The Netherlands

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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

AFM agenda and strategy document for 2020-2022 published

On 16 January 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its agenda for 2020 (the 2020 Agenda) and a strategy document outlining the AFM’s focus areas for the coming years (the 2020-2022 Strategy Document). In the 2020 Agenda the AFM states that the five most important trends for … Continue Reading

Amended Suitability Policy Rule 2012 entered into effect

On 14 January 2020, the Decree amending the Suitability Policy Rule 2012 (Besluit tot wijziging van de Beleidsregel Geschiktheid 2012, the Decree) was published in the Bulletin of Acts and Decrees (Staatscourant). Since its consultation in June 2019, some minor changes have been made to the Decree, including but not limited to the incorporation of … Continue Reading

DNB roundtable on sustainability of the financial sector

On 17 December 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) organised a roundtable session on the sustainability of the financial sector with the standing committee on finance (vaste commissie voor Financiën). A day earlier, DNB published a position paper in preparation for the roundtable session which summarises the results of various DNB reports … Continue Reading

AFM publishes Principles for Information Security

On 19 December 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published on its website Principles for Information Security (the Principles). The Principles were submitted for consultation earlier this year and have now become final. The AFM indicates that the management of information security risks is becoming increasingly important as … Continue Reading

Joint Statement on the inaugural meeting of joint EU-Japan financial regulatory forum

On 15 October 2019, the European Commission (Commission) and the Financial Services Agency of Japan (JFSA) published a joint statement (dated 11 October) on the inaugural meeting of the joint EU-Japan regulatory forum held in Tokyo. Senior officials present at the meeting included representatives from the Bank of Japan, the European Central Bank, the European … Continue Reading

New leadership of the European Commission announced: Valdis Dombrovskis to keep financial services portfolio

On 10 September 2019 the President-elect of the European Commission, Ursula von der Leyen, announced the list of Commissioner-designates and the allocation of their respective portfolios. Under a new structure of the College of Commissioners with its eight Vice-Presidents, the responsibility for DG Financial Stability, Financial Services and Capital Markets Union (DG FISMA) will remain … Continue Reading

Public consultation on DNB’s revised guidance document on the Wwft and Dutch sanctions legislation

On 17 July 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) launched a public consultation on its revised guidance document on the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme, Wwft) and the Sanctions Act 1977 (Sanctiewet 1977, SW) (the Guidance Document). The … Continue Reading

Further remuneration measurers for the financial sector published for consultation

On 5 July 2019, the Act on the further remuneration measures for the financial sector (Wet nadere beloningsmaatregelen financiële sector, the Act) was published for public consultation. The Act will, among other things, propose the following amendments to the current remuneration rules: Introduction of a statutory retention period for certain financial instruments: directors and employees … Continue Reading

Consultation on amending the Suitability Policy Rule 2012

On 14 June 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published the draft Decree amending the Suitability Policy Rule 2012 (Besluit tot wijziging van de Beleidsregel Geschiktheid 2012, the Decree) for public consultation. The Suitability Policy Rule provides for more detailed … Continue Reading

Financial Supervision Funding Regulation 2019 published in Dutch Government Gazette

On 12 June 2019, the Financial Supervision Funding Regulation 2019 (Regeling bekostiging financieel toezicht 2019, the Regulation) was published in the Dutch Government Gazette (Staatscourant). The Regulation is based on the Financial Supervision Funding Act (Wet bekostiging financieel toezicht) and the Financial Supervision Funding Decree 2019 (Besluit bekostiging financieel toezicht 2019) and sets out the … Continue Reading

Amendment Decree Financial Markets 2019 submitted to Dutch Parliament and Dutch Senate

On 7 June 2019, the Dutch Minister sent the Amendment Decree Financial Markets 2019 (Wijzigingsbesluit financiële markten 2019, the Amendment Decree) to the Dutch Parliament (Tweede Kamer) and the Dutch Senate (Eerste Kamer). Among other things, the Amendment Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen … Continue Reading

Consultation on extending notification threshold for substantial shareholdings and short positions in listed companies

On 23 May 2019, the Act extending notification obligations for shareholders (Wet uitbreiding meldplichten aandeelhouders, the Act) was published for consultation. Chapter 5.3 of the Act on the Financial Supervision (Wet op het financieel toezicht, AFS) will be amended. The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) maintains a register for substantial … Continue Reading

DNB’s application of Joint Guidelines to DNO applications

The European Supervisory Authorities Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the banking, insurance and securities sectors (the Joint Guidelines) will be changing the way in which the Dutch Central Bank (De Nederlandsche Bank, DNB) handles applications for a declaration of no objection (verklaring van geen bezwaar, DNO). On … Continue Reading

DNB conducts research into non-financial risks for insurers

On 26 March 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it will conduct a sector-wide research into non-financial risks that are important for controlled and ethical business operations of insurers. For this purpose, DNB will make an inquiry with insurers to gain insight into a number of non-financial risks in the … Continue Reading
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