The Netherlands (and EU regulation)

Delegated Directive integrating sustainability into MiFID II product governance obligations

On 2 August 2021, there was published in the Official Journal of the EU, Commission Delegated Directive (EU) 2021/1269 of 21 April 2021 amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors into the product governance obligations. Commission Delegated Directive 2017/593 supplements MiFID II with regard to, amongst other things, product governance … Continue Reading

Commission consultation on amendments to UCITS Directive on PRIIPs KID exemption

By Iona Wright (UK) on August 9, 2021 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 5 August 2021, the European Commission issued for consultation a draft Directive amending the UCITS Directive as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities. The draft Directive inserts a new Article 82a in the UCITS Directive. The Article provides that where a key … Continue Reading

Consultation on Implementing Decision on the equivalence of certain third countries for the purposes of the treatment of exposures in accordance with the CRR

By Simon Lovegrove (UK) on August 9, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 6 August 2021, the European Commission issued a consultation a draft Implementing Decision on the equivalence of the supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures in accordance with the Capital Requirements Regulation (CRR). The deadline for comments on the draft Implementing Decision is … Continue Reading

ESMA report on the use of FinTech by CSDs

By Hannah Meakin (UK) on August 9, 2021 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 6 August 2021, the European Securities and Markets Authority (ESMA) published a report on the use of FinTech by central securities depositories (CSDs). The report focuses on the use of FinTech by CSDs. ESMA has gathered the views of Member State competent authorities (NCAs) and relevant market players on the existing experience with the … Continue Reading

ESMA updates Q&As on MAR

By Lisa Lee Lewis (UK) and Simon Lovegrove (UK) on August 9, 2021 Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market Abuse, Market abuse, The Netherlands, United Kingdom

On 6 August 2021, the European Securities and Markets Authority updated its Q&As on the Market Abuse Regulation. Specifically ESMA has inserted answers to the following new questions all dealing with the disclosure of inside information: Q5. 8 – Interaction between MAR and Credit Rating Agencies Regulation. Q5. 9 – Disclosure to the public of … Continue Reading

CPMI work programme for 2021-22

On 5 August 2021, the Committee on Payments and Market Infrastructures (CPMI) published its work programme for 2021-22. The annual work programme has been publicly released for the first time as part of the CPMI’s commitment to increased transparency. The annual work programme will focus on shaping the future of payments and addressing risks in … Continue Reading

Call for feedback by the Platform on Sustainable Finance on preliminary recommendations for technical screening criteria for the EU taxonomy

By Daniel Nevzat (UK) on August 5, 2021 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 3 August 2021, the Platform on Sustainable Finance published a call for feedback on a draft report on preliminary recommendations for technical screening criteria for the EU taxonomy. The draft report focuses primarily on presenting a first set of priority economic activities and draft recommendations for associated substantial contribution and do no significant harm … Continue Reading

ESMA publishes official translations of guidelines for funds’ marketing communications

By Iona Wright (UK) on August 4, 2021 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 2 August 2021, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines for funds’ marketing communications under Article 4 of the Regulation on the cross-border distribution of collective investment undertakings. The guidelines will apply from six months after the date of the publication of the translations.… Continue Reading

EBA publishes amended technical standards on resolution planning reporting

By Jochen Vester (UK) and Simon Lovegrove (UK) on August 4, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 3 August 2021, the European Banking Authority (EBA) issued a report containing draft implementing technical standards (ITS) that amend the current ITS on the provision of information for the purpose of resolution plans (Implementing Regulation (EU) 2018/1624). The EBA states that the proposed amendments are minimal and are designed to re-align the standards with … Continue Reading

Commission consultations on draft Implementing Regulations designating replacement rates for CHF LIBOR and EONIA benchmark

By Hannah Meakin (UK) on August 4, 2021 Posted in Benchmarks – IBOR transition, France, Germany, Italy, The Netherlands, United Kingdom

On 3 August 2021, the European Commission issued consultations on the following delegated acts: Commission Implementing Regulation (EU) on the designation of a statutory replacement for certain settings of CHF LIBOR. The draft Implementing Regulation follows a targeted consultation that the Commission conducted earlier this year to assess the suitability of designating a statutory replacement … Continue Reading

Sustainability amendments to Solvency II and the IDD published in the Official Journal of the EU

By Laura Hodgson (UK) on August 4, 2021 Posted in ESG, ESG, ESG, ESG, 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, IDD, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands

Various amendments to the Solvency II Delegated Regulation ((EU) 2015/35) and to the Insurance Distribution Directive Delegated Regulations ((EU) 2017/2358 and (EU) 2017/2359) have been published in the Official Journal of the European Union so that sustainability requirements can be introduced into the Solvency II and the insurance distribution regimes in the European Union. The … Continue Reading

EBA consults on new guidelines on the role of AML/CFT compliance officers

By Lisa Lee Lewis (UK) and Simon Lovegrove (UK) on August 3, 2021 Posted in France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 2 August 2021, the European Banking Authority (EBA) launched a public consultation on new guidelines on the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers. When finalised the guidelines apply to financial sector operators as defined in Article 4(1a) of Regulation (EU) No 1093/201019. The draft … Continue Reading

Delegated legislation integrating sustainability into UCITS Directive, AIFMD, MiFID II

By Daniel Nevzat (UK) on August 3, 2021 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 2 August 2021, the following were published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2021/1255 of 21 April 2021 amending Delegated Regulation (EU) No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers Commission Delegated Regulation (EU) 2021/1254 of 21 April 2021 … Continue Reading

Call for advice to ESMA regarding certain aspects relating to retail investor protection

By Simon Lovegrove (UK) and Matthew Gregory (UK) on August 3, 2021 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 2 August 2021, the European Securities and Markets Authority (ESMA) published a call for advice that it had received from the European Commission. In the call for advice the Commission asks ESMA to help it with the preparation of legislative proposals implementing certain aspects of the EU retail investment strategy. ESMA is invited by … Continue Reading

SSM-wide stress test 2021

By Martin Krause (DE) on August 3, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 30 July 2021, the European Central Bank (ECB) published the results of its 2021 stress test. The stress test shows that the euro area banking system is resilient to adverse economic developments. The Common Equity Tier 1 capital ratio of the 89 ECB supervised banks in the stress test would fall by an average … Continue Reading

Call for advice to the Joint Committee of the ESAs regarding the PRIIPs Regulation

By Matthew Gregory (UK) and Simon Lovegrove (UK) on August 3, 2021 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 2 August 2021, the European Securities and Markets Authority published the call for advice that the Joint Committee of the European Supervisory Authorities (ESAs) had received from the European Commission regarding the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation). The Commission invites the Joint Committee to provide advice on the following areas … Continue Reading

Commission consults on Delegated Regulation on supervisory fees, fines and penalties for benchmark administrators

By Simon Lovegrove (UK) on August 3, 2021 Posted in Benchmarks, Germany, Italy, The Netherlands, United Kingdom

On 30 July 2021, the European Commission published for consultation a draft Delegated Regulation supplementing the Benchmarks Regulation (BMR) by covering the fees that benchmark administrators need to pay the European Securities and Markets Authority (ESMA) for supervision and the procedure that ESMA needs to follow to impose fines or penalties on benchmark administrators under … Continue Reading

EBA publishes the results of its 2021 EU-wide stress test

By Simon Lovegrove (UK) on August 3, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 30 July 2021, the European Banking Authority (EBA) published the results of the 2021 EU-wide stress test, which involved 50 banks from 15 EU and EEA countries, covering 70% of the EU banking sector assets. The stress test is characterised by an adverse scenario that assumes a prolonged COVID-19 scenario in a “lower for … Continue Reading

Commission consults on Delegated Regulation on supervisory fees, fines / penalties and derogation criteria for DRSPs

By Simon Lovegrove (UK) on August 3, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 30 July 2021, the European Commission issued for consultation a draft Delegated Regulation to be adopted under Articles 2(3), 38k(10) and 38n(3) of MiFIR and deal with the supervision of data reporting service providers (DRSPs) which will be transferred from Member State competent authorities to the European Securities and Markets Authority (ESMA) from January … Continue Reading

Regulation on cross-border payments published in OJ

By Albert Weatherill (UK) and Simon Lovegrove (UK) on August 2, 2021 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 30 July 2021, there was published in the Official Journal of the EU Regulation 2021/1230 on cross-border payments in the Union. The Regulation sets out rules on cross-border payments and on the transparency of currency conversion charges in the EU. It codifies and replaces Regulation 924/2009 on cross-border payments which has been substantially amended … Continue Reading

Proportionality in bank regulation and supervision – a joint global survey

On 30 July 2021, the Basel Committee on Banking Supervision (Basel Committee) and the World Bank (WB) published a report on an earlier joint global survey that focussed on proportionality in bank regulation and supervision. The survey involved 90 authorities, with a broad distribution across geographical regions and income groups. The concept of proportionality is … Continue Reading

ESMA updates Q&A on Benchmarks Regulation

By Simon Lovegrove (UK) on July 30, 2021 Posted in Benchmarks, Germany, Italy, The Netherlands, United Kingdom

On 29 July 2021, the European Securities and Markets Authority (ESMA) updated its Q&A on the Benchmarks Regulation. ESMA has updated 4.7 of the Q&A which deals with the following question – Can supervised entities in the Union use benchmarks provided by 3rd country public authorities after the end of the transitional period applicable to … Continue Reading

ACER – updated Q&As on REMIT 25th edition

By Victoria Pridmore on July 30, 2021 Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market Abuse, Market abuse, The Netherlands, United Kingdom

On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT). The 25th edition of the Q&As on REMIT provides the following new Q&As: 3.9 – Under which conditions Citizens Energy Communities … Continue Reading

EBA publishes final guidelines on the monitoring of the threshold for establishing an intermediate EU parent undertaking

By Jochen Vester (UK) on July 29, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

Article 21b of the Capital Requirements Directive IV (CRD IV) introduced a requirement for institutions belonging to third country groups to have an intermediate EU parent undertaking (IPU) established in the EU, where the total value of assets in the EU of the third-country group is equal to or greater than EUR 40 billion. On … Continue Reading