The Netherlands (and EU regulation)

London 40 minute briefing series – new dates for February 2018 to May 2018

We are pleased to announce the following new dates for our 40 minute briefing series: 7 February 2018: SMCR: the era of increased individual accountability 7 March 2018: Extended briefing – MiFID II: post implementation review 11 April 2018: The prudential academy 2 May 2018: FinTech: revolution in the financial services sector To find out … Continue Reading

Commission Roadmap – Delegated Act on MMF Regulation

European Commission Roadmaps and inception impact assessments describe the scope, purpose and timing of new law and policies. They also set out plans for evaluations of existing laws or ‘fitness checks’ of multiple laws. The Commission has now published a Roadmap on the Delegated Act on the Money Market Funds Regulation (MMF Regulation) specifying quantitative … Continue Reading

Joint Committee of ESAs’ final guidelines under Wire Transfer Regulation

On 22 September 2017, the Joint Committee of the European Supervisory Authorities (ESAs) has published guidelines under Article 25 of the Wire Transfer Regulation on the measures payment service providers should take to detect missing or incomplete information on the payer or the payee, and the procedures they should put in place to manage a … Continue Reading

ECA special report – the operational efficiency of the ECB’s crisis management for banks

The supervision of large banks in the euro area is the responsibility of the European Central Bank (ECB). The Single Supervisory Mechanism (SSM), established in 2014, comprises the ECB and the national supervisory authorities of the participating Member States. The European Court of Auditors (ECA) has published a special report following an audit which examined … Continue Reading

EBA reports on implementation of guidelines on methods for calculating contributions to deposit guarantee schemes

The European Banking Authority has published a report on the implementation of its guidelines on methods for calculating contributions to deposit guarantee schemes. The report, which assesses Member State authorities’ compliance with the principles outlined in the guidelines, concludes that further analysis and greater experience of the risk-based systems in use is needed before proposing any … Continue Reading

EBA Risk Dashboard confirms steady improvements in the EU banking sector

The European Banking Authority has published its latest Risk Dashboard, providing data as of Q3 2017 on EU banks. Key messages include: in Q3 2017, EU banks continued to strengthen their capital ratios; the ratio of non-performing loans kept a modest downward trend; profitability indicators have improved slightly but sustainable returns remain elusive for many banks; … Continue Reading

Latest MiFID II Delegated Regulation published in OJ

There has been published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2018/63 of 26 September 2017 amending Delegated Regulation (EU) 2017/571 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data … Continue Reading

Benchmark Regulation – Commission Delegated Regulations published in OJ

The following Commission Delegated Regulations have been published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2018/64 of 29 September 2017 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to specifying how the criteria of Article 20(1)(c)(iii) are to be applied for assessing whether certain … Continue Reading

EBA final guidelines on disclosure requirements of IFRS 9 transitional arrangements

The European Banking Authority (EBA) has published its final guidelines on disclosure requirements of International Financial Reporting Standard 9 (IFRS 9) or analogous expected credit losses (ECLs) transitional arrangements. The guidelines apply to institutions referred to in paragraph 1 of Article 473a of the Capital Requirements Regulation (CRR) that are subject to all or part … Continue Reading

ESMA thematic report on fees charged by Credit Rating Agencies and Trade Repositories

The European Securities and Markets Authority (ESMA) has published a Thematic Report on fees charged by Credit Rating Agencies (CRAs) and Trade Repositories (TRs). ESMA’s key areas of concern across the CRA and TR industries with regard to the fee provisions and where improvements are needed in the CRAs / TRs practices: transparency and disclosure: … Continue Reading

PAD technical standards

The following technical standards under the Payment Accounts Directive have been published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2018/32 of 28 September 2017 supplementing Directive 2014/92/EU of the European Parliament and of the Council with regard to regulatory technical standards for the Union standardised terminology for most representative services linked … Continue Reading

ESMA issues list of trading venues temporarily exempted from open access under MiFIR

The European Securities and Markets Authority (ESMA) has published a list of those trading venues for which a temporary exemption from the open access provisions under Article 36(5) of MiFIR exists. The list will be updated in case of any changes, including where an exemption is renewed. View ESMA issues list of trading venues temporarily … Continue Reading

ESMA delays publication of double volume cap data

The European Securities and Markets Authority (ESMA) has decided to delay the publication of the data on the double volume cap (DVC) mechanism for January 2018. ESMA states that the current quality and completeness of the data does not allow for a sufficiently meaningful and comprehensive publication of double volume cap calculation, as required under … Continue Reading

ESMA consults on CCP anti-procyclicality margin measures

The European Securities and Markets Authority (ESMA) has issued a consultation paper on draft guidelines on anti-procyclicality margin measures for central counterparties. The draft guidelines are addressed to Member State competent authorities designated under Article 22 of the European Market Infrastructure Regulation (EMIR) that supervise central counterparties (CCPs) authorised under Article 14 of the EMIR. … Continue Reading

IOSCO statement on the use of financial benchmarks

The International Organization of Securities Commissions (IOSCO) has published a statement on setting out matters for users of financial benchmarks to consider in selecting an appropriate benchmark and in contingency planning, particularly for scenarios in which a benchmark is no longer available. Among other things, the IOSCO statement notes that examples of relevant considerations of … Continue Reading

Competence of employees investment firm and national regimes

On 4 January 2018, the Regulation competence employees investment firms (Regeling vakbekwaamheid medewerkers beleggingsondernemingen Wft, the Regulation) was published in the Dutch Government Gazette (Staatsblad). The Regulation forms part of the legislative package implementing the Markets in Financial Instruments Directive (recast) (2014/65/EU) (MiFID II). Besides introducing rules on the required professional competence of employees of an … Continue Reading

ESMA updates MiFID II transitional transparency calculations for equities and bonds

The European Securities and Markets Authority (ESMA) has published an updated version of the MiFID II/ MiFIR transitional transparency calculations (TTC) for equity and bond instruments. The updated version mainly reflects changes in the classification of the instruments and the related parameters and resubmission of data by some trading venues. The TTC will be applicable … Continue Reading

Implementing Decision under MiFID II on equivalence of Swiss stock exchanges published in OJ

There has been published in the Official Journal of the EU, Commission Implementing Decision (EU) 2017/2441 of 21 December 2017 on the equivalence of the legal and supervisory framework applicable to stock exchanges in Switzerland in accordance with MiFID II. The Implementing Decision entered into force on 24 December 2017, and will expire on 31 … Continue Reading

LIBOR added to list of critical benchmarks under Benchmarks Regulation

There has been published in the Official Journal of the EU, Commission Implementing Regulation (EU) 2017/2446 of 19 December 2017 amending Implementing Regulation (EU) 2016/1368 establishing a list of critical benchmarks used in financial markets pursuant to the Benchmarks Regulation. The Implementing Regulation adds the London Interbank Offered Rate to the list of critical benchmarks … Continue Reading

CRR Amendment Regulation published in OJ

There has been published in the Official Journal of the EU (OJ), Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending the Capital Requirements Regulation on prudential requirements for credit institutions and investment firms. The Regulation will come into force 20 days after its publication in OJ, that … Continue Reading

Securitisation Regulation published in OJ

There has been published in the Official Journal of the EU (OJ), Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) … Continue Reading

Delegated Regulation under MiFIR relating to trading obligation for derivatives published in OJ

There has been published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2017/2417 of 17 November 2017 supplementing MiFIR with regard to regulatory technical standards on the trading obligation for certain derivatives. The Delegated Regulation entered into force on 23 December 2017. View Commission Delegated Regulation (EU) 2017/2417 of 17 November 2017 … Continue Reading

EBA advises European Commission to disallow application of 180 day past due exemption for material exposure under CRR

The European Banking Authority (EBA) has published an opinion to the European Commission (Commission) on the appropriateness of continuing to apply the 180 day past due (DPD) exemption for material exposures under the Capital Requirements Regulation (CRR). Under Article 506 of the CRR, the EBA must report to the Commission, by 31 December 2017, on … Continue Reading

CRR IFSR 9 Regulation published in OJ

There has been published in the Official Journal of the EU, Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017 amending the Capital Requirements Regulation as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of … Continue Reading
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