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AFM invites companies to respond to the Principles for Information Security

The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has invited market parties to respond to its consultation on the ‘Principles for Information Security’. This policy statement (beleidsuiting) describes the expectations of the AFM with regard to information security as part of the controlled and sound operations of financial institutions and accounting … Continue Reading

AFM takes national measures to prohibit binary options and to restrict the marketing or sales of CFDs

Further to our earlier blog post, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has taken national measures mirroring ESMA’s product intervention measures. These measures – included in two separate Decrees, one dealing with binary options and the other with contracts for differences (CFDs) – were published in the Dutch Government … Continue Reading

Paris Brexit Financial Institutions’ seminar & cocktails – 12 February 2019

We are pleased to announce that our Financial Institutions (FI) team will hold a Brexit seminar in February 2019 in Paris. The objective of the seminar is to create awareness of the impact on the European financial institutions industry doing business in the UK after Brexit. Our Paris and London FI experts will give an overview … Continue Reading

AFM publishes MMFR application and notification forms

On 10 October 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published the following forms in relation to the Money Market Funds Regulation (MMFR) in its Digital Portal: an application form to be used by managers of alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS) to … Continue Reading

Draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

On 18 October 2018, a draft version of the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018, as laid before Parliament, were published on the legislation.gov.uk website. A draft explanatory memorandum has also been published. Our previous blog on the draft statutory instrument can be found here.… Continue Reading

APRA’s review of the superannuation prudential framework

On 23 May 2018 APRA announced that it would conduct a review of the superannuation prudential framework that was introduced in 2013 as part of the Stronger Super reforms.[1] The consultation is scheduled to take place over a four-month period and involve both formal and informal feedback from stakeholders across the superannuation industry. The structure … Continue Reading

Consultation to amend the Dutch national regime under MiFID II

On 30 August 2018, the Dutch Minister of Finance (the Minister) published a consultation on amending the Dutch national regime under Section 3 of the Markets in Financial Instruments Directive (recast) (MiFID II). The Minister proposes to extend the scope of the national regime. In addition to advisors in life insurance or mortgage credit, other … Continue Reading

AFM sees room for improvement by AIFMs

On 23 January 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release on its website stating that it has concluded an investigation into compliance with statutory requirements regarding sound business conduct, governance and separation of assets by 12 managers of alternative investment funds (AIFMs) that were automatically … Continue Reading

FCAC bulletin reinforces expectations regarding express consent

The Financial Consumer Agency of Canada (FCAC) issued a statement and a new compliance bulletin in response to recent news reports related to allegations that certain employees of banks were pressured to upsell to consumers to meet unrealistic sales targets and keep their jobs. FCAC compliance bulletin B-5 – consent for new products or services (the Bulletin) states … Continue Reading

BaFin publishes guidance notice on the authorisation of insurance joint-stock companies for the pursuit of reinsurance business

On 1 March 2017 BaFin published an updated guidance notice on the authorisation of insurance joint-stock companies for the sole pursuit of reinsurance business within the Federal Republic of Germany. The guidance includes advice on (i) the formation under the Stock Corporation Act (Aktiengesetz), (ii) the business plan according to section 9 of the Insurance Supervision … Continue Reading

Draft Applications for data reporting services providers

With the entry into force of the European Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) will assume new duties in relation to the authorisation and supervision of data reporting services providers from 3 January 2018. However, … Continue Reading

CFTC staff publishes final report on de minimis threshold for swap dealer registration requirement

CFTC Staff has published a Final Report on the Swap Dealer De Minimis Exception (Final Report) addressing the level of swap dealing activity that is considered “de minimis” and therefore does not require an entity to register as a swap dealer with the CFTC.  The Final Report provides updated data analysis, and summarizes public comments … Continue Reading

DNB indicates that transaction monitoring by banks needs improvement

On 31 August 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which it discusses the preliminary results of an investigation it launched earlier this year into banks’ transaction monitoring processes. According to DNB, many banks will need to improve their transaction monitoring processes. The purpose of transaction monitoring processes … Continue Reading

DNB launches investigation into integrity risk appetite of financial institutions

On 31 August 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it has launched an investigation into the integrity risk appetite of banks, insurers, pension funds, trust offices and payment institutions. As part of its investigation, DNB will review the risks that are taken into account by the aforementioned financial institutions in … Continue Reading

Interim report on integrity and suitability screening processes DNB and AFM

On 5 July 2016, the Dutch Minister of Finance sent a letter to the Dutch Parliament including an interim report from the external evaluation commission which is in the process of evaluating the current structure of the integrity and suitability screening processes conducted by the Dutch Central Bank (De Nederlandsche Bank, DNB) and the Netherlands … Continue Reading

ASIC sounds warning on add-on insurance products: time to get your houses (and car yards) in order

In his recent speech at the Insurance Council of Australia Annual Forum ASIC’s Peter Kell delivered a scathing commentary on the state of the add-on insurance market, saying that the industry had made insufficient progress towards delivering better consumer outcomes in the area and sounded a warning: if ASIC is still raising similar concerns in … Continue Reading

FINRA issues guidance on liquidity risks

The Financial Industry Regulatory Authority (“FINRA”) has issued Regulatory Notice 15-33, which provides guidance on prudent practices that broker-dealers should consider and implement in order to effectively manage liquidity.  In its notice, FINRA stressed that failure to manage liquidity has contributed to firm failures as well as wide spread systemic crises. The notice described a review … Continue Reading

Credit cards to improve travel insurance disclosure

Credit card providers have agreed to provide customers with clearer information regarding when ‘complimentary’ travel insurance is activated and to what extent cover is provided. Many credit card holders have access to ‘complimentary’ travel insurance. However, many of these do not know that they have the benefit of cover, how to activate it, how it … Continue Reading

First steps in review of EMIR , the European derivatives regulation

The European Commission (the Commission) has published a speech given by Jonathan Hil (European Commissioner for financial stability, financial services and capital markets union) at the EMIR public hearing. The speech is entitled First steps in the review of EMIR, the European derivatives regulation. In his speech Commissioner Hill mentions that: clearing obligations and margin … Continue Reading

Court finds unconscionable conduct in sale of CCI

Recent enforcement action by ASIC against collapsed payday lender, the Cash Store Pty Ltd (TCS), has put the sale of consumer credit insurance (CCI) into sharp focus. On 19 February 2015, the Federal Court awarded penalties against TCS and its loan funder, Assistive Finance Australia Pty Ltd (AFA) of almost $19 million. It found that … Continue Reading

ASIC-run home insurance comparison website opens for business

The Federal Government’s novel approach to tackling housing insurance affordability issues in North Queensland continued this week with the unveiling of ASIC’s home insurance comparison website. Replete with disclaimers and emphasising product features over policy price, the website is intended to aid consumer understanding and decrease underinsurance in a market struggling under flood and wind … Continue Reading

Enforceable undertakings – ASIC to make experts’ findings available to the public

On 19 February 2015, we reported on ASIC enforcement actions in the second half of 2014. ASIC has since updated its regulatory guidance on enforceable undertakings (RG 100).  The updated guidance will apply to enforceable undertakings accepted by ASIC from 9 March 2015. The changes made to the guidance centre primarily around the engagement of experts … Continue Reading

ASIC enforcement actions Q4 2014: is an increase in penalties on the cards?

ASIC has recently released its quarterly enforcement report detailing enforcement outcomes between 1 July 2014 and 31 December 2014.  The report addresses the range of criminal and civil action taken by the regulator, and highlights action taken against companies and directors resulting in criminal charges which were most significant during the period. In addition, significant … Continue Reading

ASIC not content with home and contents insurance

A spate of natural disasters in recent years has revealed a concerning level of underinsurance in the home and contents insurance market, according to reports released by ASIC in late 2014. ASIC has called on insurance providers ‘to implement measures that will meaningfully improve consumers’ understanding of their policy, and help ensure consumers buy a … Continue Reading
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