The Netherlands

Topic: Retail

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Commission adopts stronger consumer rules for online financial services

On 11 May 2022, the European Commission published a draft Directive that amends the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The press release mentions that the draft Directive provides for: Easier access to a 14-day withdrawal right for distance contracts for financial services. … Continue Reading

ESAs call for improvements in product descriptions intended for retail investors

On 10 May 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The supervisory statement is addressed to Member State competent authorities and is delivered on the basis of Article … Continue Reading

ESAs recommend changes to make the PRIIPs key information document more consumer-friendly

On 3 May 2022, the European Supervisory Authorities (ESAs) published their technical advice to the European Commission on the review of the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The advice will serve as input for developing the Commission’s Retail Investment Strategy. Within section 3 of the technical advice, sections 3.1 to … Continue Reading

Commission call for evidence: Retail investment – new package of measures to increase consumer participation in capital markets

On 3 May 2022, the European Commission issued a call for evidence regarding retail investment and a new package of measures to increase consumer participation in capital markets. The initiative is intended to provide for an evidence-based assessment on the functioning of the current retail investor protection rules and, if deemed appropriate, an impact assessment … Continue Reading

ESMA final report on Commission mandate on certain aspects relating to retail investor protection

On 29 April 2022, the European Securities and Markets Authority (ESMA) issued a final report on the European Commission mandate on certain aspects relating to retail investor protection under MiFID II. The Commission sent a formal request (mandate) to the ESMA last year seeking technical advice on certain aspects relating to retail investor protection asking … Continue Reading

Corrigendum to Delegated Regulation 2021/2268

On 13 April 2022, there was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation 2021/2268 of 6 September 2021 amending the regulatory technical standards laid down in Commission Delegated Regulation 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for … Continue Reading

FOS publish strategic plans and budget 2022/23

On 30 March 2022, the Financial Ombudsman Service (FOS) published their 2022/2021 Plans and Budget, setting out their plans to invest in change, reduce the time it takes to resolve cases, to become financially sustainable and to enable them to deliver a better service for customers. The document includes the volumes of complaints the FOS … Continue Reading

IOSCO consults on recent retail investor trends and related conduct implications

On 21 March 2022, the International Organisation of Securities Commissions (IOSCO) published a consultation report that seeks comments on the issues identified in an earlier report by its Retail Market Conduct Task Force (RMCTF) which focussed on the retail conduct implications of COVID-19. The RMCTF report was largely based on a survey which highlighted some … Continue Reading

Commission adopts Delegated Regulation amending PRIIPs KID Delegated Regulation and related Delegated Regulation concerning extension of transitional arrangements

On 17 March 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) as regards the extension of the transitional arrangement laid down in Article 14(2) of that Regulation and amending the RTS laid down in … Continue Reading

AFM reminds ‘finfluencers’ of the applicable rules

On 20 December 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report with the results of an exploratory study into investor protection requirements relating to social media posts titled “The pitfalls of ‘finfluencing’” (the Report). The Report is based on an exploratory study carried out by the AFM … Continue Reading

EBA consults on draft technical standards setting requirements for crowdfunding service providers

On 8 December 2021, the European Banking Authority (EBA) issued a consultation on draft Regulatory Technical Standards (RTS) specifying the information that crowdfunding service providers shall provide to investors. The proposed requirements cover the method used for the calculation of credit scores and loan prices, the factors that the providers need to consider when carrying … Continue Reading

Amendment Decree Financial Markets 2021 submitted to Dutch Parliament and Dutch Senate

On 24  November 2021, the Dutch Minister of Finance submitted the Amendment Decree Financial Markets 2021 (Wijzigingsbesluit financiële markten 2021, the Amendment Decree 2021) to the Dutch Parliament (Tweede Kamer) and the Dutch Senate (Eerste Kamer). The Amendment Decree 2021 is part of an annual cycle of amendments to the laws and regulations relevant to … Continue Reading

MEPs give companies more time to present key information to small investors in the EU

Members of the European Parliament (MEPs) extended the deadline by which investment companies must present a key information document (KID) to retail investors before they are offered a financial product until 31 December 2022, to give them time to prepare. Before signing a contract, all small (non-professional) investors should receive a standard format KID to … Continue Reading

ESAs call for evidence on the PRIIPs Regulation

On 21 October 2021, the European Supervisory Authorities (ESAs) opened a call for evidence regarding the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The call for evidence follows a call for advice on the PRIIPs Regulation that the ESAs received earlier this year from the European Commission. The ESAs are requesting information … Continue Reading

AFM speech on investments and transparency obligation brokers

On 15 October 2021, one of the members of the executive board of the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM), Jos Heuvelmans, gave a speech at the Investor Fair (BeleggersFair) on investments. In his speech, Mr Heuvelmans addresses the excellent performance of the AEX index. In this context he emphasises … Continue Reading

ESMA seeks stakeholder input on shaping advice on retail investor protection

On 1 October 2021, the European Securities and Markets Authority (ESMA) issued a call for evidence on a number of retail investor protection topics under MiFID II. The call for evidence follows a letter that ESMA received from the European Commission in July this year asking for assistance in the preparation of legislative proposals implementing … Continue Reading

Retail investors’ challenges: what investor protection safeguards should accompany increased retail participation in capital markets?

On 21 September 2021, the European Securities and Markets Authority (ESMA) published the keynote address that Natasha Cazenave (Executive Director, ESMA) gave at the Saline del Risparmio on 17 September 2021. The keynote address is entitled Retail investors’ challenges: what investor protection safeguards should accompany increased retail participation in capital markets? The keynote address focuses … Continue Reading

New Delegated Regulation under the PRIIPs Regulation

On 7 September 2021, the European Commission adopted:  Commission Delegated Regulation amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on … Continue Reading

Call for advice to ESMA regarding certain aspects relating to retail investor protection

On 2 August 2021, the European Securities and Markets Authority (ESMA) published a call for advice that it had received from the European Commission. In the call for advice the Commission asks ESMA to help it with the preparation of legislative proposals implementing certain aspects of the EU retail investment strategy. ESMA is invited by … Continue Reading

Call for advice to the Joint Committee of the ESAs regarding the PRIIPs Regulation

On 2 August 2021, the European Securities and Markets Authority published the call for advice that the Joint Committee of the European Supervisory Authorities (ESAs) had received from the European Commission regarding the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation). The Commission invites the Joint Committee to provide advice on the following areas … Continue Reading

AFM introduces restrictions on the offering of turbos to Dutch retail investors

On 30 June 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its decision introducing restrictions on the offering of turbos to Dutch retail investors. The restrictions will apply from 1 October 2021 onwards and include: leverage limitations to reduce financial risk; a mandatory risk warning for better-informed decisions; and … Continue Reading

EBA consults on draft RTS on crowdfunding

On 4 June 2021, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards (RTS) on individual portfolio management of loans offered by crowdfunding service providers under Article 6(7) of the European Crowdfunding Service Providers Regulation (ECSPR). In the consultation paper the EBA puts forward proposals with respect to disclosures and … Continue Reading

Commission consults on upcoming retail investment strategy

On 11 May 2021, the European Commission issued a public consultation on the upcoming retail investment strategy, which is planned for adoption in early 2022, as announced in last year’s Capital Markets Union Action Plan. In line with the Commission’s stated objective of “an economy that works for people”, the Commission is seeking to ensure … Continue Reading

Commission consults on a road map for a retail investment strategy

On 20 April 2021, the European Commission published for consultation a road map for a retail investment strategy for the EU. The September 2020 Capital Markets Union Action Plan noted the Commission’s intention to propose a retail investment strategy for the first half of the year of 2022, that should seek to ensure that retail … Continue Reading
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