On 18 January 2024, the European Banking Authority (EBA) issued a consultation on draft guidelines on the management of environmental, social and governance (ESG) risks. The EBA has developed these draft guidelines in line with its roadmap on sustainable finance and they address the mandate specified in letters a, b, and c of Article 87(a)5 … Continue Reading
On 11 January 2024, the European Securities and Markets Authority (ESMA) announced it was launching a common supervisory action (CSA) with Member State competent authorities which will assess the implementation of pre-trade controls (PTCs) by EU investment firms using algorithmic trading techniques. The CSA will cover:… Continue Reading
In this latest episode of our EMEA regulatory insights series colleagues from Brussels, Netherlands, Germany, France and Luxembourg provide their thoughts and insights on what 2024 holds from a financial services regulatory perspective. The podcast can be found here.… Continue Reading
On 19 December 2023, the European Securities and Markets Authority (ESMA) published a final report on proposed updates to its guidelines on position calculation under EMIR Refit. The guidelines provide clarification regarding the time of calculations, the scope of the data to be used in calculations and the calculation methodologies under the new EMIR Refit … Continue Reading
On 1 December 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its second publication on the Digital Operational Resilience Act (Regulation (EU) 2022/2554, the DORA). The publication focuses on the management of information, communication and technology (ICT) risks for third-party providers and aims to enable in-scope financial institutions to … Continue Reading
On 20 November 2023, the draft proposal on the Decree implementing the Corporate Sustainability Reporting Directive (Directive (EU) 2022/2464, CSRD) (the Implementation Decree) was published for public consultation. The Implementation Decree, together with the Implementation Act CSRD (Wet implementatie richtlijn duurzaamheidsrapportering) willimplement the sustainability reporting requirements in CSRD into Dutch law. Scope The Implementation Decree … Continue Reading
On 7 November 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its ‘Trend Monitor 2024’ report highlighting key trends that will shape the financial landscape in the coming year. The AFM notes that 2024’s financial landscape will be shaped by geopolitical developments, including the economic downturn, sustainability challenges, new … Continue Reading
We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for some time. Both guides are now in their sixth iteration. The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it illustrates … Continue Reading
In this latest edition of Regulation Around the World we review recent steps that financial services regulatory authorities have taken as regards Environmental, Social and Governance measures focussing in particular on disclosures, greenwashing and taxonomy.… Continue Reading
On 16 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for comment a draft Q&A on supervisory boards at payment institutions and electronic money institutions (EMIs). The draft Q&A provides firms with guidance on the circumstances DNB requires a supervisory board at a payment institution or EMI. Currently there is no specific … Continue Reading
In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke, Anna Carrier and Simon Lovegrove discuss the UK/EU MoU on regulatory cooperation in financial services, equivalence and the impact on market infrastructure. … Continue Reading
On 13 October 2023, the European Securities and Markets Authority published a final report which concludes that the emergency measures on central counterparty (CCP) collateral requirements should be extended for a limited period of six months. Uncollateralised bank guarantees for non-financial counterparties acting as clearing members and public guarantees for all types of counterparties will … Continue Reading
On 12 October 2023, the European Securities and Markets Authority (ESMA) published a consultation paper on draft technical advice to the European Commission on fees charged to tier 1 third-country central counterparties (CCPs) under the European Market Infrastructure Regulation. The purpose of the consultation is to gather stakeholders’ views on the appropriateness and on the … Continue Reading
On 12 October 2023, the European Securities and Markets Authority (ESMA) published a supervisory briefing on the calibration of circuit breakers. Circuit breakers are used by trading venues to protect markets against episodes of volatility affecting instruments or the whole market. They have played an important role in a variety of circumstances where volatility materialised, … Continue Reading
On 10 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on its website clarifying the calculation of the so-called K-COH and K-DTF under the Investment Firms Regulation (IFR). The news item is published in response to the European Banking Authority’s Q&A regarding the calculation of the K-COH. In its … Continue Reading
On 4 October 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a Guideline on Sustainability Claims (the Guideline). A draft version of the Guideline was published for public consultation earlier this year. Please find an overview of the draft version of the Guideline in our previous blog. The Guideline provides guidance … Continue Reading
On 18 September 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) launched a public consultation on the draft ‘Good Practices Intra-Group Relationships’ applicable to e-money institutions and payment institutions. The consultation is open until 17 November 2023. According to DNB, intra-group financial relationships, arrangements and positions between e-money institutions and payment institutions and other … Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading
In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke, Anna Carrier and Catherine Pluck discuss Consolidated Tape in the EU and UK. The episode can be found here.… Continue Reading
On 11 August 2023, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2023/1626 of 19 April 2023 on amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/1229 as regards the penalty mechanism for settlement fails relating to cleared transactions submitted by central counterparties (CCPs) for settlement. … Continue Reading
On 9 August 2023, there was published in the Official Journal of the European Union (OJ) the following delegated regulations on CCP recovery and resolution: These Delegated Regulations enter into force on the twentieth day following their publication in the OJ.… 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, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke and Simon Lovegrove explore the regulatory approach to branches.… Continue Reading
In this latest edition of Regulation Around the World we review the position regarding recovery and resolution for banks. Following the 2008 global financial crisis, the G20 leaders endorsed at the Cannes Summit in November 2011, the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions as the international standard for resolution … Continue Reading
On Thursday 13 July 2023, we will be hosting a webinar focused on the European regulatory regime for crypto-assets, with perspectives from the UK, France, Belgium and the Netherlands. In this webinar, our European crypto regulation team will discuss: We will close the webinar with a short Q&A so please do come with your questions. … Continue Reading