The Netherlands

Topic: Collective investment schemes

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DNB on the application of IFD/IFR to managers of AIFs and UCITS

On 20 July 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a supervisory regulation clarifying the application of the Investment Firm Regulation (IFR) to managers of alternative investment funds (AIFs) and undertakings for the collective investment in transferable securities (UCITS) (Managers) for public consultation (the Supervisory Regulation). The Supervisory Regulation is being published … Continue Reading

Draft Directive amending UCITS IV Directive as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities

On 16 July 2021, the European Commission adopted a Directive that amends the UCITS IV Directive as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS). Article 32 of Regulation No 1286/2014 on key information documents for packaged retail and insurance-based investment products provides for … Continue Reading

Good practices and Q&A document on integration of climate-related and environmental risks by investment firms and (managers of) investment funds

On 16 July 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a consultation version of a good practices and Q&A document on the integration of climate-related and environmental risks in the risk management of investment firms and (managers of) investment funds (the Good Practices Document). According to DNB, climate-related and environmental risks can … Continue Reading

ESMA publishes first overview of national rules governing fund marketing

On 1 July 2021, the European Securities and Markets Authority (ESMA) published its first report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds. Specifically, the report presents an overview of marketing requirements referred to in Article 5(1) of the Regulation in all Member States and contains … Continue Reading

FSB consults on MMF resilience

On 30 June 2021, the Financial Stability Board issued a consultation report setting out policy proposals to enhance money market fund (MMF) resilience, including with respect to the appropriate structure of the sector and of underlying short-term funding markets. The report considers the likely effects of a broad range of policy options to address MMF … Continue Reading

Guidelines on stress test scenarios under the MMF Regulation

On 29 June 2021, the European Securities and Markets Authority (ESMA) published guidelines that apply in relation to Article 28 of the Money Market Funds Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) or managers of MMFs in accordance … Continue Reading

Public consultation concerning the decree on registration of UBOs of trusts and similar legal arrangements

On 28 June 2021, the Implementation decree concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiebesluit registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Decree) was published for public consultation by the Dutch Minster of Finance. The Implementation Decree, together with the Implementation act concerns the registration of … Continue Reading

ESMA guidelines under Article 25 AIFMD

On 23 June 2021, the European Securities and Markets Authority’s guidelines on Article 25 of the Alternative Investment Fund Managers Directive were translated into the official EU languages. The guidelines apply from 23 August 2021.… Continue Reading

Commission proposes amendments to the Delegated Regulation on investment requirements under MMF Regulation

On 15 June 2021, the European Commission adopted a Delegated Regulation amending Delegated Regulation 2018/990 with regard to requirements for assets received by money market funds as part of reverse repurchase agreements. The Regulation on Money Markets Funds (MMF Regulation) lays down rules on authorisation of money market funds that cover, among other things, eligible … Continue Reading

Published in OJ – Commission Implementing Regulation setting out ITS under the Regulation on cross-border distribution of investment funds

On 15 June 2021, there was published in the Official Journal of the EU Commission Implementing Regulation (EU) 2021/955 of 27 May 2021 setting out implementing technical standards (ITS) in accordance with Articles 5(3), 10(3) and 13(3) of the Regulation on cross-border distribution of investment funds. The ITS in the Commission Implementing Regulation concern the … Continue Reading

ESMA opinion – collection of information for the effective monitoring of systemic risk under Article 24(5) AIFMD

On 28 May 2021, the European Securities and Markets Authority (ESMA) updated its opinion on the collection of information for the effective monitoring of systemic risk under Article 24(5), first sub-paragraph, of the Alternative Investment Fund Managers Directive (AIFMD). In the updated opinion ESMA provides additional information that Member State competent authorities could require alternative … Continue Reading

ESMA publishes guidance on funds’ marketing communications

On 27 May 2021, the European Securities and Markets Authority (ESMA) published a final report containing guidelines that specify the application of the requirements for marketing communications set out in Article 4(1) of the Regulation on the cross-border distribution of funds. In particular the guidelines establish common principles on the identification as such of marketing … Continue Reading

AFM sector letter for light AIFMs

On 15 April 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) sent a sector letter to alternative investment fund managers (AIFMs) falling under the so-called ‘light’ regime. ‘Light’ AIFMs are exempted from the EU Alternative Investment Fund Managers Directive’s license obligation as laid down in Article 2:65 of the Act … Continue Reading

ESMA report highlights liquidity concerns for Alternative Investment Funds

On 8 April 2021, the European Securities and Markets Authority (ESMA) issued its third annual statistical report on the alternative investment fund (AIF) sector. The report has found that the sector increased by 15% in 2019 to EUR 6.8trn in net assets from EUR 5.9trn in 2018. The main findings in the report include: The … Continue Reading

ESMA updates AIFMD Q&As

On 30 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD). ESMA has added two new Q&As on ESMA’s guidelines on performance fees in UCITS and certain types of alternative investment funds. The new Q&As provide clarification on the crystallisation of … Continue Reading

ESMA updates UCITS Q&As

On 30 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the application of the UCITS Directive. ESMA has added two new Q&As on ESMA’s guidelines on performance fees in UCITS and certain types of alternative investment funds. The Q&As provide clarification on the crystallisation of the performance fees and on … Continue Reading

ESMA consults on the framework for EU MMFs

On 26 March 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper on potential reforms of the EU Money Market Funds Regulation (MMFR). The consultation paper: Presents an overview of the EU MMF market. Describes certain key features of the issues faced by MMFs during the COVID-19 pandemic in March 2020. Presents … Continue Reading

ESMA assesses the compliance with UCITS liquidity rules and highlights areas for vigilance

On 24 March 2021, the European Securities and Markets Authority (ESMA) issued the results of its 2020 common supervisory action (CSA) on UCITS liquidity risk management. The CSA shows that the overall level of compliance with the applicable rules is satisfactory in most cases, but there is scope for improvement for some of the UCITS … Continue Reading

ESMA provides input to the Commission on improvements for ELTIFs

On 3 February 2021, the European Securities and Markets Authority (ESMA) published a letter it had sent to the European Commission concerning the review of the European Long Term Investment Funds (ELTIF) Regulation. In the letter ESMA highlights some areas of the ELTIF Regulation where improvements could be made. ESMA has issued the letter in … Continue Reading

ESMA finalises rules on standardised information to facilitate cross-border distribution of funds

On 1 February 2021, the European Securities and Markets Authority (ESMA) published a final report on implementing technical standards (ITS) under the Regulation on cross-border distribution of funds. The final report follows a consultation paper that ESMA published in March 2020 on the proposed draft ITS relating to the publications to be made by Member … Continue Reading

ESMA launches a common supervisory action with NCAs on the supervision of costs and fees of UCITS

On 6 January 2021, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State national competent authorities (NCAs) on the supervision of costs and fees of UCITS across the EU. The CSA will be conducted during 2021. The CSA will assess entities’ compliance with the … Continue Reading

ESMA publishes final guidance to address leverage risk in the AIF sector

On 17 December 2020, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on Article 25 of the Alternative Investment Fund Managers Directive (AIFMD). The objective of the guidelines is to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS) and to ensure the common, … Continue Reading

ESMA updates guidelines on stress tests for money market funds

On 16 December 2020, the European Securities and Markets Authority (ESMA) published a report containing the 2020 update of the guidelines on money market fund (MMF) stress tests. The update takes account of MMFs recent experience during March 2020, particularly in relation to redemption scenarios. The report includes: Unchanged principle-based guidelines on stress testing the … Continue Reading

ESMA updates reporting under the MMF Regulation

On 4 December 2020, the European Securities and Markets Authority (ESMA) updated its validation rules regarding the Money Market Fund Regulation (MMFR). The proposed changes are not related to the published XML schemas. The changes only provide clarifications on existing validation rules in order to fix inconsistencies or ease the understanding of the rules. It … Continue Reading
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