The Netherlands

Topic: Regulation and compliance

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ESMA speech – ESMA as a data driven regulator and supervisor

On 8 October 2021, the European Securities and Markets Authority (ESMA) published a speech by Natasha Cazenave (Executive Director, ESMA) in which she discussed the European Supervisory Authority’s  priorities for 2022 including data. ESMA’s priorities for 2022 include: aiming to respond to challenges faced by the EU, its capital markets, and its investors; supporting three … Continue Reading

FSB letter to G20 Finance Ministers and Central Bank Governors

On 6 October 2021, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors. The letter focuses on two key areas of the FSB’s work: Developing a more resilient NBFI sector The letter notes that following the market turmoil in March 2020, the FSB agreed on … Continue Reading

ISDA – RFR Conventions and IBOR Fallbacks – Product Table

On 4 October 2021, the ISDA issued a product table for RFR conventions and IBOR fallbacks. The table is intended to help counterparties understand how the fallbacks would function in their legacy and new derivatives that reference IBORs. It sets out how fallbacks in ISDA’s amended documentation (without reference to the 2021 ISDA Interest Rate … Continue Reading

Joint Statement on the EU – U.S. Joint Financial Regulatory Forum

On 4 October 2021, there was published the latest joint statement on the EU – U.S. Joint Financial Regulatory Forum (Forum). The joint statement notes that the Forum focussed on six themes: Market developments and current assessment of financial stability risks. Sustainable finance. Multilateral and bilateral engagement in banking and insurance. Regulatory and supervisory cooperation … Continue Reading

AFM: follow-up investigation on reporting of incidents by asset managers

On 30 September 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a letter on incident reporting. The AFM also announced that it is going to conduct a follow-up investigation into the reporting of incidents by asset managers. The reason for this is that there has been no increase in … Continue Reading

ESMA publishes MiFID II/MiFIR review report on algo trading, recommends authorisation of third-country HFT firms

On 28 September 2021, the European Securities and Markets Authority (ESMA) published its final MiFID II/MiFIR review report on algorithmic trading.   The report covers a comprehensive range of topics, including high frequency trading (HFT) and high intraday message rates, Direct Electronic Access (DEA), third-country firms, organisational requirements for investment firms and for trading venues, as … Continue Reading

ESMA calls for legislative changes to improve access to and use of credit ratings

On 30 September 2021, the European Securities and Markets Authority (ESMA) published an opinion that explains the reasons why users of credit ratings rely on unregulated, fee bearing sources of credit ratings and related information in order to meet their regulatory reporting obligations rather than using the credit ratings disclosed on credit rating agencies (CRAs) … Continue Reading

FSB launches new financial stability surveillance framework

On 30 September 2021, the Financial Stability Board (FSB) published a new Financial Stability Surveillance Framework. The new framework will support the  comprehensive, methodical and disciplined review of vulnerabilities, helping to identify and address new and emerging risks to financial stability. The FSB will regularly communicate its view on vulnerabilities through its annual reports. John … Continue Reading

Commission adopts Delegated Regulation amending notification threshold under the Short Selling Regulation

On 28 September 2021, the European Commission adopted a Delegated Regulation amending the Short Selling Regulation as regards the adjustment of the relevant threshold for the notification of significant net short positions in shares. The objective of the Delegated Regulation is to adjust the relevant threshold for the notification to Member State competent authorities of … Continue Reading

ESMA publishes 2022 Annual Work Programme

On 28 September 2021, the European Securities and Markets Authority published its 2022 Annual Work Programme, setting out its priority areas for the next 12 months. Natasha Cazenave, Executive Director, said: “ESMA faces another year of change and challenge in 2022, with new supervisory powers for benchmarks and data service providers, significant contributions expected to … Continue Reading

ESMA’s priorities for derivatives

On 28 September 2021, the European Securities and Markets Authority published a speech given by Natasha Cazenave (Executive Director, ESMA) at the FIA IDX conference. During the speech Natasha Cazenave shares with the audience ESMA’s priorities around derivatives focussing in particular on the European Supervisory Authority’s recommendations for the review of the MiFID II / … Continue Reading

ESMA consults on proposals for a review of the MiFID II best execution reporting regime

On 24 September 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper setting out proposals for improvements to the MiFID II framework on best execution reports. Article 27 of MiFID II sets out best execution requirements which aim at ensuring that investment firms take all sufficient steps to obtain, when executing client … Continue Reading

ESMA consults on the review of the Short Selling Regulation

On 24 September 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper on the review of the Short Selling Regulation (SSR). In the consultation paper ESMA conducts a systematic review of the provisions of the SSR. Among other things ESMA sets out suggestions for operational improvements and policy clarifications on: The calculation … Continue Reading

Joint Committee Decisions amending Annex IX (Financial Services) to EEA Agreement published in OJ

On 23 September 2021, the following were published in the Official Journal of the EU: Decision of the EEA Joint Committee No 249/2018 of 5 December 2018 amending Annex IX (Financial services) to the EEA Agreement, which incorporates the Fourth Money Laundering Directive (4MLD) and Commission Delegated Regulation (EU) 2016/1675 of 14 July 2016 supplementing … Continue Reading

Basel Committee calls for improved cyber resilience, reviews climate-related financial risks and discusses impact of digitalisation

On 20 September 2021, the Basel Committee on Banking Supervision issued a newsletter calling on banks to improve their resilience to cyber threats. In the newsletter the Basel Committee reminds firms and institutions that remote working arrangements and increased provision of financial services using digital channels have enlarged banks’ attack surfaces. The Basel Committee also … Continue Reading

Legislative proposal introduces reporting requirement for changes in control of vital providers of infrastructure for financial markets

On 30 June 2021, the legislative proposal for the Security Assessment Investments, Mergers and Acquisitions Act (Wet veiligheidstoets investeringen, fusies en overnames, the Legislative Proposal) has been submitted to the Dutch Parliament (Tweede Kamer). The Legislative Proposal applies to acquiring activities in relation to target companies that qualify as a vital provider. For the financial … Continue Reading

AFM publishes report on the implementation of the SFDR by Dutch funds

On 14 September 2021, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on the implementation of the Sustainable Finance Disclosure Regulation (the SFDR) by Dutch funds (Rapport Implementatie SFDR, the Report). The SFDR has been applicable since 10 March 2021 and contains requirements for the disclosure of Environmental, Social … Continue Reading

Commission consults on Delegated Regulation on supervisory fees, fines / penalties and derogation criteria for DRSPs

On 30 July 2021, the European Commission issued for consultation a draft Delegated Regulation to be adopted under Articles 2(3), 38k(10) and 38n(3) of MiFIR and deal with the supervision of data reporting service providers (DRSPs) which will be transferred from Member State competent authorities to the European Securities and Markets Authority (ESMA) from January … Continue Reading

EBA publishes final guidelines on the monitoring of the threshold for establishing an intermediate EU parent undertaking

Article 21b of the Capital Requirements Directive IV (CRD IV) introduced a requirement for institutions belonging to third country groups to have an intermediate EU parent undertaking (IPU) established in the EU, where the total value of assets in the EU of the third-country group is equal to or greater than EUR 40 billion. On … Continue Reading

ESMA publishes MIFID II/MIFIR annual review report on RTS 2

On 28 July 2021, the European Securities and Markets Authority (ESMA) published its latest MiFID II / MiFIR Annual Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). The final report covers the mandate under Article 17 of RTS 2 whereby ESMA is required to analyse whether it is appropriate to move to the following … Continue Reading

ECB decides not to extend dividend recommendation beyond September 2021

On 23 July 2021, the European Central Bank announced that it was not extending beyond September 2021 its recommendation that all banks in the Eurozone limit dividends. Instead, supervisors will assess the capital and distribution plans of each bank as part of their regular supervisory process. When assessing a Eurozone bank’s capital trajectory and its … Continue Reading

DNB on the application of IFD/IFR to managers of AIFs and UCITS

On 20 July 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a supervisory regulation clarifying the application of the Investment Firm Regulation (IFR) to managers of alternative investment funds (AIFs) and undertakings for the collective investment in transferable securities (UCITS) (Managers) for public consultation (the Supervisory Regulation). The Supervisory Regulation is being published … Continue Reading

ESMA consults on remuneration requirements under MiFID II

On 19 July 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft guidelines on certain aspects of the MiFID II remuneration requirements. The purpose of these draft guidelines is to enhance clarity and foster convergence in the implementation of certain aspects of the new MiFID II remuneration requirements, replacing  the … Continue Reading
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