The Netherlands (and EU regulation)

ESMA reminds fund managers of their obligations to investors amid the war in Ukraine

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom
On 16 May 2022, the European Securities and Markets Authority (ESMA) issued a statement on the implications of Russia’s invasion of Ukraine on investment fund portfolios. In the statement ESMA recalls some general principles that can be derived from EU law that are of relevance to the management of the impact of the Russian invasion … Continue Reading

EBA final technical standards on crowdfunding service providers

Photo of Matthew Gregory (UK)By Matthew Gregory (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom
On 13 May 2022, the European Banking Authority (EBA) published a final report setting out draft Regulatory Technical Standards (RTS) per its mandate under Article 19(7) of the European Crowdfunding Service Providers Regulation specifying the: Elements to be included in the information to investors with respect to the description of the method to calculate credit … Continue Reading

CPMI paper – ‘Extending and aligning payment system operating hours for cross-border payments’

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom
On 12 May 2022, the Committee on Payments and Market Infrastructures (CPMI) issued a final report on extending and aligning payment system operating hours for cross-border payments. The final report focuses on the operating hours of real-time gross settlement (RTGS) systems as key payment systems to enhance cross-border payments. Key points in the final report … Continue Reading

Council and European Parliament reach provisional agreement on DORA

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 11 May 2022, it was announced that the Council presidency and the European Parliament had reached provisional agreement on the Digital Operational Resilience Act (DORA). The provisional agreement is subject to approval by the Council and the European Parliament before going through the formal adoption procedure. The European Parliament’s press release on the provisional … Continue Reading

Commission adopts stronger consumer rules for online financial services

Photo of Anna Carrier (BE)By Anna Carrier (BE) on Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 11 May 2022, the European Commission published a draft Directive that amends the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The press release mentions that the draft Directive provides for: Easier access to a 14-day withdrawal right for distance contracts for financial services. … Continue Reading

Wolfsberg Group FAQs on negative news screening

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Anti-money laundering, Anti-Money Laundering, Anti-money laundering, Anti-Money Laundering, Australia, Canada, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States
On 11 May 2022, the Wolfsberg Group published FAQs on how undertaking screening for negative news and other forms of adverse information can enhance a financial institution’s awareness of potential financial-crime risk posed by both existing and prospective customers. The Wolfsberg Group recognises that there is no universally agreed and accepted definition of negative news. … Continue Reading

EBA annual report on convergence of supervisory practices

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, General, General, General, Germany, Italy, The Netherlands, United Kingdom
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

ESAs call for improvements in product descriptions intended for retail investors

Photo of Matthew Gregory (UK)By Matthew Gregory (UK) on Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 10 May 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The supervisory statement is addressed to Member State competent authorities and is delivered on the basis of Article … Continue Reading

Commission launches targeted consultation on the review of the PSD2 and open finance

Photo of Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom
On 10 May 2022, the European Commission launched a public consultation to gather evidence for the revised Payment Services Directive (PSD2) review and to inform its work on open finance. The Commission is seeking to identify whether the PSD2 has achieved its objectives and whether amendments are needed to ensure that its rules remain relevant. … Continue Reading

Monthly Global FinTech regulatory updater

Photo of Simon Lovegrove (UK)Photo of Hannah Meakin (UK)By Simon Lovegrove (UK) and Hannah Meakin (UK) on Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

Commission letter to the ESAs concerning amendments to the RTS under the SFDR

Photo of Daniel Nevzat (UK)By Daniel Nevzat (UK) on Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 6 May 2022, the European Commission published a letter (dated 11 April 2022) which it had sent to the chairs of the European Supervisory Authorities (ESAs) concerning the draft regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR). The Commission decided to bundle all 13 draft RTS into a single delegated regulation … Continue Reading

EIOPA publishes its feedback statement on its discussion paper on blockchain and smart contracts in insurance

Photo of Laura Hodgson (UK)By Laura Hodgson (UK) on Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands
The European Insurance and Occupational Pension Authority (EIOPA) has published its feedback statement on its 2021 discussion paper on blockchain and smart contracts in insurance. EIOPA received a number of responses to its earlier paper and has summarised these in the  statement. Stakeholders were able to identify a number of use cases for blockchain. The … Continue Reading

EBA updates technical standards in view of its 2023 benchmarking of internal approaches

Photo of Jochen Vester (UK)By Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 5 May 2022, the European Banking Authority (EBA) updated its Implementing Technical Standards (ITS) that specify the data collection for the supervisory benchmarking exercise of 2023 in relation to the internal approaches used in market and credit risk and IFRS 9 accounting. The updated ITS include all benchmarking portfolios and metrics that will be … Continue Reading

Minor corrections to the Omnibus Regulation

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom
On 5 May 2022, there was published in the Official Journal of the EU a Corrigendum to the Omnibus Regulation making minor corrections to paragraph numbering in Article 52 of MiFIR.… Continue Reading

EBA updates its Guidelines for assessing equivalence of professional secrecy regimes of third country authorities

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom
On 3 May 2022, the European Banking Authority (EBA) published updated guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third country authorities. The EBA has updated the guidelines to allow for a wider: Scope of the assessment, i.e. to include all relevant provisions in the Capital Requirements Directive IV (CRD IV), Payment … Continue Reading

ESMA guidelines on stress test scenarios under the MMF Regulation

Photo of Imogen Garner (UK)By Imogen Garner (UK) on Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom
On 4 May 2022, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on stress test scenarios under the Regulation on money market funds (MMF Regulation). The guidelines apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios to be … Continue Reading

EBA provides its advice to the EU Commission on non-bank lending

Photo of Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 4 May 2022, the European Banking Authority (EBA) issued a report on non-bank lending. The report is in response to the European Commission’s February 2021 Call for Advice on this topic. The report is based on a survey that the EBA launched among Member State competent authorities to gather information about entities carrying out … Continue Reading

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

Photo of Nikolai de KoningPhoto of Julia van der GrintBy Nikolai de Koning and Julia van der Grint on Posted in Collective investment schemes, General, Regulation and compliance, The Netherlands
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

EBA launches discussion on the role of environmental risks in the prudential framework

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 3 May 2022, the European Banking Authority (EBA) issued a Discussion Paper on the role of environmental risks in the prudential framework for credit institutions and investment firms. The Discussion Paper initiates the discussion on the appropriateness of the current EU prudential framework to address environmental risk drivers and considers the potential justification for … Continue Reading

ESMA objects to Commission’s proposed amendments on its draft ITS on insider lists

Photo of Hannah McAslan (UK)By Hannah McAslan (UK) on Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market Abuse, Market abuse, The Netherlands, United Kingdom
On 3 May 2022, the European Securities and Markets Authority (ESMA) issued two opinions regarding the European Commission’s proposed amendments to the regulatory technical standards (RTS) on liquidity contracts for SME Growth Market issuers and the implementing technical standards (ITS) on insider lists. The draft RTS and ITS were initially adopted by the ESMA in … Continue Reading

ESAs recommend changes to make the PRIIPs key information document more consumer-friendly

Photo of Matthew Gregory (UK)By Matthew Gregory (UK) on Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 3 May 2022, the European Supervisory Authorities (ESAs) published their technical advice to the European Commission on the review of the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The advice will serve as input for developing the Commission’s Retail Investment Strategy. Within section 3 of the technical advice, sections 3.1 to … Continue Reading

ESAs consult on sustainability disclosures for STS securitisations

Photo of Jochen Vester (UK)By Jochen Vester (UK) on Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 3 May 2022, the European Supervisory Authorities issued a consultation paper seeking input on draft regulatory technical standards (RTS) on the content, methodologies and presentation of information in respect of the sustainability indicators for simple, transparent and standardised (STS) securitisations. The draft RTS do not provide a framework for ‘sustainable securitisation’. Rather they provide … Continue Reading

Commission call for evidence: Retail investment – new package of measures to increase consumer participation in capital markets

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 3 May 2022, the European Commission issued a call for evidence regarding retail investment and a new package of measures to increase consumer participation in capital markets. The initiative is intended to provide for an evidence-based assessment on the functioning of the current retail investor protection rules and, if deemed appropriate, an impact assessment … Continue Reading
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