The Netherlands

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NRF Shareholder Collaboration Tool

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

UBO Register for trusts and similar legal constructions entered into force

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

Decisions amending the EEA Agreement published in the OJ

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

EBA annual report on convergence of supervisory practices

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

Decree Implementing UBO register for trusts and similar legal arrangements published in Dutch Government Gazette

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

DNB publishes legislative letter for 2022

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

AFM publishes legislative letter for 2022

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

Dutch Minister of Finance announces enforcement of UBO registration obligation

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

Happy Easter to our readers

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

Council Conclusions on the EU’s economic and financial strategic autonomy: one year after the Commission’s Communication

On 5 April 2022, the Council of the EU adopted conclusions on strategic autonomy of the European economic and financial sector. The Council’s conclusions focus on: Strengthening the international role of the euro. A strong, competitive and resilient European financial sector servicing the real economy, avoiding risks arising from excessive reliance on third-country financial institutions … Continue Reading

Update: EU-Japan cooperation on financial regulation

On 23 March 2022, the European Commission published a framework laying down practical arrangements to implement EU-Japan cooperation on financial regulation under Annex 8-A to the EU-Japan Economic Partnership Agreement. The framework is between the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union and the Financial Services Agency of Japan. It … Continue Reading

Merry Christmas and a Happy New Year to our readers

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 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

2022 Commission Work Programme

On 19 October 2021, the European Commission adopted its 2022 Work Programme which sets out an agenda for the next steps towards a post-COVID-19 Europe that is greener, fairer, more digital and more resilient. The Work Programme delivers on President Ursula von de Leyen’s six headline ambitions which were published in the Political Guidelines for … Continue Reading

EBA and ESMA publish sectoral reports on the supervisory independence of competent authorities

On 18 October 2021, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) both published sectoral reports on the supervisory independence of Member State competent authorities (NCAs). Both European Supervisory Authorities (ESAs) will use the findings in the reports to consider how to further develop the monitoring and fostering of supervisory … Continue Reading

EBA publishes its work programme for 2022

On 5 October 2021, the European Banking Authority (EBA) published its annual work programme for 2022, describing its activities and tasks as well as key strategic areas of work for next year. For 2022, the EBA has set five vertical priorities: Monitoring and updating the prudential framework for supervision and resolution. Revisiting and strengthening the … Continue Reading

Dutch Minister of Foreign Affairs updates Dutch Parliament on first period after the end of Brexit transition period

On 15 February 2021, the Dutch Minister of Foreign Affairs (the Minister) sent a letter to the Dutch Parliament (Tweede Kamer) containing an update on the Dutch Government’s experience of the EU/UK relationship following the end of the transition period. The letter addresses the policy areas in which the impact of the end of the … Continue Reading

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

Statement Dutch government on TCA EU and UK agreement and readiness preparations

On 27 December 2020, the Dutch Minister of Foreign Affairs sent a letter to the Dutch Parliament (Tweede Kamer) on the Trade and Cooperation Agreement (TCA) reached on 24 December 2020 between the European Union (EU) and the United Kingdom (UK) on their future relationship. The Minister notes that financial institutions in the UK will … Continue Reading

DNB: outsourcing contracts with large IT suppliers not compliant

On 30 November 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which the regulator indicates that outsourcing contracts between supervised institutions and a large IT supplier structurally fails to comply with applicable laws and regulations. DNB notes that the outsourcing contract did, for example, not include a right to … Continue Reading

Consultation on changes to AFM and DNB supervisory costs

On 10 June 2020, a proposal to amend the Financial Supervision Funding Decree 2019 (Besluit bekostiging financieel toezicht 2019) was published for public consultation. This proposal will change the distribution of the supervisory costs of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) among the different supervisory categories. Back in 2019 … Continue Reading

DNB on business continuity plans for Coronavirus (COVID-19)

On 6 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release emphasising the potential major impact of the Coronavirus on the continuity of financial institutions. DNB believes that the Coronavirus requires a different approach from standard continuity planning. Financial institutions have traditionally focused on the continuity of their services in … Continue Reading
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