The Netherlands

Topic: Regulation and compliance

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ECON draft report on proposed regulation of crowdfunding service providers

On 13 August 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report on the proposal for a Regulation of the European Parliament and of the Council on European Crowdfunding Service Providers for Business. An explanatory statement is provided on page 79 of the document. The Rapporteur for the proposed … Continue Reading

Implementing Regulations supplementing BMR published in OJ

On 9 August 2018, there was published in the Official Journal of the EU (OJ) the following legislative measures supplementing the Benchmarks Regulation (BMR): Commission Implementing Regulation (EU) 2018/1105 of 8 August 2018 laying down implementing technical standards with regard to procedures and forms for the provision of information by competent authorities to ESMA under … Continue Reading

Consultation on the impact of G20 regulatory reforms on incentives to centrally clear OTC derivatives

On 7 August 2018, a group of international standard setting bodies (the Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructures, the Financial Stability Board (FSB) and the International Organization of Securities Commissions) published a consultative document on incentives to centrally clear over-the-counter (OTC) derivatives. The international standard setting bodies reconvened the … Continue Reading

Updated MiFID II TTCs for equity derivatives, equities and equity-like instruments

On 6 August 2018, the European Securities and Markets Authority (ESMA) updated its transitional transparency calculations (TTCs) for equity derivatives, equity and equity-like instruments, and the tick size band assessment under MiFID II / MIFIR. Further detail on the calculations can be found in section E of ESMA’s FAQs on MiFID II transitional transparency calculations.… Continue Reading

ESMA data for MiFID II SI calculations

On 1 August 2018, the European Securities and Markets Authority (ESMA) published data for the systematic internaliser (SI) calculations under MiFID II. The data on the total volume and number of transactions executed within the EU has been published to help market participants in the performance of the SI test under article 4(1)(20) of MiFID … Continue Reading

EBA final report on draft RTS for PSD2 home-host co-operation

On 31 July 2018, the European Banking Authority (EBA) published a final report containing draft regulatory technical standards (RTS) specifying the method, means and details of cooperation in the supervision of payment institutions operating on a cross-border basis as mandated under Article 29(6) of revised Payment Services Directive. The draft RTS will be submitted to … Continue Reading

ESMA updates MiFID II Q&As on temporary product intervention measures

On 30 July 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on temporary product intervention measures on the marketing, distribution or sale of contracts for differences (CFDs) and binary options (BO) to retail clients. The updated Q&As cover whether: turbo certificates are within the scope of the CFD … Continue Reading

4MLD almost fully implemented in the Netherlands

On 23 and 24 July 2018, the following legislation implementing the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) were published in the Dutch Government Gazette (Staatsblad). the Act implementing 4MLD (Implementatiewet vierde anti-witwasrichtlijn); the Decree implementing 4MLD (Uitvoeringsbesluit vierde anti-witwasrichtlijn); and the Regulation implementing 4MLD (Implementatieregeling vierde anti-witwasrichtlijn). These pieces of legislation will come … Continue Reading

G20 Finance Ministers and Central Banks Governors meeting – communiqué

On 23 July 2018, the G20 published a communique following the G20 Finance Ministers and Central Bank Governors meeting in Buenos Aires this month. Amongst other things, the G20: welcomes progress on the Roadmap to Infrastructure as an Asset Class. The G20 endorses the Principles for the Infrastructure Project Preparation Phase which will help deliver … Continue Reading

ESMA template for MiFID II SI calculations

On 20 July 2018, the European Securities and Markets Authority (ESMA) released a template to be used to publish the first set of figures necessary for investment firms to assess whether they are systematic internalisers in specific financial instruments. This follows numerous requests in advance of 1 August 2018, to make the template available to … Continue Reading

ESMA clarifies endorsement regime for non-EU credit ratings

On 18 July 2018, the European Securities and Markets Authority (ESMA) published supplementary guidance on the application of the endorsement regime for non-EU credit ratings under the Credit Rating Agencies Regulation. The supplementary guidelines assist EU credit rating agencies (CRAs) in assessing whether a third-country CRA’s internal requirements meet the as stringent as test. This … Continue Reading

Dutch Minister of Finance launches consultation on fixed remuneration restrictions within the financial sector

On 17 July 2018, the Dutch Minister of Finance (the Minister) published a consultation document regarding potential additional remuneration restrictions within the financial sector (the Consultation Document). The purpose of these restrictions is to contribute to the recovery of trust within the financial sector. The Consultation Document invites market participants to provide their input on the … Continue Reading

ESMA updates Q&As on Benchmarks Regulation

On 17 July 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Benchmarks Regulation. The Q&As have been updated to amend the definitions of calculation agents (Q5.3) and regulated data benchmarks (Q5.7).… Continue Reading

ESMA draft technical standards on the Securitisation Regulation’s STS notification requirements

On 16 July 2018, the European Securities and Markets Authority (ESMA) issued its first set of technical standards on simple, transparent and standardised securitisations (STS) under Articles 27(6), 27(7) and 28(4) of the Securitisation Regulation. The draft technical standards relate to: Regulatory Technical Standards (RTS) specifying the information that the originator, sponsor and SSPE are … Continue Reading

FSB questionnaire for prospective UPI service providers

On 16 July 2018, the Financial Stability Board (FSB) published a self-assessment questionnaire for prospective Unique Product Identifier (UPI) service providers, alongside an explanatory note. The primary purpose of the UPI is to identify the product that is the subject of a particular over-the-counter (OTC) derivatives transaction. A UPI would be assigned to each product, … Continue Reading

Commission adopts Delegated Regulations setting out RTS under Benchmarks Regulation

On 13 July 2018, the European Commission adopted ten Delegated Regulations setting out regulatory technical standards (RTS) under the Benchmarks Regulation (BMR): Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further the contents of, and cases where updates are required to, the benchmark statement to be published by the administrator of … Continue Reading

FSB issues statement on reforms to interest rate benchmarks

On 12 July 2018, the Financial Stability Board (FSB) published a statement on reforms to interbank offered rates (IBORS) and the development of overnight risk-free, or nearly risk-free, rates (RFRs) and term rates. The statement is intended to provide market participants and other stakeholders with the FSB’s views ahead of a forthcoming consultation by the … Continue Reading

Financial services: MEPs want more say on equivalence of EU/third country rules

On 13 July 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) issued a press release announcing that MEPs had voted to adopt a draft report on relationships between the EU and third countries concerning financial services regulation and supervision (2017/2253(INI)). The text itself stresses that the EU should have an active role … Continue Reading

ESMA sets out plan for systematic internaliser regime calculations and publications

On 12 July 2018, the European Securities and Markets Authority (ESMA) published details of its action plan for systematic internaliser (SI) regime calculations ahead of their publication on 1 August 2018. ESMA’s action plan focuses on equity, equity-like instruments and bonds while postponing the publication of derivatives and other instruments to 1 February 2019. The … Continue Reading

ESMA introductory statement to ECON scrutiny session on Level 2 measures of the BMR

On 11 July 2018, the European Securities and Markets Authority (ESMA) published an introductory statement for the European Parliament’s Economic and Monetary Affairs Committee (ECON) scrutiny session on Level 2 measures under the EU Benchmarks Regulation (BMR). Key points from the statement include: further to eleven draft technical standards delivered to the European Commission on … Continue Reading

ESMA updates Q&As on temporary product intervention measures

On 12 July 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on its temporary product intervention measures on the marketing, distribution or sale of contracts for differences (CFDs) and binary options to retail clients based on Article 40 of MiFIR. ESMA has updated the section on clients established outside the EU and … Continue Reading

ESMA updates MiFID II Q&As on investor protection

On 12 July 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on MiFID II investor protection topics. The new Q&As cover inducements (research) and the provision of investment services by third country firms.… Continue Reading

ECSDA publishes draft of Settlement Fail Penalties Framework

The European Central Securities Depositories Association (ECSDA) has published a draft of its future Settlement Fail Penalties Framework (the Framework). In an effort of compliance with the Central Securities Depositories Regulation 909/2014 (CSDR) (particularly with regards to articles 6 & 7), European CSDs have created the Framework, seeking to harmonise across four key pillars: measures … Continue Reading
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