The Netherlands

Topic: Regulation and compliance

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PSD2 implementing legislation entered into force

On 19 February 2019, the Act implementing the revised Payment Services Directive (EU/2015/2366) (PSD2) (Implementatiewet herziene richtlijn betaaldiensten) and the Decree implementing PSD2 (Implementatiebesluit herziene richtlijn betaaldiensten) entered into force in the Netherlands. PSD2 is a directive regulating the payments of consumers and businesses. PSD2 has five primary objectives: promoting competition in the European payments … Continue Reading

Council of EU Presidency compromise proposals on ESFS reform

On 8 February 2019, the Council of the EU published three notes (dated 4 February 2019)  to delegations setting out compromise proposals relating to the European Commission’s proposed legislative reforms to the European System of Financial Supervision (ESFS): Omnibus Regulation on reforms to the ESFS; Omnibus Directive amending MiFID II; and Regulation amending the Regulation … Continue Reading

Council of EU invited to agree on general approach for ESFS reforms

On 8 February 2019, the Presidency of the Council of the EU published a note concerning the general approach to the review of the European System of Financial Supervision (ESFS). The note mentions that the latest compromise proposal for a negotiating mandate on the European Supervisory Authorities framework, MiFID II and Solvency II, and the … Continue Reading

ESMA 2019 risk assessment work programme

On 7 February 2019, the European Securities and Markets Authority (ESMA) published its risk assessment work programme for 2019. The work programme provides an overview of ESMA’s analytical, research, data and statistical activities for 2019. The headlights from the work programme are: as data collected under the Alternative Investment Fund Managers Directive, the Markets in … Continue Reading

ESMA sets out 2019 priorities for supervisory convergence

On 6 February 2019, the European Securities and Markets Authority (ESMA) published its 2019 supervisory convergence work programme, which sets out ESMAs work streams to promote consistent supervision across the EU. For 2019, the following priorities for supervisory convergence were identified: ensuring supervisory convergence in the context of the UK’s decision to withdraw from the … Continue Reading

ESMA publishes supervisory briefing on the supervision of non-EU branches of EU firms

On 6 February 2019, the European Securities and Markets Authority (ESMA) published a MiFID II supervisory briefing on the supervision of non-EU branches of EU firms providing investment services and activities. The supervisory briefing is aimed at Member State competent authorities and also gives market participants indications of compliant implementation of the MiFID II provisions … Continue Reading

Call for advice to ESAs to collect evidence of undue short-term pressure from the financial sector on corporations

On 6 February 2019, the European Commission issued a call for advice to each of the European Supervisory Authorities (ESAs) to develop a report presenting evidence and possible advice on potential undue short-term pressure on corporations. The ESAs are asked to investigate potential sources of such pressure on corporates stemming from the financial sector. If … Continue Reading

ESMA report on guidelines on submission of periodic information by CRAs

On 5 February 2019, the European Securities and Markets Authority (ESMA) published a final report on the second edition of its guidelines on the submission of periodic information to it by credit rating agencies (CRAs). The purpose of the revision is to more clearly structure and specify the information that ESMA needs to receive from … Continue Reading

Public statement on the use of UK data in ESMA databases and performance of MiFID II calculations in case of a no-deal Brexit

On 5 February 2019, the European Securities and Markets Authority (ESMA) issued a statement in relation to the impact on its databases of a no-deal Brexit.  The statement informs stakeholders on ESMA’s approach to all ESMA IT applications and databases in case of a no-deal scenario and focuses in particular on the MiFID II / … Continue Reading

FSB Global Monitoring Report on Non-Bank Financial Intermediation

On 4 February 2019, the Financial Stability Board (FSB) published the Global Monitoring Report in Non-Bank Financial Intermediation 2018. The report sets out the results of the FSB’s most recent annual monitoring exercise that assesses global trends and risks from non-bank financial intermediation. It covers data up to end-2017 from 29 jurisdictions, which together represent … Continue Reading

ESMA updates Q&As on MiFIR data reporting

On 4 February 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID data reporting. The updated Q&As insert the following: a new question concerning the legal entity identifier asking: “How should operators of trading venue(s) and systematic internaliser(s) populate field 5 (issuer or operator of the trading … Continue Reading

ESMA 2019 regulatory work programme

On 4 February 2019, the European Securities and Markets Authority (ESMA) published its regulatory work programme (RWP) for 2019. The RWP lists all the technical standards and technical advice that ESMA has been mandated to draft over the coming year, and these are set out under the appropriate legislation. Work for the coming year includes: … Continue Reading

European Commission adopts proposals for Council decisions incorporating Directives into EEA Agreement

On 4 February 2019, the European Commission adopted a number of proposals for decisions of the Council of the EU regarding the incorporation of certain financial services Directives into the EEA Agreement. The proposed decisions adopted are: Proposal for a Council decision on the position to be adopted, on behalf of EU, within the EEA … Continue Reading

Updated ESMA Q&As on MiFID II and MiFIR market structures topics

On 1 February 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on market structures and transparency issues under MIFID II and MiFIR. The new Q&As provide clarification on the following: Approved Publication Arrangement reports to competent authorities and ESMA; and Identification of high frequency trading techniques.… Continue Reading

Updated ESMA Q&As on the Transparency Directive

On 31 January 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Transparency Directive. The Q&As inset a new question 26, asking, in the case that the UK withdraws from the EU without a withdrawal agreement, under the Transparency Directive which obligations does an issuer which currently … Continue Reading

Updated ESMA MiFID II Q&As on MiFID II and MiFIR transparency topics

On 31 January 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR transparency topics. The updated Q&As modifies ESMA’s response to question 1 of its section on the systematic internaliser regime. The question asks: “By when will ESMA publish information about the total number … Continue Reading

ESMA updates MiFID II transitional transparency calculations for electricity derivatives

On 22 January 2019 the European Securities and Markets Authority (ESMA) published an updated version of its transitional transparency calculations required under MiFID II and MiFIR. A link to the updated calculations can be found on ESMA’s website.… Continue Reading

ESMA opinion on MiFID II position limits on ICE Low Sulphur Gasoil Futures and Options commodity contracts proposed by FCA

On 23 January 2019, the European Securities and Markets Authority (ESMA) published its opinion on position limits on ICE Low Sulphur Gasoil contracts. On 9 February 2018, ESMA received a notification from the FCA under Article 57(5) of MiFID II regarding the exact position limits the FCA intends to set for the ICE Low Sulphur … Continue Reading

Dutch Minister of Finance sends letter to Dutch Parliament on regulating cryptos

On 18 January 2019, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament (Tweede Kamer) addressing the joint recommendation made by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) on on a regulatory framework for cryptos (commonly known … Continue Reading

ECJ considers meaning of payment services linked to issuing e-money under EMD II

On 16 January 2019, the Court of Justice of the EU (ECJ) handed down a preliminary ruling regarding the interpretation of Articles 5(2) and 6(1)(a) of the second Electronic Money Directive (EMD II) in Paysera LT (Case C-389/17). By way of background, Article 5(2) of EMD II sets out the possible methods of calculating the … Continue Reading

ECON reports on proposed Omnibus Regulation and proposed Regulation amending ESRB Regulation

On 14 January 2019, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published the following: report on the amended text of the proposed Omnibus Directive; and report on the amended text of the proposed Regulation amending the Regulation that established the European Systemic Risk Board (ESRB). ECON voted to adopt these reports on 10 January … Continue Reading

ECON report on legislative proposal amending Regulation on low carbon benchmarks and positive carbon impact benchmarks

On 11 January 2019, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a report on the European Commission’s proposed Regulation amending the Benchmarks Regulation on low carbon benchmarks and positive carbon impact benchmarks. ECON voted to adopt the report on 13 December 2018. The European Parliament will consider the report in plenary.… Continue Reading

Draft Delegated Regulation extending MiFID II trade transparency exemption to People’s Bank of China

On 9 January 2019, the European Commission published a draft of a Commission Delegated Regulation (EU) amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR, together with an annex. The draft Delegated Regulation adds the People’s Bank of China to … Continue Reading

Draft Commission Delegated Regulations on sustainable finance

On 4 January 2019, the European Commission published the following draft Delegated Regulations on how investment firms and insurance distributors should take sustainability issues into account when advising clients: Commission Delegated Regulation (EU) …/… of XXX amending Delegated Regulation (EU) 2017/565 as regards the integration of Environmental, Social and Governance (ESG) considerations and preferences into … Continue Reading
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