The Netherlands

Topic: Regulation and compliance

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ESMA updates Q&A on MiFIR data reporting

On 28 September 2020, the European Securities and Markets Authority (ESMA) announced that it had updated its Q&A document on data reporting under MiFIR. ESMA explains that it has updated the Q&A as follows: Section 2: LEI of the issuer. A new Q&A (question 6, LEI of funds) that seeks to clarify which LEI (ISO … Continue Reading

No transition regime for investment firms from the UK after the Brexit transition period

If the negotiations between the UK and the EU do not result in a (clear) agreement at the end of the Brexit transition period, and the temporary transition regime that was introduced in the Netherlands for UK investment firms (Dutch Transition Regime) back in February 2019 does not enter into effect, UK investment firms will … Continue Reading

ESMA publishes draft rules for third-country firms under the new MiFIR and MiFID II regimes

On 28 September 2020, the European Securities and Markets Authority (ESMA) published a final report containing draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and activities in the EU by third-country firms under MiFIR and MiFID II. The draft technical standards are published following the changes to the … Continue Reading

ESMA consults on reference data and transaction reporting obligations under MiFIR

On 24 September 2020, the European Securities and Markets Authority (ESMA) issued a consultation paper reviewing the reference data and transaction reporting obligations under the Markets in Financial Instruments Regulation (MiFIR). The consultation paper covers the report to be delivered to the European Commission under Article 26(10) MiFIR which provides that: ESMA shall submit a … Continue Reading

Decree Implementing UBO Register published in Dutch Government Gazette

On 21 September 2020, the Implementation Decree Registration Ultimate Beneficial Owners of Corporate and Other Legal Entities (Implementatiebesluit registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten, the Implementation Decree) was published in the Dutch Government Gazette (Staatsblad van het Koninkrijk der Nederlanden). The Implementation Decree is one of the pieces of legislation implementing the … Continue Reading

IOSCO issues measures to reduce conflict of interests in debt capital raising

On 21 September 2020, the International Organization of Securities Commissions (IOSCO) published a final report containing guidance on potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process. The guidance is in the form of nine measures. Each measure is designed to address one or more of … Continue Reading

2021: A defining moment for the interest rates reform

On 21 September 2020, the European Securities and Markets Authority (ESMA) published a speech by its chair, Steven Maijoor, entitled 2021: A defining moment for the interest rates reform. In his speech Mr Maijoor discusses recent and expected developments of the global interest rates reform and the crucial role that the cooperation between public authorities … Continue Reading

CMU: Economic and Monetary Affairs Committee calls for an urgent completion

On 11 September 2020, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee has adopted a report calling for the urgent completion of the Capital Markets Union (CMU). In their report, MEPs call for the development of the CMU to be accelerated, arguing that this would be a viable … Continue Reading

New US DOJ guidance on corporate compliance programs emphasizes dynamic program design and implementation

During the summer, the United States Justice Department announced the latest set of updates to its “Evaluation of Corporate Compliance Programs” policy. The policy, which was first released in 2017 and revised last year, provides companies with detailed guidance on how the Department will review the adequacy and effectiveness of compliance programs when making charging … Continue Reading

FMSB publishes Spotlight Review on measuring execution quality in FICC markets

On 7 September 2020, the FICC Markets Standards Board (FMSB) published a Spotlight Review looking at the challenges in measuring quality of trade execution and how this varies across different market participants and segments. The Spotlight Review is the fourth and final in a series that is collectively looking at issues of wholesale fixed income, … Continue Reading

Regulatory framework for haircuts on non-centrally cleared securities financing transactions – FSB extends implementation deadlines

On 7 September 2020, the Financial Stability Board (FSB) issued a press release stating that it has decided to delay by one year the implementation dates for its policy recommendations relating to minimum haircut standards for non-centrally cleared securities financing transactions. In August 2013 the FSB developed policy recommendations to address financial stability risks that … Continue Reading

ESMA provides for the option to apply the annual transparency calculations for non-equity instruments from 21 September

On 7 September 2020, the European Securities and Markets Authority (ESMA) announced that it had decided that trading venues and investment firms may postpone, for operational reasons, the application of the annual transparency calculations for non-equity instruments other than bonds to 21 September 2020 (instead of 15 September 2020). The decision also applies to the … Continue Reading

ESMA confirms Securitisation Regulation requirements entry into force on 23 September 2020

On 4 September 2020, the European Securities and Markets Authority (ESMA) issued a statement confirming that different elements of the new regime under the Securitisation Regulation will come into force on 23 September 2020. The statement follows the publication of seven technical standards implementing the Securitisation Regulation in the Official Journal of the EU. The … Continue Reading

AFM calls for improvement regarding transparent price formation in the fixed-income and derivatives market

On 28 August 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that a study from the AFM on the effectiveness of the MiFID II regulatory framework for the fixed-income and derivatives markets has shown that price formation still needs to be more transparent and that the MiFID II rules … Continue Reading

The European Commission and Financial Markets Law Committee feed back to European Parliament on AML regulation of virtual currencies

On 2 June 2020 the European Parliament posed questions relating to the registration and monitoring of Virtual Asset Service Providers (VASPs) in Member States as required by the provisions of the 5th EU Anti-Money Laundering Directive (5AMLD). VASPs include virtual currencies, fiat currencies and custodian wallet providers. Responses were received from the Financial Markets Law … Continue Reading

The Institute of International Finance feeds back on the European Commission’s AML/CTF action plan

On 26 August the Institute of International Finance (IIF) provided feedback to the European Commission on its Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing, published in May 2020. The IIF notes that a more coordinated approach to implement and oversea the EU’s anti-money laundering (AML) and counter terrorism … Continue Reading

Brexit: Where have we got to and what should you do now?

Webinar on 2 September 2020 at 8:45am to 10:00am (BST) We are evolving our successful 40 minute briefings into webinars for financial services professionals. This includes senior management and those in legal, compliance and risk teams who have or are developing financial services expertise. The webinars will be led by senior members of our financial … Continue Reading

EBA revises work programme

On 14 August 2020, the European Banking Authority (EBA) updated its annual work programme for 2020 to reflect all the changes brought in by the COVID-19 pandemic to its activities. For ease of comparison, all postponed activities have been highlighted in the updated work programme.… Continue Reading

Dutch Ministry of Finance publishes Guideline on Financial Sanctions Legislation

On 12 August 2020, the Dutch Ministry of Finance published a Guideline on Financial Sanctions Legislation (the Guideline). The Guideline serves as a general explanation about the effect of financial sanctions measures in the Netherlands and aims to clarify the implementation of the sanction measures for the parties involved. The Guideline consists of a general … Continue Reading

IOSCO report on liquidity provision in the secondary markets for equity securities

On 11 August 2020, the International Organisation of Securities Commissions (IOSCO) published a report, Liquidity provision in the secondary markets for equity securities. The report identifies some of the key elements of market making programs that may help promote the provision of liquidity, strengthen investor confidence and foster fair and efficient markets. The report focuses … Continue Reading

Basel Committee releases consultative documents on Principles for operational risk and operational resilience

On 6 August 2020, the Basel Committee on Banking Supervision (Basel Committee) published a consultative document seeking comments on proposed Principles for operational resilience. Given the natural relationship between operational resilience and operational risk, the Basel Committee is also proposing to update its Principles for the sound management of operational risk (PSMOR). The Basel Committee … Continue Reading

EBA and ESMA launch consultation to revise joint guidelines for assessing the suitability of members of the management body and key function holders

On 31 July 2020, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued a consultation revising their joint guidelines on the assessment of the suitability of members of the management body and key function holders. The review reflects the amendments introduced by the fifth Capital Requirements Directive (CRD V) and … Continue Reading

EBA launches consultation to revise its guidelines on internal governance

On 31 July 2020, the European Banking Authority (EBA) issued a consultation seeking to revise its guidelines on internal governance. The guidelines were developed on the basis of Article 74 of the Capital Requirements Directive IV (CRD IV), which mandates the EBA to further harmonise credit institutions’ governance arrangements, processes and mechanisms across the EU. … Continue Reading

EBA calls on financial institutions to finalise preparations for the end of the transitional arrangements between the EU and UK

On 29 July 2020, the European Banking Authority (EBA) issued a press release reminding financial institutions that the transition period will expire on 31 December 2020, and that UK-based financial institutions will no longer be able to passport their services into the EU. The EBA states that UK financial institutions wishing to operate in the … Continue Reading
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