The Netherlands

Topic: Collective investment schemes

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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

ESRB policy recommendation increasing the resilience of MMFs

On 25 January 2022, the European Systematic Risk Board (ESRB) published a policy recommendation intended to contribute to the European Commission’s forthcoming 2022 review of the Regulation on money market funds (MMF Regulation) to address persisting systemic vulnerabilities in certain sub-sectors of private debt MMFs. The Recommendation reflects the aim of an earlier ESRB recommendation … Continue Reading

ESMA CSA on the valuation of UCITS and open-ended AIFs across the EU

On 20 January 2022, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State competent authorities on the valuation of UCITS and open-ended Alternative Investment Funds (AIFs) across the EU. Throughout 2022 the CSA will focus on authorised managers of UCITS and open-ended AIFs investing … Continue Reading

New online briefing note – European Commission’s AIFMD legislative proposal: Focus on delegation

We have published a new online briefing note on the European Commission’s AIFMD legislative proposal focussing on delegation.… Continue Reading

AIFMD light reports to be submitted via the AFM’s Digital Portal

As of 1 January 2022 it is expected that all managers of alternative investment funds which have registered for the AFM ‘light’ regime (Light AIFMs) will need to submit their AIFMD reports to the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) instead of the Dutch Central Bank (De Nederlandsche Bank). Light … Continue Reading

Commission proposal to amend ELTIF Regulation

On 25 November 2021, the European Commission published a proposal for a Regulation amending the Regulation on European long-term investment funds (ELTIFs). The changes relate to 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, … Continue Reading

Commission proposal regarding delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by AIFs

On 25 November 2021, the European Commission published a proposal for a Directive that would amend the Alternative Investment Funds Managers Directive (AIFMD) and UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds. Pages 11 to 16 of the proposal … Continue Reading

nvestment Association/Norton Rose Fulbright: Model Discretionary Investment Management Agreement (V 3.0)

On 4 November 2021, the Investment Association published version 3.0 of its model discretional investment management agreement, in co-operation with Norton Rose Fulbright. The model agreement is a template agreement relating to the appointment of a discretionary investment manager by a client that has been categorised by the manager as a professional client. The model … Continue Reading

AFM publishes report on compliance with AML/CTF and sanction rules by AIFMs

On 27 October 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on how managers of alternative investment funds (AIFMs) comply with the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme, Wwft) and the Sanctions Act 1977 … Continue Reading

Amendment Act Financial Markets 2022 submitted to Dutch Parliament

On 25 October 2021, the Dutch Minister of Finance submitted the legislative proposal for the Amendment Act Financial Markets 2022 (Wijzigingswet financiële markten 2022) to the Dutch Parliament. The Amendment Act Financial Markets 2022 contains changes to key legislation relevant to the Dutch financial markets, including, but not limited to, the Act on the Financial … Continue Reading

European Parliament draft reports

On 18 October 2021, the European Parliament published the following reports: Draft Report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS) (PE697.633v01-00) (dated 14 October 2021). … Continue Reading

FSB report – Policy proposals to enhance money market fund resilience

On 11 October 2021, the Financial Stability Board (FSB) published a report which forms a key part of its work programme on non-bank financial intermediation. The policy proposals in the report aim to address systematic risk and minimise the need for future extraordinary central bank interventions to support the sector alongside enhancing money market fund … Continue Reading

IFR/IFD changes reporting to DNB

On 6 October 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on its website drawing attention to the fact that from 1 October 2021 regulatory reporting for investment firms, fund managers and investment holdings had changed in a number of important areas. The changes were due to the entry into … Continue Reading

AFM publishes report on the implementation of the SFDR by Dutch funds

On 14 September 2021, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on the implementation of the Sustainable Finance Disclosure Regulation (the SFDR) by Dutch funds (Rapport Implementatie SFDR, the Report). The SFDR has been applicable since 10 March 2021 and contains requirements for the disclosure of Environmental, Social … Continue Reading

Commission consultation on amendments to UCITS Directive on PRIIPs KID exemption

On 5 August 2021, the European Commission issued for consultation a draft Directive amending the UCITS Directive as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities. The draft Directive inserts a new Article 82a in the UCITS Directive. The Article provides that where a key … Continue Reading

ESMA publishes official translations of guidelines for funds’ marketing communications

On 2 August 2021, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines for funds’ marketing communications under Article 4 of the Regulation on the cross-border distribution of collective investment undertakings. The guidelines will apply from six months after the date of the publication of the translations.… Continue Reading

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
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