The Netherlands (and EU regulation)

ESMA report on CRA market share calculation

On 15 December 2022, the European Securities and Markets Authority published a report in accordance with Article 8d of the Regulation on credit rating agencies (CRAs) setting out a list of registered CRAs and the types of credit ratings they issue, together with a calculation of CRA’s revenues from credit rating activities and ancillary services … Continue Reading

FSB encourages final transition to robust reference as cessation of remaining LIBOR panels approaches

On 16 December 2022, the Financial Stability Board (FSB) issued a progress report on the transition from LIBOR and other benchmarks. The progress report: The progress report makes the following conclusions:… Continue Reading

ESMA publishes final report on guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure

On 15 December 2022, the European Securities and Markets Authority published a final report containing guidelines on standard forms, formats and templates to apply for permission to operate a Distributed Ledger Technology market infrastructure (DLT MI). Between 11 July and 9 September 2022, ESMA conducted a public consultation on draft guidelines on standard forms, formats … Continue Reading

Commission Implementing Regulation amending the ITS laid down in Implementing Regulation 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions for the reporting referred to in Article 78(2) of CRD IV

On 15 December 2022, the European Commission published a Commission Implementing Regulation amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions for the reporting referred to in Article 78(2) of the Capital Requirements Directive IV. This Regulation amends Implementing Regulation (EU) 2016/2070 as … Continue Reading

ESMA MiFID II supervisory briefing on the supervision of cross-border activities of investment firms

On 14 December 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing on the supervision of cross-border activities of investment firms. On 10 March 2022, ESMA published a peer review report on the supervision of cross-border activities of investment firms. In its report, ESMA identified the need for home supervisors to significantly … Continue Reading

ESMA statement on promoting clarity to market participants on best execution reporting

On 14 December 2022, the European Securities and Markets Authority (ESMA) published a public statement concerning the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 February 2023 in light of the ongoing legislative procedure on the MiFID II/MiFIR review. Article 27(3) of MiFID II requires execution venues to make … Continue Reading

EBA first thematic review on the transparency and level of fees and charges for retail banking products in the EU

On 14 December 2022, the European Banking Authority (EBA) published a thematic review on the transparency and level of fees and charges for retail banking products. The aim of this report was to gather and analyse information in order for the EU co-legislators to assess whether further legislative initiatives may be needed in the future, … Continue Reading

Monthly Global Fintech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

EBA consults on guidelines on the overall recovery capacity in recovery planning

On 14 December 2022, the European Banking Authority (EBA) published a Consultation Paper on draft guidelines on overall recovery capacity (ORC) in recovery planning. The objective of the ORC is to provide a summary of the overall capability of the institution to restore its final position after a significant deterioration by implementing suitable recovery options. … Continue Reading

Basel Committee publishes evaluation of the impact and efficacy of the Basel III reforms

On 14 December 2022, the Basel Committee on Banking Supervision published a report on the evaluation of the impact and efficacy of the Basel III reforms. This report provides the Committee’s first holistic evaluation of the impact and efficacy of the Basel III reforms and how they have affected bank resilience and systemic risk as … Continue Reading

FSB proposed strengthening the liquidity management framework for open-ended funds

On 14 December 2022, the Financial Stability Board (FSB) published its assessment of the effectiveness of the FSB’s 2017 recommendations on liquidity mismatch in open-ended funds (OEFs). The assessment, which forms part of the FSB’s work programme to enhance the resilience of non-bank financial intermediation (NBFI), includes proposals for further policy work in this area. … Continue Reading

EBA roadmap on sustainable finance

On 13 December 2022, the European Banking Authority published its roadmap on sustainable finance. The roadmap outlines the EBA’s work plan on sustainable finance and environmental, social and governance (ESG) risks. The roadmap explains the EBA’s approach and objectives in this area of ESG and describes the mandates and tasks received from the EU legislators … Continue Reading

Reporting obligation for third country AIF(M)s as of Q1 2023

As of 1 January 2023, the reporting obligation for third country alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) will start to apply. Non-EU AIFMs and AIFs will be required to report to the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) on their funds and management activities. This reporting obligation … Continue Reading

ESAs joint review on the review of the securitisation prudential framework

On 12 December 2022, the European Securities Authorities (ESAs) (European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA)) published joint advice in response to the European Commission’s earlier call for advice on the review of the securitisation prudential framework. The ESAs welcome the current … Continue Reading

ECB Banking Supervision publishes priorities for the Single Supervisory Mechanism

On 12 December 2022, the European Central Bank (ECB) published the Single Supervisory Mechanism (SSM) supervisory priorities for 2023-2025. ECB Banking Supervision, in close collaboration with Member State national competent authorities, has reviewed its strategic priorities for the next three years. The review builds on an assessment of the main risks and vulnerabilities for ECB … Continue Reading

EBA consults on Draft ITS on the 2014 Benchmarking

On 8 December 2022, the European Banking Authority (EBA) published a Consultation Paper: Draft Implementing Technical Standards (ITS) on amending Commission Implementing Regulation (EU) 2016/2070 with regard to the benchmarking of internal models. The EBA benchmarking exercise forms the basis for both, supervisory assessment and horizontal analysis on the outcome of internal models. It ensures … Continue Reading

EPC yearly update on payment threats and fraud trends

On 8 December 2022, the European Payments Council (EPC) published its annual report on payment threats and fraud trends. The report provides an overview of the most important threats and other “fraud enablers” in the payments landscape, including engineering and phishing, malware, Advanced Persistent Threats, Distributed Denial of Service ((D)DoS), botnets and monetisation channels. For … Continue Reading

ESMA report into the NCAs’ handling of relocation to the EU in the context of the UK’s withdrawal from the EU

On 8 December 2022, the European Securities and Markets Authority (ESMA) issued a peer review report on Member State competent authorities’ (NCAs) handling of firms’ relocation to the EU in the context of the UK’s withdrawal from the EU. The report gives further insight into the supervisory approaches adopted by NCAs when authorising relocating firms … Continue Reading

Basel Committee clarifies how climate-related financial risks may be captured in the existing Basel Framework

On 8 December 2022, the Basel Committee on Banking Supervision issued responses to frequently asked questions to clarify how climate-related financial risks may be captured in existing Pillar 1 standards. The responses, which are consistent with the Basel Committee’s Principles for the effective management and supervision of climate-related financial risks, cover the calculation of risk … Continue Reading

FSB calls for urgent work to address cross-border resolution challenges in the non-bank sector

On 8 December 2022, the Financial Stability Board (FSB) published its 2022 Resolution Report. The report takes stock of progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. The report notes that there has been a lot of progress in resolvability in the … Continue Reading

CMU: New proposals on company listing to make EU capital markets more attractive

On 7 December 2022, the European Commission published the following proposals which follow up on its commitment to simplify EU listing rules, as detailed in Action 2 of the 2020 Capital Markets Union Action Plan: Proposal for a Directive on multiple-vote share structures in companies that seek the admission to trading of their shares on … Continue Reading

Key MEPs call for breaking deadlock on bank deposit insurance scheme

On 7 December 2022, the European Parliament issued a press release stating that work on a European Deposit Insurance Scheme (EDIS) is long due. It adds that progress on the EDIS can be made and calls for the following: The European Commission should not retract its 2015 EDIS proposal. The Commission should table an ambitious … Continue Reading

GFXC meets to discuss work programme progress to further strengthen FX Global Code adherence, especially on buy side, and endorse new Co-Vice Chair

On 6 December 2022, the Global Foreign Exchange Committee (GFXC) issued a press release concerning its recent video conference meeting where, among other things, it nominated and elected a new Co-Vice Chair. Also during the meeting GFXC members also agreed to commission a Digital Proportionality Tool for facilitating FX Global Code adherence. This tool to … Continue Reading

European Council agrees its position on strengthened Anti-Money Laundering rulebook

On 7 December 2022, the European Council announced that it has agreed its position on an anti-money laundering (AML) regulation and a new directive (AMLD6). The Council’s press release provides that: The new anti-money laundering and combatting the financing of terrorism (AML/CFT) rules will be extended to the entire crypto sector, obliging all crypto-asset service … Continue Reading
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