The Netherlands

Topic: Regulation and compliance

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Consultation on Regulation competence employees investment firms

On 17 November 2017, the Dutch Minister of Finance published a first draft of the Regulation competence employees investment firms (Regeling vakbekwaamheid medewerkers beleggingsondernemingen Wft, the Regulation) for consultation. The Regulation forms part of the legislative package implementing the Markets in Financial Instruments Directive (recast) (2014/65/EU) (MiFID II). The Regulation contains further rules on the … Continue Reading

Joint Committee of ESAs publishes 2018 work programme

  The Joint Committee of the European Supervisory Authorities (ESAs) has published its work programme for 2018. In 2018, the Joint Committee of the ESAs will give priority to cross-sectoral risks, consumer protection, anti-money laundering, financial conglomerates and accounting and audit.… Continue Reading

ESMA updates Q&As on MiFIR data reporting

The European Securities and Markets Authority has published updated Q&As on MiFID II and MiFIR data reporting topics. New questions and answers have been added on: transaction reporting for primary issuances; corporate events; portfolio management; and swaps related to indices. View ESMA updates Q&As on MiFIR data reporting, 14 November 2017… Continue Reading

ESMA updates Q&As on MiFID II/MiFIR commodity derivatives

The European Securities and Markets Authority has published updated Q&As on MiFID II and MiFIR commodity derivatives topics. New questions and answers have been added on: position limits; ancillary activities; and position reporting. View ESMA updates Q&A on MiFID II commodity derivatives, 14 November 2017… Continue Reading

ESMA clarifies trading obligation for shares under MiFID II

The European Securities and Markets Authority (ESMA) has updated its Q&As on transparency in order to clarify the application of the trading obligation for shares to trade certain instruments on-venue. The updated Q&A contains the following question: “What is the scope of the trading obligation where there is a chain of transmission of orders?” ESMA’s … Continue Reading

DNB letter regarding changes to supervisory framework for proprietary traders

On 13 November 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) circulated a letter on amendments that will be made to the regulatory framework for the so-called local firms (plaatselijke ondernemingen) (the Letter). In its letter, DNB states that investment firms holding a licence to perform the investment activity of “proprietary trading” only since … Continue Reading

Official Journal: Delegated Regulation on RTS on co-operation and exchange of information for passporting under PSD2

There has been published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right … Continue Reading

Public consultation on institutional investors and asset managers’ duties regarding sustainability

The European Commission has issued a consultation document concerning institutional investors and asset managers’ duties regarding sustainability. The purpose of the consultation document is to gather information on how asset managers and institutional investors could include environmental, social and governance factors when taking decisions. The may help them allocate capital more efficiently by taking into … Continue Reading

ESMA updates its Q&As on MiFID II / MiFIR investor protection topics

The European Securities and Markets Authority has updated its MiFID II / MiFIR Q&As on investor protection topics. The following investor protection topics have been updated: record keeping; post-sale reporting; and inducements. Answers to the following questions have been added to the inducements section: Does Article 24(9) of MiFID II also apply to payments made … Continue Reading

Commission services consultation on minimum levels of bank capital to cover for future losses on new loans that become non-performing

As announced in its Communication on completing the Banking Union, the European Commission is preparing a report on tackling potential under-provisioning for new loans that turn non-performing. The report will cover the possibility of introducing statutory prudential backstops in the form of compulsory and time-bound prudential deductions of non-performing loans (NPLs) from own funds to … Continue Reading

Official Journal: Corrigendum to Delegated Regulation relating to passporting under MiFID II

There was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing MiFID II with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions. The corrigendum makes a minor amendment to Article 5(b) of the … Continue Reading

ESMA consults on SI quote rules

Article 14(7) MiFIR mandates the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards (RTS) to specify further, in the context of the quoting obligation for systemic internalisers (SIs), “the determination of whether prices reflect prevailing market conditions”. ESMA finalised its proposal in September 2015 and this proposal was endorsed and published … Continue Reading

ESMA updates Q&As on Benchmarks Regulation

The European Securities and Markets Authority has published updated Q&As regarding the implementation of the Benchmarks Regulation (BMR). The Q&As include two new questions and answers on the following topics: the scope of the BMR: application of the BMR outside the EU; and transitional provisions applicable to third country benchmarks. The purpose of the Q&As … Continue Reading

EBA final guidelines on authorisation and registration under PSD2

The European Banking Authority (EBA) has today published final guidelines on the information to be provided by applicants intending to obtain authorisation as payment and electronic money institutions as well as to register as account information service providers under the revised Payment Services Directive (PSD2). The PSD2 sets out information requirements for the application as … Continue Reading

Implementation of G20/FSB financial reforms in other areas

The Financial Stability Board (FSB) has published a paper that summarises the status of implementation of the G20 / FSB recommendations covered by the 2017 FSB Implementation Monitoring Network survey on the following areas: Hedge funds; Securitisation; Enhancing supervision; Building and implementing macro-prudential frameworks and tools; Improving oversight of credit rating agencies; Enhancing and aligning … Continue Reading

FIA and EFET industry standard on position reporting under MiFID II

The Futures Industry Association (FIA) and the European Federation of Energy Traders (EFET) have published a common schema for commodity derivatives position reporting under MiFID II. The schema is the result of a close cooperation between EFET, FIA and a number of trading venues. It builds upon the schema developed by the FCA on the … Continue Reading

IOSCO reports on updates to 2015 peer reviews on MMFs and securitisation regulation

The International Organization of Securities Commissions (IOSCO) has published two reports: Update to the IOSCO peer review of implementation of incentive alignment recommendations for securitisation; and Update to the IOSCO peer review of Regulation of money market funds (MMFs). The reports summarise IOSCO’s ongoing efforts in monitoring implementation of reforms for MMFs and securitisation since … Continue Reading

ESMA updates its Q&A under the Alternative Performance Measures Guidelines

The European Securities and Markets Authority (ESMA) issued guidelines on alternative performance measures in order to promote the usefulness and transparency of alternative performance measures (APMs) included in prospectuses and/or regulated information. Adherence to the guidelines is intended to improve the comparability, reliability and/or comprehensibility of APMs. ESMA has now updated its Q&As on the … Continue Reading

Commission inception impact assessment on legislative proposal for EU framework on crowdfunding

The European Commission (Commission) has published an inception impact assessment for a legislative proposal for an EU framework on crowd and peer-to-peer finance. The initiative is part of the Commission’s priority of establishing a Capital Market Union (CMU). Broadening access to finance for small and medium sized enterprises, in particular for innovative companies, start-ups and … Continue Reading

MiFID II legislative acts published in OJ

The following have been published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 supplementing MiFID II with regard to regulatory technical standards on information and requirements for the authorisation of investment firms Commission Implementing Regulation (EU) 2017/1944 of 13 June 2017 laying down implementing technical standards with … Continue Reading

MiFID II: EU issues guidance on obtaining brokerage and research services from non-EU brokers

The European Commission has issued FAQs in order to clarify how EU investment firms should interact when they seek out brokerage and research services from broker-dealers in non-EU countries. The FAQs set out answers to the following questions: May a MiFID II portfolio manager or its third country sub-advisor combine: (i) a payment for research; … Continue Reading
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