The Netherlands (and EU regulation)

ESMA publishes guidelines further specifying the circumstances for temporary restrictions in the case of significant non-default event in accordance with Article 45a of EMIR

On 2 June 2023, the European Securities and Markets Authority (ESMA) published guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of the European Market Infrastructure Regulation (EMIR). Article 45a of EMIR mandates ESMA to draft guidelines further specifying the circumstances in which … Continue Reading

ESMA guidelines on the application of the circumstances under which a CCP is deemed to be failing or likely to fail

On 1 June 2023, the European Securities and Markets Authority (ESMA) published guidelines on the application of the circumstances under which a central counterparty (CCP) is deemed to be failing or likely to fail. The guidelines apply to Member State competent authorities and are based on Article 22(6) of the Regulation on a framework for … Continue Reading

Adopted text of MiCA

By Anna Carrier (BE) on June 2, 2023 Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands, United Kingdom

On 2 June 2023, the Council of the EU published the adopted text of the Regulation of the European Parliament and of the Council on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. The text is dated 31 May 2023. The next step is for … Continue Reading

Adopted text of the Regulation on information accompanying transfers of funds and certain crypto-assets

By Anna Carrier (BE) on June 2, 2023 Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands, United Kingdom

On 2 June 2023, the Council of the EU published the adopted text of the Regulation on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849. The text is dated 31 May 2023. The next step is for the Regulation to be published in the Official Journal of the EU. It … Continue Reading

EBA document on sound practices in counterparty credit risk governance and management

By Simon Lovegrove (UK) on June 2, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 2 June 2023, the European Banking Authority (EBA) published a document following a targeted review of governance and risk management of counterparty credit risk (CCR) at 23 institutions that were materially active in derivatives and securities financing transactions with non-banking counterparties. The document provides a collection of good practices in CCR governance and management … Continue Reading

ESMA updates Q&As on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology

By Simon Lovegrove (UK) on June 2, 2023 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 2 June 2023, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology. In particular, ESMA has added new Q&As on DLT market infrastructures, cash settlement and exemptions from the Central Securities Depositories Regulation.… Continue Reading

ESMA letter on MiFIR review – transparency regime for single name-CDS and standardised OTC-derivatives

By Hannah Meakin (UK) and Jochen Vester (UK) on June 2, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 2 June 2023, there was published a letter from the European Securities and Markets Authority to the European Commission, the European Parliament and the Council of the EU concerning the MiFIR review and the current lack of transparency in the EU for over-the-counter (OTC) derivatives, notably single-name credit default swaps (CDS). Among other things … Continue Reading

ESMA announces that amended rules for transparency calculations will start applying on 5 June 2023

By Simon Lovegrove (UK) on June 1, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 31 May 2023, the European Securities and Markets Authority (ESMA) announced that the amended Regulatory Technical Standards (RTS) 1 and 2, under MiFIR, will start applying on 5 June 2023. Some of the amendments will have an impact on the transparency calculations for equity, equity-like and non-equity instruments. In particular:… Continue Reading

ESMA guidelines on the consistent application of the triggers for the use of early intervention measures under Article 18(8) of CCPRRR

By Simon Lovegrove (UK) on June 1, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 1 June 2023, the European Securities and Markets Authority (ESMA) published guidelines on the consistent application of the triggers for the use of early intervention measures based on Article 18(8) of the Regulation on a framework for the recovery and resolution of central counterparties (CCPRRR). The guidelines apply to Member State competent authorities designated … Continue Reading

ESMA launches fifth stress test exercise for CCPs

On 31 May 2023, the European Securities and Markets Authority (ESMA) published a final report on the framework for the 5th ESMA stress test exercise for central counterparties (CCPs). This report sets out the framework for the new ESMA stress test exercise for CCPs, including the scope, the detailed methodology, the expected deliverables and the … Continue Reading

ESAs publish progress report on greenwashing in the financial sector

By Simon Lovegrove (UK), Haney Saadah and Daniel Nevzat (UK) on June 1, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 31 May 2023, the European Supervisory Authorities (ESAs) published their progress reports on greenwashing in the financial sector. In these reports, the ESAs put forward a common high-level understanding of greenwashing applicable to market participants across their respective remits – banking, insurance and pensions, and financial markets. The reports follow a request from the … Continue Reading

Published in the OJ: Corrigendum to Commission Implementing Decision 2022/1688 on the equivalence of the regulatory framework for CCPs in Taiwan

On 1 June 2023, there was published in the Official Journal of the European Union (OJ) a Corrigendum to Commission Implementing Decision (EU) 2022/1684 of 28 September 2022 on the equivalence of the regulatory framework for central counterparties in Taiwan to the European Market Infrastructure Regulation as regards futures clearing houses under the supervision of … Continue Reading

NGFS publishes stock-take on transition plans

By Haney Saadah, Simon Lovegrove (UK) and Daniel Nevzat (UK) on June 1, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 31 May 2023, the Network for Greening the Financial System (NGFS) published a report taking stock on financial institutions’ transition plans and their relevance to micro-prudential authorities. Building on the conclusions of the previous NGFS report on ‘capturing risk differentials from climate-related risks’ which emphasised the importance of a forward-looking approach to assess climate-related … Continue Reading

EBA consults on amendments to the guidelines on money laundering and terrorist financing risk factors to include crypto-asset service providers

By Simon Lovegrove (UK) and Albert Weatherill (UK) on June 1, 2023 Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands, United Kingdom

On 31 May 2023, the European Banking Authority (EBA) published a Consultation Paper setting out proposals to amend its guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering (ML) and terrorist financing (TF) risk associated with individual business relationships and occasional transactions (ML/TF Risk Factors … Continue Reading

EPC publishes latest publication related to the SRTP scheme

By Albert Weatherill (UK) on June 1, 2023 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 31 May 2023, the European Payments Council (EPC) published the following publications related to the SEPA Request-to-pay (SRTP) scheme:… Continue Reading

Legislative proposal on access to UBO register published for consultation

By Floortje Nagelkerke (NL) and Julia van der Grint on June 1, 2023 Posted in General, Money laundering, Regulation and compliance, The Netherlands

On 30 May 2023, the draft legislative proposal on access to the Dutch UBO register (the Legislative Proposal) was published for public consultation. The purpose of this proposal is to clarify, in the short term, the rules on access to information about the ultimate beneficial owners (UBO) of companies and other legal entities or arrangements. … Continue Reading

AFM questionnaires on remuneration for investment firms

By Floortje Nagelkerke (NL) and Julia van der Grint on June 1, 2023 Posted in DNB/AFM, Investment firms, The Netherlands

On 22 May 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item on periodic questionnaires on remuneration for investment firms. From June 2023 onwards, investment firms supervised by the AFM will periodically receive one or more questionnaires on various aspects of remuneration. This is due to the … Continue Reading

EBA peer review report on excluding transactions with non-financial counterparties established in a third country from credit valuation adjustment risk

By Simon Lovegrove (UK) on May 30, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 30 May 2023, the European Banking Authority (EBA) published a peer review report on excluding transactions with non-financial counterparties established in a third country from credit valuation adjustment (CVA) risk. The global financial crisis of 2007-2008 revealed that CVA risk was a source of unexpected losses. Robust CVA management mitigates against losses and helps … Continue Reading

EBA consults on new RTS and ITS on supervisory colleges

By Simon Lovegrove (UK) on May 30, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 30 May 2023, the European Banking Authority (EBA) published a consultation paper containing draft technical standards which replace those contained in Commission Delegated Regulation (EU) 2016/98 and Commission Implementing Regulation (EU) 2016/99 specifying the functioning of supervisory colleges. The technical standards are being updated given that the legal framework for banks and investment firms … Continue Reading

ESMA final report on the review of the RTS on the information to be provided in an application for authorisation and registration under the Benchmarks Regulation

By Simon Lovegrove (UK) on May 30, 2023 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 30 May 2023, the European Securities and Markets Authority (ESMA) published a final report on the review of the regulatory technical standards (RTS) on the information to be provided in an application for authorisation and registration under the Benchmarks Regulation. Article 34(8) of the Benchmarks Regulation states that ESMA shall develop RTS to specify … Continue Reading

ESAs consult on DORA criticality criteria

By Anna Carrier (BE) on May 30, 2023 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

On 26 May 2023, the European Supervisory Authorities (ESAs) published a joint Discussion Paper on criteria for critical ICT third-party service providers and oversight fees. This Discussion Paper follows the request for technical advice that was sent by the European Commission (Commission) to the ESAs in late December 2022. The ESAs have published the Discussion … Continue Reading

ESMA updates Q&As on AIFMD and crowdfunding

By Simon Lovegrove (UK) on May 26, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 26 May 2023, the European Securities and Markets Authority (ESMA) updated the following Q&As:… Continue Reading

EBA consults on draft ITS amending implementing Regulation (EU) 2016/1799 on the mapping of ECAIs’ credit assessments under Article 136(1) and (3) of the CRR

By Simon Lovegrove (UK) on May 25, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 25 May 2023, the European Banking Authority (EBA) published a Consultation Paper containing draft implementing technical standards amending Implementing Regulation 2016/1799 on the mapping of External Credit Assessment Institutions (ECAIs) credit assessments under Article 136(1) and (3) of the Capital Requirements Regulation. The proposed amendments reflect the outcome of a monitoring exercise on the … Continue Reading

European Commission published Commission Delegated Regulation supplementing Directive (EU) 2019/2034 with regard to regulatory technical standards specifying the measurement of risks or elements of risks not covered or not sufficiently covered by the own funds requirements

By Jochen Vester (UK) on May 25, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 25 May 2023, the European Commission published Commission Delegated Regulation (EU) of 25 May 2023 supplementing the Investment Firms Directive with regard to regulatory technical standards specifying the measurement of risks or elements of risks not covered or not sufficiently covered by the own funds requirements set out in parts three and four of … Continue Reading