The Netherlands

Topic: Regulation and compliance

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ESMA Consultation Paper – Review of the Guidelines on MiFID II product governance requirements

On 8 July 2022, the European Securities and Markets Authority (ESMA) published a Consultation Paper on the review of the Guidelines on MIFID II product governance requirements. The Consultation Paper is primarily of interest to Member State competent authorities, firms that are subject to MIFID II and investors. The ESMA proposes updating its 2017 guidelines … Continue Reading

Report on the current framework for qualification of financial advisors in the EU and assessment of possible ways forward

On 7 July 2022, there was published a European Commission staff working document (dated 30 June 2022) being a report on the current framework for qualification of financial advisors in the EU and assessment of possible ways forward. The report was previously announced under the Capital Markets Union Action Plan and examines the feasibility of … Continue Reading

Report on EU SME referral scheme

On 7 July 2022, there was published a European Commission staff working document (dated 28 June 2022) being a report on an EU SME referral scheme. The report was previously announced under the Capital Markets Union Action Plan and analyses the merits and feasibility of setting up a referral scheme to require banks (and other … Continue Reading

Commission Delegated Regulation supplementing the IFR with regard to RTS for public disclosure of investment policy by investment firms

On 6 July 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/1159 of 11 March 2022 supplementing the Investment Firms Regulation with regard to regulatory technical standards for public disclosure of investment policy by investment firms. The provisions of the Delegated Regulation specify uniform disclosure formats and … Continue Reading

DNB publishes amendments to Regulation specific provisions CRD and CRR 2019 for public consultation

On 24 June 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the Amendment Regulation specific provisions CRD and CRR 2019 (Wijzigingsregeling Regeling specifieke bepalingen CRD en CRR 2019, the Amendment Regulation) for public consultation. The Fourth Capital Requirements Directive (CRD4) and the Capital Requirements Regulation (CRR) have recently been amended. These amendments, also … Continue Reading

Letter from ESMA Chair to EC: Prioritisation of 2022 ESMA deliverables (ESMA22-106-4013)

On 30 June 2022, the European Securities and Markets Authority (ESMA) published a letter from its chair to the European Commission setting out the European Supervisory Authority’s prioritisation of its 2022 deliverables. In the letter the ESMA sets out those 2022 deliverables to the Commission which it has deprioritised. These are: Annual reports to the … Continue Reading

EBA final guidelines on the remuneration and gender pay gap benchmarking exercise under the CRD IV and the IFD

On 30 June 2022, the European Banking Authority (EBA) published updated guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive IV (CRD IV). The updated guidelines take into account additional requirements introduced by the CRD V regarding the application of derogations and the benchmarking of the gender pay gap. The EBA has also … Continue Reading

EBA decision on reporting of supervisory data from investment firms’ competent authorities to the EBA

On 28 June 2022, the European Banking Authority (EBA) adopted a decision on how Member State competent authorities supervising investment firms under the Investment Firms Regulation will transmit supervisory data to it. This decision sets the timing, scope and modalities of the data submission via the European Centralised Infrastructure of Data. The first submission is … Continue Reading

ESMA not publishing SI regime data for non-equity instruments other than bonds and CTP data

On 28 June 2022, the European Securities and Markets Authority announced that it will not publish the 1 August 2022 publication of systematic internaliser (SI) regime data for non-equity instruments other than bonds, as well as that of the consolidated tape (CTP) data. The ESMA explains that this is due to operational constraints which are … Continue Reading

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
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