The Netherlands

Topic: EU policy, regulatory and legislative updates

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Council organises first working group on DORA proposal in 2021

On Thursday, 21 January, the Portuguese presidency of the Council holds its first working group on the review of the European Commission’s proposal for a Regulation on digital operational resilience for the financial sector (DORA). The Council is still in its initial phase of examining the proposal. The Council Presidency Is taking an issue-by-issue approach, … 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

Council confirms MiFID “quick fix” amendments

On 16 December 2020 the Council of EU Ministers (the Council) agreed package of amendments to European financial services legislation – Capital Markets Recovery Package – including targeted amendments to MiFID II (so called MiFID “quick fix”). The key changes to the MiFID II regime include: Investor protection and research: agreed amendments include simplification of … Continue Reading

EIOPA publishes a discussion paper on non-life underwriting and pricing in light of climate change

The European Insurance and Occupational Pensions Authority (EIOPA) has published a discussion paper on non-life underwriting and pricing in light of climate change. The discussion paper is a follow-up to the EIOPA opinion on sustainability within Solvency II (published in September 2019) in which EIOPA noted that it was common for non-life business not to … Continue Reading

European legislators start MiFID “quick fix” trilogue negotiations

On 3 and 4 December 2020, the European Parliament (Parliament), the Council and the European Commission (Commission) held the first round of the trilogue negotiations on the July 2020 Capital Markets Recovery Package proposal for targeted amendments to MiFID II (the so called MiFID “quick fix” proposal, overview of which is included in our blog … Continue Reading

AFM publishes Trend Monitor 2021

On 3 November 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published the Trend Monitor 2021 (Trendzicht 2021). Every year, the AFM identifies the most important trends and related risks that will have an impact on the financial markets, in order to then further develop its supervision agenda. The Trend Monitor … Continue Reading

First steps taken towards a mandatory human rights due diligence law

On 26 October 2020, the European Commission (the Commission) launched a public consultation[1] on sustainable corporate governance (the Consultation), soliciting responses from stakeholders on a possible EU sustainable corporate governance initiative with the aim of ensuring “that environmental and social interests are embedded in business strategies”. The Consultation will, according to the Commission, complement the … Continue Reading

ESMA issues statement on Brexit impact on MiFID II/MiFIR

On 27 October 2020, the European Securities and Markets Agency (ESMA) issued a public statement on the impact of Brexit on the continued application of MiFID II and MiFIR. The statement provided clarifications in respect of three aspects of MiFID II, namely: The ESMA opinions on third-country trading venues for the purpose of post trade … Continue Reading

European Commission Work Programme 2021: focus on financial services

On 19 October 2020 the European Commission published its Work Programme for 2021. The Work Programme, titled ‘A Union of vitality in a world of fragility’, is the second one published by the Von der Leyen Commission. The Work Programme provides an overview of the legislative priorities of the Commission for the upcoming year, as … Continue Reading

EIOPA publishes guidelines on information and communication technology security governance

The European Insurance and Occupational Pensions Authority (EIOPA) has published guidance on information and communication technology security governance. The Solvency II Directive (2009/138/EC) requires that insurers and reinsurers have in place effective systems of governance. This includes systems in respect of  IT security. EIOPA has developed its guidance on information and communication technology (ICT) security … Continue Reading

EIOPA launches a consultation on a draft supervisory statement on risk mitigation techniques undertaken by insurers and reinsurers

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on a draft supervisory statement that seeks to promote supervisory convergence in relation to the assessment and use of risk-mitigation technique in insurance. EIOPA has concerns that divergent practices or supervisory arbitrage in this area could create an un-level playing field. The supervisory … Continue Reading

European Commission publishes new Capital Markets Union Action Plan

On 24 September 2020, the European Commission published its long-awaited Capital Markets Union (CMU) Action Plan. The CMU Action Plan serves as a list of policies the Commission would like to introduce over the upcoming years, together with a timeline for the adoption of concrete legislative proposals. The main objective of the CMU is to … Continue Reading

Capital Markets Recovery Package progresses in Council and Parliament

The discussions on the European Commission proposal on the so-called “MiFID Quick Fix”, which also includes proposed amendments to the Prospectus Regulation and the Securitisation Regulation and corresponding changes to the Capital Requirements Regulation (CRR) are progressing. Following an initial Council Working Group meeting on 3 September, EU Member States’ representatives reconvened on 17 September … Continue Reading

MiFID review: ESMA consults on the functioning of OTF regime, transactions reporting

On 24 September 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on the functioning of the MiFIR obligation to report transactions and reference data. The following day, on 25 September 2020, ESMA launched another public consultation from the MiFID II / MiFIR review series, this time focussing on the functioning of … Continue Reading

European Commission plans legislation on markets in crypto-assets

The outline of the anticipated EU legislative framework for markets in crypto-assets is becoming clearer and the European Commission is preparing to publish a legislative proposal by the end of September. The legislative initiative on markets with crypto-assets fall within the broader Commission policy initiative on digital finance, which will also include a legislative proposal … Continue Reading

Council commences discussions on Capital Markets Recovery Package, including MiFID “quick fix”

On 3 September 2020, representatives of Member States met to discuss the Capital Markets Recovery Package. The package consists of amendments to the Markets in Financial Instruments Directive (MiFID II), the so called MiFID “quick fix”, amendments to the Prospectus Regulation,  amendments to the Securitisation Regulation and the corresponding changes to the Capital Requirements Regulation … Continue Reading

COVID-19: ESMA to update risk parameters in guidelines on stress test scenarios under the Money Market Funds Regulation

On 27 August, the European Securities and Markets Authority (ESMA) published a statement announcing that it intends to update the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation (MMFR) to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis. ESMA has assessed whether … Continue Reading

Delegated Regulation postponing entry into force date of CSDR Delegated Regulation on settlement discipline published in OJ

Delegated Regulation (EU) 2018/1229 supplementing the Central Securities Depositories Regulation (909/2014) (CSDR) with regard to regulatory technical standards (RTS) on settlement discipline, was due to come into force on 13 September. However, on 24 August 2020, Commission Delegated Regulation (EU) 2020/1212 was published in the OJ, which amends Delegated Regulation 2018/1229 to postpone its entry … Continue Reading

EBA responds to EU action plan for a comprehensive EU policy on preventing money laundering and terrorist financing

On 19 August 2020 the European Banking Authority (EBA) published its response to the European Commission’s consultation on its action plan for a comprehensive EU policy on preventing money laundering and terrorist financing. The European Commission’s action plan includes 6 “pillars” to strengthen the EU’s anti-money laundering (AML) and counter terrorist financing (CTF) framework, and … Continue Reading

ESMA recommends priority topics in AIFMD review

On 19 August, the European Securities and Markets Authority (ESMA) published a letter (ESMA34-32-550) dated 18 August that it had sent to the European Commission, outlining areas it should consider during the forthcoming review of the Alternative Investment Fund Managers Directive (AIFMD). ESMA’s letter includes recommendations for changes in 19 areas that ESMA and competent … Continue Reading

Commission digital operational resilience proposal becomes more concrete

It is understood that the European Commission is close to adopting its legislative proposal on Digital Operational Resilience for the Financial Sector. The legislative proposal, which follows a public consultation held by the Commission in Q1 2020, would establish a unified framework for the coherent application of all components of risk management for the information … 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 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

Member States discuss CRR “quick fix” legislative proposal

On 29 April 2020 we blogged that in the context of COVID-19 the European Commission published a legislative proposal for targeted amendments to the Capital Requirements Regulation (CRR).  A legislative process is currently underway, with both the Council (Member States) and the European Parliament conducting their respective reviews. On 13 May 2020, a meeting of … Continue Reading
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