The Netherlands (and EU regulation)

EU REMIT Review: Ten key things market participants should know

Following nearly a year of debate, the legislative review of the proposed amendments to Regulation (EU) 1227/2011 on wholesale energy market integrity and transparency (REMIT) is coming to an end. On 29 February 2024, the European Parliament formally adopted in a plenary vote the amendments to REMIT, this was followed by the approval in the Council … Continue Reading

ESAs consult on draft RTS on the harmonisation of conditions enabling the conduct of the oversight activities under DORA

On 18 April 2024, the European Supervisory Authorities (ESAs) issued a consultation paper containing a draft regulatory technical standard (RTS) on the harmonisation of conditions enabling the conduct of the oversight activities under Article 41(1) point (c) of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). Specifically, the draft RTS is … Continue Reading

ECON report on stage 1 of EDIS

On 18 April 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation establishing the European Deposit Insurance Scheme (EDIS). MEPs approved the report with 26 votes to 18 and 3 abstentions. The file will be followed up by the new … Continue Reading

ECON report on proposed FIDA Regulation

On 18 April 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation on a framework for financial data access (FIDA). MEPs approved the report with 43 votes to 1 and 5 abstentions. The file will be followed up by the … Continue Reading

FSB consults on liquidity preparedness for margin and collateral calls

On 17 April 2024, the Financial Stability Board (FSB) published a consultation report that sets out policy recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets (including securities financing such as repo). The FSB has published these recommendations as it … Continue Reading

Basel Committee Discussion Paper on the role of CSA

On 16 April 2024, the Basel Committee on Banking Supervision (Basel Committee) issued a Discussion Paper on how climate scenario analysis (CSA) can be practically used to help strengthen the management and supervision of climate related financial risks. The Discussion Paper considers the objectives of CSA exercises and relevant features to design and use them. … Continue Reading

ESRB report on operational policy tools for cyber resilience

On 16 April 2024, the European Systemic Risk Board (ESRB) published a report on operational policy tools for cyber resilience. The report builds on the ESRB’s extensive work on how to mitigate risks from a systemic cyber incident. This includes the ESRB’s reports on: In this latest report the ESRB reviews operational policy tools used … Continue Reading

Council of EU publishes text of daisy chain proposal

On 15 April 2024, the Council of the EU published the text of the proposed Directive amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The draft Directive is sometimes known as the ‘daisy-chain proposal’. … Continue Reading

ESMA Follow-up Report to the Peer Review into supervisory actions aiming at enhancing the quality of data reported under EMIR

On 11 April 2024, the European Securities and Markets Authority (ESMA) published a Follow-up Report to the Peer Review into supervisory actions aiming at enhancing the quality of data reported under the European Market Infrastructure Regulation (EMIR). The follow up updates on the actions that Member State competent authorities (NCAs)and ESMA (in its role as … Continue Reading

EBA Guidelines on the application of the group capital test for investment firm groups

On 11 April 2024, the European Banking Authority (EBA) published a final report containing ‘Guidelines on the application of the group capital test for investment firm groups’. The final report notes that the group capital test provision pursuant to Article 8 of the Investment Firms Regulation appears to be subject to different interpretations from Member … Continue Reading

ESMA 2023 Report on Quality and Use of Data

On 11 April 2024, the European Securities and Markets Authority (ESMA) published its 2023 report on the quality and use of data. The first two editions of this report covered data reported under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR). The previous edition also included transactions data reported under … Continue Reading

European Parliament: Sustainability reporting standards delayed for some companies

On 10 April 2024, the European Parliament (EP) issued a press release confirming that MEPs have approved delaying sector specific sustainability reporting standards, as well as general reporting standards for non-EU companies. The press release outlined that: Following the plenary vote, lead MEP Axel Voss said “We will delay the deadline for sector specific standards … Continue Reading

ESAs to run voluntary dry run exercise to prepare industry for the next stage of DORA implementation

On 11 April 2024, the European Insurance and Occupational Pensions Authority (EIOPA) issued a press release confirming that the European Supervisory Authorities (ESAs) will launch, in May, the voluntary exercise of the collection of the registers of information of contractual arrangements on the use of ICT third party service providers by the financial entities. This … Continue Reading

DNB and AFM Release Joint Report on AI in Dutch Financial Institutions

De Nederlandsche Bank (DNB) and the Authority for the Financial Markets (AFM) have published a joint report regarding the impact of the use of artificial intelligence (AI) in the financial sector and regulatory oversight. This underscores the growing importance of AI in the financial sector and the regulatory authorities’ proactive approach in addressing its opportunities … Continue Reading

EBA final Guidance on resubmission of historical data under the EBA reporting framework

On 9 April 2024, the European Banking Authority (EBA) published its final Guidelines on the resubmission of historical data under the EBA reporting framework. The Guidelines form part of the EBA’s work to ensure that the regulatory reporting framework remains efficient and effective and form the EBA’s response to one of the recommendations in the … Continue Reading

Upcoming webinar: Investigations in EMEA – Horizon scanning

On Tuesday 16 April 2024, please join us for a webinar where our team from across EMEA will discuss the key recent and upcoming trends in financial crime legislation and regulatory enforcement in the EU, UK and Singapore. This webinar will highlight important changes to anti-money laundering regulation and wider financial crime legislation in the … Continue Reading

European Commission Progress Report: Platform on Sustainable Finance Monitoring Capital Flows to Sustainable Investments

On 4 April 2024, the European Commission (the Commission) published a Progress Report on the Platform on Sustainable Finance’s Monitoring Capital Flows to Sustainable Investments. The Report outlines that the European Union must scale up its investments in reaching climate and environmental targets by at least two thirds by 2030, relative to average levels mobilised … Continue Reading

IOSCO Consultation Report ‘Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices’

On 4 April 2024, the International Organisation for Securities Commissions (IOSCO) published a Consultation Report titled Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices. The Consultation Report analyses the structural and organisational changes within exchanges. It primarily focuses on business models and ownership structures. Importantly, it also highlights … Continue Reading

ESMA letter as regards DLT Pilot Regime  

On 3 April 2024, the Chair of the European Securities and Markets Authority (ESMA) Verena Ross, wrote a letter to Mairead McGuinness (European Commissioner for Financial Services, Financial Stability and Capital Markets), Irene Tinagli (Chair of the Committee on Economic and Monetary Affairs) and Vincent van Peteghem (President of the Economic and Financial Affairs Council … Continue Reading

ECON publishes report on proposed investor protection rules

On 3 April 2024, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report in relation to a previously agreed text to amend several directives, with an overarching aim of reinforcing investor protection rules. The report relates to a proposed directive which would amend the following Directives as regards European Union investor … Continue Reading

New briefing note – Retail Investment Strategy: Restoring Consumer Trust by Shrinking the Investment Universe? 

On 24 May 2023, the European Commission published its Retail Investment Strategy (RIS), a legislative package intended to empower retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. The RIS comprises of a Directive as regards the EU retail investor protection rules. This Omnibus Directive amends … Continue Reading

ECON publishes reports on proposed CMDI legislation

On 2 April 2024, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published three reports that it has adopted in relation to the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The set of reports consists of: Each of the reports contains a draft European Parliament legislative resolution, which sets out ECON’s … Continue Reading
LexBlog