The Netherlands

Topic: DNB/AFM

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No transition regime for investment firms from the UK after the Brexit transition period

If the negotiations between the UK and the EU do not result in a (clear) agreement at the end of the Brexit transition period, and the temporary transition regime that was introduced in the Netherlands for UK investment firms (Dutch Transition Regime) back in February 2019 does not enter into effect, UK investment firms will … Continue Reading

AFM starts follow-up investigation into transaction monitoring

On 26 August 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that it started a follow-up investigation into the monitoring of transactions and the reporting of unusual transactions by investment firms and investment funds. An earlier investigation from 2019 showed deficiencies in these areas. In 2019, the AFM investigated … Continue Reading

AFM calls for improvement regarding transparent price formation in the fixed-income and derivatives market

On 28 August 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that a study from the AFM on the effectiveness of the MiFID II regulatory framework for the fixed-income and derivatives markets has shown that price formation still needs to be more transparent and that the MiFID II rules … Continue Reading

AFM publishes sustainability guidelines for investment firms and fund managers

On 6 July 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a sector letter containing guidelines on sustainability in the context of new rules and regulations. Many new laws and regulations are currently being introduced in the field of sustainability. For example, as of 10 March 2021, the EU … Continue Reading

DNB supports ESRB recommendation on restriction of distributions during the COVID-19 pandemic

On 6 July 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release supporting the recent recommendation from the European Systemic Risk Board (ERSB) on the restriction of distributions during the COVID-19 pandemic. DNB expects that during these uncertain times investment firms and alternative investment funds will closely monitor their financial buffers. … Continue Reading

DNB and AFM launch request about transition to alternative interest rate benchmarks

The Dutch Central Bank (De Nederlandsche Bank, DNB) and the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) recently announced that they will be requesting financial institutions to provide information on the transition to alternative interest rate benchmarks. The global transition from Inter Bank Offered Rates to Risk Free Rates will end … Continue Reading

AFM publishes recommendations for the review of AIFMD

On 17 June 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its recommendations for the review of the Alternative Investment Fund Managers Directive (AIFMD) in the form of a position paper: “Views on the review of the Alternative Investment Fund Directive (AIFMD)”. This follows on the European Commission’s AIFMD … Continue Reading

AFM calls for extra attention for careful treatment of customers in product development and evaluation

On 10 June 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item with regard to the impact of the corona crisis on the needs of consumers and the functioning of financial products. According to the AFM, the way in which a financial product works from the customer’s … Continue Reading

Consultation on changes to AFM and DNB supervisory costs

On 10 June 2020, a proposal to amend the Financial Supervision Funding Decree 2019 (Besluit bekostiging financieel toezicht 2019) was published for public consultation. This proposal will change the distribution of the supervisory costs of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) among the different supervisory categories. Back in 2019 … Continue Reading

Electronic trading platforms under PSD2

The Dutch Central Bank (De Nederlandsche Bank, DNB) recently published a news item in which it notes that research has shown that electronic trading platforms are providing payment services without the required authorisation. In the Netherlands there used to be an exception to the licence obligation for payment service providers if the payment services were … Continue Reading

AFM questionnaire for investment firms on AML and sanctions legislation compliance

The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) recently requested investment firms and tied agents in the Netherlands, as well as Dutch branch offices of foreign investment firms, to complete an online questionnaire on compliance with the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van … Continue Reading

AFM publishes recommendations for the review of MiFID II

On 19 May 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published recommendations in connection with the current review of the (recast) Markets in Financial Instruments Directive (MiFID II). The AFM notes that these recommendations are part of its further efforts to ensure the orderly functioning of the European financial markets … Continue Reading

Act implementing 5MLD expected to enter into force on 18 May 2020

As set out in our earlier blog post, the Dutch Senate (Eerste Kamer) adopted the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act) on 21 April 2020. On 4 May 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a new edition of its newsletter for crypto service … Continue Reading

Legislative letter DNB for 2020 published

The Dutch Central Bank (De Nederlandsche Bank, DNB) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative changes desired by DNB to address bottlenecks in Dutch laws … Continue Reading

Legislative letter AFM for 2020 published

The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative changes desired … Continue Reading

AFM calls on investment funds and investment firms to improve transaction monitoring

On 14 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that investment funds and investment firms are still not doing enough to combat money laundering and terrorist financing. Under the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van … Continue Reading

AFM applies leniency for publication deadlines fund managers

On 9 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that it follows the European Securities and Markets Authority’s (ESMA) request in its recent public statement (the Statement) to not prioritise supervisory actions where it concerns compliance with their obligation to publish annual and half yearly reports in … Continue Reading

AFM finds improved risk management at investment funds and investment firms

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

DNB publishes Q&A and Good Practice on ‘Integration of climate-related risk considerations into banks’ risk management’

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

DNB calls on insurers to temporarily suspend dividend payments and share buybacks

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
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