The Netherlands (and EU regulation)

ESMA temporary restriction on CFDs applicable from 1 May 2019

On 30 April 2019, there was published in the Official Journal of the EU, the European Securities and Markets Authority Decision (EU) 2019/679 of 17 April 2019 renewing the temporary restriction on the marketing, distribution or sale of contracts for differences to retail clients. The decision applies from 1 May 2019 for a period of … Continue Reading

ESRB review of macro-prudential policy in the EU

On 30 April 2019, the European Systemic Risk Board (ESRB) published a report setting out its review of macro-prudential policy in the EU in 2018. The review provides an overview of the measures of macro-prudential interest that were adopted in the EU in 2018. Key messages in the review include: as there are indications that … Continue Reading

EBA report on supervisory colleges

On 30 April 2019, the European Banking Authority (EBA) published its 2018 report on supervisory colleges. The core of the report focuses on some key observations regarding the 2018 cycle of supervisory colleges. These observations cover: (i) organisational aspects of the colleges’ work and interactions; (ii) colleges’ deliverables; and (iii) the key topics for supervisory … Continue Reading

ESMA guidelines on internalised settlement reporting under CSDR

On 30 April 2019, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on internalised settlement reporting under Article 9 of the Central Securities Depositories Regulation (CSDR). The guidelines apply to Member State competent authorities (NCAs) designated under Article 11 of the CSDR and to settlement internalisers as defined in … 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 supervises compliance with the revised Wwft

In its press release of 30 April 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) emphasises that financial institutions are required to take measures to identify and assess money laundering and terrorist financing risks in accordance with the recently revised Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van … Continue Reading

Delegated Regulation amending clearing obligation RTS published in OJ

There has been published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2019/667 of 19 December 2018 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 to extend the dates of deferred application of the clearing obligation for certain over-the-counter derivative contracts. The Delegated Regulation, which reflects a mandate under … Continue Reading

FSB April 2019 plenary meeting

On 26 April 2019, the Financial Stability Board (FSB) published a press release summarising the key areas of discussion at its plenary meeting in New York. Key takeaways from the plenary include: financial markets generally functioned well during the period of volatility at the end of 2018. Nonetheless, the FSB recognises that a more severe … Continue Reading

FSB reports on thematic review on resolution regimes

On 29 April 2019, the Financial Stability Board (FSB) published a report on its thematic review on bank resolution planning. The report evaluates the implementation by FSB jurisdictions of the resolution planning standard as set out in the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions. It focuses on resolution planning for all domestically … Continue Reading

EBA adds MCD to single rulebook Q&A tool

On 25 April 2019, the European Banking Authority (EBA) published a press release announcing that it had updated its Interactive Single Rulebook and Q&A tool with the Mortgage Credit Directive (MCD). The update allows users to review all the EBA’s final Technical Standards and Guidelines associated with the MCD by navigating through the Directive on … Continue Reading

Regulation amending CRR on statutory prudential backstop for NPLs published in OJ

On 25 April 2019, there was published in the Official Journal of the EU (OJ) Regulation (EE) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures. The rules contained in the Regulation set capital requirements applying to banks … Continue Reading

EBA opinion on the nature of passport notifications for agents and distributors of e-money

On 24 April 2019, the European Banking Authority (EBA) published an opinion on the nature of passport notifications of payment institutions (PIs) and electronic money institutions (EMIs) using agents and distributors located in another EU Member State, under PSD2, the second Electronic Money Directive (2EMD) and the Fourth Anti-money Laundering Directive (MLD4). An EBA analysis … Continue Reading

Letter AFM and DNB on importance of transitioning to alternative benchmarks

On 25 April 2019, a press release and letter were published through which the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) asks financial institutions for the preparations and actions they are taking to manage transition from critical benchmarks such as LIBOR to … Continue Reading

AFM takes national measures to prohibit binary options and to restrict the marketing or sales of CFDs

Further to our earlier blog post, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has taken national measures mirroring ESMA’s product intervention measures. These measures – included in two separate Decrees, one dealing with binary options and the other with contracts for differences (CFDs) – were published in the Dutch Government … Continue Reading

Mutually assured cooperation – the issue of cross-border banks

On 12 April 2019, the European Central Bank (ECB) published a speech by Andrea Enria (Chair of the ECB Supervisory Board) on the issue of cross-border banks. Mr Enria begins his speech by discussing the lessons that were learnt on crisis management during the 2008 global financial crisis. He also discusses what the ECB has … Continue Reading

EBA updates list of diversified indices

On 11 April 2019, the European Banking Authority (EBA) updated the list of diversified indices, which was originally published in December 2013. The list is part of the implementing technical standards (ITS) drafted to calculate the capital requirements for position risk in equities according to the standardised rules. The list was updated according to the … Continue Reading

ECB launches public consultation on amendments to the supervisory fees framework

On 11 April 2019, the European Central Bank (ECB) launched a public consultation on proposed changes to the ECB Regulation on supervisory fees. The proposed amendments mainly concern the individual fees the ECB levies on the banks it supervises and the timing of their collection. Most importantly, the proposals will result in the ECB calculating … Continue Reading

Updated ESMA Questions and Answers on the Transparency Directive

On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Transparency Directive (TD). The updated Q&As modify question 26 which deals with the situation where the UK leaves the EU without a Withdrawal Agreement and concerns a third country issuer and their disclosure of a … Continue Reading

Updated ESMA Questions and Answers on the Prospectus Regulation

On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Prospectus Regulation. The updated Q&As amend question 103 which has been modified in the event the UK withdraws from the EU without a Withdrawal Agreement and concerns the position where third country issuers have chosen … Continue Reading

ESAs publish joint advice on information and communication technology risk management and cybersecurity

On 10 April 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published two pieces of joint advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan: Joint Advice on the need for legislative improvements relating to Information and Communication Technology risk management requirements in the EU … Continue Reading

FSB update to G20

On 9 April 2019, the Financial Stability Board (FSB) published a letter from its Chair to the G20 Finance Ministers and Central Bank Governors. The letter comes ahead of the G20 meeting of 11 – 12 April 2019. Key points in the letter include: addressing new and emerging vulnerabilities in the financial system– the FSB … Continue Reading

ESMA updates MiFIR data reporting Q&As

On 9 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFIR data reporting. The updated Q&As insert a new question within section 19 – defined list of instruments. The new question asks: How should operators of trading venue(s) report instrument reference data in accordance with Article … Continue Reading

Basel Committee – new section on website setting out consolidated version of the global standards

The Basel Committee on Banking Supervision (Basel Committee) has launched a new section of its website that sets out a consolidated version of its global standards for the regulation and supervision of banks. The new area of the website provides the full set of standards of the Basel Committee. Also, the website enables users to view the … Continue Reading

European Commission consults on Distance Marketing Directive

On 9 April 2019, the European Commission published a new webpage detailing a consultation on the Distance Marketing Directive (the Directive). The Commission notes that since 2002, when the Directive came into force, the retail financial sector has gone increasingly digital, with new products and actors available on the market and new sales channels being … Continue Reading
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