised by the Parliamentary Committee of Finance, relating to the regulatory budget of the Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche … Continue Reading

Dutch State Secretary answers questions on screening of pension fund directors by Dutch Central Bank

On 2 November 2016, the Dutch State Secretary for Social Affairs and Employment (the State Secretary) sent a letter to the Dutch Parliament containing answers to questions that were raised in relation to the screening of directors of pension funds by the Dutch Central Bank (De Nederlandsche Bank, DNB). Among other things, the following questions … Continue Reading

Dutch Minister sent implementation act MiFID II to Dutch Parliament

On 24 October 2016, the Dutch Minister of Finance (the Minister) sent the legislative proposal for the Act implementing the Markets in Financial Instruments Directive (recast) (MiFID II) (Wet implementatie richtlijn markten voor financiële instrumenten 2014, the Legislative Proposal) to the Dutch Parliament. The Legislative Proposal implements the rules set out in MiFID II including … Continue Reading

Consultation on Act on investment properties and investment bonds

On 2 August 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal for the Act on investment properties and investment bonds (Wet beleggingsobjecten en beleggingsobligaties, the Proposed Act). The Proposed Act will be implemented in the Act on the Financial Supervision (Wet op het financieel toezicht) and the Financial Supervision Funding … Continue Reading

Consultation on Amendment Act Financial Markets 2018

On 27 July 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal for the Amendment Act Financial Markets 2018 (Wijzigingswet financiële markten 2018, the Amendment Act). It is intended that the Amendment Act will amend, among other things, the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS). … Continue Reading
LexBlog