The Netherlands (and EU regulation)

EBA publishes final guidelines on the methodology to determine the weighted average maturity of contractual payments due under the tranche of a securitisation transaction

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 4 May 2020, the European Banking Authority (EBA) published its final guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche of a securitisation transaction, as laid down in the Capital Requirements Regulation (as amended). The guidelines have been developed in accordance with Article 257(4) of … Continue Reading

FSB consults on guidance on assessing the adequacy of financial resources for CCP resolution

Hannah Meakin (UK)Jochen Vester (UK)By Hannah Meakin (UK) and Jochen Vester (UK) on Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom
On 4 May 2020, the Financial Stability Board (FSB) issued a public consultation report on guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. The draft guidance is intended to assist CCP resolution authorities and is based on a discussion paper that the FSB published … Continue Reading

New client briefing note – The Master-KVG: an attractive option post-AIFMD

Caroline HerkströterMartin Krause (DE)By Caroline Herkströter and Martin Krause (DE) on Posted in Australia, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Funds management, Germany, Italy, The Netherlands, United Kingdom, United States
In order to sell their expertise to German institutional and retail investors, non-German asset managers must find ways to operate in the German investment market. This has become much more difficult under the Alternative Investment Fund Managers Directive. An attractive option is to cooperate with a German Master-KVG. We have recently published a new client … Continue Reading

Act implementing 5MLD expected to enter into force on 18 May 2020

Nikolai de Koning (NL)By Nikolai de Koning (NL) on Posted in DNB/AFM, Fintech, Money laundering, Regulation and compliance, The Netherlands
As set out in our earlier blog post, the Dutch Senate (Eerste Kamer) adopted the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act) on 21 April 2020. On 4 May 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a new edition of its newsletter for crypto service … Continue Reading

Basel Committee publishes stocktake report on climate-related financial risk initiatives

Imogen Garner (UK)Daniel Nevzat (UK)By Imogen Garner (UK) and Daniel Nevzat (UK) on Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 30 April 2020, the Basel Committee on Banking Supervision (Basel Committee) published a stocktake report on its members’ existing regulatory and supervisory initiatives on climate-related financial risks. The stocktake report notes that: the majority of Basel Committee members consider it appropriate to address climate-related financial risks within their existing regulatory and supervisory framework; an … Continue Reading

ESMA issues no action letter on the new ESG disclosure requirements under the BMR

Hannah Meakin (UK)Imogen Garner (UK)By Hannah Meakin (UK) and Imogen Garner (UK) on Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom
On 29 April 2020, the European Securities and Markets Authority (ESMA) issued a no action letter intended to promote coordinated action by Member State national competent authorities (NCAs) regarding the new environmental, social and governance (ESG) disclosure requirements for benchmark administrators under the Benchmarks Regulation (BMR). ESMA has also issued an opinion to the European … Continue Reading

BCBS progress report on implementation of principles for effective risk data aggregation and risk reporting: April 2020

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 29 April 2020, the Basel Committee on Banking Supervision (Basel Committee) published its latest progress report on banks’ implementation of the Principles for effective risk data aggregation and reporting (the Principles). The progress report is based on the results of a self-assessment survey of authorities with supervisory responsibility for global systemically important banks (G-SIBs). … Continue Reading

G20 and the BIS Innovation Hub invite global innovators to find solutions to the most pressing financial regulatory & supervisory challenges

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 29 April 2020, the Saudi G20Presidency and the Bank for International Settlements (BIS) Innovation Hub launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance (RegTech) and supervision (SupTech) challenges. The BIS Innovation Hub, through its Singapore Centre, and the Saudi G20 Presidency have published high-priority RegTech/SupTech operational … Continue Reading

Prudential requirements: European Commission publishes legislative proposal for CRR “quick fix”

Anna Carrier (BE)By Anna Carrier (BE) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 28 April 2020, the European Commission published its legislative proposal for a Regulation amending Regulation (EU) 575/013 on prudential requirements for credit institutions and investment firms (“Capital Requirements Regulation” or CRR) as regards adjustments in response to the COVID-19 pandemic. The legislative proposal was accompanied by a Commission Interpretative Communication.  This set of targeted … Continue Reading

ECB publication on framework to assess crossborder spillover effects of macroprudential policies

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 28 April 2020, the European Central Bank (ECB) published a report, Framework to assess crossborder spillover effects of macroprudential policies. The report presents an analytical framework for assessing crossborder spillover effects of planned or enacted macroprudential measures. The description of the framework presented in the report is accompanied by an ECB occasional paper, which … Continue Reading

FATF extends its assessment and follow-up deadlines in response to COVID-19

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 28 April 2020, the Financial Action Task Force (FATF) announced that it was temporarily postponing all remaining FATF mutual evaluations and follow-up deadlines. The FATF has also decided on a general pause in the review process for the list of high-risk jurisdictions subject to a call for action and jurisdictions subject to increased monitoring, … Continue Reading

Legislative letter DNB for 2020 published

Nikolai de Koning (NL)By Nikolai de Koning (NL) on Posted in DNB/AFM, Insurance, Money laundering, Regulation and compliance, The Netherlands
The Dutch Central Bank (De Nederlandsche Bank, DNB) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative changes desired by DNB to address bottlenecks in Dutch laws … Continue Reading

Legislative letter AFM for 2020 published

Nikolai de Koning (NL)By Nikolai de Koning (NL) on Posted in Collective investment schemes, DNB/AFM, Insurance, Money laundering, Regulation and compliance, The Netherlands, Uncategorized
The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative changes desired … Continue Reading

EBA statement on additional supervisory measures

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 April 2020, the European Banking Authority (EBA) published a statement on additional supervisory measures in light of the COVID-19 pandemic. The EBA recognises the need for a pragmatic approach to SREP assessments in 2020, focusing on the most material risks and vulnerabilities driven by the crisis. On recovery planning activities for institutions, the … Continue Reading

EBA report on revisions to RTS on prudent valuation under CRR

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 23 April 2020, the European Banking Authority (EBA) published a report containing final draft regulatory technical standards (RTS) on prudent valuation under Article 105(14) of the Capital Requirements Regulation (CRR). As a result of the COVID-19 pandemic, the EBA asserts that it has become clear that rules for prudent valuation should be revised so … Continue Reading

EBA statement on market risk measures

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 22 April 2020, the European Banking Authority (EBA) published a statement on the application of the prudential framework on targeted aspects in the area of market risk in the COVID-19 outbreak. The statement cover four areas: prudent valuation; fundamental review of the trading book standardised approach reporting requirements; implementation of phase V and VI … Continue Reading

ESAs publish consultation paper on ESG disclosures

Daniel Nevzat (UK)By Daniel Nevzat (UK) on Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 23 April 2020, the European Supervisory Authorities (ESAs) published a consultation paper seeking input on their proposed regulatory technical standards (RTS) on environmental, social and governance (ESG) disclosure for financial market participants, advisers and products. The RTS have been developed pursuant to the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR), … Continue Reading

Act implementing 5MLD adopted in Dutch Senate

Nikolai de Koning (NL)By Nikolai de Koning (NL) on Posted in Money laundering, Regulation and compliance, The Netherlands
On 21 April 2020, the Dutch Senate (Eerste Kamer) adopted the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act).  The Act implements 5MLD into Dutch law, primarily by amending the Act on the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en financiering van … Continue Reading

Repair Act Financial Markets 2020 published

Nikolai de Koning (NL)By Nikolai de Koning (NL) on Posted in Money laundering, Regulation and compliance, The Netherlands
On 21 April 2020, the Dutch Minister of Finance submitted the Repair Act Financial Markets 2020 (Herstelwet financiële markten 2020, the 2020 Repair Act) to the Dutch Parliament. The 2020 Repair Act aims to repair deficiencies and omissions that have occurred in the implementation of European directives and regulations in the field of financial markets. … Continue Reading

Financial services regulation hub now available on the NRF Institute

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, 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
In an increasingly complex and fast-paced regulatory environment, financial services firms must remain responsive to a wide range of evolving areas, whilst ensuring compliance with new laws and regulation. To help our clients stay up to date on regulatory change as it happens, we have created a new financial services regulation hub on the NRF … Continue Reading

Getting ready for the IFR / IFD

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
Set to take effect from June 2021, the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD) will make significant alterations to the framework governing investment firms. To help our financial services clients navigate the implications of the new prudential regime, we have created an IFR transition hub on the NRF Institute. For further information … Continue Reading

ECSDA updates CSDR settlement fail penalties framework

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 17 April 2020, the European Central Securities Depositories Association (ECSDA) updated its CSDR Settlement Fail Penalties Framework. The framework can be used by Central Securities Depositories (CSDs) and their participants as a market practice on how CSDs should develop harmonised settlement fail penalties mechanisms, under the CSD Regulation and its standards. In the document … Continue Reading

FSB consults on toolkit of effective practices for cyber incident response and recovery

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 20 April 2020, the Financial Stability Board (FSB) published a consultation report on Effective Practices for Cyber Incident Response and Recovery. In its consultation report the FSB sets out a toolkit of effective practices that aims to assist organisations in their cyber incident response and recovery activities. The toolkit lists 46 effective practices, structured … Continue Reading

Wolfsberg Group updates correspondent banking due diligence questionnaire

Lisa Lee Lewis (UK)John Coley (UK)By Lisa Lee Lewis (UK) and John Coley (UK) on Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 17 April 2020, the Wolfsberg Group released an updated version of its Correspondent Banking Due Diligence Questionnaire (CBDDQ) and Financial Crimes Compliance Questionnaire (FCCQ) with changes focused on greater clarity and ease of use. The Wolfsberg Group has also updated the supporting FAQs, completion guidance and capacity building guidance. The principal changes are: Questions … Continue Reading
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