The Netherlands

Topic: DNB/AFM

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Dutch Ministers publish action plan on the prevention of money laundering

On 30 June 2019, the Dutch Minister of Finance and the Dutch Minister of Justice and Security published their joint action plan on the prevention of money laundering via the Dutch financial system and on localizing and prosecution of criminals and their facilitators (the Plan). Combatting anti-money laundering has had a European wide focus for … Continue Reading

Consultation on amending the Suitability Policy Rule 2012

On 14 June 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published the draft Decree amending the Suitability Policy Rule 2012 (Besluit tot wijziging van de Beleidsregel Geschiktheid 2012, the Decree) for public consultation. The Suitability Policy Rule provides for more detailed … Continue Reading

Financial Supervision Funding Regulation 2019 published in Dutch Government Gazette

On 12 June 2019, the Financial Supervision Funding Regulation 2019 (Regeling bekostiging financieel toezicht 2019, the Regulation) was published in the Dutch Government Gazette (Staatscourant). The Regulation is based on the Financial Supervision Funding Act (Wet bekostiging financieel toezicht) and the Financial Supervision Funding Decree 2019 (Besluit bekostiging financieel toezicht 2019) and sets out the … Continue Reading

Consultation on extending notification threshold for substantial shareholdings and short positions in listed companies

On 23 May 2019, the Act extending notification obligations for shareholders (Wet uitbreiding meldplichten aandeelhouders, the Act) was published for consultation. Chapter 5.3 of the Act on the Financial Supervision (Wet op het financieel toezicht, AFS) will be amended. The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) maintains a register for substantial … Continue Reading

AFM and SFC sign MoU on Netherlands-Hong Kong Mutual Recognition of Funds

On 15 May 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Securities and Futures Commission of Hong Kong (the SFC) entered into a Memorandum of Understanding on Mutual Recognition of Funds (the MoU). The MoU will allow eligible Dutch Undertakings for Collective Investment in Transferable Securities (UCITS) and … Continue Reading

AFM invites companies to respond to the Principles for Information Security

The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has invited market parties to respond to its consultation on the ‘Principles for Information Security’. This policy statement (beleidsuiting) describes the expectations of the AFM with regard to information security as part of the controlled and sound operations of financial institutions and accounting … Continue Reading

DNB’s application of Joint Guidelines to DNO applications

The European Supervisory Authorities Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the banking, insurance and securities sectors (the Joint Guidelines) will be changing the way in which the Dutch Central Bank (De Nederlandsche Bank, DNB) handles applications for a declaration of no objection (verklaring van geen bezwaar, DNO). On … Continue Reading

DNB supervises compliance with the revised Wwft

In its press release of 30 April 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) emphasises that financial institutions are required to take measures to identify and assess money laundering and terrorist financing risks in accordance with the recently revised Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van … Continue Reading

Letter AFM and DNB on importance of transitioning to alternative benchmarks

On 25 April 2019, a press release and letter were published through which the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) asks financial institutions for the preparations and actions they are taking to manage transition from critical benchmarks such as LIBOR to … Continue Reading

AFM takes national measures to prohibit binary options and to restrict the marketing or sales of CFDs

Further to our earlier blog post, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has taken national measures mirroring ESMA’s product intervention measures. These measures – included in two separate Decrees, one dealing with binary options and the other with contracts for differences (CFDs) – were published in the Dutch Government … Continue Reading

DNB continues to focus on Insurtech

On 26 March 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that in 2019 it will conduct follow-up research to come up with a supervisory approach that aligns with the possibilities and risks of ‘Insurtech’ (technological innovation in the insurance sector). In its press release, DNB notes that it follows from interviews that … Continue Reading

DNB first central bank to sign Principles for Responsible Investment

On 20 March 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it has signed the Principles for Responsible Investment (PRI) as part of its new Corporate Social Responsibility (CSR) strategy. By doing so DNB, has committed itself to integrate six environmental, social and governance (ESG) principles in its investment practices. DNB is … Continue Reading

AFM prepares national measures relating to binary options and CFDs

Following an investigation in January 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced its intention to introduce two national product intervention measures, following the European Securities and Markets Authority’s (ESMA) EU-wide temporary measures relating to binary options and CFDs introduced last year. The investigation has made it clear that … Continue Reading

Transitional regime for UK investment firms in case of a no-deal Brexit published in Dutch Government Gazette

On 12 February 2019, the amendments to the Exemption Regulation AFS (Vrijstellingsregeling Wft, the Exemption Regulation) in relation to the (temporary) exemptions for investment firms based in the UK was published in Dutch Government Gazette (Staatsblad). The date of entry into force of this exemption can now be set by means of a ministerial decree (where necessary … Continue Reading

DNB publishes Q&A on possible qualification of warranties included in purchase agreements as non-life insurance

On 29 January 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a final Q&A which provides clarification as to whether warranties typically included in purchase agreements can be considered a non-life insurance (schadeverzekering) policy. According to DNB, a warranty in a purchase agreement in principle does not qualify as non-life insurance if the … Continue Reading

Dutch Minister of Finance sends letter to Dutch Parliament on regulating cryptos

On 18 January 2019, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament (Tweede Kamer) addressing the joint recommendation made by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) on on a regulatory framework for cryptos (commonly known … Continue Reading

AFM: insufficient knowledge to prevent anti-money laundering at investment firms

On 17 December 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published a news item on the outcome of its periodical investigation into investment firms and their compliance with the Act on the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en financiering van terrorisme, Wwft) … Continue Reading

AFM publishes report on financial sectors trend for 2019 – key topics include Brexit, digitalisation and sustainable economy

On 29 October 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published a report setting out the most important trends and risks in the financial sector (the Report). The primary purpose of the Report is to provide substantive background, depth and coherence in relation to relevant supervisory issues. In the Report, … Continue Reading

AFM publishes MMFR application and notification forms

On 10 October 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published the following forms in relation to the Money Market Funds Regulation (MMFR) in its Digital Portal: an application form to be used by managers of alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS) to … Continue Reading

Dutch Central Bank: financial institutions need to amend their systems and procedures to comply with 4MLD

On 30 August 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) notified financial institutions that it expects them to make the necessary amendments to their systems and procedures to comply with the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) that came into force on 25 July 2018. The main aspects as referred … Continue Reading

DNB on PSD2 licence applications and new publications of EBA

On 27 June 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on licence applications under the Payment Services Directive (2015/2366/EU) (recast) (PSD2) and certain new publications of the European Banking Authority (EBA) on PSD2. Effective from 6 July 2018, market participants are able to submit their draft licence applications to … Continue Reading

Financial Supervision Funding Decree 2018 published in Dutch Government Gazette

On 18 June 2018, the Financial Supervision Funding Decree 2018 (Regeling bekostiging financieel toezicht 2018, the Decree) was published in the Dutch Government Gazette (Staatscourant). The Decree implements the Financial Supervision Funding Act (Wet bekostiging financieel toezicht) and sets out the bandwidths and tariffs for supervisory costs levied by the Netherlands Authority for the Financial … Continue Reading
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