The Netherlands (and EU regulation)

AFM points out licence obligation for proprietary trading firms that execute orders on behalf of clients

Floortje Nagelkerke (NL)Anka Langedijk (NL)By Floortje Nagelkerke (NL) and Anka Langedijk (NL) on Posted in Investment firms, The Netherlands
On 28 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten AFM) published a news item addressing the licence obligation for proprietary trading firms (handelaren voor eigen rekening), in particular in case orders are executed on behalf of clients. The AFM indicates in order to determine whether someone is dealing on own … Continue Reading

ECB decisions on adopting decisions on passporting, acquisition of qualifying holdings and withdrawal of authorisations of credit institutions

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 28 August 2019, there was published in the Official Journal of the EU, the following decisions relating to the Regulation on the Single Supervisory Mechanism (SSM): Decision (EU) 2019/1376 of the European Central Bank (ECB) on delegation of the power to adopt decisions on passporting, acquisition of qualifying holdings and withdrawal of authorisations of … Continue Reading

EBA reports on funding plans and asset encumbrance

Jochen Vester (UK)Simon Lovegrove (UK)By Jochen Vester (UK) and Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 28 August 2019, the European Banking Authority (EBA) published the following: a report on funding plans. The purpose of the report is to assess the feasibility of EU banks’ funding plans submitted for the banking system in the EU. The EBA’s findings include, among other things, that the total assets of banks increased in … Continue Reading

ECB communication on supervisory coverage expectations for NPEs

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 22 August 2019, the European Central Bank (ECB) issued a communication on supervisory expectations for non-performing exposures (NPEs). The communication begins by stating that addressing non-performing loans (NPLs) has been one of the key priorities for ECB Banking Supervision since its inception. The overall objective of developing the supervisory approach to NPLs is to … Continue Reading

Joint EBA and ESMA response to the letter of 19 July 2019 on crypto-assets

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 20 August 2019, the European Securities and Markets Authority and the European Banking Authority (together the European Supervisory Authorities) published a letter in response to an earlier letter from Valdis Dombrovskis (Vice-President European Commission, Financial Stability, Financial Services and Capital Markets Union) concerning crypto-assets, including so-called ‘stablecoins’. The letter outlines some of the European … Continue Reading

Report by the ECB working group on euro risk-free rates

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom
On 19 August 2019, the European Central Bank’s (ECB) working group on euro risk-free rates published a report that focuses on the impact that the transition from the current euro overnight index average (EONIA) to the ECB’s euro short-term rate (€STR) will have on cash and derivatives products. In the report, the working group analyses … Continue Reading

AFM consults investment funds on anti-money laundering and terrorist financing

Nikolai de Koning (NL)Anka Langedijk (NL)By Nikolai de Koning (NL) and Anka Langedijk (NL) on Posted in Collective investment schemes, DNB/AFM, Money laundering, The Netherlands
On 16 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item indicating that in the last week of August, alternative investment funds and their managers will be receiving a questionnaire in relation to anti-money laundering and sanctions risks. This questionnaire is circulated annually and the AFM … Continue Reading

ECB decision on oversight of systemically important payment systems

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 16 August 2019, there was published in the Official Journal of the EU (OJ), the European Central Bank (ECB) decision of 26 July 2019 on the procedure and conditions for exercise by a Member State competent authority of certain powers in relation to the oversight of systemically important payment systems (SIPs). In April 2012, … Continue Reading

ECB advises banks to ramp up no-deal preparations

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom
On 14 August 2019, the European Central Bank (ECB) published an article on its website calling on banks to step up their preparations for a no-deal Brexit at the end of October 2019. The ECB asserts that banks have transferred significantly fewer activities, critical functions and staff to euro area entities than originally foreseen as … Continue Reading

European Commission agrees MOU with SRB

Luke RodgersBy Luke Rodgers on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 13 August 2019, the Single Resolution Board (SRB) published a memorandum of understanding (MOU) between itself and the European Commission in respect of co-operation and information exchange pursuant to the Single Resolution Mechanism Regulation (SRMR). The MOU aims to codify best practices and ensure that effective working arrangements are in place between the Commission … Continue Reading

EBA opinion on deposit guarantee schemes

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
Article 19(6) of the Deposit Guarantee Schemes Directive (DGSD) requires the European Commission to submit to the European Parliament and to the Council a report on the progress towards the implementation of the DGSD. To support the Commission in meeting this obligation, the European Banking Authority (EBA) committed to drafting three opinions on the DGSD. … Continue Reading

ESRB Recommendation amending 2015 Recommendation on EU macroprudential policy measures and 2014 Recommendation on CCyB

Jochen Vester (UK)By Jochen Vester (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 6 August 2019, there was published in the Official Journal of the European Union the Recommendation of the European Systemic Risk Board (ESRB) of 28 June 2019 postponing certain deadlines for the submission of reports prescribed in two ESRB Recommendations: Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential … Continue Reading

EBA feedback on review of single rulebook Q&A tool

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, The Netherlands, United Kingdom
On 6 August 2019, the European Banking Authority (EBA) published feedback following an earlier review of its single rulebook Q&As. The scope of the review was limited to Q&As relating to the Capital Requirements Regulation and the Capital Requirements Directive IV, with a focus on policy issues, on which around 625 questions have been answered, … Continue Reading

EBA issues advice on Basel III implementation

Simon Lovegrove (UK)Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 5 August 2019, the European Banking Authority (EBA) published its report to the European Commission, following an earlier call for advice in May 2018, on the assessment of the implementation of Basel III in the EU. The advice presents the findings of the EBA’s quantitative impact assessment analysis based on data from 189 banks … Continue Reading

EBA adds CRR II, CRD V, BRRD II to single rulebook Q&A tool

Jochen Vester (UK)Simon Lovegrove (UK)By Jochen Vester (UK) and Simon Lovegrove (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 5 August 2019, the European Banking Authority (EBA) updated its Interactive Single Rulebook and Q&A tool on the Capital Requirements Regulation II (CRR II), Capital Requirements Directive V (CRD V) and Bank Recovery and Resolution Directive II (BRRD II). The update allows users to review all the EBA’s final technical standards and guidelines associated … Continue Reading

Commission letter to EBA on elements of Basel III framework

Jochen Vester (UK)Simon Lovegrove (UK)By Jochen Vester (UK) and Simon Lovegrove (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 2 August 2019, the European Banking Authority (EBA) published a letter (dated 15 July 2019) it had received from the European Commission concerning its preparatory work for the implementation of the Basel III reforms. The Commission notes that the EBA is currently finalising its advice on the Basel III reforms in the area of … Continue Reading

EBA consults on draft guidelines on weighted average maturity of contractual payments

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 31 July 2019, the European Banking Authority (EBA) published a consultation paper proposing draft guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche of a securitisation transaction. The framework under the Capital Requirements Regulation (CRR) for securitisations has introduced a tranche maturity as an additional … Continue Reading

Commission implementing decisions on CRA Regulation equivalence

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, The Netherlands, United Kingdom
On 30 July 2019, there was published in the Official Journal of the EU, European Commission implementing decisions relating to the equivalence of jurisdictions’ legal and supervisory frameworks to the requirements of the Credit Rating Agencies (CRA) Regulation. Commission implementing decisions repealing previous positive equivalence determinations under the CRA Regulation have been published for Argentina; … Continue Reading

ESMA updates Q&As on MiFID II data reporting

Hannah Meakin (UK)Catherine Blake (UK)By Hannah Meakin (UK) and Catherine Blake (UK) on Posted in Germany, Italy, MiFID II, The Netherlands, United Kingdom
On 29 July 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 and answer within section 5 – Maturity Date, expiry date and termination date: What date should be populated in Field 24 (Expiry date) of RTS 23 for financial … Continue Reading

Commission sets out its equivalence policy with non-EU countries

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Brexit, Brexit, Germany, Italy, The Netherlands, United Kingdom
On 29 July 2019, the European Commission issued a communication setting out its overall approach to equivalence and recent legislative developments in terms of how the Commission grants equivalence to non-EU countries. It also describes how the Commission and the European Supervisory Authorities monitor the situation in those non-EU countries after equivalence decisions have been … Continue Reading

ECB guideline on €STR published

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom
On 26 July 2019, there was published in the Official Journal of the EU, the European Central Bank (ECB) guideline governing the euro short-term rate (€STR) and establishing the ECB’s responsibility for its administration and oversight. The guidelines also establish the responsibilities of the ECB and national central banks and sets out the provisions for … Continue Reading

Joint statement on transition to PSD2 RTS

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 26 July 2019, representatives of the two European Third Party Providers (TPP) associations and representatives of the three European Credit Sector Associations (ECSAs) and the Financial Data and Technology Association (FDATA) published a joint statement concerning the transition to the new security and communication standards that will be applicable from 14 September 2019 within … Continue Reading

ECB letter regarding stablecoin initiatives

Albert Weatherill (UK)Simon Lovegrove (UK)By Albert Weatherill (UK) and Simon Lovegrove (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 26 July 2019, the European Central Bank (ECB) published a letter from its president, Mario Draghi, to Markus Ferber MEP. In the letter Mr Draghi discusses how the European System of Central Banks (ESCB) is closely monitoring innovation in the financial sector, including stablecoin projects such as Facebook’s ‘Libra’. The ESCB also contributes to … Continue Reading

DNB publishes general principles for the use of AI in the financial sector

Nikolai de Koning (NL)By Nikolai de Koning (NL) on Posted in DNB/AFM, Fintech, Regulation and compliance, The Netherlands
On 25 July 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document containing general principles for the use of artificial intelligence (AI) in the financial sector (the Guidance Document). The Guidance Document serves as a discussion paper containing DNB’s preliminary views on the responsible use of AI in the financial sector. … Continue Reading
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