On 30 May 2023, the draft legislative proposal on access to the Dutch UBO register (the Legislative Proposal) was published for public consultation. The purpose of this proposal is to clarify, in the short term, the rules on access to information about the ultimate beneficial owners (UBO) of companies and other legal entities or arrangements. … Continue Reading
On 22 May 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item on periodic questionnaires on remuneration for investment firms. From June 2023 onwards, investment firms supervised by the AFM will periodically receive one or more questionnaires on various aspects of remuneration. This is due to the … Continue Reading
On 24 May 2023, the Basel Committee on Banking Supervision (BCBS), the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a joint report on margin dynamics in centrally cleared commodities markets in 2022. The report examines margin calls in centrally cleared commodities markets … Continue Reading
On 24 May 2023, the European Securities and Markets Authority (ESMA) published a final report on market outages. On 28 September 2021, ESMA published a review report on algorithmic trading where it committed to provide guidance on how trading venues should communicate with market participants in case of an outage. As such, on 22 September … Continue Reading
In the latest in our podcast series, split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Floortje Nagelkerke, Hannah Meakin, Anna Carrier, Lucy Axford and Simon Lovegrove discuss the recent and upcoming changes to EMIR. This includes the EMIR 3.0 proposal, the clearing obligation for pension scheme … Continue Reading
Introduction UK and EU pension funds are currently exempt from the clearing obligation under the European Market Infrastructure Regulation (EMIR) as a result of the transitional provisions in Article 89 EMIR, which provide that the clearing obligation does not apply to over-the-counter (OTC) derivative contracts that are objectively measurable as reducing investment risks directly relating … Continue Reading
On 30 March 2023, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an exploratory study on the Corporate Sustainability Reporting Directive (CSRD). The CSRD requires companies to report and disclose information on their social and environmental impact and the external sustainability factors affecting their business. The CSRD will … Continue Reading
In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … Continue Reading
In the latest in our podcast series, Split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Hannah Meakin, Albert Weatherill, Floortje Nagelkerke and Anna Carrier explore some of the markets dimensions of the regulatory reforms involving cryptoassets.… Continue Reading
On 7 March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) published a news item on the concept of multilateral systems. Recently, the European Securities and Markets Authority (ESMA) published an opinion on the trading venue perimeter, in which ESMA describes whether certain systems and facilities qualify as ‘multilateral’ and, as a … Continue Reading
On 12 January 2023, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2023 (the AFM Agenda 2023) and its strategy for 2023-2026 (the AFM Strategy). The AFM Agenda 2023 describes the trends and risks in the financial sector and explains the AFM’s priorities and activities for 2023. … Continue Reading
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
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
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
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
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
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
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
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
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
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
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
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
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
