The Netherlands (and EU regulation)

EBA seeks input from institutions on their ESG disclosure practices

Imogen Garner (UK)Caroline HerkströterBy Imogen Garner (UK) and Caroline Herkströter on Posted in ESG, ESG, ESG, ESG, Germany, Italy, The Netherlands, United Kingdom
On 17 September 2020, the European Banking Authority (EBA) published an online survey to receive input from credit institutions on their practices and views in the area of disclosure of information on environmental, social and governance (ESG) risks. The survey, which is addressed to large credit institutions that will be required to disclose prudential information … Continue Reading

ESMA renews its decision requiring net short position holders report positions of 0.1% and above

Iona Wright (UK)By Iona Wright (UK) on Posted in Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 17 September 2020, the European Securities and Markets Authority (ESMA) announced that it was renewing its decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant national competent authority if the position reaches or exceeds 0.1% of the issued share capital. The … Continue Reading

ECB allows temporary relief in banks’ leverage ratio after declaring exceptional circumstances due to the COVID-19 pandemic

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, Germany, Italy, The Netherlands, United Kingdom
On 17 September 2020, the European Central Bank (ECB) announced that euro area banks under its direct supervision may exclude certain central bank exposures from the leverage ratio. The announcement comes after the Governing Council of the ECB confirmed that there are exceptional circumstances due to the COVID-19 pandemic. Banks under ECB supervision can benefit … Continue Reading

Commission impact assessment – long-term investment funds – review of EU rules

Imogen Garner (UK)Iona Wright (UK)By Imogen Garner (UK) and Iona Wright (UK) on Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom
On 16 September 2020, the European Commission issued an inception impact assessment concerning proposed amendments to the Regulation on European long-term investment funds (ELTIFs). The impact assessment notes that the current challenge with the ELTIF regime is that, to date, the initial take-up of ELTIFs by the market has been slow, with only a limited … Continue Reading

Commission report assessing whether Member States have duly identified and made subject to the obligations of the 4MLD all trusts and similar legal arrangements governed under their laws

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 16 September 2020, the European Commission published a report to the European Parliament and the Council assessing whether Member States have duly identified and made subject to the obligations of the Fourth Anti-Money Laundering Directive (4MLD) all trusts and similar arrangements governed under their laws. Article 31 of the 4MLD requires trustees or persons … Continue Reading

ECB – new initiative to facilitate cyber information and intelligence sharing

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom
On 15 September 2020, the European Central Bank (ECB) announced that members of the Euro Cyber Resilience Board for pan-European Financial Infrastructures have created the Cyber Information and Intelligence Sharing Initiative (CIISI-EU). This is a multilateral initiative which brings together a community of public and private entities. The CIISI-EU initiative is further explained in a … Continue Reading

Commission Regulations amending the Prospectus RTS Regulation and Delegated Regulation

Imogen Garner (UK)Iona Wright (UK)By Imogen Garner (UK) and Iona Wright (UK) on Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 14 September 2020, there was published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2020/1272 of 4 June 2020 amending and correcting Delegated Regulation (EU) 2019/979 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary … Continue Reading

FATF report – virtual assets red flag indicators of money laundering and terrorist financing

Clarinda GrundyBy Clarinda Grundy on Posted in Africa, Anti-money laundering, Anti-money laundering, Anti-Money Laundering, Asia, Australia, Canada, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom, United States
On 14 September 2020, the Financial Action Task Force (FATF) published a report, Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing. The report is based on more than 100 case studies and is designed to help national authorities and financial institutions identify potential money laundering and terrorist financing activity involving virtual … Continue Reading

CMU: Economic and Monetary Affairs Committee calls for an urgent completion

Anna Carrier (BE)By Anna Carrier (BE) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 11 September 2020, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee has adopted a report calling for the urgent completion of the Capital Markets Union (CMU). In their report, MEPs call for the development of the CMU to be accelerated, arguing that this would be a viable … Continue Reading

New US DOJ guidance on corporate compliance programs emphasizes dynamic program design and implementation

Keith Rosen (US)Carlos F. OrtizKevin Harnisch (US)By Keith Rosen (US), Carlos F. Ortiz and Kevin Harnisch (US) on Posted in Asia, Australia, France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulatory Compliance, The Netherlands, United Kingdom
During the summer, the United States Justice Department announced the latest set of updates to its “Evaluation of Corporate Compliance Programs” policy. The policy, which was first released in 2017 and revised last year, provides companies with detailed guidance on how the Department will review the adequacy and effectiveness of compliance programs when making charging … Continue Reading

European Commission plans legislation on markets in crypto-assets

Anna Carrier (BE)Flupke van den BogartBy Anna Carrier (BE) and Flupke van den Bogart 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, Italy, The Netherlands, United Kingdom
The outline of the anticipated EU legislative framework for markets in crypto-assets is becoming clearer and the European Commission is preparing to publish a legislative proposal by the end of September. The legislative initiative on markets with crypto-assets fall within the broader Commission policy initiative on digital finance, which will also include a legislative proposal … Continue Reading

Council commences discussions on Capital Markets Recovery Package, including MiFID “quick fix”

Anna Carrier (BE)Flupke van den BogartBy Anna Carrier (BE) and Flupke van den Bogart 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, Italy, The Netherlands, United Kingdom
On 3 September 2020, representatives of Member States met to discuss the Capital Markets Recovery Package. The package consists of amendments to the Markets in Financial Instruments Directive (MiFID II), the so called MiFID “quick fix”, amendments to the Prospectus Regulation,  amendments to the Securitisation Regulation and the corresponding changes to the Capital Requirements Regulation … Continue Reading

EBA response to Commission’s call for advice on its AML and CTF plan

Weronika SowaBy Weronika Sowa on Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 10 September 2020, the European Banking Authority (EBA) published its response to the European Commission’s (EC’s) call for advice on the future of the EU anti-money laundering (AML) and counter-terrorist financing (CTF) framework. The EBA set out a number of recommendations, in summary these include: Harmonising specific aspects of the Fifth AML Directive, including: … Continue Reading

ESG Compass for the Disclosure Regulation

Caroline HerkströterBy Caroline Herkströter on Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
The new European Disclosure Regulation provides the central schedule of obligations for ESG-related disclosures in the EU financial services sector. Many of the disclosure requirements start to apply from 10 March 2021 and therefore all financial market participants and financial advisors need to start considering the content of the requirements in order to address the … Continue Reading

NGFS technical document: overview of environmental risk analysis by financial institutions

Daniel Nevzat (UK)Imogen Garner (UK)By Daniel Nevzat (UK) and Imogen Garner (UK) on Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 10 September 2020, the Central Banks and Supervisors’ Network for Greening the Financial System (NGFS) issued the following publications: The Overview of Environmental Risk Analysis by Financial Institutions. This report provides wide-ranging examples of how environmental risks translate into financial risks, and an in-depth review of the tools and methodologies for environmental risk analysis … Continue Reading

FMSB publishes Spotlight Review on measuring execution quality in FICC markets

Hannah McAslan (UK)Hannah Meakin (UK)By Hannah McAslan (UK) and Hannah Meakin (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 7 September 2020, the FICC Markets Standards Board (FMSB) published a Spotlight Review looking at the challenges in measuring quality of trade execution and how this varies across different market participants and segments. The Spotlight Review is the fourth and final in a series that is collectively looking at issues of wholesale fixed income, … Continue Reading

Regulatory framework for haircuts on non-centrally cleared securities financing transactions – FSB extends implementation deadlines

Simon Lovegrove (UK)Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulatory Compliance, The Netherlands, United Arab Emirates, United Kingdom, United States
On 7 September 2020, the Financial Stability Board (FSB) issued a press release stating that it has decided to delay by one year the implementation dates for its policy recommendations relating to minimum haircut standards for non-centrally cleared securities financing transactions. In August 2013 the FSB developed policy recommendations to address financial stability risks that … Continue Reading

ESMA provides for the option to apply the annual transparency calculations for non-equity instruments from 21 September

Hannah Meakin (UK)Hannah McAslan (UK)By Hannah Meakin (UK) and Hannah McAslan (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 7 September 2020, the European Securities and Markets Authority (ESMA) announced that it had decided that trading venues and investment firms may postpone, for operational reasons, the application of the annual transparency calculations for non-equity instruments other than bonds to 21 September 2020 (instead of 15 September 2020). The decision also applies to the … Continue Reading

ESMA confirms Securitisation Regulation requirements entry into force on 23 September 2020

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Financial Services, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 4 September 2020, the European Securities and Markets Authority (ESMA) issued a statement confirming that different elements of the new regime under the Securitisation Regulation will come into force on 23 September 2020. The statement follows the publication of seven technical standards implementing the Securitisation Regulation in the Official Journal of the EU. The … Continue Reading

MONEYVAL publishes Covid-19 money laundering and terrorist financing trends

Clarinda GrundyLisa Lee Lewis (UK)Katie Stephen (UK)By Clarinda Grundy, Lisa Lee Lewis (UK) and Katie Stephen (UK) on Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 2 September 2020, MONEYVAL (the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) published a report detailing the money laundering and terrorist financing trends emanating from the Covid-19 pandemic, identified through feedback from jurisdictions within MONEYVAL’s remit. MONEYVAL notes that, so far during the pandemic, whilst the … Continue Reading

ECON letter to COREPER on proposed Regulation on recovery and resolution of CCPs attaches agreed text

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom
On 3 September 2020, the Council of the EU published a letter from the Chair of the European Parliament’s ECON Committee concerning the proposed Regulation on the framework for the recovery and resolution of central counterparties. The letter explains that at a meeting on 22 July 2020 the Council’s Permanent Representatives Committee (COREPER II) decided … Continue Reading

SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heists

Clarinda GrundyLisa Lee Lewis (UK)Katie Stephen (UK)By Clarinda Grundy, Lisa Lee Lewis (UK) and Katie Stephen (UK) on Posted in Africa, Asia, Australia, Canada, Financial Services, Financial Services, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States
In September 2020, SWIFT (a global member-owned cooperative and provider of secure financial messaging services) published a report to support market participants in understanding the money laundering techniques which underpin large-scale cyber-attacks. The report sets out the end-to-end journey commonly used by criminals to launder funds obtained through illicit cyber-crime related activities, and focusses on … Continue Reading

NGFS publishes its 2020-2022 work program and announces changes in the governance

Daniel Nevzat (UK)By Daniel Nevzat (UK) on Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
On 3 September 2020, the Network for Greening the Financial System (NGFS) announced its 2020 – 2022 work program that will include continuing its work on climate scenario analysis and scaling up green finance. The NGFS will also create two new work streams focussing on addressing data gaps and research. The NGFS, launched at the … Continue Reading
LexBlog