The Netherlands

Topic: DNB/AFM

Subscribe to DNB/AFM RSS feed

DNB letter regarding changes to supervisory framework for proprietary traders

On 13 November 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) circulated a letter on amendments that will be made to the regulatory framework for the so-called local firms (plaatselijke ondernemingen) (the Letter). In its letter, DNB states that investment firms holding a licence to perform the investment activity of “proprietary trading” only since … Continue Reading

AFM worries about money laundering and terrorism financing risks for light AIFMs

On 3 October 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release expressing its concerns about money laundering and terrorist financing risks run by alternative investment fund managers (AIFMs) that are exempted from the licence obligation laid down in the Act of Financial Supervision (Wet op het … Continue Reading

DNB publishes guidance on data quality management by insurers under Solvency II

On 27 September 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) published guidance on managing data quality by insurers in relation to the Solvency II Directive (the Guidance Document). In the Guidance Document, DNB provides guidance on and good practices for the most important elements and principles under the Solvency II Directive to ensure … Continue Reading

DNB launches consultation on Regulation on Sound Remuneration Policies 2017

The Dutch Central Bank (De Nederlandsche Bank, DNB) recently published for consultation a draft of the Regulation on Sound Remuneration Policies 2017 (Regeling beheerst beloningsbeleid 2017, the Regulation). The Regulation will replace the 2014 regulation of the same name. The reason behind renewing and actualising this regulation around sound remuneration are the European sectoral remuneration … Continue Reading

DNB issues guidance on transaction monitoring for banks

On 31 August 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a transaction monitoring guidance document for banks (the Guidance Document). Besides providing some legal background and the scope of the transaction monitoring rules, the Guidance Document also contains good practices with the aim to assist banks to design or improve their transaction … Continue Reading

AFM publishes report on crowdfunding

On 25 July 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of a consumer survey it held with respect to the regulations that are applicable to crowdfunding platforms (the Evaluation Report). The Evaluation Report describes the most important findings from two consumer surveys the AFM conducted in … Continue Reading

AFM wants clarification differences between saving and investment products in comparative advertisements

On 14 July 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release in which it points out an increase in advertisements that present investing as an alternative to saving. The AFM wants parties who offer investment products to be clear around the differences between investing and saving. … Continue Reading

Consultation on revision Financial Supervision Funding Act

On 5 July 2017, the Dutch Minister of Finance (the Minister) published for consultation a draft legislative proposal for the Financial Supervision Funding Act 2019 (Wet bekostiging financieel toezicht 2019) (the Proposed Act). The Proposed Act is a revised version of the existing Financial Supervision Funding Act (Wet bekostiging financieel toezicht) (the Existing Act) and … Continue Reading

Consultation on increasing the exemption limit in respect of prospectus obligation

On 13 June 2017, the Dutch Minister of Finance published for consultation a draft Decree amending the Exemption Regulation to the Act on the Financial Supervision (Vrijstellingsregeling Wft, the Exemption Regulation) (the Decree). Currently, no prospectus needs to be approved by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and made … Continue Reading

Dutch Senate approved Act implementing the PRIIPs Regulation

On 6 June 2017, the Dutch Senate (Eerste Kamer) approved the draft Act implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Wet implementatie verordening essentiële-informatiedocumenten, the Implementation Act). The rules set out in the PRIIPs Regulation have direct effect and do not need to be transposed in national legislation. However, to grant … Continue Reading

AFM publishes its supervisory agenda and planned activities for 2017

On 10 March 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2017 (the Agenda) as well as a calendar setting out the AFM’s envisaged activities (the Calendar). In the accompanying press release, the AFM indicates that it will focus on markets that can have a … Continue Reading

Dutch Minister of Finance launches consultation on marketing ban for certain financial products

On 20 February 2017, the Dutch Minister of Finance (the Minister) published for consultation amendments to the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft, the Decree). The amendments to the Decree will give the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) the authority to … Continue Reading

AFM published new MiFID II licence application forms

On 25 January 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published two new licence application forms. The new forms are published in respect of the licence application requirements pursuant to MiFID II. The first form is the licence application form that can be used by investment firms which require … Continue Reading

Combating the financing of terrorism continues to be a priority in DNB’s supervision

In its press release of 26 January 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) emphasised the crucial role of the financial sector in detecting and combating the financing of terrorism. DNB expects that financial institutions take their role seriously and actively meet their obligations in this respect, such as client identification, the monitoring of transactions … Continue Reading

DNB to investigate impact of technological innovation on insurance sector

On 25 January 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that in Q2 or Q3 of 2017 it will invite a number of insurers to discuss the opportunities and challenges that technological innovation bring to the Dutch insurance sector. DNB believes that technological innovation will greatly impact the insurance sector in the … Continue Reading

Legislative proposal published on implementing PRIIPs Regulation

On 4 January 2017, the Dutch Minister of Finance published a draft legislative proposal implementing the regulation on key information documents for packaged retail and insurance-based investments products (PRIIPs Regulation) (the Proposed Act). The Proposed Act will be implemented in the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS). The PRIIPs … Continue Reading

Dutch Central Bank publishes guidance on investment knowledge pension fund managers

On 21 December 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document setting out the level of investment knowledge that DNB expects from (prospective) pension fund directors (the Guidance Document). Directors (and certain other (co-)policymakers) of, among others, pension funds, banks and insurers need to be screened for integrity (betrouwbaarheid) and … Continue Reading

Minister of Finance on innovation in financial markets

On 21 December 2016, the Dutch Minister of Finance (the Minister) published a letter in which he informs the Dutch Parliament on developments around innovative initiatives undertaken by the Dutch government and financial supervisory authorities in the Dutch financial sector to achieve a more accessible regulatory regime for innovative financial services (the Letter). These initiatives … Continue Reading

Dutch Minister of Finance on recovery framework in relation to the reassessment of interest rate derivatives by banks

On 19 December 2016, the Dutch Minister of Finance (the Minister) informed the Dutch Parliament on the recovery framework (herstelkader) that has been put in place for the reassessment of interest rate derivatives agreements (IRS agreements).  On the basis of the results of the ‘pilot-phase’ of the recovery framework, which was finalised at the beginning … Continue Reading

AFM and DNB further improve integrity and suitability screening process

Following the publication of the report of the external independent committee “Committee Ottow” on 30 November 2016 regarding the integrity and suitability screenings, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which it indicates that further improvements will be made to the integrity and suitability screening process. Both DNB and … Continue Reading

Dutch insurance sector faces fundamental choices

On 13 December 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a report titled “Vision for the future of the Dutch insurance sector” (the Report) containing an analysis of the impact that various developments will have on the Dutch insurance sector over the next five to ten years, taking into account technological and … Continue Reading

Dutch Minister of Finance publishes results of investigation into credit warning

On 6 December 2016, the Dutch Minister of Finance (the Minister) informed the Dutch Parliament on the results of an investigation conducted by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) into the mandatory credit warning (kredietwaarschuwing), which was introduced in April 2009 in order to, among other things, stimulate consumers … Continue Reading

Dutch Central Bank publishes its Supervision Outlook 2017

On 29 November 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its Supervision Outlook 2017 (Toezicht Vooruitblik 2017), in which it sets out its objectives and supervision activities planned for 2017. In the Supervision Outlook 2017 DNB also describes the risks and challenges in the financial services sector and how these may impact … Continue Reading
LexBlog