Highlighted publications
Bill on fixed remuneration
At the Dutch Minister of Finance’s request, the European banking supervisor ECB has issued an opinion on this bill. The bill proposes to tighten the definition of fixed remuneration and requires systemically relevant banks to obtain the Minister of Finance’s prior approval for setting or increasing the fixed remuneration of a managing director. According to the ECB, the powers that the bill will give to the Minister of Finance do not seem to conflict with the ECB’s task to ensure that credit institutions have robust governance arrangements in place.
Update on potential legal measures aimed at tightening legislation on remuneration and the bonus cap
The Minister of Finance has given an update about a consultation on potential legal measures to tighten remuneration rules, and a related roundtable discussion with stakeholders. The potential legal measures include:
- a claw back for part of the fixed remuneration if state aid is given to a bank or insurer;
- a legal requirement that shares, or similar instruments forming part of the fixed remuneration, have to be held by the recipient for several years; and
- a legal requirement that the remuneration policy of financial undertakings prescribes how the remuneration relates to the institution’s social role.
Many stakeholders believe that the potential claw back measure may raise concerns from a European law perspective. The Minister will ask the Dutch Council of State to provide information on this issue and will take this into consideration, and will review the consultation responses for the other two measures. The Minister has also indicated that he is engaged in discussions with the financial sector on permitted deviations from the bonus cap. He intends to inform the Second Chamber of the Dutch parliament about the outcome of both the consultation and the discussions on the bonus cap, in December 2018.
Recovery and resolution of insurers
In October 2018, the First Chamber’s finance committee sent the Minister of Finance additional questions about the Dutch Bill on Recovery and Resolution of Insurers. In early November 2018, the Minister of Finance responded to these questions. According to the First Chamber’s website, the finance committee will discuss the Minister’s response on 13 November 2018.
In addition, Nicole Stolk, Executive Director of Resolution and Internal Operations at the Dutch Central Bank, has given a speech on recovery and resolution of insurers, elaborating on the bill and on the central bank’s role as envisioned in the bill.
Second Directive on Institutions for Occupational Retirement Provision
The Second Chamber has adopted a bill implementing the IORP II Directive. In addition, the Ministry of Social Affairs and Employment has published a consultation report on the draft Decree implementing the IORP Directive.
2018 Financial Markets Amendment Bill
The First Chamber has passed the 2018 Financial Markets Amendment Bill as a formality without a debate. The bill includes the following arrangements:
- A statutory ban on seizing a financial undertaking’s deposits if these are held by the Dutch Central Bank.
- The European Central Bank and the Dutch Central Bank must decide on banking licence applications within 26 weeks. Currently, this is 13 weeks.
- It will be easier for the Netherlands Authority for the Financial Markets (AFM) to provide confidential data and information to the Dutch competition authority, the ACM.
- The AFM and the Dutch Central Bank will be allowed to provide confidential information to the Ministry of Justice Agency for Scrutiny, Integrity and Screening.
Guidelines on Certain Aspects of the MiFID II Suitability Requirements
ESMA has published the official translations of the Guidelines on Certain Aspects of the MiFID II Suitability Requirements. Competent authorities must inform ESMA within two months (by 6 January 2019) whether they comply or intend to comply with the guidelines. The Guidelines apply as of 7 March 2019.
Other publications
EC
- Overview of consultations plans, EC, 15 October 2018
EP
- Non-performing loans in the Banking Union Stocktaking and challenges, EP, 14 October 2018
EBA
- EBA publishes final guidance on management of non-performing and forborne exposures, EBA, 31 October 2018
- EBA consults on draft DPM 2.9 for supervisory reporting, EBA, 30 October 2018
- EBA acknowledges adoption of new resolution reporting standards by the European Commission, EBA, 29 October 2018
- EBA publishes work programme for 2019, EBA, 23 October 2018
- EBA announces timing for publication of 2018 EU-wide stress test, EBA, 19 October 2018
- EBA acknowledges adoption of amended supervisory reporting standards by the European Commission, EBA, 9 October 2018
- Updated EBA Risk Dashboard shows sustained improvements in the management of NPLs across the EU but banks profitability remains a key challenge, EBA, 8 October 2018
- EBA acknowledges notifications from Finansiel Stabilitet, EBA, 8 October 2018
- Letter – EBA Stance on the Risk Reduction Measures Package, EBA, 5 October 2018
- EBA publishes the preliminary impact of the Basel reforms on EU banks capital and updates on liquidity measures in the EU, EBA, 4 October 2018
- EBA QIS 2018 Template Instructions (V.5), EBA, 3 October 2018
ESMA
- ESMA issues clarifications on clearing and trading obligations ahead of 21 December 2018 deadline, ESMA, 31 October 2018
- Notice of ESMA’S product intervention renewal decision in relation to contracts for differences, ESMA, 31 October 2018
- Implementation of the Money Market Funds Regulation – your letter dated 20 July 2018, ESMA, 31 October 2018 (publication date)
- SMSG Letter to European Commission Vice-President Dombrovskis on PRIIPS, 31 October 2018 (publication date)
- SMSG Opinion on EC request to ESAs on cost and performance of retail investment, insurance and pension products, ESMA, 31 October 2018 (publication date)
- MIFID II: ESMA makes new bond liquidity data available, ESMA, 31 October 2018
- MIFID II: ESMA publishes data for the systematic internaliser calculations for equity, equity-like instruments and bonds, ESMA, 31 October 2018
- European enforcers to focus on new IFRSS and non-financial information in issuers’ 2018 ANNUAL REPORTS, ESMA, 26 October 2018
- Designated Payment and Securities Settlement Systems, ESMA, 23 October 2018
- CSD Register, ESMA, 23 October 2018 (publication date)
- Contact points of national supervisory authorities for communication in the MiFID II framework on supervisory cooperation, authorisation, acquisitions and passporting, ESMA, 23 October 2018 (publication date)
- Own Initiative Report on Initial Coin Offerings and Crypto-Assets, ESMA, 19 October 2018
- ESAs write to EFRAG on the endorsement process of IFRS 17 insurance contracts, ESMA, 19 October 2018
- Q&A on MiFID II and MiFIR transparency topics, ESMA, 16 October 2018
- Report EEA Prospectus activity in 2017, ESMA, 15 October 2018Decision of the Board of Supervisors on delegation to the ESMA Chair of the assessment regarding third country trading venues for the purposes of Articles 20 and 21 of MiFIR, ESMA, 11 October 2018
- Decision of the Board of Supervisors on delegation to the ESMA Chair of the assessment regarding third country trading venues for the purposes of Articles 57(4) of MiFID, ESMA, 11 October 2018
- MIFID II: ESMA issues latest Double Volume Cap Data, ESMA, 10 October 2018
- SPMW’S CRA registration withdrawn, ESMA, 10 October 2018
- List of market makers and authorised primary dealers who are using the exemption under the Regulation on short selling and credit default, ESMA, 10 October 2018
- ESMA highlights progress on MiFID implementation at ECON hearing, ESMA, 8 October 2018
- Opinion on position limits on Phelix DE/AT Base Power contract, ESMA, 5 October 2018
- Opinion on position limits on UK Natural Gas contracts, ESMA, 5 October 2018
- Opinion on position limits on Swiss Power Base contracts, ESMA, 5 October 2018
- ESMA guidelines, ESMA, 4 October 2018
- Questions and Answers on MiFID II and MiFIR market structures topics, ESMA, 4 October 2018
- Questions and Answers on the Application of the AIFMD, ESMA, 4 October 2018
- ESMA withdraws MiFID automated trading guidelines following their incorporation into MiFID II, ESMA, 3 October 2018
- ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries, ESMA, 3 October 2018
- 2019 Annual Work Programme, ESMA, 3 October 2018
- ESMA updates its Q&As on MIFID II and MIFIR Commodity Derivatives Topics, ESMA, 2 October 2018
- ESMA updates market abuse Q&As, ESMA, 1 October 2018
- ESMA updates its opinion on ancillary activity calculations, ESMA, 1 October 2018
- ESMA letter to European Commission on MIFID II/MIFIR third-country regimes, ESMA, 1 October 2018
EIOPA
- EIOPA publishes the result of the work of the EU – U.S. Insurance Dialogue Project in 2018, EIOPA, 31 October 2018
- Updated technical RFR documentation for the Danish krone and Denmark applicable as of 1 January 2019, EIOPA, 30 October 2018
- Review of illiquid liabilities and analysis of potential implications: Request for feedback launched, EIOPA, 29 October 2018
- Q&A on regulation, EIOPA, 26 October 2018
- EIOPA’s Risk Dashboard for the second quarter 2018 shows broadly unchanged risk levels for the European Union insurance sector, EIOPA, 22 October 2018
- EIOPA analyses the benefits of IFRS 17 Insurance Contracts, EIOPA, 19 October 2018
- EIOPA reinforces cooperation in the supervision of cross-border insurance distribution, EIOPA, 10 October 2018
- Monthly update of the symmetric adjustment of the equity capital charge for Solvency II – end-September 2018, EIOPA, 5 October 2018
- EIOPA publishes monthly technical information for Solvency II Relevant Risk Free Interest Rate Term Structures, EIOPA, 5 October 2018
ECB
- ECB Banking Supervision: SSM Supervisory Priorities 2019, ECB, 30 October 2018
- ECB Banking Supervision: Risk Assessment for 2019, ECB, 30 October 2018
- Results of the September 2018 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD), ECB, 29 October 2018
- Opinion on the rules to be followed by systemically relevant credit institutions when defining fixed remuneration policies, ECB, 23 October 2018
- List of supervised entities (as of 1 September 2018), ECB, 22 October 2018
- Supervisory Banking Statistics, ECB, 22 October 2018
- Ninth T2S Harmonisation Progress Report , ECB, 17 October 2018
- Decision of the ECB Amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24), ECB, 11 October 2018
Official Journal EU
- ESMA Decision (EU) 2018/1636 renewing and amending the temporary restriction in Decision (EU) 2018/796 on the marketing, distribution or sale of contracts for differences to retail clients, OJ, 31 October 2018
- Commission Delegated Regulation (EU) 2018/1618 Amending Delegated Regulation (EU) No 231/2013 as regards safe-keeping duties of depositaries, OJ, 30 October 2018
- Commission Delegated Regulation (EU) 2018/1619 Amending Delegated Regulation (EU) 2016/438 as regards safe-keeping duties of depositaries, OJ, 30 October 2018
- Opinion of the ECB on a proposal for a regulation on certain charges on cross-border payments in the Union and currency conversion charges, OJ, 23 October 2018
- Notice of ESMA’s Product Intervention Renewal Decision in relation to binary options, OJ, 1 October 2018
- ESMA Decision renewing and amending the temporary prohibition in Decision (EU) 2018/795 on the marketing, distribution or sale of binary options to retail clients, OJ, 1 October 2018
MinFin
- Kamervragen over financiële problemen door scheidingen en hypotheken, MinFin, 29 October 2018
- Kwartaalrapportage – Overzicht lopende wetgeving Ministerie van Financiën, Minfin, 26 October 2018
- Kamerbrief over toezeggingen Implementatiewet vierde anti-witwasrichtlijn, MinFin, 23 Oktober 2018
- Kamerbrief over beloningen in de financiële sector, MinFin, 22 October 2018
- Kamervragen over flitskredieten die worden aangeboden tegen woekerrentes, MinFin, 22 October 2018
- Besluit aanwijzing organisaties van openbaar belang Wta, MinFin, 22 October 2018
- Kamerbrief inzake stand van zaken implementatie richtlijnen in het 3e kwartaal 2018, MinFin, 19 October 2018
- Fiche 9: Mededeling over de versterking van het Uniekader voor prudentieel en antiwitwastoezicht voor financiële instellingen, MinFin, 19 October 2018
- Fiche 10: Gewijzigd voorstel tot aanpassing van de verordeningen met betrekking tot de Europese Toezichthoudende Autoriteiten en tot wijziging van de vierde anti-witwasrichtlijn, MinFin, 19 October 2018
- Beantwoording Kamervragen over de jaarrekening van ING, MinFin, 16 October 2018
- Beantwoording Kamervragen over een interview met de president van De Nederlandsche Bank (DNB), MinFin, 16 October 2018
- Kamerbrief informatieverstrekking over individuele financiële instellingen in het kader van integriteitstoezicht, MinFin, 15 October 2018
- Beantwoording schriftelijke vragen Besluit bekostiging financieel toezicht 2019, MinFin, 15 October 2018
- Kabinetsreactie Sustainable Finance Lab rapport ‘Werk in Uitvoering’ over de financiële sector, MinFin, 12 October 2018
- Beantwoording Kamervragen over financiële bijsluiters, MinFin, 12 October 2018
- Beantwoording Kamervragen over bericht dat UniCredit mogelijk ABN AMRO zou willen overnemen, MinFin, 8 October 2018
- Kabinetsreactie DNB-rapport aflossingsvrije hypotheken, MinFin, 8 October 2018
- Memorie van antwoord inzake Wet bekostiging financieel toezicht 2019, MinFin, 5 October 2018
- Regels met betrekking tot de begroting en verantwoording van de kosten van het toezicht van de Autoriteit Financiële Markten en de Nederlandsche Bank en de financiering van de toezichtkosten, MinFin, 5 October 2018
- Antwoord op vragen van het lid van der Linde over het bericht ‘ING sluit een megaschikking met OM in witwaszaken’, MinFin, 4 October 2018
- Antwoorden op vragen over witwaspraktijken bij ING, Minfin, 1 October 2018
- Beantwoording Kamervragen over geen hypotheek krijgen bij een studieschuld, MinFin, 1 October 2018
MinSZW
- Kamerbrief gestegen kosten vermogensbeheer voor pensioenfondsen, MinSZW, 22 October 2018
- Kamerbrief rapportage ontwikkeling pensioenpremies, MinSZW, 22 October 2018
- Beantwoording Kamervragen over tweede nota van wijziging wet 34934, MinSZW, 16 October 2018
- Besluit van de Minister van Sociale Zaken en Werkgelegenheid van 4 oktober 2018, nr. 2018-00000 122748, tot goedkeuring van de wijziging van het reglement van de Stichting Pensioenregister, MinSZW, 12 October 2018
- Kamerbrief over wetsvoorstel ter implementatie van de herziene IORP-richtlijn, MinSZW, 8 October 2018
- Nota naar aanleiding van verslag bij wetsvoorstel Verzamelwet pensioenen 2019, MinSZW, 8 October 2018
- Beantwoording Kamervragen over pensioenvlucht naar België, MinSZW, 8 October 2018
- Beantwoording Kamervragen over hoge bonussen, MinSZW, 5 October 2018
AFM
- Nederland wordt centrum voor Europese financiële handel na brexit , AFM, 29 October 2018
- Nieuws van de AFM, AFM, 25 October 2018
DNB
- Nieuwsbrief Betaalinstellingen oktober 2018, DNB, 31 October 2018
- Nieuwsbrief Pensioenen oktober 2018, DNB, 31 October 2018
- Nieuwsbrief Verzekeren oktober 2018, DNB, 31 October 2018
- Nieuwsbrief Banken oktober 2018, DNB, 31 October 2018
- Consultatie regels depositogarantiestelsel, DNB, 31 October 2018
- Statistisch Nieuwsbericht: Beleidsdekkingsgraad pensioenfondsen gestegen, maar blijft onder indexatiegrens, DNB, 30 October 2018
- ‘The Dutch recovery and resolution regime for insurers’, DNB, 25 October 2018
- Network for Greening the Financial System’ (NGFS) publiceert voortgangsverslag, DNB, 11 October 2018
- DNB handhaaft contracyclische kapitaalbuffer op 0 procent – oktober 2018, DNB, 10 October 2018
- Ingroeipad bij parameters pensioenfondsen: groeivoeten prijs- en loonindex per 1 oktober 2018, DNB, 1 October 2018
- DNBulletin: Lagere kapitaalbuffers om groene financiering te stimuleren alleen bij lager risico van groene financiering , DNB, 1 October 2018
Other
- OTC Derivatives Compliance Calendar, ISDA, 31 October 2018
- Kamerbrief met beleidsreactie op rapport Counterterrorism evaluation, taking stock and looking ahead, MinV&J, 30 October 2018
- LEI ROC Policy on Legal Entity Events, LEI ROC, 30 October 2018
- Article by SRB Vice Chair, Timo Löyttyniemi – The Common Backstop: how it will strengthen the Single Resolution Fund, SRB, 30 October 2018
- ESAs propose new amendments to technical standards on the mapping of ECAIs, ESAs, 26 October 2018
- Risk-based Approach Guidance for the Securities Sector, FATF, 26 October 2018
- Fifteenth progress report on adoption of the Basel regulatory framework, Bis, 26 October 2018
- Fiche: Gewijzigd voorstel tot aanpassing van de verordeningen met betrekking tot de Europese Toezichthoudende Autoriteiten en tot wijziging van de vierde anti-witwasrichtlijn, MinBuZa, 25 October 2018
- Risk-based Approach Guidance for the Life Insurance Sector, FATF, 25 October 2018
- TRUM ANNEX VI – Additional information on how to correctly report the Delivery point or zone, ACER, 23 October 2018
- FSB reviews financial vulnerabilities and deliverables for G20 Summit, FSB, 22 October 2018
- Grote pensioenfondsen worden als oob niet verplicht tot het instellen van een auditcommissie, Pensioenfederatie, 22 October 2018
- Verslag van SZW op de internetconsultatie lagere regelgeving IORP-II Richtlijn gepubliceerd, Pensioenfederatie, 22 October 2018
- Vragen Tweede Kamer over kosten van vermogensbeheer beantwoord, Pensioenfederatie, 22 October 2018
- Questions & Answers on REMIT, ACER, 22 October 2018
- Verbond publiceert tweede Solidariteitsmonitor, VvV, 22 October 2018
- FSB RCG for Europe discusses global and regional vulnerabilities, crypto-assets and infrastructure finance, FSB, 19 October 2018
- Outcomes FATF Plenary, 17-19 October 2018, FATF, 19 October 2018
- Regulation of virtual assets, FATF, 19 October 2018
- Statement on leverage ratio window-dressing behaviour, Bis, 18 October 2018
- Leverage ratio treatment of client cleared derivatives, Bis, 18 October 2018
- Tweede Kamer aanvaardt implementatiewet IORP II, Pensioenfederatie, 18 October 2018
- Vragen vaste commissie voor Financiën over het Wetsvoorstel herstel en afwikkeling van verzekeraars, EK, 18 October 2018
- TK neemt Wetsvoorstel implementatiewet IORP II aan, TK, 18 October 2018
- Wijziging van de Regeling eindtermen en toetstermen examens financiële dienstverlening Wft, Internet consultatie, 18 October 2018
- Merendeel grote pensioenfondsen nog niet uit gevarenzone, Pensioenfederatie, 18 October 2018
- Wijzigingen UPO 2019, Pensioenfederatie, 18 October 2018
- Clearing Incentives, Systemic Risk and Margin Requirements, ISDA, 17 October 2018
- Stress testing principles, Bis, 17 October 2018
- TK neemt Wetsvoorstel Verzamelwet pensioenen 2019, TK, 17 October 2018
- Verzamelwet pensioenen 2019 aangenomen door Tweede Kamer, Pensioenfederatie, 17 October 2018
- Banco Popular Español (BPE) Resolution: SRB announces next steps in right to be heard process, SRB, 16 October 2018
- EK heeft Wetsvoorstel Wijzigingswet financiële markten 2018 als hamerstuk afgedaan, EK, 16 October 2018
- EK heeft Wetsvoorstel Wet bekostiging financieel toezicht 2019 als hamerstuk afgedaan, EK, 16 October 2018
- EK heeft Wetsvoorstel Wet beveiliging netwerk- en informatiesystemen als hamerstuk afgedaan, EK, 16 October 2018
- EK heeft Wetsvoorstel Rang van ongedekte schuldinstrumenten in de insolventierangorde als hamerstuk afgedaan, EK, 16 October 2018
- Nieuwe versie van het servicedocument waardeoverdracht klein pensioen gepubliceerd, Pensioenfederatie, 16 October 2018
- Kamervragen over de Wet bekostiging financieel toezicht 2019 beantwoord, Pensioenfederatie, 16 October 2018
- Regeling van De Nederlandsche Bank N.V. van 5 oktober 2018 houdende wijziging van de Regeling afgeschermde rekeningen Wft, Staatscourant, 12 October 2018
- Oproep: vergeet belang pensioendeelnemers niet bij wetsvoorstel Digitale overheid, Pensioenfederatie, 12 October 2018
- ESB dossier – De toekomst van banken; een blik op technologie, klant en maatschappij, NVB, 11 October 2018
- VBDO Benchmark: koplopers pensioenfondsen zetten verantwoord beleid door, Pensioenfederatie, 11 October 2018
- FSB sets out potential financial stability implications from crypto-assets, FSB, 10 October 2018
- Cruciale vragen over btw lasten blijven onbeantwoord, Pensioenfederatie, 10 October 2018
- ESAs Joint Committee defines its priorities for 2019, ESAs, 9 October 2018
- Cliff Edge Effects under EU Law in a No Deal Brexit Scenario, 9 October 2018
- Nederland voorbeeld voor kostentransparantie, Pensioenfederatie, 8 oktober 2018
- Guidelines on complaints-handling for the securities and banking sectors, ESAs, 4 October 2018
- Risk dashboard, ESRB, 4 October 2018
- Basel III Monitoring Report, Bis, 4 October 2018
- GFXC Launches New Survey Focused on FX Global Code, Announces Next Meeting, and Provides Update on Working Groups, GFXC, 4 October 2018
- Besluit van de Minister van Sociale Zaken en Werkgelegenheid van 24 september 2018, 2018-0000153717, tot goedkeuring van wijziging van de Code Pensioenfondsen, Staatscourant, 3 October 2018
- Fundamenteel verschil van inzicht over toenemende btw lasten blijft, Pensioenfederatie, 3 October 2018
- OTC Derivatives Compliance Calendar, ISDA, 2 October 2018
- ESAs highlight the relevance of legislative changes for the Key Information Document for PRIIPs, ESAs, 1 October 2018
- Report of the Advisory Scientific Committee on non-performing loans, ESRB, 1 October 2018