The Netherlands

Topic: Regulation and compliance

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AFM takes national measures to prohibit binary options and to restrict the marketing or sales of CFDs

Further to our earlier blog post, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has taken national measures mirroring ESMA’s product intervention measures. These measures – included in two separate Decrees, one dealing with binary options and the other with contracts for differences (CFDs) – were published in the Dutch Government … Continue Reading

Updated ESMA Questions and Answers on the Transparency Directive

On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Transparency Directive (TD). The updated Q&As modify question 26 which deals with the situation where the UK leaves the EU without a Withdrawal Agreement and concerns a third country issuer and their disclosure of a … Continue Reading

Updated ESMA Questions and Answers on the Prospectus Regulation

On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Prospectus Regulation. The updated Q&As amend question 103 which has been modified in the event the UK withdraws from the EU without a Withdrawal Agreement and concerns the position where third country issuers have chosen … Continue Reading

ESMA updates MiFIR data reporting Q&As

On 9 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFIR data reporting. The updated Q&As insert a new question within section 19 – defined list of instruments. The new question asks: How should operators of trading venue(s) report instrument reference data in accordance with Article … Continue Reading

ECB update on TRIM

On 5 April 2019, the European Central Bank (ECB) published a note providing an interim update (dated 3 April 2019) on the targeted review of internal models (TRIM). The purpose of the note is to provide an overview of the TRIM project and to share aggregated information on its outcomes. The note complements the information … Continue Reading

Dutch UBO register to come into force in January 2020

On 4 April 2019, the Dutch Minister of Finance (the Minister) submitted a legislative proposal for the introduction of an ultimate beneficial owner register (the UBO Register) in the Netherlands (the Proposal) to the Dutch Parliament. The Minister also, among other things, submitted the explanatory notes to the Proposal, as well as the advice from … Continue Reading

ESMA publishes MiFID II supervisory briefing on appropriateness and execution-only

On 4 April 2019, the European Securities and Markets Authority published an updated version of its supervisory briefing on MiFID II appropriateness requirements. The new version of the supervisory briefing takes into account the new version of ESMA’s guidelines on suitability published last year with respect to aspects also relevant to the appropriateness rules. The … Continue Reading

ESMA updates its Q&As on MiFID II and MiFIR transparency topics

On 2 April 2019, the European Securities and Markets Authority (ESMA) updated its Q&As regarding market structures and transparency issues under MiFID II and MiFIR. New Q&As have been added to provide clarification on: determination of the turnover to be used for the average value of transactions calculation; money market instruments; impact for systematic internalisers … Continue Reading

ESMA opinion on the product intervention measures relating to binary options proposed by the FCA

On 2 April 2019, the European Securities and Markets Authority (ESMA) published an opinion on the product intervention measure relating to binary options proposed by the FCA. Our blog on the FCA ban on the sale of binary options to retail clients can be found here. National competent authorities (NCAs) may take product intervention measures … Continue Reading

Commission Implementing Decision recognising certain Singapore derivatives trading venues under MiFIR

On 2 April 2019, there was published in the Official Journal of the EU, Commission Implementing Decision (EU) 2019/541 of 1 April 2019 on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore under MiFIR. The Commission Implementing Decision provides that for the purposes of Article … Continue Reading

ESMA guidelines on risk factors under Prospectus Regulation

On 29 March 2019, the European Securities and Markets Authority (ESMA) published its final guidelines on how national competent authorities (NCAs) should review risk factors, as required by the Prospectus Regulation. ESMA published a Consultation Paper in July 2018, containing draft guidelines on risk factors which NCAs should incorporate as part of their review practices when scrutinising … Continue Reading

ESMA final report on technical advice on minimum information content for prospectus exemption

On 29 March 2019, the European Securities and Markets Authority (ESMA) published its technical advice on the minimum information content of documents describing a takeover, merger or division. Under the Prospectus Regulation, issuers may offer / admit securities in connection with takeovers, mergers or divisions without publishing a prospectus, provided that a document is made available to investors … Continue Reading

Updated ESMA MiFID II Q&As on investor protection and intermediaries topics

On 28 March 2019, the European Securities and Markets Authority (ESMA) published updated Q&As on MiFID II and MiFIR investor protection and intermediaries topics. A number of new Q&As have been introduced, together with a number of modified Q&As. New Q&As introduced by the update address: the RTS 27 reporting requirements for market makers and … Continue Reading

ESMA renews restriction on CFDs for further three months from May

On 27 March 2019, the European Securities and Markets Authority (ESMA) announced that it was renewing its restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients from 1 May 2019 (following the publication of the restriction in the Official Journal of the EU), for a further 3-month period. The … Continue Reading

New ESMA Q&As on the Prospectus Regulation

On 27 March 2019, the European Securities and Markets Authority (ESMA) published new Q&As on the Prospectus Regulation. The Q&As provide clarification on the following issues in relation to the Prospectus Regulation: the scope of the grandfathering of prospectuses approved under the national laws of Member States implementing the Prospectus Directive; the applicability of the … Continue Reading

ESMA updates MiFID II and MiFIR commodity derivatives Q&As

On 27 March 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR commodity derivatives topics. Importantly, the Q&A’s include one updated question on ancillary activity, regarding when a firm that wants to make use of the ancillary activity exemption needs to notify its competent … Continue Reading

SFTR related Delegated Regulations published in OJ

On 22 March 2019, the following were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2019/356 of 13 December 2018 supplementing the SFTR with regard to regulatory technical standards (RTS) specifying the details of securities financing transactions (SFTs) to be reported to trade repositories; Commission Delegated Regulation (EU) 2019/357 of … Continue Reading

ESRB Recommendation on EU macro-prudential policy framework published in OJ alongside MiFID II Delegated Regulations

On 20 March 2019, there was published in the Official Journal of the EU (OJ): Recommendation of the European Systemic Risk Board of 15 January 2019 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macro-prudential policy measures. This Recommendation amends Recommendation ESRB/2015/2 by recommending that relevant authorities reciprocate certain … Continue Reading

ESMA results of MiFID II annual calculations of LIS and SSTI thresholds for bonds for 2019/20

On 19 March 2019, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The results are published on a per bond-type basis in excel format in the Annual transparency calculations for non-equity instruments register . … Continue Reading

EBA goes live with its central register of payment and electronic money institutions under PSD2

On 18 March 2019, the European Banking Authority (EBA) launched its central electronic register under the revised Payments Services Directive (PSD2). The statutory basis of the register is Article 15(1) of the PSD2. This requires the EBA to develop, operate and maintain an electronic central register that contains information as notified by competent authorities. The … Continue Reading

Commission Delegated Regulation on PSD2 electronic central register

On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing the revised Payment Services Directive (PSD2) with regard to RTS setting technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and … Continue Reading

Delegated Regulation extending MiFIR trade transparency exemption to People’s Bank of China

On 14 March 2019, the European Commission adopted a Delegated Regulation that amends 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. The Commission has also published an Annex to the adopted Delegated Regulation, which replaces the current Annex to Commission … Continue Reading

CMU: Presidency and European Parliament reach provisional deal on clearing house rules

On 13 March 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on legislative amendments to EMIR as to how EU and third country clearing houses should be supervised in the future. The provisional agreement will now need to be confirmed by EU ambassadors. … Continue Reading

Commission adopts Delegated Regulation on PSD2 central contact point

On 14 March 2019, the European Commission adopted a draft Delegated Regulation supplementing the revised Payment Services Directive (PSD2). The draft Delegated Regulation contains regulatory technical standards specifying the criteria for appointing central contact points within the field of payment services and on the functions of those central contact points. The Council of the EU … Continue Reading
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