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 1 February 2024, the European Systemic Risk Board (ESRB) published a report on vulnerability in the residential real estate (RRE) sectors of the EEA countries. In recent years, the ESRB has regularly assessed residential real estate vulnerabilities in the European Economic Area (EEA) countries and the extent to which they are addressed by macroprudential … Continue Reading
On 30 January 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had voted to approve the text of the proposed Regulation amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2021/523 as regards certain reporting requirements in the fields of … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 9 January 2024 although if there are any significant developments we will endeavour to provide an update.… 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 21 November 2023, the decision of the Dutch Minister for Poverty Policy, Participation and Pensions (Minister voor Armoedebeleid, Participatie en Pensioenen) to adopt the revised Code of Dutch Pension Funds (Code Pensioenfondsen) was published in the Government Gazette (only available in Dutch). The Pension Fund Code contains standards for good pension fund management. The … Continue Reading
On 7 November 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its ‘Trend Monitor 2024’ report highlighting key trends that will shape the financial landscape in the coming year. The AFM notes that 2024’s financial landscape will be shaped by geopolitical developments, including the economic downturn, sustainability challenges, new … Continue Reading
On 5 October 2023, the General Board of the European Systemic Risk Board (ESRB) announced that it held its 51st regular meeting on 28 September 2023. The meeting highlighted the following key points:… Continue Reading
On 13 September 2023, the European Commission published an initiative setting out a draft Delegated Directive that will amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation. Since 2013, the size thresholds have remained unchanged. An increase will result in micro, small … Continue Reading
On 30 May 2023, the draft legislative proposal on access to the Dutch UBO register (the Legislative Proposal) was published for public consultation. The purpose of this proposal is to clarify, in the short term, the rules on access to information about the ultimate beneficial owners (UBO) of companies and other legal entities or arrangements. … Continue Reading
On 12 January 2023, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2023 (the AFM Agenda 2023) and its strategy for 2023-2026 (the AFM Strategy). The AFM Agenda 2023 describes the trends and risks in the financial sector and explains the AFM’s priorities and activities for 2023. … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 9 January 2023 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 14 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published amendments to the Further Regulation on Conduct of Business Supervision of Financial Undertakings AFS (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation). The amendments concern the (1) Key Information Document (KID) for Packaged Retail and Insurance-based Investment … Continue Reading
Institutional investors collaborate with each other when communicating with investee companies’ management regarding, for example, ESG matters. Such shareholder collaboration leads to challenges in multiple legal areas. Minimising such legal risk is key. NRF’s Shareholder Collaboration Tool allows Institutional investors to confidently collaborate, while reducing the burden on legal teams to manage the associated risks. … Continue Reading
On 1 November 2022, the Implementation Act concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Act) entered into force. The Implementation Act implements Article 31 of the Fifth Anti-Money Laundering Directive and introduces a central beneficial ownership register for trusts and … Continue Reading
On 22 September 2022, the following decisions amending Annex IX (Financial services) to the EEA Agreement were published in the Official Journal of the EU: Decision of the EEA Joint Committee No 138/2022 of 29 April 2022 amending Annex IX (Financial services) to the EEA Agreement [2022/1582] Decision of the EEA Joint Committee No 139/2022 … Continue Reading
On 11 May 2022, the European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Among other things the annual report notes: Member State competent authorities (NCAs) made progress in the implementation of the EBA Guidelines on supervisory review and evaluation process (SREP). There needs to be more harmonised practices … Continue Reading
On 9 May 2022, the FMSB announced that it was changing its name from FICC Markets Standards Board to Financial Markets Standards Board.… Continue Reading
On 2 May 2022, the Implementation decree concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiebesluit registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Decree) was published in the Dutch Government Gazette (Staatsblad). The Implementation Decree, together with the Implementation act concerning the registration of beneficial owners of trusts and … Continue Reading
On 14 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its annual legislative letter (wetgevingsbrief) for 2022. DNB annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and the legislative changes desired by DNB to … Continue Reading
On 14 April 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its legislative letter (wetgevingsbrief) for 2022. The AFM annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and set outs the … Continue Reading
On 14 April 2022, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament (Tweede Kamer) in which it is announced that the enforcement of the statutory obligation to register ultimate beneficial owners (UBOs) in the Dutch UBO register will commence. The Dutch UBO register for most types of Dutch legal … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading