The Netherlands (and EU regulation)

ECB speech on supervisory priorities and annual report for 2018 supervisory activities

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 21 March 2019, the European Central Bank (ECB) published a speech by its Supervisory Board Chair, Andrea Enria, following the publication of its 2018 annual report on supervisory activities. Alongside an overview of work conducted in 2018, Mr Enria discusses the ECB’s supervisory priorities for 2019: credit risk: the ECB will continue to promote … Continue Reading

DNB first central bank to sign Principles for Responsible Investment

Nikolai de Koning (NL)By Nikolai de Koning (NL) on Posted in Banking, DNB/AFM, General, The Netherlands
On 20 March 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it has signed the Principles for Responsible Investment (PRI) as part of its new Corporate Social Responsibility (CSR) strategy. By doing so DNB, has committed itself to integrate six environmental, social and governance (ESG) principles in its investment practices. DNB is … Continue Reading

European Commission consults on draft Implementing Decisions under BMR

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 19 March 2019, the European Commission published for consultation the following draft Implementing Decisions under the Benchmarks Regulation (BMR): Commission Implementing Decision (EU) on the equivalence of the legal and supervisory framework applicable to benchmarks in Singapore in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council, and annex; and … Continue Reading

Updated EBA methodological guide on risk indicators and detailed risk analysis tools

Luke RodgersBy Luke Rodgers on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 20 March 2019, the European Banking Authority (EBA) published an updated methodological guide on risk indicators and detailed risk analysis tools. The updated guide includes additional indicators based on IFRS 9 information, as well as other indicators to better understand institutions’ profitability, exposures to sovereign counterparties and own funds requirements for operational risk, among … Continue Reading

ESRB Recommendation on EU macro-prudential policy framework published in OJ alongside MiFID II Delegated Regulations

Imogen Garner (UK)By Imogen Garner (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 20 March 2019, there was published in the Official Journal of the EU (OJ): Recommendation of the European Systemic Risk Board of 15 January 2019 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macro-prudential policy measures. This Recommendation amends Recommendation ESRB/2015/2 by recommending that relevant authorities reciprocate certain … Continue Reading

Basel Committee and EBA report on Basel III monitoring exercise as of 30 June 2018

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 20 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published the results of its Basel III monitoring exercise, based on data as of 30 June 2018. Data is provided for a total of 189 banks, including 106 large internationally active banks. These “Group 1” banks are defined as internationally active banks that have … Continue Reading

ESMA results of MiFID II annual calculations of LIS and SSTI thresholds for bonds for 2019/20

Hannah Meakin (UK)Catherine Blake (UK)By Hannah Meakin (UK) and Catherine Blake (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 19 March 2019, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The results are published on a per bond-type basis in excel format in the Annual transparency calculations for non-equity instruments register . … Continue Reading

Basel Committee report on proportionality in bank regulation and supervision

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 19 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a report on proportionality in bank regulation and supervision. The report summarises the responses received to the Basel Committee’s survey on the same topic by member jurisdictions and participants of the Basel Consultative Group. The Basel Committee found that the majority of … Continue Reading

EBA goes live with its central register of payment and electronic money institutions under PSD2

Albert Weatherill (UK)Simon Lovegrove (UK)By Albert Weatherill (UK) and Simon Lovegrove (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 18 March 2019, the European Banking Authority (EBA) launched its central electronic register under the revised Payments Services Directive (PSD2). The statutory basis of the register is Article 15(1) of the PSD2. This requires the EBA to develop, operate and maintain an electronic central register that contains information as notified by competent authorities. The … Continue Reading

Brexit: Doing business in the EU – Updated

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Brexit, Brexit, France, General, Germany, Italy, The Netherlands, United Kingdom, United States
Denmark: updated 18 March 2019 Germany: updated 18 March 2019 Sweden: updated 21 March 2019 Italy: updated 22 March 2019 We have produced a colour coded heat map and table identifying the temporary emergency measures being implemented in EEA jurisdictions, and how financial services provides can benefit from these measures. We recommend that this resource be read in conjunction … Continue Reading

EBA report on convergence of supervisory practices

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 15 March 2019, the European Banking Authority (EBA) published its fourth report on the convergence of supervisory practices and its activities carried out in 2018 to promote convergence. Key points to note from the EBA’s analysis of supervisory practices include: in 2018, a good degree of progress was made by the competent authorities in … Continue Reading

European Commission Communication on progress on developing the CMU

Imogen Garner (UK)Hannah Meakin (UK)By Imogen Garner (UK) and Hannah Meakin (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom
On 15 March 2019, the European Commission published a communication on its progress on developing the Capital Markets Union (CMU). The communication outlines the rationale of the CMU, as well as the progress achieved so far in developing the CMU. The communication makes three conclusions: the European Commission has now delivered the measures it committed … Continue Reading

Commission Delegated Regulation on PSD2 electronic central register

Albert Weatherill (UK)Simon Lovegrove (UK)By Albert Weatherill (UK) and Simon Lovegrove (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing the revised Payment Services Directive (PSD2) with regard to RTS setting technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and … Continue Reading

Commission Implementing Regulation on ITS with regard to the details and structure of the information to be notified in payment services

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2019/410 of 29 November 2018 laying down implementing technical standards with regard to the details and structure of the information to be notified, in the field of payment services, by competent authorities to the EBA pursuant … Continue Reading

ECB announces publication date of the euro short-term rate

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 14 March 2019, the European Central Bank announced that it will start publishing the euro short-term rate as of 2 October 2019. The rate will be available by 9:00am CET on each TARGET2 business day, based on actual individual transactions from the previous day. It will be published on the ECB’s website, via the … Continue Reading

Delegated Regulation extending MiFIR trade transparency exemption to People’s Bank of China

Jochen Vester (UK)Hannah Meakin (UK)By Jochen Vester (UK) and Hannah Meakin (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 14 March 2019, the European Commission adopted a Delegated Regulation that amends Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR. The Commission has also published an Annex to the adopted Delegated Regulation, which replaces the current Annex to Commission … Continue Reading

Jurisdictions move forward towards implementing standards for payment, clearing and settlement

Jochen Vester (UK)Hannah Meakin (UK)By Jochen Vester (UK) and Hannah Meakin (UK) on Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom
On 14 March 2019, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions jointly published an update on the progress jurisdictions have made in implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. The information is based on self-assessments made by individual … Continue Reading

CMU: Presidency and European Parliament reach provisional deal on clearing house rules

Hannah Meakin (UK)Catherine Blake (UK)By Hannah Meakin (UK) and Catherine Blake (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 13 March 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on legislative amendments to EMIR as to how EU and third country clearing houses should be supervised in the future. The provisional agreement will now need to be confirmed by EU ambassadors. … Continue Reading

Commission adopts Delegated Regulation on PSD2 central contact point

Albert Weatherill (UK)Simon Lovegrove (UK)By Albert Weatherill (UK) and Simon Lovegrove (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 14 March 2019, the European Commission adopted a draft Delegated Regulation supplementing the revised Payment Services Directive (PSD2). The draft Delegated Regulation contains regulatory technical standards specifying the criteria for appointing central contact points within the field of payment services and on the functions of those central contact points. The Council of the EU … Continue Reading

EP non-objection to Delegated Regulation amending MiFID II tick size regime

Hannah Meakin (UK)Imogen Garner (UK)By Hannah Meakin (UK) and Imogen Garner (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 13 March 2019, the European Parliament (EP) published a provisional version of a decision raising no objections to a Delegated Regulation amending Delegated Regulation (EU) 2019/2579 as regards the possibility to adjust the average daily number of transactions for a share where the trading venue with the highest turnover of that share is located … Continue Reading

ESMA includes MiFID II and MiFIR in interactive single rulebook

Hannah Meakin (UK)Imogen Garner (UK)By Hannah Meakin (UK) and Imogen Garner (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 14 March 2019, the European Securities and Markets Authority (ESMA) updated its interactive single rulebook to include all level 2 and level 3 measures related to MiFID II and MiFIR. The Interactive Single Rulebook, launched by ESMA in February 2018, is an on-line tool that provides an overview of all level 2 and level 3 … Continue Reading

BIS committees report on central bank digital currencies

Albert Weatherill (UK)Simon Lovegrove (UK)By Albert Weatherill (UK) and Simon Lovegrove (UK) on Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom
On 13 March 2019, the Markets Committee and Committee on Payments and Market Infrastructures of the Bank for International Settlements (BIS committees) published a report on central bank digital currencies (CBDCs). The report follows work from the BIS committees on CBDCs in which they analysed the potential implications for payment systems, monetary policy implementation and … Continue Reading

Basel Committee statement on crypto-assets

Simon Lovegrove (UK)Albert Weatherill (UK)By Simon Lovegrove (UK) and Albert Weatherill (UK) on Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom
On 13 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a statement on crypto-assets. In recognition that crypto-assets do not reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value, the Basel Committee’s statement sets out its prudential expectations related … Continue Reading
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