The Netherlands (and EU regulation)

FSB seventh report on implementation of resolution reforms

On 15 November 2018, the Financial Stability Board (FSB) published its seventh progress report on the implementation of resolution reforms (the Report). The Report provides an overview of the progress in implementing the FSB’s resolution policies in the banking (Section I) and insurance (Section II) sectors and for CCPs (Section III). Section IV sets out … Continue Reading

FSB discussion paper on financial resources to support CCP resolution

On 15 November 2018, the Financial Stability Board (FSB) published a discussion paper on financial resources to support CCP resolution and the treatment of CCP equity in resolution. The purpose of the discussion paper is to obtain public comment so that is can consider whether there is a need for further guidance on the treatment … Continue Reading

ECB general topics chapter of guide to internal models under SSM

On 15 November 2018, the European Central Bank (ECB) has published the general topics chapter of its guide to internal models (the Guide), together with a feedback statement to the ECB’s March consultation on the chapter (the Statement). The Guide provides transparency on how the ECB understands the general (i.e. non-model-specific) topics for internal models, … Continue Reading

ECB speech on cryptos, cyber and CCPs

The ECB has published a speech by Benoît Coeuré, the Chair of the Committee on Payments and Market Infrastructures (CPMI). The speech is entitled The new frontier of payments and market infrastructure: on cryptos, cyber and CCPs. The slides that accompanied the speech have also been published. Key messages in the speech include: the G20 … Continue Reading

ESMA annual report on administrative and criminal sanctions and other administrative measures under MAR

On 15 November 2018, the European Securities and Markets Authority (ESMA) published its latest annual report regarding aggregated information on all administrative sanctions and other administrative measures imposed by national competent authorities and criminal sanctions imposed in a given year.… Continue Reading

IOSCO issue consultation on leverage

On 15 November 2018, the International Organization of Securities Commissions (IOSCO) published a consultation paper on the use of leverage by investment funds (the Consultation). The Consultation responds to recommendation 10 of the Financial Stability Board’s (FSB) report ‘‘Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities” in which the IOSCO was requested to: … Continue Reading

FSB report on reforming major interest rate benchmarks

On 14 November 2018, the Financial Stability Board (FSB) published a progress report on reforms to the major interest rate benchmarks (the Report). The Report follows up on the recommendations of the FSB’s 2014 report on the same topic which set out a series of recommendations for strengthening existing benchmarks for key interbank offered rates … Continue Reading

Valdis Dombrovskis statement on regulating virtual currencies

On 13 November 2018, European Commission Vice-President Valdis Dombrovskis issued a statement at the European Parliament Plenary on regulating virtual currencies and Initial Coin Offerings (ICOs). In the statement, Mr Dombrovskis posts two questions for financial regulators to consider: Whether crypto-assets are financial instruments, and are therefore covered by financial regulation? Whether that regulation is … Continue Reading

Updated MiFID II Q&As on transparency and market structures

On 14 November 2018, the European Securities and Markets Authority (ESMA) published two updated Q&As on: MiFID II and MiFIR market structures topics; and MiFID II and MiFIR transparency topics. The updated Q&As on market structures topics insert a new question concerning direct electronic access and algorithmic trading. The new question enquires as to whether … Continue Reading

ESMA updates Q&As on SSR

On 14 November 2018, the European Securities and Markets Authority (ESMA) published updated Q&As on the Short Selling Regulation (SSR).  The updated Q&As insert one new question concerning the identification of the relevant competent authority, asking which is the relevant competent authority for the financial instruments mentioned in point v) of Article 2(1)(j) of the … Continue Reading

ESMA publications under the Securitisation Regulation

On 13 November 2018, the European Securities and Markets Authority (ESMA) published two final reports relating to the Securitisation Regulation: Securitisation Regulation technical standards on securitisation repository application requirements, operational standards, and access conditions (the Technical Standards); and ESMA’s technical advice to the European Commission on fees for securitisation repositories under the Securitisation Regulation (the … Continue Reading

Updated ESMA supervisory briefing on MiFID II suitability

On 13 November 2018, the European Securities and Markets Authority (ESMA) published an updated MiFID II supervisory briefing on suitability requirements. The purpose of the briefing is to promote common supervisory approaches and practices. It summarises the key elements of the rules and explains the associated objectives and outcomes. It also includes indicative questions that … Continue Reading

ESMA consults on draft guidelines for report under the MMF regulation

On 13 November 2018, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on the reporting to Member State competent authorities (NCAs) under Article 37 of the Money Market Funds (MMF) Regulation. Article 37 of the MMF Regulation obliges the manager of the MMF, for each MMF managed, to report … Continue Reading

Combating Money Laundering Directive published in OJ

On 12 November 2018, there was published in the Official Journal of the EU (OJ) Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law. The Directive provides a harmonised list of 22 predicate offences, which include cybercrime, aiding and abetting, inciting and … Continue Reading

ECB finalises guides on ICAAP and ILAAP

On 12 November 2018, the European Central Bank (ECB) published its expectations regarding institutions’ internal capital and liquidity adequacy assessment processes. Two guides were published: ECB guide to the internal capital adequacy assessment process (ICAAP); and ECB guide to the internal liquidity adequacy assessment process (ILAAP). The purpose of both guides are to provide transparency … Continue Reading

FSB Cyber Lexicon published

On 12 November 2018, the Financial Stability Board (FSB) published the first edition of a Cyber Lexicon, which comprises a set of approximately 50 core terms related to cyber security and cyber resilience in the financial sector. The lexicon is not intended for use in the legal interpretation of any international arrangement or agreement or … Continue Reading

SRB publishes 2019 work programme

On 12 November 2018, the Single Resolution Board (SRB) published its work programme for 2019. The SRB is the central resolution authority within the EU. Together with the national resolution authorities of participating Member States, it forms the Single Resolution Mechanism. The SRB’s mission is to ensure an orderly resolution of failing banks with minimum … Continue Reading

ESMA updates CSDR Q&As

On 12 November 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Regulation on improving securities settlement in the EU and on central securities depositories (CSDR). The updated Q&As insert two new questions (and multiple sub-questions) concerning: the provision of services in other member … Continue Reading

ESMA updates MAR Q&As

On 12 November 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Market Abuse Regulation (MAR). The updated Q&As inserts one new question on the application of the prohibition contained in Article 19(11) MAR to issuers. Specifically, the new question asks whether the prohibition encompasses transactions of … Continue Reading

Council of the EU compromise proposal on Regulation amending EMIR supervisory regime for EU and third-country CCPs

On 9 November 2018, the Council of the European Union published its compromise proposal on the European Commission proposal for a Regulation amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs. The compromise proposal shows amendments to the presidency compromise text published … Continue Reading

ECB TARGET 2 Decision and Guideline published in OJ

On 9 November 2018, there was published in the Official Journal of the EU (OJ) the following European Central Bank (ECB) documents on amending TARGET 2: Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24) (the Decision). The Decision is amended … Continue Reading

Commission Implementing Regulation as regards prudent valuation for supervisory reporting

On 9 November 2018, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2018/1627 of 9 October 2018 amending Implementing Regulation (EU) No. 680/2014 as regards prudent valuation for supervisory reporting. Commission Implementing Regulation (EU) No. 680/2014 specifies the modalities according to which institutions are required to report information … Continue Reading

ESMA renews binary options prohibition for a further three months

On 9 November 2018, the European Securities and Markets Authority (ESMA) agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients for a further three month period. The renewal measure will be published in the Official Journal of the EU (OJ) and will start to apply from 2 … Continue Reading

ESMA call for evidence on periodic auctions for equity instruments

On 9 November 2018, the European Securities and Markets Authority (ESMA) issued a call for evidence on periodic auctions for equity instruments.  The call for evidence aims to gather relevant information to inform ESMA in developing its understanding of frequent batch auction trading systems, to assess whether and to which extent these systems can be … Continue Reading
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