The Netherlands

Topic: Securities/Capital markets

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ESMA proposes simplifications for prospectuses

The European Securities and Markets Authority (ESMA) has published three consultation papers on the Prospectus Regulation: consultation paper on the format and content of the prospectus. On 28 February 2017, ESMA received a request for technical advice from the European Commission (Commission), including in relation to the format and content of the prospectus, base prospectus … Continue Reading

Council adopts new rules on prospectuses

The Council of the EU has adopted the proposed Regulation that repeals and replaces the Prospectus Directive and the Prospectus Regulation.  The new Regulation on prospectuses enters into force on the 20th day after its publication in the Official Journal of the European Union. The majority of its provisions apply from 24 months after the … Continue Reading

ESMA advises Commission on fees for trade repositories

On 15 January 2016, the European Securities and Markets Authority (ESMA) received a formal request from the European Commission (Commission) to provide technical advice to assist the Commission in formulating an EU Regulation on fees for trade repositories (TRs) under the Regulation on transparency of securities financing transactions and of reuse (the SFTR). The technical … 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

ESMA provides implementing details for SFTR

The European Securities and Markets Authority (ESMA) has published a final report on standards implementing the Securities Financing Transaction Regulation (SFTR) and certain amendments to the European Markets Infrastructure Regulation (EMIR). The final report includes: a summary of feedback on ESMA’s proposals on the procedure and criteria for registration or extension of registration as a … Continue Reading

Transparency Directive: ESMA guide to EEA national rules on major holdings notifications

The European Securities and Markets Authority (ESMA) has published a practical guide that summarises the main rules and practices applicable across the EEA in relation to notifications of major holdings under national law in accordance with the Transparency Directive. Part I of the guide contains a fact sheet for each EEA state, setting out the national requirements … Continue Reading

IOSCO consultation report on order routing incentives

The International Organization of Securities Commissions (IOSCO) has published a consultation report on order routing incentives. In the report IOSCO surveys regulatory conduct requirements on brokers to manage conflicts of interest associated with order routing and obtaining best execution, where applicable, and assesses how this interacts with market practices around order routing incentives. It does … Continue Reading

ESMA Q&As on the application of the Prospectus Directive

The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Prospectuses Directive. The Q&As include one new question and answer on the application of the ESMA guidelines on alternative performance measures to prospectuses. View Prospectuses: ESMA Q&As version 26, 20 December 2016… Continue Reading

Delegated Regulation on European Electronic Access Point

There has been published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2016/1437 of 19 May 2016 supplementing the Transparency Directive with regard to regulatory technical standards on access to regulated information at the Union level. The Delegated Regulation  enters into force on 20 September 2016, but Article 1 (unique identifier … Continue Reading

AFM publishes framework for assessing actively managed ETFs and ETFs on an alternative index

On 9 August 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a framework for the purpose of assessing actively managed Exchange Traded Funds (ETFs) and ETFs on an alternative index (the Framework). At the end of 2015, the AFM conducted an exploratory investigation into managed ETFs and ETFs on … Continue Reading

ESMA updates its Q&A document on prospectus related issues

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&A) on prospectus related issues. The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures. The Q&A includes two new questions Q&A on the dissemination of … Continue Reading

New rules protecting derivatives investors in bankruptcy

On 1 April 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) informed market participants that the Securities Giro Act (Wet giraal effectenverkeer, Wge) will be amended in order to provide more protection for derivatives investors. The amendments entered into force on 1 April 2016. The new rules set out improved … Continue Reading

IOSCO Securities Markets Risk Outlook 2016

The International Organization of Securities Commissions (IOSCO) has published the 2016 edition of its Securities Market Risk Outlook, which identifies and examines key trends in global financial markets and the potential risks to financial stability. The Outlook identifies and examines four potential risk areas: corporate bond market liquidity; risks associated with the use of collateral … Continue Reading

IOSCO reports on developments facing global securities markets

The International Organisation of Securities Commissions (IOSCO) has published a press release following a meeting to discuss and respond to the ongoing and emerging challenges facing global securities markets. Discussions centred around the recent market developments and volatility in world capital markets and the challenges and opportunities posed by fintech and more particularly – distributed … Continue Reading

ESMA assesses Turkish laws and regulations on prospectuses

The European Securities and Markets Authority (ESMA) has published an opinion on Turkish laws and regulations on the minimum disclosure requirements for share prospectuses. ESMA considers that a prospectus drawn up according to Turkish laws and regulations can constitute a valid prospectus under the Prospectus Directive (PD) for the purposes of its approval by the … Continue Reading

Amended Transparency Directive implemented into Dutch legislation

On 29 January 2016, the Act implementing the amended Transparency Directive (Implementatiewet wijziging richtlijn transparantie, the Implementation Act) and the Decree implementing the Transparency Directive (Implementatiebesluit wijziging richtlijn transparantie, the Implementation Decree) entered into force. In addition, the Decree on reporting payments to governments (Besluit rapportage van betalignen aan overheden) entered into force on the … Continue Reading

Act Implementing the amended Transparency Directive sets out new requirements for issuing institutions

In December 2015, an Act implementing into Dutch law the amended Transparency Directive (Implementatiewet Wijzigingsrichtlijn Transparantie, the Implementation Act) was adopted. The Implementation Act is expected to enter into force sometime in early February 2016 and, among other things, amends the Act on the Financial Supervision (Wet op het financieel toezicht, AFS) The Implementation Act … Continue Reading

ESMA updates its Q&A document on prospectus related issues

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A document on prospectus related issues. ESMA notes that a new question, number 96, has been added regarding the level of disclosure that should be included in a prospectus related to securities which may be subject to write-down or conversion powers … Continue Reading

Commission proposal for a new Prospectus Regulation

The European Commission has adopted a legislative proposal for a new Prospectus Regulation (the Proposed Regulation) which would repeal and replace the existing Prospectus Directive and the accompanying Prospectus Regulation prescribing the form and content of the required prospectuses. The Proposed Regulation was announced as a key element of the Capital Markets Union which intends … Continue Reading

Council of EU Presidency compromise proposals on draft Securitisation and CRR Amendment Regulations

The Presidency of the Council of the EU has published its latest compromise proposals on the proposed: Regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation; and Regulation amending the Capital Requirements Regulation on prudential requirements for credit institutions and investment firms. As against the previous … Continue Reading

Council of EU Presidency compromise proposals on draft Securitisation and CRR Amendment Regulations

The Presidency of the Council of the EU has published its latest compromise proposals on the proposed: Regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation; and Regulation amending the Capital Requirements Regulation on prudential requirements for credit institutions and investment firms. As against the previous … Continue Reading

ESMA prepares for the amended Transparency Directive

The European Securities and Markets Authority (ESMA) has published four documents in preparation of the coming into force of the amended Transparency Directive (TD): an updated Q&A document which addresses new and existing TD requirements and terminology and provides clarification on the definition of a home Member State, the division of responsibilities between home and … Continue Reading

IOSCO reinforces position as key reference point for market regulation

The Board of the International Organization of Securities Commissions (IOSCO) met in Toronto to reinforce IOSCO’s position as the key global reference point for financial services and markets regulation. The Board discussion focused on three sets of activities in key priority areas as identified in the IOSCO 2020 Strategic Direction: (i) identifying and responding through … Continue Reading
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