On 10 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on its website clarifying the calculation of the so-called K-COH and K-DTF under the Investment Firms Regulation (IFR). The news item is published in response to the European Banking Authority’s Q&A regarding the calculation
Investment firms
AFM study into AIFM’s sustainability risk management
On 1 August 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published an exploratory study into the sustainability risk management of Dutch alternative investment fund managers (AIFMs).
The study was conducted due to changes made to the UCITS Directive (Directive 2009/65/EC) and the AIFMD Delegated Regulation…
AFM questionnaires on remuneration for investment firms
On 22 May 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item on periodic questionnaires on remuneration for investment firms. From June 2023 onwards, investment firms supervised by the AFM will periodically receive one or more questionnaires on various aspects of remuneration. This is…
AFM publishes Market Watch on Algorithmic Trading
In March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its latest issue of Market Watch, a periodical newsletter on current topics and developments in the capital markets. This issue of Market Watch focuses on algorithmic trading, a topic that the AFM has been particularly focussed…
AFM applies ESMA opinion the trading venue perimeter
On 7 March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) published a news item on the concept of multilateral systems. Recently, the European Securities and Markets Authority (ESMA) published an opinion on the trading venue perimeter, in which ESMA describes whether certain systems and facilities qualify as…
AFM calls on trading platforms and proprietary traders to timely prepare for DORA
On 1 March 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an exploratory investigation into IT incident management in the capital markets. The AFM carried out this study in relation to eight trading venue operators and proprietary traders based on a self-assessment and…
AFM implements PRIIPs KID requirements, segregated assets account requirements and financial services comparison chart
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 (…
AFM report on SFDR compliance
On 10 November 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an investigation it conducted on the status of compliance of financial undertakings with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, SFDR) and the related Taxonomy Regulation (Regulation (EU) 2020/852). The…
DNB reminds investment firms and UCITS managers of ‘declaration no-objection’ obligations
On 11 October 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which it reminds investment firms and UCITS managers about their obligations in relation to the declaration no objection (verklaring van geen bezwaar, DNO) that holders of a qualifying holding in these regulated…
Implementation Decree introduces sustainability risk requirements for investment firms and UCITS managers
On 7 September 2022, the Decree implementation directives for investment firms and UCITS on sustainability risks and factors (Besluit implementatie richtlijnen voor beleggingsondernemingen en icbe’s inzake duurzaamheidsrisico’s en duurzaamheidsfactoren, the Decree) was published in the Dutch Government Gazette (Staatsblad).
The Decree implements Commission Delegated Directive (EU) 2021/1269 as regards the…