On 7 November 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its ‘Trend Monitor 2024’ report highlighting key trends that will shape the financial landscape in the coming year. The AFM notes that 2024’s financial landscape will be shaped by geopolitical developments, including the economic downturn, sustainability challenges, new … Continue Reading
On 2 November 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a position paper on improving the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, the SFDR). The AFM proposes these improvements in the light of the European Commission’s current consultation on a review of the SFDR. According to the … Continue Reading
On 31 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news update on the readiness of market parties under its supervision for the applicability of the Digital Operational Resilience Act (Regulation (EU) 2022/2554, DORA). DORA entered into force on 17 January 2023 and will be applicable as of 17 January 2025. … Continue Reading
On 24 October 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published an update on the implementation of the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/114, MiCA). The AFM refers to the recent statement of the European Securities and Markets Authority (ESMA). In this statement, ESMA calls on the various … Continue Reading
On 16 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for comment a draft Q&A on supervisory boards at payment institutions and electronic money institutions (EMIs). The draft Q&A provides firms with guidance on the circumstances DNB requires a supervisory board at a payment institution or EMI. Currently there is no specific … Continue Reading
On 10 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on its website clarifying the calculation of the so-called K-COH and K-DTF under the Investment Firms Regulation (IFR). The news item is published in response to the European Banking Authority’s Q&A regarding the calculation of the K-COH. In its … Continue Reading
On 4 October 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a Guideline on Sustainability Claims (the Guideline). A draft version of the Guideline was published for public consultation earlier this year. Please find an overview of the draft version of the Guideline in our previous blog. The Guideline provides guidance … Continue Reading
On 18 September 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) launched a public consultation on the draft ‘Good Practices Intra-Group Relationships’ applicable to e-money institutions and payment institutions. The consultation is open until 17 November 2023. According to DNB, intra-group financial relationships, arrangements and positions between e-money institutions and payment institutions and other … Continue Reading
On 1 August 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published an exploratory study into the sustainability risk management of Dutch alternative investment fund managers (AIFMs). The study was conducted due to changes made to the UCITS Directive (Directive 2009/65/EC) and the AIFMD Delegated Regulation (Commission Delegated Regulation (EU) … Continue Reading
On 12 June 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a Guideline on Sustainability Claims (the Guideline) for public consultation. The purpose of this Guideline is to provide market participants with the necessary tools to make accurate, clear and non-misleading sustainability claims. The AFM recognises the significant role … Continue Reading
On 22 May 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item on periodic questionnaires on remuneration for investment firms. From June 2023 onwards, investment firms supervised by the AFM will periodically receive one or more questionnaires on various aspects of remuneration. This is due to the … Continue Reading
On 30 March 2023, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an exploratory study on the Corporate Sustainability Reporting Directive (CSRD). The CSRD requires companies to report and disclose information on their social and environmental impact and the external sustainability factors affecting their business. The CSRD will … Continue Reading
In March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its latest issue of Market Watch, a periodical newsletter on current topics and developments in the capital markets. This issue of Market Watch focuses on algorithmic trading, a topic that the AFM has been particularly focussed on recently. The … Continue Reading
On 7 March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) published a news item on the concept of multilateral systems. Recently, the European Securities and Markets Authority (ESMA) published an opinion on the trading venue perimeter, in which ESMA describes whether certain systems and facilities qualify as ‘multilateral’ and, as a … Continue Reading
On 1 March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an exploratory investigation into IT incident management in the capital markets. The AFM carried out this study in relation to eight trading venue operators and proprietary traders based on a self-assessment and IT incident notifications … Continue Reading
On 12 January 2023, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2023 (the AFM Agenda 2023) and its strategy for 2023-2026 (the AFM Strategy). The AFM Agenda 2023 describes the trends and risks in the financial sector and explains the AFM’s priorities and activities for 2023. … Continue Reading
On 29 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report titled ‘Capital Markets Information Security Monitor’ (the Report). According to the AFM, business processes of capital market institutions (e.g. trading venues, proprietary traders, and clearing & settlement institutions) are heavily and increasingly dependent on complex IT … Continue Reading
On 14 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published amendments to the Further Regulation on Conduct of Business Supervision of Financial Undertakings AFS (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation). The amendments concern the (1) Key Information Document (KID) for Packaged Retail and Insurance-based Investment … Continue Reading
As of 1 January 2023, the reporting obligation for third country alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) will start to apply. Non-EU AIFMs and AIFs will be required to report to the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) on their funds and management activities. This reporting obligation … Continue Reading
On 10 November 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an investigation it conducted on the status of compliance of financial undertakings with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, SFDR) and the related Taxonomy Regulation (Regulation (EU) 2020/852). The report covers its findings into … Continue Reading
On 11 October 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which it reminds investment firms and UCITS managers about their obligations in relation to the declaration no objection (verklaring van geen bezwaar, DNO) that holders of a qualifying holding in these regulated entities are required to obtain. It … Continue Reading
On 5 October 2022, the final compromise text of the Markets in Crypto-Assets Regulation (MiCA) was published. In this context, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item stating that DNB welcomes this new regulation of the European crypto markets. According to DNB, uniform rules for crypto markets are important for … Continue Reading
On 6 October 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which the regulator comments on transactions taking place between crypto service providers registered in the Netherlands and crypto service providers based outside of the EU which are not registered (non-EU crypto service providers). DNB indicates that when a … Continue Reading
On 8 September 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that this fall, it will investigate the status of investment fund managers’ compliance with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, SFDR) and the related Taxonomy Regulation (Regulation (EU) 2020/852). In 2021, the AFM published a report on … Continue Reading
