The Netherlands (and EU regulation)

FATF updates Recommendations on international standards on combatting money laundering and the financing of terrorism proliferation

On 10 March 2023, the Financial Action Task Force (FATF) published updated Recommendations which were adopted at its plenary on 15 February 2023. The FATF has reviewed and updated the FATF Recommendations, in close co-operation with the FATF-Style Regional Bodies (FSRBs) and the observer organisations, including the International Monetary Fund, the World Bank and the … Continue Reading

Commission Delegated Regulation supplementing the Regulation on a framework for the recovery and resolution of CCPs with regard to RTS specifying the contents of the resolution plan

By Jochen Vester (UK) on March 15, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 14 March 2023, the European Commission published Commission Delegated Regulation (EU) of 14 March 2023 supplementing Regulation (EU) 2021/23 of the European Parliament and of the Council with regard to regulatory technical standards (RTS) specifying the contents of the resolution plan. This delegated act sets out the contents of the resolution plan in accordance … Continue Reading

Commission Delegated Regulation supplementing the Regulation on a framework for the recovery and resolution of CCPs with regard to RTS specifying the content of the written arrangements and procedures for the functioning of the resolution colleges

On 14 March 2023, the European Commission published Commission Delegated Regulation (EU) of 14 March 2023 supplementing Regulation (EU) 2021/23 of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of the written arrangements and procedures for the functioning of the resolution colleges. This delegated act sets out … Continue Reading

FATF publishes report on countering ransomware financing

On 14 March 2023, the Financial Action Task Force (FATF) published a report on countering ransomware financing. The report analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. The report highlights that criminals are almost exclusively using crypto, or virtual assets and have easy access … Continue Reading

ESMA updates Q&As on the implementation of the CSDR

By Hannah Meakin (UK) on March 14, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 13 March 2023, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of the Central Securities Depository Regulation (CSDR). In its Q&As ESMA has provided further Q&As on partial settlement functionality.… Continue Reading

Changes to the rules on Dutch real estate investments by funds for joint account and investment institutions

By Bart Le Blanc on March 14, 2023 Posted in Regulation and compliance, The Netherlands

On 8 March 2023, the Dutch Ministry of Finance published the Act amending the regimes for the fund for joint account, exempt investment institution and fiscal investment institution (Wet aanpassing fonds voor gemene rekening, vrijgestelde beleggingsinstelling en fiscale beleggingsinstelling) for public consultation. The consultation document consults on proposed new rules concerning investment in real estate … Continue Reading

AFM applies ESMA opinion the trading venue perimeter

By Floortje Nagelkerke (NL) and Julia van der Grint on March 13, 2023 Posted in DNB/AFM, Investment firms, The Netherlands

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 ‘multilateral’ and, as a … Continue Reading

FATF updates Guidance on Beneficial Ownership of Legal Persons

On 10 March 2023, the Financial Action Task Force (FATF) published updated guidance that focuses primarily on Recommendation 24 (beneficial ownership transparency of legal persons). In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and … Continue Reading

ESMA publishes updated Q&As

By Simon Lovegrove (UK) on March 10, 2023 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 10 March 2023, the European Securities and Markets Authority (ESMA) updated the following Questions and Answers (Q&As)… Continue Reading

European Commission invites ESAs to conduct a one-off climate risk scenario that goes beyond the usual climate stress tests

By Haney Saadah and Simon Lovegrove (UK) on March 9, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 9 March 2023, the European Commission published a letter addressed to the Chairs of the European Supervisory Authorities (ESAs) regarding an assessment of the EU financial system’s resilience to stress in the transition to the EU’s 2030 goals for the reduction of greenhouse gas emissions. The letter invites the ESAs to conduct a one-off … Continue Reading

EBA publishes report on the benchmarking of diversity practices and the gender pay gap

By Haney Saadah and Simon Lovegrove (UK) on March 7, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 7 March 2023, the European Banking Authority (EBA) published a report on the benchmarking of diversity practices and the gender pay gap. Under Article 91(11) of Directive 2013/36/EU, the EBA and Member State competent authorities (NCAs) are required to benchmark diversity practices in institutions’ management bodies. The EBA and the NCAs are also mandated … Continue Reading

Monthly Global FinTech regulatory updater

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 … Continue Reading

ACER and ESMA update MoU to strengthen cooperation

By Hannah Meakin (UK) on March 6, 2023 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 6 March 2023, the European Securities and Markets Authority (ESMA) and the EU Agency for Cooperation of Energy Regulators (ACER) signed an updated Memorandum of Understanding (MoU) which strengthens collaboration between the two institutions. The MoU notably incorporates new cooperation areas under the market correction mechanism (MCM) regulation and benchmarks related to the energy … Continue Reading

New briefing note: Regulating cryptoassets: comparing MiCA and the HMT Proposals

By Hannah Meakin (UK), Anna Carrier (BE) and Albert Weatherill (UK) on March 3, 2023 Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands, United Kingdom

This note provides a high-level comparison of some of the key areas of MiCA and the HMT Proposals. It is relevant to participants in EU and UK cryptoasset markets, including service providers and issuers, as well as institutional and retail investors. Readers should note that, since neither regime has been finalised yet, there may be … Continue Reading

Published in the OJ: Delegated Regulations supplementing the CCP Recovery and Resolution Regulation

By Jochen Vester (UK) on March 3, 2023 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 March 2023, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2023/450 of 25 November 2022 supplementing the Central Counterparty Recovery and Resolution Regulation with regard to regulatory technical standards specifying the order in which CCPs are to pay the recompense referred to in Article 20(1) … Continue Reading

European Commission publishes Call for Evidence on the review of the scope and third-country regime of the Benchmark Regulation

By Anna Carrier (BE) on March 3, 2023 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 1 March 2023, the European Commission published a Call for Evidence: Review of the scope and third-country regime of the Benchmark Regulation. This initiative carries out a review mandate for the Commission to check whether the scope of the EU rules for financial benchmarks, as well as the rules for the use of non-EU … Continue Reading

European Parliament adopts negotiating position on MiFIR review

By Flupke van den Bogart on March 3, 2023 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, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

On 1 March 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee adopted its negotiating position on the review of the Markets in Financial Instruments Regulation (MiFIR). The following aspects of the ECON Committee negotiating position have been contentious points through the negotiation and have been amended in comparison to the European Commission proposal: … Continue Reading

European Parliament adopts negotiating position on CRR III and CRD VI proposals

On 23 January 2023, the European Parliament’s Economic and Monetary Affairs (ECON) Committee adopted its draft reports on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The legislative package includes: Among other things, the ECON Committee adopted the following amendments: Next steps Following adoption of the report in … Continue Reading

European Parliament announces that MEPs have adopted changes to the Financial Instruments Settlement Regime

By Hannah Meakin (UK) on March 2, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 1 March 2023, the European Parliament announced that the Economic and Monetary Affairs Committee had adopted its position on the draft Regulation amending the Central Securities Depositories Regulation as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories.… Continue Reading

European Parliament announces that MEPs have backed rules for better access to market data and more robust EU market Infrastructures

By Jochen Vester (UK) on March 2, 2023 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 1 March 2023, the European Parliament announced that MEPs had voted for changes to MiFID II and MiFIR. Among other things the changes cover data quality standards and investor protection, changes regarding market data consolidation and transparency as well as provisions on payment for order flow. The press release notes that:… Continue Reading

CPMI consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments

By Simon Lovegrove (UK) on March 2, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Payment services, Payment Services, Payment services, The Netherlands, United Arab Emirates, United Kingdom, United States

On 1 March 2023, the Committee on Payments and Market Infrastructures (CPMI) published a consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments. This consultive report presents the CPMI’s proposed requirements for harmonised use of ISO 20022 for cross-border payments. The proposed requirements are the result of earlier discussions by a joint … Continue Reading

AFM calls on trading platforms and proprietary traders to timely prepare for DORA

By Nikolai de Koning and Julia van der Grint on March 2, 2023 Posted in DNB/AFM, Investment firms, Securities/Capital markets, The Netherlands

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 IT incident notifications … Continue Reading

ACER publishes effects assessment report on the MCM

By Anna Carrier (BE) on March 1, 2023 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 1 March 2023, the European Agency for the Cooperation of Energy Regulators (ACER) published an Effects Assessment Report on the Market Correction Mechanism (MCM). ACER and the European Securities and Markets Authority (ESMA) were tasked with publishing two preliminary reports, concerning the adoption of the MCM and focussing on the developments in the financial … Continue Reading

EBA no action letter on the application of the new banking book-trading book boundary framework

By Jochen Vester (UK) on February 28, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 27 February 2023, the European Banking Authority (EBA) issued a no-action letter stating that Member State competent authorities should not prioritise any supervisory or enforcement action in relation to the new banking book – trading book boundary provisions.… Continue Reading