On 7 October 2019, the District Court of Rotterdam (the Court) ruled that in-house counsel who are admitted to a non-Dutch bar can revoke attorney-client privilege when independence from their employer is not sufficiently safeguarded. The case involved the confiscation of information by the Dutch public prosecutor during a search at a major oil and … Continue Reading
On 22 October 2019, the European Securities and Markets Authority (ESMA) published a statement outlining its priorities for European enforcers to consider when examining the 2019 financial reports of listed companies. The common enforcement priorities related to 2019 IFRS financial statements include: specific issues related to IFRS 16 Leases; follow-up of specific issues related to … Continue Reading
On 21 January 2019, the Wolfsberg Group published new guidance on how financial institutions (FIs) should carry out sanctions screening. The fundamentals of the guidance are derived from legal/regulatory requirements, as well as expectations and global industry best practice. It is not intended to suggest that all FIs should apply all elements in the guidance … Continue Reading
On 24 January 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release on its website announcing its supervisory agenda for 2018 (the Agenda 2018). In its press release, the AFM puts emphasis on new data analysis initiatives that it will be commencing in 2018 with the aim … Continue Reading
On 18 December 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item in which it states that due to the low number of notifications of unusual transactions made by investment firms and investment funds (four to date in 2017, similar to 2016), it will supervise this reporting … Continue Reading
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
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
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
On 29 June 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its response to a report on the manner in which the AFM supervised and evaluated the reassessment of interest rate derivatives by banks (the Report). The Report has been prepared by an independent external research agency (Alvarez & … Continue Reading
Norton Rose Fulbright has today published the latest edition of the Banking and finance disputes review, the journal which analyses developments in dispute resolution relevant to financial institutions. This edition highlights some risks and benefits of different jurisdictions as centres for dispute resolution by banks and financial institutions. Of particular note is The financial list: … Continue Reading
