The Netherlands

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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

Consultation on Regulation competence employees investment firms

On 17 November 2017, the Dutch Minister of Finance published a first draft of the Regulation competence employees investment firms (Regeling vakbekwaamheid medewerkers beleggingsondernemingen Wft, the Regulation) for consultation. The Regulation forms part of the legislative package implementing the Markets in Financial Instruments Directive (recast) (2014/65/EU) (MiFID II). The Regulation contains further rules on the … Continue Reading

DNB letter regarding changes to supervisory framework for proprietary traders

On 13 November 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) circulated a letter on amendments that will be made to the regulatory framework for the so-called local firms (plaatselijke ondernemingen) (the Letter). In its letter, DNB states that investment firms holding a licence to perform the investment activity of “proprietary trading” only since … Continue Reading

Consultation on the Decree implementing PSD2

On 23 October 2017, the Dutch Minister of Finance sent the following documents to the Dutch Parliament (Tweede Kamer): a report on the Act implementing the revised Payment Services Directive (PSD2) (Implementatiewet herziene richtlijn betaaldiensten) (the Implementation Act); the draft legislative proposal for the Implementation Act; the advice from the Council of State (Raad van … Continue Reading

Implementation of PSD2 in the Netherlands delayed

On 22 September 2017, the Dutch Minister of Finance (the Minister) announced that the implementation of the revised Payment Services Directive (PSD2) in the Netherlands by the 13 January 2018 deadline will no longer be feasible. The Minister has indicated that the draft legislative proposal implementing the PSD2, which was published for consultation in November … Continue Reading

Consultation on revision Financial Supervision Funding Act

On 5 July 2017, the Dutch Minister of Finance (the Minister) published for consultation a draft legislative proposal for the Financial Supervision Funding Act 2019 (Wet bekostiging financieel toezicht 2019) (the Proposed Act). The Proposed Act is a revised version of the existing Financial Supervision Funding Act (Wet bekostiging financieel toezicht) (the Existing Act) and … Continue Reading

Joint reaction on European FinTech Consultation Paper

On 16 June 2017, the Dutch Minister of Finance published a joint reaction from the Netherlands Authority for Consumers and Markets (Autoriteit Consument en Markt), the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), the Dutch Central Bank (De Nederlandsche Bank) and the Ministry of Finance, on the consultation paper ‘Fintech: a more competitive … Continue Reading

Dutch Senate approved Act implementing the PRIIPs Regulation

On 6 June 2017, the Dutch Senate (Eerste Kamer) approved the draft Act implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Wet implementatie verordening essentiële-informatiedocumenten, the Implementation Act). The rules set out in the PRIIPs Regulation have direct effect and do not need to be transposed in national legislation. However, to grant … Continue Reading

FSB and CGFS joint report on Fintech credit

A working group established by the Committee on the Global Financial System and the Financial Stability Board has published a report on FinTech credit. FinTech credit is credit activity facilitated by electronic platforms such as peer-to-peer lenders. FinTech platforms facilitate various forms of credit, including consumer and business lending, lending against real estate, and non-loan … Continue Reading

Amendment Decree Financial Markets 2017 published

On 17 May 2017, the Dutch Minister of Finance published the Amendment Decree Financial Markets 2017 (Wijzigingsbesluit financiële markten 2017, the Amendment Decree) in the Bulletin of Acts and Decrees (Staatsblad). The Amendment Decree is part of an annual cycle of amendments to the laws and regulations relevant to the Dutch financial sector. The Amendment … Continue Reading

Consultation on Act implementing the Benchmarks Regulation

On 2 May 2017, the Dutch Minister of Finance published for consultation the Act implementing the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation) (Wet uitvoering verordening financiële benchmarks) (the Implementation Act). The Implementation Act will amend, among other things, the … Continue Reading

Consultation on Decree implementing PRIIPs Regulation

On 2 May 2017, the Dutch Minister of Finance published for consultation the Decree implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Besluit implementatie verordening essentiële-informatiedocumenten) (the Implementation Decree). The Implementation Decree will amend, among other things, the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft, … Continue Reading

Consultation on Act identification of holders of bearer shares

On 11 April 2017, the Dutch Minister of Finance published for consultation a draft legislative proposal of the Act identifying holders of bearers shares (Wet identificatie houders van aandelen aan toonder) (the Proposed Act). The Proposed Act introduces new rules that will make it possible to identify holders of bearer shares. Once the Proposed Act … Continue Reading
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