On 27 September 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the results of an investigation with regard to the implementation of the European Market Infrastructure Regulation (EU) No 648/2012 (EMIR) by insurers. The investigation took place in the form of a self-assessment, which was sent to banks, insurers and pension funds. The purpose of the investigation was to assess to what extent regulated companies are compliant with EMIR and to identify any potential shortcomings, so that these can be resolved.
DNB concludes that the majority of the insurers that took part in the self-assessment indicated that they were not entering into derivative contracts. The insurers that have been entering into derivative contracts have indicated their belief that they have been acting in compliance with the applicable rules. A few insurers, however, were not fully compliant with EMIR. As for a number of new requirements that will enter into force at a future date, such as the clearing obligation and the exchange of collateral in respect on non-centrally cleared over-the-counter derivative transactions, most insurers indicated that they have taken the necessary measures to be able to comply. DNB urges those insurers that are not yet fully compliant with EMIR to take action in order to meet all of the requirements laid down in this regulation and the Securities Giro Act (Wet giraal effectenverkeer).
View DNB’s new item on the results of its investigation (Dutch only), 27 September 2016.