The Netherlands (and EU regulation)

Commission adopts Implementing Decision on amending supervisory reporting of institutions under CRR

On 14 February 2020, the European Commission adopted an Implementing Regulation that amends Implementing Regulation (EU) No 680/2014 laying down implementing technical standards (ITS) with regard to supervisory reporting of institutions according to the Capital Requirements Regulation, together with related annexes. The Implementing Regulation makes certain changes to supervisory reporting requirements concerning: Common reporting (COREP) … Continue Reading

EP resolution: proposed mandate for negotiations for a new partnership with the UK

By Simon Lovegrove (UK) on February 14, 2020 Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom

On 12 February 2020, the European Parliament (EP) published the text of a resolution concerning the proposed mandate for negotiations for the EU’s new partnership with the UK. The resolution notes that whilst the EP is supportive of the EU constructively negotiating a balanced, ambitious and comprehensive free trade agreement with the UK, by its … Continue Reading

AFME updates model equity selling restrictions

By Imogen Garner (UK) and Iona Wright (UK) on February 13, 2020 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 9 February 2020, the Association for Financial Markets in Europe (AFME) published a revised version of its model equity selling restrictions to reflect the UK’s withdrawal from the EU until the end of the implementation period. The updated version of the equity selling restrictions are in substantially the same form as the version published … Continue Reading

IOSCO publishes key considerations for regulating crypto-asset trading platforms

By Albert Weatherill (UK) and Joe Bamford (UK) on February 13, 2020 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 12 February 2020, the International Organization of Securities Commissions (IOSCO) published a final report on issues, risks and regulatory considerations relating to crypto-asset trading platforms (CTPs). The key considerations relate to: access to CTPs; safekeeping of participant assets, including custody arrangements; identification and management of conflicts of interest; transparency of operations; market integrity, including … Continue Reading

ISDA legal guidelines for smart derivatives contracts

By Hannah McAslan (UK) and Hannah Meakin (UK) on February 13, 2020 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 10 February 2020, the International Swaps and Derivatives Association (ISDA) published the fourth in a series of legal guidelines for smart derivatives contracts. The ISDA Legal Guidelines for Smart Derivatives Contracts – Equities (2020): provide an overview of equity derivatives transactions and different product types; explain how equity derivatives transactions are documented under both … Continue Reading

EBA consults on guidelines on appropriate subsets of sectoral exposures in the application of the systemic risk buffer

By Jochen Vester (UK) and Simon Lovegrove (UK) on February 13, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 12 February 2020, the European Banking Authority (EBA) launched a consultation on draft guidelines on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer (SyRB) in accordance with the Capital Requirements Directive V (CRD). The EBA is mandated under Article 133(6) of the CRD V … Continue Reading

Commission sends AML letters of formal notice to 8 member states

By Simon Lovegrove (UK) on February 13, 2020 Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, The Netherlands, United Kingdom

On 12 February 2020, the European Commission (Commission) published a press release outlining the key infringement decisions it has taken in February 2020. Among other things, the Commission has sent letters of formal notice to 8 member states urging them to transpose the Fifth Anti-Money Laundering Directive (5MLD). The member states are: Cyprus, Hungary, the … Continue Reading

Commission consults on strengthening AML framework

By John Coley (UK) and Lisa Lee Lewis (UK) on February 13, 2020 Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, The Netherlands, United Kingdom

On 12 February 2020, the European Commission (Commission) published a roadmap for a proposed communication highlighting the areas in which it intends to focus on to address deficiencies in the EU’s anti-money laundering (AML) framework. The Commission published an analysis of money laundering scandals in July 2019 which illustrated the cross-border nature of money laundering, … Continue Reading

Act implementing CRD V and CRR II published for consultation

By Nikolai de Koning (NL) on February 13, 2020 Posted in Banking, Capital adequacy, The Netherlands

On 12 February 2020, the draft Act implementing capital requirements 2020 (Implementatiewet kapitaalvereisten 2020, the Draft Act) was published for public consultation. The Draft Act contains changes to the Act on the Financial Supervision (Wet op het financieel toezicht) which are necessary to implement: Directive (EU) 2019/878 of the European Parliament and of the Council … Continue Reading

Final EBA opinion on deposit guarantee schemes pay outs

By Simon Lovegrove (UK) on February 12, 2020 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

Article 19(6) of the Deposit Guarantee Schemes Directive (DGSD) requires the European Commission to submit to the European Parliament and to the Council a report on the progress towards the implementation of the Directive. To support the Commission in meeting this obligation, the European Banking Authority (EBA) committed to drafting three opinions on the DGSD. … Continue Reading

ESG in asset management – new webinar

By Imogen Garner (UK), Caroline Herkströter, Floortje Nagelkerke (NL) and Daniel Nevzat (UK) on February 11, 2020 Posted in ESG, ESG, ESG, Germany, The Netherlands, United Kingdom

As demand for environmental, social and governance (ESG) investments increases, we consider what is driving demand, and the implications for asset managers, including changes to their duties and disclosure obligations. This webinar focuses on developments in the EU, with a particular focus on the UK, the Netherlands and Germany. The webinar can be found on … Continue Reading

ESMA and Commission confirm non-EU AIFs not subject to SFTR reporting obligations

By Hannah Meakin (UK) and Jochen Vester (UK) on February 11, 2020 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 10 February 2020, the International Securities Lending Association (ISLA) submitted a letter to the European Commission and the European Securities and Markets Authority (ESMA) regarding the Regulation on reporting and transparency of securities financing transactions (SFTR). Specifically the letter concerned the SFTR scope of non-EU alternative investment funds (non-EU AIFs), and its conflict in … Continue Reading

Monthly global FinTech regulatory updater

By Hannah Meakin (UK), Sean Murphy (UK) and Imogen Garner (UK) on February 11, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

New briefing note available – IFR/IFD: Remuneration requirements for EU investment firms

By Simon Lovegrove (UK) and Jochen Vester (UK) on February 10, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Investment firms, Italy, The Netherlands, United Kingdom

Our latest briefing note concerning the remuneration requirements for EU investment firms under the Investment Firms Regulation and Investment Firms Directive is now available here.… Continue Reading

ESMA issues latest double volume cap data

By Hannah Meakin (UK) and Hannah McAslan (UK) on February 10, 2020 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 7 February 2020, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under MiFID II. The update includes DVC data and calculations for the period 1 January 2019 to 31 December 2019 as well as updates to already published DVC periods.… Continue Reading

ESMA issues opinions on position limits under MiFID II

On 7 February 2020, the European Securities and Markets Authority (ESMA) published seven opinions on position limits regarding commodity derivatives under MiFID II / MiFIR. The opinions agree with the proposed position limits regarding: ICE Endex Dutch TTF Gas contracts; EEX Phelix DE Base Power contracts; EEX Capesize TC5 Freight contracts; EEX Spanish Power Base … Continue Reading

ISDA updates IBOR Fallback Rate Adjustments FAQs and workstreams table

By Hannah Meakin (UK) and Imogen Garner (UK) on February 7, 2020 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 6 February 2020, the International Swaps and Derivatives Association (ISDA) published an updated version of its FAQs on IBOR Fallback Rate Adjustments. The FAQs insert a new question and answer on whether fallbacks are “benchmarks” for regulatory purposes. ISDA responds to this question by stating: It is important to keep in mind that the … Continue Reading

ESMA publishes the final report on MiFIR alignments following the introduction of EMIR Refit

By Hannah Meakin (UK) and Jochen Vester (UK) on February 7, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 7 February 2020, the European Securities and Markets Authority (ESMA) published a final report suggesting amendments to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR) following the introduction of EMIR Refit. The European Market Infrastructure Regulation (EMIR) has been amended by EMIR Refit. The changes introduced by EMIR Refit concern inter-alia … Continue Reading

ESMA statement on the state of play of implementing a supervisory approach to pre-trade transparency requirements in commodity derivatives

By Hannah McAslan (UK) and Hannah Meakin (UK) on February 7, 2020 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 February 2020, the European Securities and Markets Authority (ESMA) published a statement providing an update on the progress made on implementing its supervisory briefing on pre-trade transparency in commodity derivatives under MiFIR, which was published in June 2019. In the statement, ESMA explains that all Member State national competent authorities (NCAs), except for … Continue Reading

ESMA sets out strategy on sustainable finance

By Imogen Garner (UK) and Iona Wright (UK) on February 7, 2020 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 6 February 2020, the European Securities and Markets Authority (ESMA) announced its strategy on sustainable finance, setting out how the European Supervisory Authority will place sustainability at the core of its activities by embedding environmental, social and governance (ESG) factors at the forefront of its work. The key priorities for ESMA highlighted in the … Continue Reading

ESMA launches common supervisory action with NCAs on MiFID II suitability rules

By Matthew Gregory (UK) and Joe Bamford (UK) on February 6, 2020 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 5 February 2020, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) with Member State national competent authorities (NCAs) concerning the application of the suitability requirements under the MiFID II Directive. The CSA will enable ESMA and the NCAs to assess the progress made by intermediaries in … Continue Reading

ESRB letter on issues raised with AIFMD

By Iona Wright (UK) and Imogen Garner (UK) on February 6, 2020 Posted in France, Germany, Italy, The Netherlands, United Kingdom

On 5 February 2020, the European Systemic Risk Board (ESRB) published a letter to John Berrigan, Director General for Financial Stability, Financial Services and Capital Markets Union at the European Commission, regarding shortcomings of the current framework of the Alternative Investment Fund Managers Directive (AIFMD). The letter highlights areas for improvement in AIFMD reporting ahead … Continue Reading

EBA report on competent authorities approach to AML/CTF banking supervision

By John Coley (UK) and Lisa Lee Lewis (UK) on February 6, 2020 Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 5 February 2020, the European Banking Authority (EBA) published a report on competent authorities’ approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. The report summarises the findings from the first year of ongoing reviews of all competent authorities responsible for AML/CFT supervision of banks in the EU. In … Continue Reading

EBA to update AML and CTF risk factor guidelines

By Simon Lovegrove (UK) on February 6, 2020 Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 5 February 2020, the European Supervisory Authorities (ESAs) jointly published a consultation paper seeking to revise the guidelines that set out factors that firms should consider when assessing the money laundering and terrorist financing (ML / TF) risk associated with their business, and with a business relationship or an occasional transaction with any natural … Continue Reading