On 6 April 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item containing an update on the measures taken by DNB in connection to the coronavirus pandemic. DNB starts off by noting that the pandemic is having a significant impact on the economy and in order to minimize the situation, it … Continue Reading
On 3 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item stating that the 15 investment funds and investment firms that were subject of the AFM’s investigation have improved their processes to reduce integrity risks (such as money laundering and terrorist financing related risks). Since an … Continue Reading
On 1 April 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a Q&A and Good Practice document related to the integration of climate-related risk considerations into banks’ risk management. According to DNB, banks can be vulnerable to the physical consequences of changing weather (physical risks) and to the consequences of a transition to … Continue Reading
On 2 April 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which they endorse the statement issued by the European Insurance and Occupational Pensions Authority (EIOPA) calling on insurers to suspend their dividend payments and share buybacks until more is known about the impact of COVID-19. DNB fully endorses … Continue Reading
On 2 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item emphasising the statement issued by the European Insurance and Occupational Pensions Authority (EIOPA) to insurers and intermediaries, urging them to take steps to mitigate the impact of Coronavirus/COVID-19 on consumers. Insurers and intermediaries are asked … Continue Reading
On 27 March 2020, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament containing answers to questions raised by members of the Dutch Parliament on potential liquidity issues in the financial sector as a result of the COVID-19 crisis. The questions in the letter among other things relate to the … Continue Reading
On 26 March 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item stating that due to the impact of the coronavirus it will be suspending large data requests to financial undertakings until 1 June 2020. The AFM wants to give the financial sector space to fully focus … Continue Reading
On 25 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on postponing the reporting periods for insurers due to the COVID-19 outbreak. DNB follows the recommendations published on 20 March 2020 by the European Insurance and Occupational Pensions Authority (EIOPA) on supervisory flexibility regarding the deadline of supervisory reporting … Continue Reading
On 24 March 2020, the Dutch Minister of Finance (the Minister) sent the Further Memorandum of Reply (nadere memorie van antwoord) with regard to the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act) to the Dutch Senate. In the Further Memorandum of Reply the Minister answers a number of … Continue Reading
On 20 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release on its approach with respect to Less Significant Institutions (LSIs) in light of the coronavirus pandemic (COVID-19). This follows the measures announced by the European Central Bank (ECB) providing temporary capital and operational relief to Significant Institutions. DNB welcomes … Continue Reading
On 17 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release stating that it has discussed the consequences of the coronavirus outbreak for the Dutch economy and the financial sector with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), the Dutch Banking Association, the Federation of Dutch Pension … Continue Reading
On 6 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release emphasising the potential major impact of the Coronavirus on the continuity of financial institutions. DNB believes that the Coronavirus requires a different approach from standard continuity planning. Financial institutions have traditionally focused on the continuity of their services in … Continue Reading
On 28 February 2020, the President of the Dutch Central Bank (De Nederlandsche Bank), Klaas Knot, gave a speech at the High Level Conference of the IMF Constituency Group in which he discussed how the Netherlands has faced energy transitions in the past, and how such transitions present threats, as well as opportunities. In his … Continue Reading
The Dutch Central Bank (De Nederlandsche Bank, DNB) published an updated guidance document on the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme) and the Sanctions Act 1977 (Sanctiewet 1977). The previous version of the guidance document (which was published in April 2015) no … Continue Reading
On 22 January 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release stating that it will be adopting a more data-driven approach and focus on the use of digital technologies in its supervision. DNB has also published its Supervision Outlook 2020. DNB indicates that in 2020 it will strengthen its cooperation … Continue Reading
On 20 January 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) and the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a draft enforcement policy for public consultation. DNB and the AFM have the task of supervising compliance with financial laws and regulations in the Netherlands. In order to effectively … Continue Reading
On 16 January 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its agenda for 2020 (the 2020 Agenda) and a strategy document outlining the AFM’s focus areas for the coming years (the 2020-2022 Strategy Document). In the 2020 Agenda the AFM states that the five most important trends for … Continue Reading
On 17 December 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) organised a roundtable session on the sustainability of the financial sector with the standing committee on finance (vaste commissie voor Financiën). A day earlier, DNB published a position paper in preparation for the roundtable session which summarises the results of various DNB reports … Continue Reading
On 19 December 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published on its website Principles for Information Security (the Principles). The Principles were submitted for consultation earlier this year and have now become final. The AFM indicates that the management of information security risks is becoming increasingly important as … Continue Reading
On 10 December 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release in which it concludes that the investment firms which were part of the AFM’s investigation in 2018 and 2019 need to make improvements in the field of costs transparency, product governance and commissions (provisies). A … Continue Reading
On 29 November 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a sector letter for investment firms and investment funds to inform them of the most important signals that followed from the AFM’s investigation into outsourcing. As part of its investigation, which took place between October 2018 and May … Continue Reading
On 27 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a good practice guide on the integration of climate-related risk considerations into banks’ risk management (the Good Practice Guide) for consultation. In the Good Practice Guide, DNB explains how the integration of climate-related risks can be implemented in the governance, risk management … Continue Reading
On 8 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) organised a seminar for crypto service providers at its offices in Amsterdam. During the seminar DNB discussed a number of topics which are relevant to the crypto service providers that will be required to register themselves with DNB by 10 January 2020 and … Continue Reading
On 5 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a Q&A and good practice document addressing how insurers should take into account climate-related risks in their Own Risk and Solvency Assessment (ORSA) under Solvency II. In the Q&A, DNB indicates that insurers are required to take into account climate-related risks in … Continue Reading
