On 7 March 2024, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its third update on the European Digital Operational Resilience Act (Regulation (EU) 2022/2554, DORA). This update focuses on the requirements concerning the ICT risk management framework. The update is available via this link. DORA is a European regulation … Continue Reading
On 30 January 2024, the Amendment Decree Financial Markets 2023 (Wijzigingsbesluit financiële markten 2023) (the 2023 Decree) was published in the Dutch Government Gazette. The 2023 Decree contains changes to legislation relevant to the Dutch financial markets, including, but not limited to the Decree on Conduct of Business Supervision of Financial Undertakings AFS (Besluit Gedragstoezicht financiële ondernemingen Wft, … Continue Reading
On 1 December 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its second publication on the Digital Operational Resilience Act (Regulation (EU) 2022/2554, the DORA). The publication focuses on the management of information, communication and technology (ICT) risks for third-party providers and aims to enable in-scope financial institutions to … Continue Reading
On 16 November 2023, the European Commission, the European Parliament and the Council reached a provisional political agreement on the review of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT). We discussed the scope of the review in our earlier blog. In accordance with an official statement, the co-legislators agreed on the following: … Continue Reading
On 16 November 2023, the European Central Bank (ECB) published the welcome remarks by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board (ESRB), at the seventh annual conference of the ESRB. The remarks are entitled The ESRB’s first general warning one year on. Just over 12 months ago, the … Continue Reading
On 16 November 2023, the European Commission published a consultation on a draft delegated act under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). The draft delegated act concerns the amount of the oversight fees to be charged to critical ICT third-party service providers (CTPPs) and the way in which those … Continue Reading
On 24 October 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held a debate on the draft report on the Retail Investment package. The draft report was published by rapporteur Stephanie Yon-Courtin (Renew, FR)on 5 October 2023 and contains her proposed amendments to the European Commission’s (Commission) proposals. The publication of the draft … Continue Reading
On 2 November 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a position paper on improving the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, the SFDR). The AFM proposes these improvements in the light of the European Commission’s current consultation on a review of the SFDR. According to the … Continue Reading
On 31 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news update on the readiness of market parties under its supervision for the applicability of the Digital Operational Resilience Act (Regulation (EU) 2022/2554, DORA). DORA entered into force on 17 January 2023 and will be applicable as of 17 January 2025. … Continue Reading
On 24 October 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published an update on the implementation of the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/114, MiCA). The AFM refers to the recent statement of the European Securities and Markets Authority (ESMA). In this statement, ESMA calls on the various … Continue Reading
On 13 June 2023, the European Commission (Commission) published a proposal for a Regulation on Environmental, Social and Governance (ESG) ratings. The legislative proposal lays out a regulatory framework for the provision of ESG ratings in the EU. The main aim of the proposal is to improve the transparency of ESG ratings characteristics and methodologies … Continue Reading
On 20 October 2023, the European Banking Authority (EBA) published for consultation two draft regulatory technical standards (RTS) that it is mandated to develop under the Regulation on markets in crypto-assets (MiCA): Draft RTS the minimum content of the governance arrangements on the remuneration policy By way of background, MiCA requires issuers of significant ARTs … Continue Reading
On 17 October 2023, the European Commission (Commission)published its Work Programme for 2024. The Work Programme, titled ‘Delivering today and preparing for tomorrow’, will be the last Work Programme to be issued by the current Von Der Leyen Commission. The 2024 Work Programme is therefore relatively short compared to previous years. According to the Commission, … Continue Reading
On 17 October 2023, the European Commission (Commission) published a proposal for a review of the European Benchmarks Regulation (BMR). The proposal is part of the Commission’s broader package of measures that seeks to rationalise reporting requirements for companies across various pieces of European financial services legislation. The Commission acknowledged that the current scope of … Continue Reading
On 11 October 2023, the European Securities and Markets Authority (ESMA) published two articles on decentralised finance (DeFi), one on developments and risks in the EU market and another on a methodology for the categorisation of smart contracts. In these articles, ESMA highlighted risks to consumers, new forms of market abuse, and possible vulnerabilities to financial stability. DeFi: … Continue Reading
On 5 October 2023, European Parliament rapporteur Stéphanie Yon-Courtin (Renew, FR) published her two draft reports concerning the Retail Investment Strategy (RIS) package. The first draft report contains the rapporteur’s proposed amendments to the European Commission’s proposal, which contained proposed amendments to the following pieces of EU legislation: The rapporteur also published her draft report … Continue Reading
On 21 September 2023, the European Commission (Commission) hosted a meeting of the Expert Group of the European Securities Committee (EGESC) where it discussed the upcoming review of the European Benchmarks Regulation (BMR). By way of background, the Commission issued earlier this year a Call for Evidence, consulting stakeholders whether the scope of the EU … Continue Reading
On 25 September 2023, the Council of the European Union (Council) Working Group on Financial Services held a discussion on the European Commission (Commission) proposal on the establishment of a digital euro. Since 2021, the Commission and the European Central Bank (ECB) have been preparing the establishment of the digital euro. Considerate of the fact … Continue Reading
On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading
On 19 June 2023 the European Supervisory Authorities (ESAs) launched a public consultation on a first batch of regulatory and implementing technical standards (RTS and ITS) under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). This covers the draft RTS and ITS that the ESAs are expected to submit to the … Continue Reading
On 26 May 2023, the European Supervisory Authorities (ESAs) published a joint Discussion Paper on criteria for critical ICT third-party service providers and oversight fees. This Discussion Paper follows the request for technical advice that was sent by the European Commission (Commission) to the ESAs in late December 2022. The ESAs have published the Discussion … Continue Reading
On 30 March 2023, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an exploratory study on the Corporate Sustainability Reporting Directive (CSRD). The CSRD requires companies to report and disclose information on their social and environmental impact and the external sustainability factors affecting their business. The CSRD will … Continue Reading
On Tuesday, 28 March 2023, the European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its position on the proposed anti-money laundering and counter-terrorism financing legislative package that was published by the European Commission (Commission) in July 2021. In our earlier blog post, we provided a general overview of the measures adopted where we flagged … Continue Reading
On 14 March 2023, the European Commission (“the Commission”) published a package of legislative proposals that will reform European electricity markets and strengthen European wholesale energy markets’ protection against market manipulation. In addition to amendments to Regulation (EU) 2019/943 (the Electricity Regulation) and Directive (EU) 2019/944 (the Electricity Directive) which set the framework for Europe’s … Continue Reading