The Netherlands (and EU regulation)

Joint Committee of ESAs publishes 2018 work programme

  The Joint Committee of the European Supervisory Authorities (ESAs) has published its work programme for 2018. In 2018, the Joint Committee of the ESAs will give priority to cross-sectoral risks, consumer protection, anti-money laundering, financial conglomerates and accounting and audit.… Continue Reading

Commission adopts Implementing Regulation on ITS on supervisory reporting to reflect operational risk, sovereign exposures and additional monitoring metrics for liquidity reporting

  The European Commission has adopted Commission Implementing Regulation (EU)…/… of xxx amending the Implementing Regulation (EU) No 680/2014 (laying down implementing technical standards with regard to supervisory reporting of institutions according to the Capital Requirements Regulation) as regards templates and instructions. The amended requirements will apply as of 1 March 2018. View Commission Implementing … Continue Reading

ESMA updates Q&As on MiFID II market structures and transparency

  The European Securities and Markets Authority has published an updated version of its Q&As on MiFID II / MiFIR market structures topics. The update includes Q&As on:… Continue Reading

ECB criticises UK banks’ relocation plans

  The European Central Bank (ECB) has published an article entitled Brexit: an ECB supervision perspective. In its article, the ECB states that elements of certain banks’ plans do not meet the ECB’s expectations or the requirements for banks operating in the euro area. … Continue Reading

EBA peer review report on guidelines on criteria for identifying O-SIIs

The European Banking Authority (EBA) has published a final peer review report that presents the outcomes of the ongoing review exercise on the Guidelines on the criteria to determine the conditions of application of Article 131(3) of Capital Requirements Directive IV in relation to the assessment of other systemically important institutions (Guidelines).… Continue Reading

EPC updates interbank implementation guidelines for SEPA instant credit transfer scheme and credit transfer scheme

The European Payments Council (EPC) has published the following updated versions of its interbank implementation guidelines for the Single Euro Payments Area (SEPA): SEPA instant credit transfer scheme interbank implementation guidelines – version 1.2. The objective of these guidelines is to define the rules to be applied to the interbank ISO 20022 XML message standards … Continue Reading

ECB TARGET2 decisions and guideline published in OJ

There has been published in the Official Journal of the European Union (OJ), the following decisions and guideline: Decision (EU) 2017/20180 of the European Central Bank (ECB) of 22 September 2017 amending Decision ECB/2010/9 on access to and use of certain TARGET2 data. The Decision enters into force on 15 November 2017; Decision (EU) 2017/2081 … Continue Reading

ESMA updates Q&As on MiFIR data reporting

The European Securities and Markets Authority has published updated Q&As on MiFID II and MiFIR data reporting topics. New questions and answers have been added on: transaction reporting for primary issuances; corporate events; portfolio management; and swaps related to indices. View ESMA updates Q&As on MiFIR data reporting, 14 November 2017… Continue Reading

ESMA updates Q&As on MiFID II/MiFIR commodity derivatives

The European Securities and Markets Authority has published updated Q&As on MiFID II and MiFIR commodity derivatives topics. New questions and answers have been added on: position limits; ancillary activities; and position reporting. View ESMA updates Q&A on MiFID II commodity derivatives, 14 November 2017… Continue Reading

ESMA clarifies trading obligation for shares under MiFID II

The European Securities and Markets Authority (ESMA) has updated its Q&As on transparency in order to clarify the application of the trading obligation for shares to trade certain instruments on-venue. The updated Q&A contains the following question: “What is the scope of the trading obligation where there is a chain of transmission of orders?” ESMA’s … Continue Reading

Commission adopts Delegated Regulations setting out RTS on valuation under BRRD

The European Commission has adopted the following Delegated Regulations setting out regulatory technical standards (RTS) on valuation under the Bank Recovery and Resolution Directive (BRRD): Commission Delegated Regulation (EU) No …/… supplementing the BRRD with regard to RTS specifying the criteria relating to the methodology for assessing the value of assets and liabilities of institutions … Continue Reading

DNB letter regarding changes to supervisory framework for proprietary traders

On 13 November 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) circulated a letter on amendments that will be made to the regulatory framework for the so-called local firms (plaatselijke ondernemingen) (the Letter). In its letter, DNB states that investment firms holding a licence to perform the investment activity of “proprietary trading” only since … Continue Reading

Official Journal: Delegated Regulation on RTS on co-operation and exchange of information for passporting under PSD2

There has been published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right … Continue Reading

Public consultation on institutional investors and asset managers’ duties regarding sustainability

The European Commission has issued a consultation document concerning institutional investors and asset managers’ duties regarding sustainability. The purpose of the consultation document is to gather information on how asset managers and institutional investors could include environmental, social and governance factors when taking decisions. The may help them allocate capital more efficiently by taking into … Continue Reading

EBA publishes final guidance on connected clients

The European Banking Authority (EBA) has published final guidelines on connected clients under Article 4(1)(39) of the Capital Requirements Regulation (CRR). The guidelines apply from 1 January 2019 and replace the ‘Guidelines on the implementation of the revised large exposures regime’ issued by the Committee of European Banking Supervisors on 11 December 2009. The guidelines … Continue Reading

ESMA highlights ICO risks for investors and firms

The European Securities and Markets Authority (ESMA) has issued two statements on initial coin offerings (ICOs), one on the risks of ICOs for investors and one on the rules applicable to firms involved in ICOs. In the statement for firms, ESMA states that depending on how they are structured, ICOs may fall outside the regulatory … Continue Reading

Official Journal: Regulation amending EuVECA Regulation and EuSEF Regulation

Earlier this year we blogged that the European Commission had reached agreement with the Council of the EU and the European Parliament concerning amendments to the Regulation on European venture capital funds and the Regulation on European social entrepreneurship funds. The objective of the reforms is to improve access to finance for small and growing … Continue Reading

ESMA updates its Q&As on MiFID II / MiFIR investor protection topics

The European Securities and Markets Authority has updated its MiFID II / MiFIR Q&As on investor protection topics. The following investor protection topics have been updated: record keeping; post-sale reporting; and inducements. Answers to the following questions have been added to the inducements section: Does Article 24(9) of MiFID II also apply to payments made … Continue Reading

ECB opinion on amendments to the EU framework for capital requirements of credit institutions and investment firms

The European Central Bank (ECB) has published an opinion that discusses: changes to the existing EU regulatory and supervisory framework. This section includes a discussion of the following topics: (i) proposed amendments to the implementation of the Pillar 2 requirements of the Basel III framework in the CRD IV; (ii) cross-border waiver for prudential requirements; … Continue Reading

Commission services consultation on minimum levels of bank capital to cover for future losses on new loans that become non-performing

As announced in its Communication on completing the Banking Union, the European Commission is preparing a report on tackling potential under-provisioning for new loans that turn non-performing. The report will cover the possibility of introducing statutory prudential backstops in the form of compulsory and time-bound prudential deductions of non-performing loans (NPLs) from own funds to … Continue Reading

Official Journal: Corrigendum to Delegated Regulation relating to passporting under MiFID II

There was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing MiFID II with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions. The corrigendum makes a minor amendment to Article 5(b) of the … Continue Reading

AFM issues warning for ICOs

On 13 November 2017, the AFM issued a press release in which it warns about the risks of Initial Coin Offerings (ICOs). In its press release, the AFM states that the issuance of digital tokens primarily for the purpose of financing start-ups is currently vulnerable to deception, scams and manipulation. The AFM believes that the … Continue Reading

EBA launches consultation on technical standards specifying the methods of prudential consolidation

The European Banking Authority (EBA) has issued a consultation on draft regulatory technical standards (RTS) specifying the different methods of prudential consolidation, which can be applied when certain conditions and criteria are met. The EBA has developed the draft RTS in accordance with the mandate in Article 18(7) of the Capital Requirements Regulation (CRR) pursuant … Continue Reading
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