The Netherlands

Topic: DNB/AFM

Subscribe to DNB/AFM RSS feed

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

AFM recommendations to limit behavioural risks of benchmark transition

On 30 June 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published recommendations on how to mitigate risks around the introduction of new fees and/or including fallback options in contracts by banks, insurers and pension funds in the context of the benchmark transition (the Recommendations). In its press release on … Continue Reading

AFM publishes revised policy rule for determining amounts of administrative fines

On 29 June 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a revised policy that the regulator uses to determine the amount of nearly all administrative fines it imposes: the Fine Allocation Policy AFM 2021 (Boetetoemetingsbeleid AFM 2021). Market participants were given the opportunity to respond to the proposed … Continue Reading

AFM on risks involved in outsourcing by financial services providers

On 28 June 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item on good practices in relation to the risks resulting from the  outsourcing of important or critical activities by financial services providers. A survey of nearly 250 financial services providers revealed a number of weaknesses in … Continue Reading

AFM calls on financial undertakings to timely file financial statements

On 31 May 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published various news items on its website calling on investment firms (see here, here and here), managers of alternative investment funds (AIFs) and depositaries of AIFS and undertakings for collective investment in transferable securities to file their financial statements … Continue Reading

DNB discusses IFR/IFD developments and requests firms to check for investment holding companies in their group

The Dutch Central Bank (De Nederlandsche Bank, DNB) has recently published a newsletter in which it discusses a number of developments around the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD). The IFR and IFD will make significant alterations to the prudential framework governing investment firms. This new prudential framework will take effect on … Continue Reading

AFM sector letter for light AIFMs

On 15 April 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) sent a sector letter to alternative investment fund managers (AIFMs) falling under the so-called ‘light’ regime. ‘Light’ AIFMs are exempted from the EU Alternative Investment Fund Managers Directive’s license obligation as laid down in Article 2:65 of the Act … Continue Reading

AFM consults on policy rule for determining amounts of administrative fines

On 25 March 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) started a public consultation of a proposed revision of the policy rule used to determine the amount of nearly all administrative fines imposed by the AFM: the Fine Allocation Policy AFM 2021 (Boetetoemetingsbeleid AFM 2021, the New Policy). The … Continue Reading

First report on climate-related risks and opportunities published by DNB

On 22 March 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its first progress report on financial climate-related risks and opportunities in its areas of responsibility. This report has been incorporated in annex 1 of DNB’s annual report for 2020 (the annual report is currently only available in Dutch; the English version will … Continue Reading

Revised suitability matrix for pension funds, banks and insurers taking into account climate risks published

Further to our earlier blog post in December 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) has published on its website a revised suitability matrix which now also takes into account climate and environmental risks when screening relevant individuals at pension funds, banks and insurers. According to DNB the revised suitability matrix offers ample … Continue Reading

DNB responds to letter from the Dutch Association of Bitcoin Companies

On 10 February 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) has published its response to a letter it received from the Dutch Association of Bitcoin Companies (Verenigde Bitcoinbedrijven Nederland) in November 2020. The Dutch Association of Bitcoin Companies raised a number of questions with regard to DNB’s supervision in relation to the registration … Continue Reading

AFM publishes 2021 supervisory agenda

On 14 January 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2021 (the 2021 Agenda). In the 2021 Agenda, the AFM points out that the corona crisis is causing an economic contraction, Brexit is causing uncertainty in the capital markets, and the combination of these … Continue Reading

AFM and AMF call for a European regulation of ESG data, ratings, and related services

On 15 December 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the French Authority for Financial Markets (Autorité des marchés financiers, the AMF) published a position paper containing a call for a European Regulation for the provision of Environmental, Social and Governance (ESG) data, ratings, and related services. This … Continue Reading

DNB calls on banks to be restrained about capital distributions

On 18 December 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which the regulator indicates to follow the European Central Bank’s (ECB) recommendation of 15 December 2020, urging large banks subject to ECB supervision to be very restrained when it comes to making dividend payments or buying back own … Continue Reading

Points of attention when notifying (cloud)outsourcing to DNB

The Dutch Central Bank (De Nederlandsche Bank, DNB) has indicated in a recent news item on its website that the quality of outsourcing notifications could be improved. DNB notes that the Solvency II Directive requires insurers to notify DNB, in a timely manner, the (sub)outsourcing of activities to a third party. Where it concerns the … Continue Reading

Climate and environmental risks to become part of screenings at banks, insurers and pension funds

According to the Dutch Central Bank (De Nederlandsche Bank, DNB) in a recent news item, financial institutions increasingly have to take into account risks associated with climate change and the transition to a sustainable/climate-neutral economy. In light of this, and as previously announced by DNB in its CSR strategy 2020 and Supervision Outlook 2020, DNB … Continue Reading

DNB: outsourcing contracts with large IT suppliers not compliant

On 30 November 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which the regulator indicates that outsourcing contracts between supervised institutions and a large IT supplier structurally fails to comply with applicable laws and regulations. DNB notes that the outsourcing contract did, for example, not include a right to … Continue Reading

DNB updates it supervision priorities

On 24 November 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release stating that in light of the COVID-19 pandemic it has updated its “Supervisory Strategy 2021-2024”. The strategy fleshes out the priorities DNB had identified in 2018 in the areas of technological innovation, sustainability and financial crime. In particular, DNB … Continue Reading

AFM and DNB on the transition to alternative benchmark rates

On 25 November 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report titled ‘The transition to alternative benchmark rates’ (the Report). The Report is a feedback report setting out the main findings resulting from an information request made by the AFM and the Dutch Central Bank (De Nederlandsche … Continue Reading
LexBlog