Floortje Nagelkerke (NL)

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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

Statement Dutch government on TCA EU and UK agreement and readiness preparations

On 27 December 2020, the Dutch Minister of Foreign Affairs sent a letter to the Dutch Parliament (Tweede Kamer) on the Trade and Cooperation Agreement (TCA) reached on 24 December 2020 between the European Union (EU) and the United Kingdom (UK) on their future relationship. The Minister notes that financial institutions in the UK will … Continue Reading

Webinar | Brexit: Doing business in the EU

With every day that passes without apparent progress towards an agreement on financial services or equivalence, the more firms we see putting in place arrangements to enable them to continue business across Europe. On 22 October members of our financial services and regulation team in London, Paris, Frankfurt, Amsterdam and Milan will be hosting a … Continue Reading

No transition regime for investment firms from the UK after the Brexit transition period

If the negotiations between the UK and the EU do not result in a (clear) agreement at the end of the Brexit transition period, and the temporary transition regime that was introduced in the Netherlands for UK investment firms (Dutch Transition Regime) back in February 2019 does not enter into effect, UK investment firms will … Continue Reading

AFM applies leniency for publication deadlines fund managers

On 9 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that it follows the European Securities and Markets Authority’s (ESMA) request in its recent public statement (the Statement) to not prioritise supervisory actions where it concerns compliance with their obligation to publish annual and half yearly reports in … Continue Reading

Adapting to change is business as usual: keeping you connected throughout the pandemic

A view from the Netherlands Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services. In our seventh video diary, Floortje Nagelkerke … Continue Reading
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