Floortje Nagelkerke (NL)

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New Regulation Tomorrow podcast – Split the difference: Markets in EU and UK – what we should be expecting and hoping to see in 2023

In our new podcast series, Split the difference, which explores divergence between the EU and UK regimes in the markets space, Jonathan Herbst, Hannah Meakin, Anna Carrier and Floortje Nagelkerke provide an overview of what we should be expecting and hoping to see in 2023.… Continue Reading

New briefing note – Digital Operational Resilience for the Financial Sector (DORA): 10 things to know

On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA) entered into force. As DORA is new and complex EU legislation we have published a new briefing note, Digital Operational Resilience for the Financial Sector (DORA): 10 things to know.… Continue Reading

AIFMD guides: The marketing passport and the requirements for fund managers across the EU

We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for approximately nine years. Both guides are now in their fifth iteration. The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it … Continue Reading

Reporting obligation for third country AIF(M)s as of Q1 2023

As of 1 January 2023, the reporting obligation for third country alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) will start to apply. Non-EU AIFMs and AIFs will be required to report to the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) on their funds and management activities. This reporting obligation … Continue Reading

AFM report on SFDR compliance

On 10 November 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an investigation it conducted on the status of compliance of financial undertakings with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, SFDR) and the related Taxonomy Regulation (Regulation (EU) 2020/852). The report covers its findings into … Continue Reading

AFM announces investigation into SFDR and Taxonomy Regulation compliance by fund managers

On 8 September 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that this fall, it will investigate the status of investment fund managers’ compliance with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, SFDR) and the related Taxonomy Regulation (Regulation (EU) 2020/852). In 2021, the AFM published a report on … Continue Reading

Implementation Decree introduces sustainability risk requirements for investment firms and UCITS managers

On 7 September 2022, the Decree implementation directives for investment firms and UCITS on sustainability risks and factors (Besluit implementatie richtlijnen voor beleggingsondernemingen en icbe’s inzake duurzaamheidsrisico’s en duurzaamheidsfactoren, the Decree) was published in the Dutch Government Gazette (Staatsblad). The Decree implements Commission Delegated Directive (EU) 2021/1269 as regards the integration of sustainability factors into … Continue Reading

AFM consults on a supplement to Guideline for investment advice and asset management service providers

On 29 August 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published for consultation a supplement to the Guideline for investment advice and asset management service providers (Leidraad advies- en vermogensbeheerdienstverlening, the Guideline). The results of research conducted by the AFM, which were published earlier this year, show that there … Continue Reading

DNB consultation of Q&A on retention bonuses

The Dutch Central Bank (De Nederlandsche Bank, DNB) has launched a public consultation on a Q&A regarding retention bonuses (retentievergoedingen) within the meaning of Article 1:122 of the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS). In this Q&A DNB provides guidance on when DNB’s prior consent is required for a … Continue Reading

Amendment Act Financial Markets 2022 published in Dutch Government Gazette

On 27 May 2022, the Amendment Act Financial Markets 2022 (Wijzigingswet financiële markten 2022) (the 2022 Act) was published in the Dutch Government Gazette. The 2022 Act contains changes to key legislation relevant to the Dutch financial markets, including, but not limited to, the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS), … Continue Reading

Regulation Around the World – Beyond Sanctions

What have the financial services regulators been doing following the sanctions imposed on Russia? In the latest instalment of our Regulation Around the World series we cover some of the regulatory alerts that financial services regulators have issued in key jurisdictions. Our global updater focussing on the regulatory alerts is accompanied by further analysis in our … Continue Reading

DNB publishes legislative letter for 2022

On 14 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its annual legislative letter (wetgevingsbrief) for 2022. DNB annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and the legislative changes desired by DNB to … Continue Reading

AFM publishes legislative letter for 2022

On 14 April 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its legislative letter (wetgevingsbrief) for 2022. The AFM annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and set outs the … Continue Reading

Dutch Minister of Finance announces enforcement of UBO registration obligation

On 14 April 2022, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament (Tweede Kamer) in which it is announced that the enforcement of the statutory obligation to register ultimate beneficial owners (UBOs) in the Dutch UBO register will commence. The Dutch UBO register for most types of Dutch legal … Continue Reading

DNB calls on small and medium-sized Dutch banks to identify and manage climate-related and environment risks

On 6 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item about the result of its assessment on the identification, measurement and management of climate-related and environmental risk at small and medium-sized Dutch banks. In November 2020, the European Central Bank (ECB) published the Guide on climate-related and environment risks … Continue Reading

DNB: Insurers and pension funds have insufficient insight into outsourcing chains

On 6 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published two news items about the management of outsourcing risks by insurers and pension funds. In 2020 and 2021, DNB reviewed the way in which insurers and pension funds manage outsourcing risks. DNB concludes that service providers to whom insurers and pension funds … Continue Reading

AFM special publication on sustainability transition

On 28 February 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a special publication containing the key take-aways from its round table meetings that took place on 24 January and 10 February 2022. The key topic of these round table meetings was transparency about the impact companies have on … Continue Reading

DNB consults good practices ESG risk management for pension funds

On 28 February 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for public consultation a good practices document covering environmental, social and governance (ESG) risk management for pension funds (the Good Practices Document). With the Good Practices Document, DNB aims to provide guidance to pension funds for the organisation of their risk management … Continue Reading

AFM: follow-up investigation on reporting of incidents by asset managers

On 30 September 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a letter on incident reporting. The AFM also announced that it is going to conduct a follow-up investigation into the reporting of incidents by asset managers. The reason for this is that there has been no increase in … Continue Reading

Treasury functions: understanding the regulatory jigsaw

6 October 2021 | 08:50 AM – 09:30 AM BST Treasury activities are subject to constant regulatory change. Acting typically in a sell-side and a buy-side capacity, Treasury functions need to stay on top of regulatory developments, most of which are linked to each other. They may be impacting the instruments on their firm’s balance sheet and … Continue Reading

Legislative proposal introduces reporting requirement for changes in control of vital providers of infrastructure for financial markets

On 30 June 2021, the legislative proposal for the Security Assessment Investments, Mergers and Acquisitions Act (Wet veiligheidstoets investeringen, fusies en overnames, the Legislative Proposal) has been submitted to the Dutch Parliament (Tweede Kamer). The Legislative Proposal applies to acquiring activities in relation to target companies that qualify as a vital provider. For the financial … Continue Reading

AFM publishes report on the implementation of the SFDR by Dutch funds

On 14 September 2021, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on the implementation of the Sustainable Finance Disclosure Regulation (the SFDR) by Dutch funds (Rapport Implementatie SFDR, the Report). The SFDR has been applicable since 10 March 2021 and contains requirements for the disclosure of Environmental, Social … Continue Reading

Navigating global crypto-custody requirements

29 April 2021 09:00 – 10:00 BST / 16:00 – 17:00 HKT 16:00 – 17:00 BST / 11:00 – 12:00 EDT As the global crypto-economy continues to grow and mature, one area stands out as a critical core capability: custody. In this webinar, members of our global financial services team will compare notes on their … Continue Reading

Raising capital in Europe: Key regulatory issues for US asset managers

When looking for new sources of investors and capital US fund managers often look towards Europe, but  the European market is more tightly regulated when compared to the US market. In our forthcoming webinar taking place on  February 25, 2021, Raising capital in Europe: Key regulatory issues for US asset managers, a team of partners … Continue Reading
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