The Netherlands

Topic: Collective investment schemes

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ESRB announces adverse scenario for ESMA’s money market fund stress testing guidelines in 2022

On 30 November 2022, the European Systemic Risk Board (ESRB) announced the adverse scenario for the European Securities and Markets Authority’s (ESMA) money market fund (MMF) stress testing guidelines in 2022. ESMA, in cooperation with the ESRB are required by legislation to conduct stress tests to assess the resilience of financial institutions or market participants … Continue Reading

ESMA publishes final report on guidelines on stress test scenarios under the MMF regulation

On 30 November 2022, the European Securities and Markets Authority (ESMA)published a final report on guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). Article 28 of the MMF Regulation provides that ESMA shall develop guidelines with a view to establishing common reference parameters of the stress test scenarios to be … Continue Reading

AFM report on SFDR compliance

On 10 November 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an investigation it conducted on the status of compliance of financial undertakings with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, SFDR) and the related Taxonomy Regulation (Regulation (EU) 2020/852). The report covers its findings into … Continue Reading

UBO Register for trusts and similar legal constructions entered into force

On 1 November 2022, the Implementation Act concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Act) entered into force. The Implementation Act implements Article 31 of the Fifth Anti-Money Laundering Directive and introduces a central beneficial ownership register for trusts and … Continue Reading

Council of the EU announces provisional agreement reached on European long term investment funds

On 19 October 2022, the Council of the EU announced that provisional agreement had been reached on the review of the regulation on European long-term investment funds (ELTIF) in order to make these investment funds more attractive. In their alignment, the co-legislators intend to overcome a number of supply-side and demand-side limitations. They clarified in … Continue Reading

ECB opinion on a proposal for a directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

On 9 August 2022, the European Central Bank (ECB) published an opinion on a proposal for a directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds. The proposal forms part of a package of legal acts in support of the Capital … Continue Reading

European Parliament report on the proposal for a Regulation amending the ELTIF Regulation

On 1 July 2022, the European Parliament published a report on the proposed Regulation amending the European Long Term Investment Funds Regulation as regards the scope of eligible assets and investments, the portfolio composition and diversification requirements, the borrowing of cash and other fund rules and as regards requirements pertaining to the authorisation, investment policies … Continue Reading

Presidency final compromise text – Directive amending the AIFMD and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

On 21 June 2022, the Council of the European Union published the Presidency’s final compromise text for the draft Directive amending the Alternative Investment Funds Managers Directive and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds.… Continue Reading

MEPs want to revive European long-term investment funds

On 20 June 2022, the European Parliament issued an announcement stating that its Economic and Monetary Committee had adopted new rules for long-term investment funds. Lead MEP, Michiel Hoogeveen has said on the matter, ‘While the legislative framework for European long-term investment funds (ELTIFs) was adopted in 2015, so far their market remains small…The Parliament … Continue Reading

Council agrees its position on updated rules for hedge funds, private debt funds, and other alternative investment funds

On 25 November 2021, the European Commission proposed a number of legislative amendments to the Alternative Investment Funds Manager Directive (AIFMD), the UCITS Directive and the Regulation on European long term investment funds, namely the “AIFMD 2 Proposal”. The AIFMD Proposal aims to improve the integration of asset management markets in Europe, while modernising the … Continue Reading

Key priorities for EU retail fund investors

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a speech by its chair, Verena Ross, entitled ‘Key priorities for EU retail fund investors’. The speech focuses on the ESMA’s key priorities for European retail fund investors and key points include: In early May, the ESMA and the other European Supervisory Authorities … Continue Reading

ESMA final report on the 2021 CSA on costs and fees

On 31 May 2022, the European Securities and Markets Authority (ESMA) issued a report on the common supervisory action (CSA) on costs and fees for investment funds. The CSA was carried out with Member State competent authorities (NCAs) during 2021. The CSA’s aim was to assess, foster and enforce the compliance of supervised entities with … Continue Reading

European Parliament draft report on proposal for a directive amending the AIFMD and UCITS IV Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

On 16 May 2022, the European Parliament published a draft report concerning the proposal for a directive amending the Alternative Investment Fund Managers Directive (AIFMD) and UCITS IV Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds. The draft report sets … Continue Reading

ESMA guidelines on stress test scenarios under the MMF Regulation

On 4 May 2022, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on stress test scenarios under the Regulation on money market funds (MMF Regulation). The guidelines apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios to be … Continue Reading

Decree Implementing UBO register for trusts and similar legal arrangements published in Dutch Government Gazette

On 2 May 2022, 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 in the Dutch Government Gazette (Staatsblad). The Implementation Decree, together with the Implementation act concerning the registration of beneficial owners of trusts and … Continue Reading

Commission targeted consultation on MMFs

On 12 April 2022, the European Commission launched a targeted public consultation intended to evaluate the Regulation on money market funds (MMF Regulation). The objective of the consultation is to seek feedback on the functioning of the regulatory framework and to collect data, in particular economic data, on the use of MMFs. The deadline for … Continue Reading

IOSCO seeks feedback on market liquidity issues affecting corporate bond markets under stress and good practices concerning ETFs

On 6 April 2022, the International Organisation of Securities Commissions (IOSCO) published a report, Corporate bond markets – drivers of liquidity during COVID-19 induced market stresses. The report analyses the work of the IOSCO working group on corporate bond market liquidity, which was tasked with analysing the corporate bond market microstructure, resilience and liquidity provision … Continue Reading

ESMA and NCAs find room for improvement in funds’ liquidity stress testing

On 30 March 2022, the European Securities and Markets Authority (ESMA) announced that following a supervisory engagement with investment funds and Member State national competent authorities (NCAs) it had found some room for improvement in funds’ liquidity stress testing. This year the ESMA will facilitate further discussion among NCAs on the application of its liquidity … Continue Reading

ESMA speech on key priorities for the asset management industry in 2022

On 30 March 2022, the European Securities and Markets Authority (ESMA) published a speech given by Natasha Cazenave, Executive Director at the ICI Investment Management Conference. The speech is entitled Key priorities for the asset management industry in 2022: sustainable finance and systemic risk and focusses on: Developing a framework for the asset management industry … Continue Reading

ESRB publishes letters to the Council Working Party and the European Parliament on AIFMD

On 23 March 2022, the European Systematic Risk Board (ESRB) published a letter to the Council Working Party and the European Parliament on the Directive on Alternative Investment Fund Managers (AIFMD) Review. The European Commission’s proposal reflects most of the considerations presented by the ESRB; they particularly welcome the proposal to increase the availability of … Continue Reading

Public consultation of Decree implementing Delegated Directives regarding integration of sustainability factors and risks

On 21 March 2022, the Decree implementing Commission Delegated Directives (EU) 2021/169 and 2021/1270 (Besluit implementatie gedelegeerde richtlijnen (EU) 2021/1269 en 2021/1270, the Implementation Decree) was published for public consultation by the Dutch Minster of Finance. Commission Delegated Directive (EU) 2021/1270 amends Commission Delegated Directive 2010/43/EU thereby imposing obligations on management companies of Undertakings for Collective Investment in … Continue Reading

ECA special report on the single market for investment funds

On 21 February 2022, the European Court of Auditors (ECA) published a special report concerning its findings following an audit during the period 2016 to July 2021 which examined how the EU set up a single market for investment funds. The special report concludes that EU actions have enabled a single market for investment funds … Continue Reading

ESMA proposes reforms to improve resilience of MMFs

On 16 February 2022, the European Securities and Markets Authority (ESMA) issued a final report containing an opinion setting out proposed reforms to the regulatory framework for money market funds (MMFs).  The final report is the outcome of the work that ESMA conducted on the reforms of the EU MMF regulatory framework in light of … Continue Reading

ESMA final report on guidelines on stress test scenarios under the MMF Regulation

On 14 February 2022, the European Securities and Markets Authority (ESMA) issued a final report containing updated guidelines that apply in relation to Article 28 of the Regulation on money market funds and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) … Continue Reading
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