The Netherlands

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AFM prepares national measures relating to binary options and CFDs

Following an investigation in January 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced its intention to introduce two national product intervention measures, following the European Securities and Markets Authority’s (ESMA) EU-wide temporary measures relating to binary options and CFDs introduced last year. The investigation has made it clear that … Continue Reading

ESMA statement on UK CCPs’ and CSDs’ recognition applications for a no-deal Brexit scenario

On 20 December 2018, European Securities and Markets Authority (ESMA) issued a public statement stating that it is ready to review UK central counterparties’ (CCPs) and Central Securities Depositories’ (CSDs) recognition applications for a no-deal Brexit scenario. ESMA states that it aims to recognise UK CCPs in a timely manner, where the four recognition conditions … Continue Reading

Minister informs the Dutch Parliament on the progress of the revised EU prudential framework for investment firms

On 17 December 2018, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament on the decision-making progress with regard to the revised EU prudential framework for investment firms. This framework consists of a proposal for a regulation on prudential requirements for investment firms (the Investment Firm Regulation) and a proposal … Continue Reading

Minister of Finance addresses commitments with respect to financial markets

On 2 November 2018, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament which addresses topics which the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) had requested the Minister to implement. Amongst other things, the following topics are … Continue Reading

Regulation on costs for one-time supervisory actions published for consultation

On 2 November 2018, the Regulation on costs for one-time supervisory actions (Regeling bekostiging financieel toezicht eenmalige handelingen, the Proposed Regulation) was published for consultation. The Proposed Regulation will amend the fees for one-time supervisory actions by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche … Continue Reading

AFM publishes report on financial sectors trend for 2019 – key topics include Brexit, digitalisation and sustainable economy

On 29 October 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published a report setting out the most important trends and risks in the financial sector (the Report). The primary purpose of the Report is to provide substantive background, depth and coherence in relation to relevant supervisory issues. In the Report, … Continue Reading

Consultation to amend the Dutch national regime under MiFID II

On 30 August 2018, the Dutch Minister of Finance (the Minister) published a consultation on amending the Dutch national regime under Section 3 of the Markets in Financial Instruments Directive (recast) (MiFID II). The Minister proposes to extend the scope of the national regime. In addition to advisors in life insurance or mortgage credit, other … Continue Reading

Dutch Central Bank: financial institutions need to amend their systems and procedures to comply with 4MLD

On 30 August 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) notified financial institutions that it expects them to make the necessary amendments to their systems and procedures to comply with the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) that came into force on 25 July 2018. The main aspects as referred … Continue Reading

Markus Ferber elected EPP’s new whip in ECON committee

Markus Ferber, a German MEP, has been elected the new whip for the European People’s Party in the European Parliament’s Committee on Economic and Monetary Affairs (ECON). Mr Ferber previously was the first vice chair of the ECON committee and succeeds Burkhard Balz who is leaving the Parliament to join the board of German Bundesbank … Continue Reading

4MLD almost fully implemented in the Netherlands

On 23 and 24 July 2018, the following legislation implementing the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) were published in the Dutch Government Gazette (Staatsblad). the Act implementing 4MLD (Implementatiewet vierde anti-witwasrichtlijn); the Decree implementing 4MLD (Uitvoeringsbesluit vierde anti-witwasrichtlijn); and the Regulation implementing 4MLD (Implementatieregeling vierde anti-witwasrichtlijn). These pieces of legislation will come … Continue Reading

Dutch Minister of Finance launches consultation on fixed remuneration restrictions within the financial sector

On 17 July 2018, the Dutch Minister of Finance (the Minister) published a consultation document regarding potential additional remuneration restrictions within the financial sector (the Consultation Document). The purpose of these restrictions is to contribute to the recovery of trust within the financial sector. The Consultation Document invites market participants to provide their input on the … Continue Reading

Amendments to act implementing PSD2 and publication of Further Memorandum of Reply

On 19 June 2018, the Dutch Minister of Finance (Minister) sent the following documents to the Dutch Parliament (Tweede Kamer): proposed amendments to the legislative proposal on the Act implementing the revised Payment Services Directive (PSD2, EU/2015/2366) (Implementatiewet herziene richtlijn betaaldiensten, the Proposed Act); and the Further Memorandum of Reply (Nadere memorie van antwoord) on … Continue Reading

Financial Supervision Funding Decree 2018 published in Dutch Government Gazette

On 18 June 2018, the Financial Supervision Funding Decree 2018 (Regeling bekostiging financieel toezicht 2018, the Decree) was published in the Dutch Government Gazette (Staatscourant). The Decree implements the Financial Supervision Funding Act (Wet bekostiging financieel toezicht) and sets out the bandwidths and tariffs for supervisory costs levied by the Netherlands Authority for the Financial … Continue Reading

AFM and DNB improve independence in the integrity and suitability screening process

On 13 June 2018, the Dutch Minister of Finance (Minister) sent a letter to the Dutch Parliament (Tweede Kamer) regarding the implementation of a motion that aims to organise the objection procedure (bezwaarprocedure) in the context of integrity and suitability screenings carried out by Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and … Continue Reading

Consultation on the Decree implementing IORP II

On 7 June 2018, the draft Decree implementing the revised Institutions for Occupational Retirement Provision Directive (EU/2016/2341) (IORP II) was published for consultation (Besluit in verband met implementatie van de herziene IORP-richtlijn, the Implementing Decree). IORP II aims to improve the governance, risk management, transparency, provision of information and to increase cross-border activity of pension … Continue Reading

DNB released its Payments Strategy for 2018 to 2021

On 5 June 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) released its Payments Strategy for 2018 to 2021. DNB indicates that it will focus on three key priorities: stimulating innovation: DNB seeks to stimulate innovation by deepening its understanding of new technologies, such as those underlying cryptos and supporting market initiatives. In this … Continue Reading

Legislative letters AFM and DNB for 2018 published

On 26 April 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published their legislative letters for 2018. The AFM and the DNB annually send legislative letters to the Dutch Minister of Finance in which they set out relevant European and national … Continue Reading

DNB publishes Q&As relevant to proprietary trading firms

On 21 March 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) published Q&As relevant to investment firms dealing on own account (handelaren voor eigen rekening), so-called proprietary trading firms. The background to the Q&As are developments around the prudential regime and remuneration rules applicable to proprietary trading firms that were designated as local firms … Continue Reading

Letter on prudential regime and remuneration rules for proprietary trading firms

On 16 February 2018, the Dutch Minister of Finance sent a letter to the Dutch Parliament regarding developments around the prudential regime and remuneration rules applicable to investment firms that exclusively deal on own account (handelen voor eigen rekening) in the Netherlands, i.e. proprietary trading firms (the Letter). Following the discussions around the Dutch prudential … Continue Reading

AFM agenda 2018: focus on data analysis for investor protection purposes

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

Amendments to Further Regulation on Conduct of Business Supervision finalised

On 21 December 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) issued a press release on proposed changes to the Further Regulation on Conduct of Business Supervision of Financial Undertakings (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation). In the Summer of 2017, the AFM consulted on changes to the Further Regulation as a … Continue Reading

National risk analyses money laundering and terrorist financing published

On 19 December 2017, the Dutch Minister of Finance and the Dutch Minister of Justice and Security sent the results of two investigations to the Dutch Parliament: the National Risk Assessment Money Laundering report; and the National Risk Assessment Terrorist Financing report, together the Reports. The two investigations into the risks of money laundering and … Continue Reading

Stricter supervision of reporting of unusual transactions

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

DNB publishes supervisory priorities for the years ahead

The Dutch Central Bank (De Nederlandsche Bank, DNB) recently published its supervisory priorities for the years 2018 to 2022 in the form of two documents: the ‘Supervisory Strategy 2018 – 2022’ (the Supervisory Strategy); and the ‘Supervision Outlook for 2018’ (the Supervision Outlook). In these two documents, DNB identifies the priority themes that it will … Continue Reading
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