The Netherlands

Topic: Retail

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Commission consults on evaluating the CCD

On 14 January 2019, the European Commission launched a consultation evaluating whether the Consumer Credit Directive (CCD) is still fit for purpose given all the market developments since its launch in in April 2008. Stakeholders can contribute to the consultation by filling in an online questionnaire. The deadline for responses is 8 April 2019.… Continue Reading

ESMA annual statistical report on retail investment products in the EU

On 10 January 2019, the European Securities and Markets Authority (ESMA) published its first annual statistical report on the performance and costs of retail investment products in the EU. The report is focused on UCITS, alternative investment funds sold to retail investors (retail AIFs) and structured retail products (SRPs). The report provides a comprehensive overview … Continue Reading

ESMA decision to renew ban on marketing, distribution or sale of binary options enters into force

On 21 December 2018, ESMA published a notice of its decision adopted on 14 December 2018 under Article 40 of MiFIR to renew the prohibition on the marketing, distribution or sale of binary options to retail clients. The decision has applied from 2 January 2019, and will apply for a period of three months. The … Continue Reading

Joint consultation paper concerning amendments to the PRIIPs KID

On 8 November 2018, the Joint Committee of the European Supervisory Authorities published a consultation paper setting out proposed amendments to the PRIIPs Delegated Regulation (Commission Delegated Regulation (EU) 2017/653 of 8 March 2017). The amendments relate to the empowerment in Article 8(5) of the PRIIPs Regulation concerning the presentation and content of the key … Continue Reading

ESA letter to Commission on PRIIPS KID requirements

On 1 October 2018, the European Supervisory Authorities (ESAs) co-published a response to the European Commission’s request to develop guidance on facilitating the production and distribution of information on investment funds as of 1 January 2020. The ESAs state that they are still of the view that an approach whereby retail investors will receive both … Continue Reading

ESMA extends prohibition on binary options

The European Securities and Markets Authority (ESMA) has announced that it is renewing the prohibition on the marketing, distributing or sale of binary options to retail clients. The prohibition has been in effect since 2 July 2018, and will extend for a further 3-month period from 2 October 2018. However, ESMA has agreed to two … Continue Reading

ESAs publish further guidance on the KID for PRIIPs

On 20 July 2018, the European Supervisory Authorities published further guidance on the Key Information Document (KID) requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs). The guidance consists of: additional Questions and Answers; and updates to the Flow diagrams for the risk and rewards calculations (New calculation example for Category 3 PRIIPs stress performance … Continue Reading

Commission issues an evaluation roadmap on the Consumer Credit Directive

The European Commission has published an evaluation roadmap of the Consumer Credit Directive (CCD).  The evaluation of the CCD is expected to conclude in 2019. The evaluation will gather evidence regarding the functioning of the CCD in its totality and in particular, regarding the following aspects: design and distribution phases of credit products; cross-selling of … Continue Reading

Study on the distribution systems of retail investment products

On 24 April 2018, the European Commission published a study that has been produced for it which provides facts and figures on the current features and functioning of European markets for retail investment products. The study identifies obstacles that consumers face in the EU when buying investment funds, investor-driven life insurance or private pension. By … Continue Reading

Commission proposes a new deal for consumers

On 11 April 2018, the European Commission issued legislative proposals for a new deal for consumers to ensure that EU consumers fully benefit from their rights under EU law. In summary the new deal seeks to strengthen consumer rights online and give consumers the tools to enforce their rights and get compensation. In terms of … Continue Reading

CPMI cross-border retail payments

The Committee on Payments and Market Infrastructures (CPMI) has published a report on cross-border retail payments. The report aims to present a holistic view of cross-border retail payments, covering the various cross-border retail payment types and the processes behind clearing and settlement of cross-border retail payments. For the purposes of the report, cross-border retail payments … Continue Reading

AFM agenda 2018: focus on data analysis for investor protection purposes

On 24 January 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release on its website announcing its supervisory agenda for 2018 (the Agenda 2018). In its press release, the AFM puts emphasis on new data analysis initiatives that it will be commencing in 2018 with the aim … Continue Reading

ESMA statement of preparatory work relating to CFDs and binary options offered to retail clients

The European Securities and Markets (ESMA) has issued a statement to provide an update on its work in relation to the provision of contracts for differences (CFDs), including rolling spot forex and binary options to retail clients. ESMA has been concerned about the provision of speculative products such as CFDs, including rolling spot forex and … Continue Reading

Commission adopts Delegated Regulation on RTS on strong customer authentication and common and secure communication under PSD2

Article 98(4) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following submission of draft standards to the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, delegated acts specifying the requirements of strong customer authentication, the exemptions from its application and … Continue Reading

Joint Committee of ESAs updates Q&A on PRIIPs KID

The Joint Committee of the European Supervisory Authorities has published updated Q&As on the key information document (KID) requirements for packaged retail and insurance-based investment products as laid down in Commission Delegated Regulation (EU) 2017/653. The updated document includes new Q&As on the following: market risk assessment; performance scenarios; derivatives; multi-option products. The section on … Continue Reading

Joint Committee of ESAs technical advice on PRIIPs with environmental or social objectives

Packaged retail and insurance-based investment products (PRIIPs) are increasingly being offered that target specific social or environmental objectives, and not only purely financial objectives. In light of this, article 8(3)(c) of the PRIIPs Regulation requires a section of the key information document (KID) entitled “What is this product?” to outline the nature and main features … Continue Reading

European Commission adopts Delegated Regulation on RTS on co-operation and exchange of information for passporting under PSD2

Article 28(5) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following the submission of draft standards by the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying the framework for cooperation and exchange of information between competent authorities … Continue Reading

AFM wants clarification differences between saving and investment products in comparative advertisements

On 14 July 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release in which it points out an increase in advertisements that present investing as an alternative to saving. The AFM wants parties who offer investment products to be clear around the differences between investing and saving. … Continue Reading

EBA final guidelines on authorisation and registration under PSD2

The European Banking Authority (EBA) has published a final report on the EBA guidelines on the information to be provided by applicants intending to obtain authorisation as a payment institution (PI) or e-money institution (EMI), or to register as an account information service provider under the revised Payment Services Directive (PSD2). The guidelines have been … Continue Reading

European banking associations outline concerns about third party interactions under PSD2

The European Association of Co-operative Banks, European Banking Federation and the European Savings Bank Group have co-published a joint request to the European Parliament to reject certain aspects of the European Commission’s proposed amendments to the European Banking Authority’s draft regulatory technical standards on strong customer authentication and common and secure open standards of communication … Continue Reading

Final EBA guidelines on professional indemnity insurance under PSD2

The European Banking Authority (EBA) has published final guidelines under the revised Payment Services Directive (PSD2) on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance (PII) or other comparable guarantee for payment initiation services (PIS) and account information services (AIS). The EBA also sets out the responses to … Continue Reading

ESAs publish Q&A on the PRIIPs KID

The European Supervisory Authorities (ESAs) have co-published their first set of questions and answers related to the key information document (KID) requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs) laid down in European Commission Delegated Regulation (EU) 2017/653. The Q&A covers the following topics: market risk assessment; methodology for assessing credit risk; summary risk … Continue Reading

Guidelines on the application of the PRIIPs Regulation

The European Commission has adopted guidelines on the application of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs Regulation applies from 1 January 2018. The guidelines do not contain or create new legal rules. Rather it seeks to further facilitate the implementation of, and the coverage … Continue Reading

ESMA statement on preparatory work in relation to CFDs, binary options and other speculative products

The European Securities and Markets Authority (ESMA) has issued a statement updating on its work in relation to the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors.… Continue Reading
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