On 31 March 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the results of the investigation it conducted in 2015 into the way banks deal with integrity risks, such as money laundering and terrorist financing risks. As part of this investigation DNB also looked into whether banks had sufficient control
On 31 March 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it will launch an thematic investigation into transaction monitoring.
Transaction monitoring allows financial institutions to identify and report unusual transactions and transactions with a heightened risk of money laundering or terrorist financing. DNB indicates that in its investigation
On March 30, 2016, MetLife won its battle (for the moment at least) against the Financial Stability Oversight Council (FSOC) when Judge Rosemary M. Collyer, US District Court Judge for the District of Columbia, issued an order overturning MetLife’s designation as a Systemically Important Financial Institution (SIFI). While the judge’s order currently is under seal,
The Bank of England (BoE) has published the key elements of the 2016 stress test that will be applied to the largest UK banks and building societies, and the accompanying guidance.
The test has been designed under the new annual cyclical scenario framework that has been fully designed and calibrated by BoE staff, and discussed
The Bank of England’s Financial Policy Committee (FPC) assesses the outlook for UK financial stability by identifying the risks faced by the financial system and weighing these against the resilience of the system.
The FPC has now published a statement following its policy meeting on 23 March 2016. In particular, the FPC notes that the
On 30 March 2016, DNB announced that it will launch an investigation (in the form of a self-assessment) with regard to the implementation of Regulation (EU) No 648/2012 (EMIR). The purpose of the investigation is to assess to what extent regulated companies are compliant with EMIR and to identify any (potential) shortcomings so
On 30 March 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the results of its thematic project entitled “Compliance Sanctions Act”. DNB investigated the compliance of insurers with the Sanctions Act (Sanctiewet 1977).
According to DNB, compliance with the Sanctions Act by insurers has improved. However, DNB is nevertheless
On 29 March 2016, Femke de Vries held her inaugural lecture on transparency of regulatory authorities in the financial sector. Ms. De Vries is a member of the executive board of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) and an endowed professor of the Faculty of Law at the University
On 30 March 2016, the amended Exemption Regulation AFS (Vrijstellingregeling Wft, the Exemption Regulation) was published. The Exemption Regulation will enter into effect on 1 April 2016.
Pursuant to the Act on the Financial Supervision (Wet op het financieel toezicht, AFS) it is prohibited for any party to attract, obtain
The PRA has issued its first consultation paper on the implementation of the Markets in Financial Instruments Directive II (MiFID II) (Consultation Paper 9/16: Implementation of MiFID II: Part 1 (CP9/16)).
What does the PRA consultation cover?
In CP9/16 the PRA sets out policy proposals in relation to the extension of scope and harmonisation