The Netherlands

Topic: DNB/AFM

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DNB publishes legislative letter for 2022

On 14 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its annual legislative letter (wetgevingsbrief) for 2022. DNB annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and the legislative changes desired by DNB to … Continue Reading

AFM publishes legislative letter for 2022

On 14 April 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its legislative letter (wetgevingsbrief) for 2022. The AFM annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and set outs the … Continue Reading

Annual integrity risk reporting to DNB

Each year the Dutch Central Bank (De Nederlandsche Bank, DNB) investigates the inherent integrity risks of money laundering, financing of terrorism and corruption faced by financial institutions, as well as the measures taken by financial institutions to mitigate such risks. For this purpose, DNB has been requesting financial institutions to complete its questionnaire on integrity … Continue Reading

AFM identifies shortcomings in online brokerage advertising

On 12 April 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of its investigation into advertisements (reclame-uitingen) of investment firms. For its investigation, the AFM reviewed advertisements of four investment firms in the fall of 2021. Each advertisement needs to independently comply with the applicable requirements. A … Continue Reading

DNB calls on small and medium-sized Dutch banks to identify and manage climate-related and environment risks

On 6 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item about the result of its assessment on the identification, measurement and management of climate-related and environmental risk at small and medium-sized Dutch banks. In November 2020, the European Central Bank (ECB) published the Guide on climate-related and environment risks … Continue Reading

DNB: Insurers and pension funds have insufficient insight into outsourcing chains

On 6 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published two news items about the management of outsourcing risks by insurers and pension funds. In 2020 and 2021, DNB reviewed the way in which insurers and pension funds manage outsourcing risks. DNB concludes that service providers to whom insurers and pension funds … Continue Reading

AFM special publication on sustainability transition

On 28 February 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a special publication containing the key take-aways from its round table meetings that took place on 24 January and 10 February 2022. The key topic of these round table meetings was transparency about the impact companies have on … Continue Reading

DNB consults good practices ESG risk management for pension funds

On 28 February 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for public consultation a good practices document covering environmental, social and governance (ESG) risk management for pension funds (the Good Practices Document). With the Good Practices Document, DNB aims to provide guidance to pension funds for the organisation of their risk management … Continue Reading

The AFM examines quality of order execution on PFOF trading venues

On 9 February 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of a study into the quality of order execution on payment for order flow (PFOF) trading venues. The report containing the AFM’s findings is titled ‘Assessing the quality of executions on trading venues: The “Comparative Pricing … Continue Reading

AFM introduces procedure for simplified settling of administrative fines

On 18 January 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a procedure for settling administrative fines in a simplified manner (the Procedure). The AFM will be able to provide offenders with the opportunity to settle an administrative fine imposed by the AFM in a simplified manner. If the … Continue Reading

AFM publishes its supervision agenda for 2022

On 13 January 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervision agenda for 2022 (the AFM Agenda 2022). The AFM Agenda 2022 follows on and links specific actions and priorities to trends and risks listed in the AFM’s Trend Monitor 2022 (Trendzicht 2022), the AFM’s annual analysis … Continue Reading

AFM reminds ‘finfluencers’ of the applicable rules

On 20 December 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report with the results of an exploratory study into investor protection requirements relating to social media posts titled “The pitfalls of ‘finfluencing’” (the Report). The Report is based on an exploratory study carried out by the AFM … Continue Reading

DNB publishes its supervisory plans for 2022

On 7 December 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published an updated version of its plan ‘Vision on Supervision’ (Visie op Toezicht) (the Plan). The Plan sets out the supervisory topics that DNB will be spearheading until 2024 (building on some topics which were included in the previous version) and provides insight … Continue Reading

DNB: financial sector must better account for sustainability risks

On 7 December 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which it indicates that banks, insurers and pension funds must better account for sustainability risks. This follows on DNB’s press conference during which they, among other things, presented the result of their new study ‘Towards a sustainable balance’ … 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

DNB publishes draft Q&A on sanctions screening by crypto service providers

On 19 November 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for consultation a Q&A addressing crypto service providers’ compliance with the Dutch Sanctions Act 1977 (Sanctiewet 1977). DNB notes that in addition to money laundering and terrorist financing risks, executing crypto transactions and providing crypto services also involve risks of violating sanctions regulations. … 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

AFM speech on investments and transparency obligation brokers

On 15 October 2021, one of the members of the executive board of the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM), Jos Heuvelmans, gave a speech at the Investor Fair (BeleggersFair) on investments. In his speech, Mr Heuvelmans addresses the excellent performance of the AEX index. In this context he emphasises … 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: follow-up investigation on reporting of incidents by asset managers

On 30 September 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a letter on incident reporting. The AFM also announced that it is going to conduct a follow-up investigation into the reporting of incidents by asset managers. The reason for this is that there has been no increase in … Continue Reading

AFM presents fourth edition of the AFM Market Watch

On 30 September 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the fourth edition of the AFM Market Watch. This edition of the AFM’s recurring newsletter provides detailed information on the prevention and detection of market abuse. The AFM states that market participants play an essential role in preventing … 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

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
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