The Netherlands

Topic: Regulation and compliance

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Commission consultation on transparency and fees in EU cross-border transactions

The Commission Services has published a consultation paper on transparency and fees in cross-border transactions in the EU. The consultation paper focuses on: transaction fees in both non-euro and euro transactions. The consultation paper notes that the first action of the Consumer Financial Services Action Plan is to amend the Regulation on cross-border payments to … Continue Reading

ESMA updates technical reporting instructions on transaction reporting under MiFIR

The European Securities and Markets Authority (ESMA) has published an updated version of its technical reporting instructions relating to transaction reporting under MiFIR. The document describes the elements of the interface that shall be built between competent authorities (CA) and submitting entities in their member states that should be implemented in the same way by … Continue Reading

New version of SEPA SCT Inst scheme interbank implementation guidelines

The European Payments Council has published version 1.1 of the Single Euro Payments Area instant credit transfer (SEPA SCT Inst) scheme interbank implementation guidelines. The objective of the guidelines is to define the rules to be applied to the interbank ISO 20022 XML message standards for the implementation of the SEPA SCT Inst as defined … Continue Reading

ESMA issues procedure and template for NCAs to report circuit breakers’ parameters

The second paragraph of Article 48(5) of MiFID II determines that trading venues shall report the parameters for halting trading and any material changes to those parameters to their national competent authority (NCA) in a consistent and comparable manner, and that the NCA shall in turn report them to ESMA. The guidelines on the calibration … Continue Reading

FIA reports on MiFID II/ MiFIR compliance for US FCMs

The Futures Industry Association has published a compliance brief on the impact of MiFID II/MiFIR on US futures commissions merchants (FCMs). The brief focuses on compliance obligations for US FCMs and their non-EU clients when MiFID II/MiFIR take effect on January 3, 2018. The brief may also be instructive for other third-country firms, including principal … Continue Reading

AFM wants clarification differences between saving and investment products in comparative advertisements

On 14 July 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release in which it points out an increase in advertisements that present investing as an alternative to saving. The AFM wants parties who offer investment products to be clear around the differences between investing and saving. … Continue Reading

Consultation report Act implementing Fourth Anti-Money Laundering Directive published

On 14 July 2017, the Dutch Minister of Finance (the Minister) published a report (the Report) on the consultation of the draft legislative proposal of the Act implementing the Fourth Anti-Money Laundering Directive (2015/849) (Vierde anti-witwasrichtlijn) (the Implementation Act). A public consultation of the Implementation Act was held between 15 July 2016 and 16 August … Continue Reading

ESMA consults on certain aspects of the MiFID II suitability requirements

The European Securities and Markets Authority (ESMA) has published a consultation paper containing draft guidelines on certain aspects of the suitability requirements under MiFID II. The purpose of the draft guidelines is to enhance clarity and foster convergence in the implementation of certain aspects of the MiFID II suitability requirements, replacing the existing ESMA guidelines … Continue Reading

ESMA publishes new Q&A on alternative performance measures guidelines

The European Securities and Markets Authority (ESMA) has published four new questions and answers in its Q&As on the implementation of the guidelines on alternative performance measures (APMs) for listed issuers. The new questions and answers provide information on: the definition of APMs in the context of interim financial statements; the prominence of APMs, i.e. … Continue Reading

ESMA reviews the application of IFRS 13 – fair value measurement requirements

The European Securities and Markets Authority (ESMA) has published a report that provides an overview of the application of the fair value measurement and disclosure requirements provided for by IFRS 13 Fair Value Measurement as applied by European issuers with the objective of assessing their level of compliance and comparability. The overview builds on a … Continue Reading

Commission adopts Implementing Regulation laying down ITS on forms, templates and procedures relating to notifications of proposed acquisition of a qualifying holding in an investment firm under MiFID and MiFID II

The European Commission has adopted an Implementing Regulation that lays down implementing technical standards with regard to standard forms, templates and procedures for the exchange of information during the consultation process between the competent authority of the target entity (the ‘requesting authority’), and the competent authority of the proposed acquirer or of an authorised entity … Continue Reading

Commission adopts Delegated Regulation laying down RTS for an exhaustive list of information to be included by proposed acquirers in the notification of a proposed acquisition of a qualifying holding in an investment firm

The European Commission has adopted a Delegated Regulation that supplements MiFID and MiFID II with regard to regulatory technical standards for an exhaustive list of information to be included by proposed acquirers in the notification of a proposed acquisition of a qualifying holding in an investment firm. The Council of the EU and the European … Continue Reading

ESMA provides guidelines for supervisory cooperation regarding CSDs

The European Securities and Markets Authority (ESMA) has published guidelines regarding the cooperation between authorities under the Central Securities Depositories Regulation (CSDR). The guidelines apply in relation to the cooperation requirements applicable to Member State competent authorities when involved in the procedure for granting authorisation to an applicant central security depository laid down in Article … Continue Reading

Council of the EU conclusions on Commission’s communication on CMU action plan mid-term review

The Council of the EU has announced its conclusions on the European Commission’s (Commission) communication on the mid-term review of the Capital Markets Union (CMU) action plan. Among other things, the Council: looks forward to the upcoming legislative proposal regarding the prudential treatment of investment firms, which should provide an adequate framework to address the … Continue Reading

Council of the EU agrees non-performing loans action plan: financial services aspects

The Council of the EU has announced its conclusions on an action plan to tackle non-performing loans (NPLs) in the EU. In its conclusion, the Council, among other things, invites the following action: the European Commission (Commission) to issue during this summer an interpretation of existing supervisory powers laid down in EU legislation with a … Continue Reading

G20 leaders’ communique and action plan from July 2017 summit: financial services aspects

The G20 has published a communique following a meeting of finance ministers and central bank governors in Hamburg, Germany, on 7 and 8 July 2017. In terms of financial services regulation and development, the G20: remains committed to the finalisation and timely, full and consistent implementation of the agreed G20 financial sector reform agenda. The … Continue Reading

ESMA consults on evaluation of Short Selling Regulation

The European Securities and Markets Authority (ESMA) received a formal mandate from the European Commission (Commission) on 19 January 2017 seeking technical advice on the evaluation of certain elements of the Short Selling Regulation (SSR) that became applicable on 1 November 2012. ESMA has now published a consultation paper on the evaluation of certain elements … Continue Reading

ESMA updates MiFID II / MiFIR Q&As

The European Securities and Markets Authority (ESMA) has updated its MiFID II / MiFIR Q&As on: commodity derivatives issues; market data issues; and market structure issues. ESMA has also added two new questions and answers to its Q&As on investor protection topics under MiFID II / MiFIR. The additions to the Q&As relate to best … Continue Reading

ECB response to European Commission consultation on operations of ESAs

On 22 March 2017, we blogged that the European Commission (Commission) issued a consultation on the European Supervisory Authorities – the European Banking Authority, the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (together the ESAs). The consultation was designed to gather evidence on the operations of the ESAs focusing … Continue Reading

ESMA updates market size calculations for MiFID II ancillary test

The European Securities and Markets Authority (ESMA) has updated its opinion on MiFID II’s ancillary test for commodity derivatives. The update corrects a typing error in the tables containing the estimations for the ancillary activity market size calculations. View ESMA updates market size calculations for MiFID II ancillary test, 6 July 2017… Continue Reading

FSB progress report on reducing misconduct risks in financial sector

The Financial Stability Board (FSB) has published its latest progress report on reducing misconduct risks in the financial sector. The report provides an overview of the measures taken by the FSB and other international bodies in addressing misconduct issues, as well as further steps that are planned to reduce misconduct risk and thereby strengthen trust … Continue Reading
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