The Netherlands

Topic: DNB/AFM

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DNB and the AFM publish enforcement policy for public consultation

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

AFM agenda and strategy document for 2020-2022 published

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

DNB roundtable on sustainability of the financial sector

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

AFM publishes Principles for Information Security

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

AFM sees room for improvement for investment firms’ compliance with MiFID II

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

AFM reminds investment firms and investment funds of the need to manage outsourcing risks

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

DNB invites banks to think about integration of climate-related risks in business operations

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

DNB crypto seminar and fact sheets on supervision of crypto service providers

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

DNB publishes Q&A and good practices on climate-related risks in the ORSA

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

Frank Elderson gives introductory statement for meeting with the Special Committee on the Climate Crisis

The special US Senate Democrats’ Special Committee on the Climate Crisis invited the Network for Greening the Financial System (NGFS) for a roundtable session at Capitol Hill, which took place on 17 October. Mr Frank Elderson, chair of the NGFS and executive director of the Dutch Central Bank (De Nederlandsche Bank, DNB), gave an introductory … Continue Reading

AFM and DNB: findings and best practices on transitioning to alternative benchmarks

On 25 September 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published their findings and best practices on the transitioning to alternative benchmarks. The transitioning to alternative benchmarks follows from the EU Benchmarks Regulation (BMR). The AFM and DNB require the users … Continue Reading

AFM anticipates legislative proposal on remuneration rules for proprietary traders and continues tolerance policy in 2020

The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) currently allows certain groups of proprietary traders (persons dealing on own account) not to comply with the 20% bonus cap. In 2017, propriety traders faced a situation where they would be subject to the bonus cap with immediate effect, while they were first … Continue Reading

DNB publishes good practices for non-life insurers on the control of authorized agents

On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published good practices for non-life insurers (schadeverzekeraars) in relation to the adequate risk control of authorised agents (gevolmachtigd agenten). The good practices set out the regulatory requirements for the use of authorized agents and how DNB expects that these requirements are complied with. … Continue Reading

Several updates from DNB on PSD2

On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published several updates in relation to PSD2. Exemptions from contingency mechanism: sixteen account servicing payment service providers (ASPSP) have applied with DNB for an exemption from the contingency mechanism requirement under Article 33(6) of Delegated Regulation (EU) 2018/389. DNB is currently considering these … Continue Reading

DNB publishes Q&A on the possible qualification of subscriptions as non-life insurance

On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a final Q&A which provides clarification on whether subscriptions (abonnementen) offered to consumers may be considered as a non-life insurance (schadeverzekering) product DNB indicates that subscriptions exist in various sectors in multiple variations and that the specific content and context of the … Continue Reading

AFM consults investment funds on anti-money laundering and terrorist financing

On 16 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item indicating that in the last week of August, alternative investment funds and their managers will be receiving a questionnaire in relation to anti-money laundering and sanctions risks. This questionnaire is circulated annually and the AFM … Continue Reading

DNB publishes general principles for the use of AI in the financial sector

On 25 July 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document containing general principles for the use of artificial intelligence (AI) in the financial sector (the Guidance Document). The Guidance Document serves as a discussion paper containing DNB’s preliminary views on the responsible use of AI in the financial sector. … Continue Reading

Points of attention for AI in the insurance sector

On 25 July 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published a brochure on the use of artificial intelligence (AI) in the insurance sector (the AI Brochure). The AFM and DNB foresee a rapidly increasing use of AI in the … Continue Reading

Public consultation on DNB’s revised guidance document on the Wwft and Dutch sanctions legislation

On 17 July 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) launched a public consultation on its revised guidance document on 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 (Sanctiewet 1977, SW) (the Guidance Document). The … Continue Reading

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
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