Nikolai de Koning

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Nikolai de Koning is a financial services lawyer (advocaat) based in Amsterdam. Nikolai is experienced in financial services and banking law, as well as in data privacy (protection). He is experienced in advising on regulatory and compliance aspects relevant to financial institutions, such as insurance companies, investment firms, clearing institutions and central counterparties. Nikolai also advises on Dutch licence and notification requirements and he assists companies in their licence or notification processes with the Dutch financial regulators. He also specialises in privacy issues arising out of online products, data protection and e-commerce.

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Letter from Dutch Minister of Finance on progress climate commitment financial sector

By Nikolai de Koning and Julia van der Grint on Posted in ESG, The Netherlands
On 13 March 2023, the Dutch Minister of Finance (the Minister) published a letter on the progress of the climate commitment of the financial sector (the Letter). In 2019, banks, pension funds, insurers and asset managers committed to contribute to the implementation of the Paris Climate Agreement and the Dutch Climate Agreement. The starting point … Continue Reading

AFM publishes Market Watch on Algorithmic Trading

By Nikolai de Koning and Julia van der Grint on Posted in DNB/AFM, Investment firms, Securities/Capital markets, The Netherlands
In March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its latest issue of Market Watch, a periodical newsletter on current topics and developments in the capital markets. This issue of Market Watch focuses on algorithmic trading, a topic that the AFM has been particularly focussed on recently. The … Continue Reading

AFM calls on trading platforms and proprietary traders to timely prepare for DORA

By Nikolai de Koning and Julia van der Grint on Posted in DNB/AFM, Investment firms, Securities/Capital markets, The Netherlands
On 1 March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an exploratory investigation into IT incident management in the capital markets. The AFM carried out this study in relation to eight trading venue operators and proprietary traders based on a self-assessment and IT incident notifications … Continue Reading

AFM report on capital markets sector’s vulnerability to cyber threats

By Nikolai de Koning on Posted in Clearing and settlement, Digital finance, DNB/AFM, EU policy, regulatory and legislative updates, Regulation and compliance, The Netherlands
On 29 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report titled ‘Capital Markets Information Security Monitor’ (the Report). According to the AFM, business processes of capital market institutions (e.g. trading venues, proprietary traders, and clearing & settlement institutions) are heavily and increasingly dependent on complex IT … Continue Reading

Update of Dutch Minister of Finance on MiCAR

By Nikolai de Koning and Julia van der Grint on Posted in Crypto assets, The Netherlands, Uncategorized
On 21 December 2022, the Dutch Minister of Finance (the Minister) provided an update on the European Markets in Crypto Assets Regulation (MiCAR) to the Dutch Parliament. The text of MiCAR is currently being finalised and translated. MiCAR will be applicable 18 months after the date of publication in the Official Journal of the European … Continue Reading

AFM implements PRIIPs KID requirements, segregated assets account requirements and financial services comparison chart

By Nikolai de Koning and Julia van der Grint on Posted in Collective investment schemes, DNB/AFM, General, Investment firms, The Netherlands
On 14 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published amendments to the Further Regulation on Conduct of Business Supervision of Financial Undertakings AFS (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation). The amendments concern the (1) Key Information Document (KID) for Packaged Retail and Insurance-based Investment … Continue Reading

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

By Floortje Nagelkerke (NL), Nikolai de Koning and Julia van der Grint on Posted in Collective investment schemes, DNB/AFM, Regulation and compliance, The Netherlands
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

UBO Register for trusts and similar legal constructions entered into force

By Nikolai de Koning and Julia van der Grint on Posted in Collective investment schemes, General, The Netherlands
On 1 November 2022, the Implementation Act concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Act) entered into force. The Implementation Act implements Article 31 of the Fifth Anti-Money Laundering Directive and introduces a central beneficial ownership register for trusts and … Continue Reading

Global webinar on 18 October 2022: Crypto regulatory investigations and enforcement – Key developments and practical steps for clients

By Hannah Meakin (UK), Katie Stephen (UK), Joe Smallshaw, Michael Born (DE), Caroline Herkströter, Ute Brunner-Reumann, Nikolai de Koning, Ronald Smith (US), Mayling Blanco (US), Etelka Bogardi (HK) and Jeremy Wickens on Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Kingdom, United States
Against the backdrop of recent turmoil in the crypto market and with increasing regulatory scrutiny in this area, understanding the regulators’ approach to investigations and enforcement and how best to avoid the common pitfalls is even more of a priority. In the latest webinar of our financial services crypto series, members of our global financial … Continue Reading

DNB reminds investment firms and UCITS managers of ‘declaration no-objection’ obligations

By Nikolai de Koning and Julia van der Grint on Posted in DNB/AFM, Investment firms, Regulation and compliance, The Netherlands
On 11 October 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which it reminds investment firms and UCITS managers about their obligations in relation to the declaration no objection (verklaring van geen bezwaar, DNO) that holders of a qualifying holding in these regulated entities are required to obtain. It … Continue Reading

DNB calls on market parties to prepare for MiCA

By Nikolai de Koning and Julia van der Grint on Posted in Crypto assets, DNB/AFM, The Netherlands
On 5 October 2022, the final compromise text of the Markets in Crypto-Assets Regulation (MiCA) was published. In this context, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item stating that DNB welcomes this new regulation of the European crypto markets. According to DNB, uniform rules for crypto markets are important for … Continue Reading

DNB on transactions with non-EU registered crypto service providers

By Nikolai de Koning on Posted in Crypto assets, DNB/AFM, Enforcement, Money laundering, The Netherlands, Uncategorized
On 6 October 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which the regulator comments on transactions taking place between crypto service providers registered in the Netherlands and crypto service providers based outside of the EU which are not registered (non-EU crypto service providers). DNB indicates that when a … Continue Reading

FATF’s Mutual Evaluation Report of the Netherlands 2022 published

By Nikolai de Koning on Posted in Money laundering, Regulation and compliance, The Netherlands
On 24 August 2022, the Financial Action Task Force (FATF) published its mutual evaluation report titled ‘Anti-money laundering and counter-terrorist financing measures – The Netherlands’ (the Report). The Report summarises the anti-money laundering and counter-terrorist financing (AML/CFT) measures in place in the Netherlands as at the date of the FATF’s on-site visit between 27 October … Continue Reading

DNB consultation of Q&A on retention bonuses

By Nikolai de Koning and Floortje Nagelkerke (NL) on Posted in DNB/AFM, Regulation and compliance, The Netherlands
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

DNB to investigate effectiveness of sanctions screening tools this fall

By Nikolai de Koning on Posted in Banking, DNB/AFM, Payment services, Regulation and compliance, The Netherlands
The Dutch Central Bank (De Nederlandsche Bank, DNB) has announced that it will be starting an investigation into the effectiveness of the sanctions screening tools of banks and payment institutions. Given the global developments around sanctions, and in addition to DNB’s on-going investigation into compliance with Dutch sanctions legislation (primarily focusing on the administrative organisation … Continue Reading

Public consultation on changes to the Suitability Policy Rule 2012

By Nikolai de Koning on Posted in DNB/AFM, Regulation and compliance, The Netherlands
On 15 July 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published for public consultation a draft Decree amending the Suitability Policy Rule 2012 (Besluit tot wijziging van de Beleidsregel Geschiktheid 2012, the Amendment Decree). The Suitability Policy Rule 2012 (Beleidsregel Geschiktheid 2012) clarifies what the AFM … Continue Reading

ECB speech at the use of AI to fight financial crime conference

By Nikolai de Koning on Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 13 July 2022, Elizabeth McCaul, Member of the Supervisory Board of the European Central Bank (ECB) delivered a speech at the conference on “The use of artificial intelligence to fight financial crime”. Key points in the speech include: Deficiencies in a bank’s anti-money laundering / countering the financing of terrorism (AML/CFT) framework are often … Continue Reading

DNB and AFM on risk committee and remuneration committee for investment firms

By Nikolai de Koning and Julia van der Grint on Posted in DNB/AFM, Investment firms, Regulation and compliance, The Netherlands
On 5 July 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) and the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) jointly published a news article on the obligation for certain investment firms to establish a risk committee and a remuneration committee. Risk committee The Investment Firms Directive (Directive (EU) 2019/2034, IFD) … Continue Reading

DNB publishes amendments to Regulation specific provisions CRD and CRR 2019 for public consultation

By Nikolai de Koning and Julia van der Grint on Posted in Banking, DNB/AFM, Regulation and compliance, The Netherlands
On 24 June 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the Amendment Regulation specific provisions CRD and CRR 2019 (Wijzigingsregeling Regeling specifieke bepalingen CRD en CRR 2019, the Amendment Regulation) for public consultation. The Fourth Capital Requirements Directive (CRD4) and the Capital Requirements Regulation (CRR) have recently been amended. These amendments, also … Continue Reading

Amendment Act on the recovery and resolution of insurers published for public consultation

By Nikolai de Koning and Julia van der Grint on Posted in Insurance, Regulation and compliance, The Netherlands
On 19 May 2022, the Dutch Minister of Finance (the Minister) published for public consultation a draft legislative proposal of the Amendment Act on the recovery and resolution of insurers (Wijzigingswet herstel en afwikkeling van verzekeraars, the Amendment Act). As also indicated in the legislative letter of the Dutch Central Bank (De Nederlandsche Bank, DNB) … Continue Reading

Decree Implementing UBO register for trusts and similar legal arrangements published in Dutch Government Gazette

By Nikolai de Koning and Julia van der Grint on Posted in Collective investment schemes, General, Regulation and compliance, The Netherlands
On 2 May 2022, the Implementation decree concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiebesluit registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Decree) was published in the Dutch Government Gazette (Staatsblad). The Implementation Decree, together with the Implementation act concerning the registration of beneficial owners of trusts and … Continue Reading

Dutch Minister of Finance announces enforcement of UBO registration obligation

By Floortje Nagelkerke (NL) and Nikolai de Koning on Posted in Enforcement, General, Regulation and compliance, The Netherlands, Uncategorized
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

Consultation on the Amendment Act Financial Markets 2024

By Nikolai de Koning on Posted in Investment firms, Market abuse, Regulation and compliance, The Netherlands
On 29 April 2022, the Dutch Minister of Finance published for consultation the draft legislative proposal for the Amendment Act Financial Markets 2024 (Wijzigingswet financiële markten 2024, the Amendment Act 2024). This legislative proposal is part of an annual cycle of changes to the legislation relevant to the Dutch financial markets. Changes that are part … Continue Reading

Annual integrity risk reporting to DNB

By Nikolai de Koning on Posted in DNB/AFM, Money laundering, Regulation and compliance, The Netherlands
Each year the Dutch Central Bank (De Nederlandsche Bank, DNB) investigates the inherent integrity risks of money laundering, financing of terrorism and corruption faced by financial institutions, as well as the measures taken by financial institutions to mitigate such risks. For this purpose, DNB has been requesting financial institutions to complete its questionnaire on integrity … Continue Reading
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