The Netherlands

Topic: Regulation and compliance

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Published in OJ – Delegated Regulation specifying fees relating to the supervision by the ESMA of data reporting service providers

On 17 June 2022, Commission Delegated Regulation (EU) 2022/930 of 10 March 2022 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying fees relating to the supervision by the European Securities and Markets Authority of data reporting service providers, was published in the Official Journal of the European Union. … Continue Reading

Council adopts its position on new rules for consumer credit

On 9 June 2022, the Council of the EU issued a press release stating that it had adopted its general approach on the proposed revision of the Directive on consumer credit. Among other things the Council’s press release notes: The Council proposes to exclude from the scope of the revised directive crowdfunding and, under certain … Continue Reading

ESMA speech ‘Towards delivering the CMU’

On 1 June 2022, Verena Ross, Chair of the European Securities and Markets Authority (ESMA), gave a speech at the FESE convention. In her speech, Ms Ross shared the ESMA’s views on topics including, the MIFIR review, in particular, the consolidated tape, in addition to insights on the supervisory convergence work in the area of … Continue Reading

ECB opinion on proposed regulation amending MiFIR as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders

On 1 June 2022, the European Central Bank (ECB) published an opinion on the proposed regulation amending the Markets in Financial Instruments Regulation as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders. The opinion sets out both general … Continue Reading

Amendment Act Financial Markets 2022 published in Dutch Government Gazette

On 27 May 2022, the Amendment Act Financial Markets 2022 (Wijzigingswet financiële markten 2022) (the 2022 Act) was published in the Dutch Government Gazette. The 2022 Act contains changes to key legislation relevant to the Dutch financial markets, including, but not limited to, the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS), … Continue Reading

Amendment Act on the recovery and resolution of insurers published for public consultation

On 19 May 2022, the Dutch Minister of Finance (the Minister) published for public consultation a draft legislative proposal of the Amendment Act on the recovery and resolution of insurers (Wijzigingswet herstel en afwikkeling van verzekeraars, the Amendment Act). As also indicated in the legislative letter of the Dutch Central Bank (De Nederlandsche Bank, DNB) … Continue Reading

ESMA final report on the MiFID II framework on best execution reports by investment firms

On 16 May 2022, the European Securities and Markets Authority (ESMA) published a final report on the review of the MiFID II framework on best execution reports by investment firms. The final report follows a consultation paper that the ESMA published last September seeking stakeholders’ technical input on proposals for possible improvements to the best … Continue Reading

Published in OJ – Commission Delegated Regulation 2022/803 supplementing MiFIR

On 24 May 2022, Commission Delegated Regulation 2022/803 of 16 February 2022 supplementing the Markets in Financial Instruments Regulation (MiFIR) was published in the Official Journal of the European Union (OJ). The Delegated Regulation supplements the MiFIR by specifying the rules of procedure for the exercise of the power to impose fines or periodic penalty … Continue Reading

ESMA updates Q&As

On 20 May 2022, the European Securities and Markets Authority updated the following Q&As: Application of the Alternative Investment Fund Managers Directive. Application of the UCITS Directive. Implementation of the Regulation on improving securities settlement in the EU and on central securities depositories. On the European crowdfunding service providers for business Regulation. On MiFID II … Continue Reading

ESMA final report on the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued a final report regarding the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation (ECSPR). The final report has been issued in response to a formal request that the ESMA received from the European Commission to … Continue Reading

ESMA reminds fund managers of their obligations to investors amid the war in Ukraine

On 16 May 2022, the European Securities and Markets Authority (ESMA) issued a statement on the implications of Russia’s invasion of Ukraine on investment fund portfolios. In the statement ESMA recalls some general principles that can be derived from EU law that are of relevance to the management of the impact of the Russian invasion … Continue Reading

EBA final technical standards on crowdfunding service providers

On 13 May 2022, the European Banking Authority (EBA) published a final report setting out draft Regulatory Technical Standards (RTS) per its mandate under Article 19(7) of the European Crowdfunding Service Providers Regulation specifying the: Elements to be included in the information to investors with respect to the description of the method to calculate credit … Continue Reading

EBA updates its Guidelines for assessing equivalence of professional secrecy regimes of third country authorities

On 3 May 2022, the European Banking Authority (EBA) published updated guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third country authorities. The EBA has updated the guidelines to allow for a wider: Scope of the assessment, i.e. to include all relevant provisions in the Capital Requirements Directive IV (CRD IV), Payment … Continue Reading

Decree Implementing UBO register for trusts and similar legal arrangements published in Dutch Government Gazette

On 2 May 2022, the Implementation decree concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiebesluit registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Decree) was published in the Dutch Government Gazette (Staatsblad). The Implementation Decree, together with the Implementation act concerning the registration of beneficial owners of trusts and … Continue Reading

DNB publishes legislative letter for 2022

On 14 April 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its annual legislative letter (wetgevingsbrief) for 2022. DNB annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and the legislative changes desired by DNB to … Continue Reading

AFM publishes legislative letter for 2022

On 14 April 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its legislative letter (wetgevingsbrief) for 2022. The AFM annually submits this letter to the Dutch Minister of Finance (the Minister). The letter describes European and national developments relevant to the supervision on the financial sector and set outs the … Continue Reading

Dutch Minister of Finance announces enforcement of UBO registration obligation

On 14 April 2022, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament (Tweede Kamer) in which it is announced that the enforcement of the statutory obligation to register ultimate beneficial owners (UBOs) in the Dutch UBO register will commence. The Dutch UBO register for most types of Dutch legal … Continue Reading

Consultation on the Amendment Act Financial Markets 2024

On 29 April 2022, the Dutch Minister of Finance published for consultation the draft legislative proposal for the Amendment Act Financial Markets 2024 (Wijzigingswet financiële markten 2024, the Amendment Act 2024). This legislative proposal is part of an annual cycle of changes to the legislation relevant to the Dutch financial markets. Changes that are part … Continue Reading

Annual integrity risk reporting to DNB

Each year the Dutch Central Bank (De Nederlandsche Bank, DNB) investigates the inherent integrity risks of money laundering, financing of terrorism and corruption faced by financial institutions, as well as the measures taken by financial institutions to mitigate such risks. For this purpose, DNB has been requesting financial institutions to complete its questionnaire on integrity … Continue Reading

ESMA

On 19 April 2022, the European Securities and Markets Authority (ESMA) published a letter that it had sent to the European Commission setting out certain observations on the Commission’s consultation on options to enhance the suitability and appropriateness assessments. Among other things, the ESMA notes in the letter that the Commission’s proposal to apply a … Continue Reading

FSB Chair’s letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine

On 20 April 2022, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 20 April. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability … Continue Reading

Commission Delegated Regulation supplementing MiFID II with regard to RTS for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits

On 20 April 2022, the European Commission adopted a Delegated Regulation supplementing MiFID II with regard to regulatory technical standards (RTS) for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits together with an annex. When finalised, the Delegated Regulation will replace Commission Delegated Regulation 2017/591 (‘RTS … Continue Reading

AFM identifies shortcomings in online brokerage advertising

On 12 April 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of its investigation into advertisements (reclame-uitingen) of investment firms. For its investigation, the AFM reviewed advertisements of four investment firms in the fall of 2021. Each advertisement needs to independently comply with the applicable requirements. A … Continue Reading
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