There have been many developments in national and European financial markets regulation during the past month. These developments include an extension of the scope of the bankers’ oath. Also, the Ministry of Finance has proposed new rules for crowdfunding platforms. In addition, supervisory authorities have published a large number of consultation documents, draft rules and other information since the last edition of In context.
Scope of the bankers’ oath extended
The group of employees of banks and insurance companies subject to the “fit and proper test” was expanded on 1 April 2015. The same applies to the group of persons required to take the banker’s oath. For an overview of the amendments we refer to our article in the December In context.
Those meeting the criteria and currently employed by or subject to the responsibility of a financial undertaking must take the oath no later than 1 April 2016. Detailed rules concerning the format and content of the oath and promise are laid down in a regulation.
Also, bank employees who are required to take the banking oath are now subject to disciplinary rules. Regulations concerning the procedure can be found on the website of the Stichting Tuchtrecht Banken.
New rules on crowfunding platforms proposed
The Ministry of Finance is currently holding a consultation on the draft Financial Markets Amendment Decree 2016. The main proposals include:
Financial Markets Amendment Bill 2016
Last year, the Ministry of Finance held a consultation on the Financial Markets Amendment Bill 2016. Proposals covered by the draft bill include:
Implementation of the UCITS Directive
The Dutch Ministry of Finance is currently holding a consultation on the implementation of the UCITS Directive. The main elements of the draft proposal are:
The proposals will be included in the Financial Markets Supervision Act.
The consultation runs until 29 April. The Ministry of Finance will hold a separate consultation on other new rules relating to UCITS, such as the powers of the supervisors. This is expected to coincide with the consultation on the new market abuse rules.
Dutch government holds general discussions on the future of the financial sector
In a committee debate on the future of the financial sector, the following topics were discussed:
Pan-European Corporate Private Placement Guide
The International Capital Market Association (ICMA) has published a guide containing best practices for Pan-European private placement transactions. The European Commission supports the initiative.
European Securities and Markets Authority – publications
European Banking Authority – publications
European Central Bank – publications
Basel Committee on Banking Supervision – publications
International Organization of Securities Commissions – publications
Journal of International Banking Law and Regulation
15 June 2020
12 June 2020
27 May 2020
22 May 2020
19 May 2020
19 May 2020
19 May 2020
1 May 2020
24 April 2020
17 April 2020
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