The Netherlands (and EU regulation)

PRA statement on deposit takers’ approach to dividend payments, share buybacks and cash bonuses in response to COVID-19

By Jochen Vester (UK) and Simon Lovegrove (UK) on April 2, 2020 Posted in Coronavirus

On 31 March 2020, the PRA issued a statement welcoming the decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020, and to cancel payments of any outstanding 2019 dividends in response to a request from it. The PRA also expects banks not … Continue Reading

ESMA publishes advice on fines and penalties for third country CCPs

By Hannah McAslan (UK) on April 1, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2020, the European Securities and Markets Authority (ESMA) published its final technical advice to the European Commission on procedural rules for imposing fines and penalties on third country central counterparties and alignment of those for trade repositories and credit rating agencies. ESMA’s final technical advice covers: the right to be heard by … Continue Reading

ESMA consults on standardised information to facilitate cross-border funds distribution

By Imogen Garner (UK) and Iona Wright (UK) on April 1, 2020 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2020, the European Securities and Markets Authority (ESMA) launched a consultation paper on the standard forms, templates, and procedures that Member State national competent authorities (NCAs) should use to publish information on their websites to facilitate cross-border distribution of funds. The consultation paper represents the first stage in the development of draft … Continue Reading

ESMA update on reporting under the MMF Regulation

On 31 March 2020, the European Securities and Markets Authority (ESMA) announced that it was delaying the first reports by money market funds managers under the Money Market Funds Regulation (MMF Regulation) until September 2020. The original date for submissions was April 2020. The amended XML schema and reporting instructions will be published shortly on … Continue Reading

Signatories to the UN Principles for Responsible Banking publish a portfolio impact analysis tool for banks

By Imogen Garner (UK) and Iona Wright (UK) on April 1, 2020 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2020, the United Nations Environment Programme Finance Initiative (UNEP FI) announced that a community of signatories to the Principles for Responsible Banking and UNEP FI member banks had developed a portfolio impact analysis tool for banks (the Tool) together with a guidance document. The Tool guides banks through a holistic analysis of … Continue Reading

Implementing Regulation amending ITS on supervisory reporting under CRR

By Jochen Vester (UK) on April 1, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 30 March 2020, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2020/429 of 14 February 2020 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council. … Continue Reading

EBA final draft RTS on key areas for implementing FRTB

By Jochen Vester (UK) and Simon Lovegrove (UK) on March 31, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Banking Authority (EBA) published final draft regulatory technical standards (RTS) on the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB). These final draft RTS have been developed according to Articles 325bd(7), 325be(3), 325bf(9), 325bg(4) of the Capital Requirements Regulation as amended by the … Continue Reading

ESMA final draft RTS for CCP colleges under EMIR 2.2

By Hannah Meakin (UK) and Hannah McAslan (UK) on March 31, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 30 March 2020, the European Securities and Markets Authority (ESMA) published its final report containing draft amendments to the regulatory technical standards (RTS) incorporated in Commission Delegated Regulation (EU) No 876/2013 on colleges for central counterparties (the Delegated Regulation). The Delegated Regulation has been developed by ESMA and adopted by the European Commission in … Continue Reading

ECB recommendation to delay dividends until October 2020

By Jochen Vester (UK) and Simon Lovegrove (UK) on March 31, 2020 Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Central Bank (ECB) updated its recommendation to banks on dividend distributions. The ECB recommends that at least until 1 October 2020 no dividends are paid out and no irrevocable commitment to pay out dividends is undertaken by credit institutions for the financial year 2019 and 2020 and that credit … Continue Reading

Dutch Minister of Finance answer questions on potential liquidity issues in the financial sector due to COVID-19

By Nikolai de Koning (NL) on March 31, 2020 Posted in Coronavirus, DNB/AFM, Securities/Capital markets, The Netherlands

On 27 March 2020, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament containing answers to questions raised by members of the Dutch Parliament on potential liquidity issues in the financial sector as a result of the COVID-19 crisis. The questions in the letter among other things relate to the … Continue Reading

ESMA consults on guidance to address leverage risk under the AIFMD

By Iona Wright (UK) and Imogen Garner (UK) on March 30, 2020 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Securities and Markets Authority (ESMA) issued a public consultation on draft guidelines to address leverage risks in the alternative investment fund sector. The consultation has been drafted in response to a recommendation by the European Systemic Risk Board for ESMA to produce guidance on Article 25 of the Alternative … Continue Reading

ESMA confirms application date of equity transparency calculations

By Hannah McAslan (UK) on March 30, 2020 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 27 March 2020, the European Securities and Markets Authority (ESMA) announced that it had decided to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged. ESMA has recently been asked by some stakeholders to postpone the date of application – required by MiFID II / MiFIR … Continue Reading

ESMA guidance on financial reporting deadlines in light of COVID-19

By Hannah McAslan (UK) on March 30, 2020 Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Securities and Markets Authority (ESMA) issued a statement on the implication of the COVID-19 pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive (TD). In the statement ESMA notes that issuers maybe prevented from fulfilling their reporting requirements due to COVID-19, … Continue Reading

ESMA consults on post-trade risk reduction services under the EMIR Refit Regulation

By Jochen Vester (UK) on March 30, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 26 March 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on post trade risk reduction services (PTRR) under the European Market Infrastructure Regulation (EMIR). ESMA is mandated to provide a final report to the European Commission, in cooperation with the European Systemic Risk Board, on whether any trades that directly … Continue Reading

ESMA consults on draft technical standards relating to trade repositories under EMIR Refit Regulation

By Hannah Meakin (UK) on March 30, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 26 March 2020, the European Securities and Markets Authority (ESMA) launched a consultation paper on draft Regulatory and Implementing Technical Standards (RTS and ITS) under Regulation (EU) 2019/834 (EMIR REFIT). The ESMA consultation paper covers the technical standards on reporting requirements, procedures to reconcile and validate the data and access by relevant authorities under … Continue Reading

Delegated Regulation amending RTS on risk mitigation techniques on uncleared OTC derivatives under EMIR in context of STS securitisations published in OJ

On 27 March 2020, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2020/448 amending Commission Delegated Regulation (EU) 2016/2251, which contains regulatory technical standards (RTS) supplementing the European Market Infrastructure Regulation on risk mitigation techniques for over-the-counter derivative contracts, in connection with certain simple, transparent and standardised securitisations for … Continue Reading

Delegated Regulation with RTS specifying criteria for arrangements to mitigate CCP credit risk associated with covered bonds and securitisations under EMIR published in OJ

On 27 March 2020, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2020/447 supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards on the specification of criteria for establishing the arrangements to adequately mitigate counterparty credit risk associated with covered bonds and securitisations and amending Delegated … Continue Reading

Basel Committee announces deferral of Basel III implementation

By Simon Lovegrove (UK) on March 30, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the Basel Committee on Banking Supervision (Basel Committee) announced the following changes to its implementation timeline of the outstanding Basel III standards: implementation date of the Basel III standards finalised in December 2017 has been deferred by one year to 1 January 2023. The accompanying transitional arrangements for the output floor … Continue Reading

Short selling update

By Hannah McAslan (UK) on March 30, 2020 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

As market volatility has increased in the wake of the Covid-19 outbreak, several competent authorities have imposed bans on short sales in certain shares. Approach taken by the FCA To date, the FCA has introduced only temporary prohibitions on short selling in certain listed instruments, on the 13 and 17 March 2020, as set out … Continue Reading

Are you prepared for the new EU prudential regime impacting investment firms?

By Jochen Vester (UK) on March 27, 2020 Posted in France, Germany, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

Read Jochen Vester’s analysis which features in the latest issue of Citibank’s ‘Global Fiduciary and Trustee Services news and views’. To help our financial services clients navigate the implications of the new prudential regime, we have created an IFR transition hub on the NRF Institute. The hub includes our latest views and analysis on regulatory … Continue Reading

ESMA and FCA revise supervisory approach to SFTR reporting obligations

By Jochen Vester (UK) and Hannah McAslan (UK) on March 27, 2020 Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom

On 26 March 2020, the European Securities and Markets Authority (ESMA) issued a revised version of its earlier statement on coordinated supervisory actions on the application of the Securities Finance Transactions Regulation (SFTR). The revised statement clarifies that SFTs concluded between 13 April 2020 and 13 July 2020 and SFTs subject to backloading under the … Continue Reading

AFM suspends large data requests from financial undertakings until 1 June 2020

By Nikolai de Koning (NL) on March 27, 2020 Posted in Coronavirus, DNB/AFM, Regulation and compliance, The Netherlands

On 26 March 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item stating that due to the impact of the coronavirus it will be suspending large data requests to financial undertakings until 1 June 2020. The AFM wants to give the financial sector space to fully focus … Continue Reading

DNB postpones reporting periods for insurers due to COVID-19

By Floortje Nagelkerke (NL) on March 27, 2020 Posted in DNB/AFM, Insurance, Regulation and compliance, The Netherlands

On 25 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on postponing the reporting periods for insurers due to the COVID-19 outbreak. DNB follows the recommendations published on 20 March 2020 by the European Insurance and Occupational Pensions Authority (EIOPA) on supervisory flexibility regarding the deadline of supervisory reporting … Continue Reading

ESMA guidance on accounting implications of COVID-19

By Iona Wright (UK) on March 26, 2020 Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom

On 25 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement designed to promote consistent application of International Financial Reporting Standards (IFRS) in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 pandemic. The statement addresses in particular … Continue Reading