Execution of Benchmark Regulation
The Dutch Minister of Finance has submitted a bill to Parliament to amend the Financial Markets Supervision Act (Wft) and the Economic Offences Act (WED) as part of the execution of the Benchmark Regulation. The bill extends the enforcement powers of the Dutch financial markets supervisor (AFM) to include the power to temporarily ban individuals from performing certain roles within a benchmark administrator. Also, the bill introduces sanctions for breaching the following Benchmark Regulation provisions:
- the obligation for market parties to exclusively use benchmarks that have been created under the rules of the Benchmark Regulation
- the requirement of a licence to operate as a benchmark administrator.
The bill is expected to enter into force on 1 January 2018.
Best practices for handling errors in enterprises
The AFM has published a report with suggestions and best practices for handling errors. An error is defined as something that has gone wrong unintentionally. Fraud and misconduct, for example, are intentional, and are not covered by the definition. Examples given in the report are accidentally sending confidential information by email or making an entry error on a trading screen. The aim of this report is to demonstrate the importance of creating an open culture with regard to errors, and to encourage enterprises to foster this type of culture. Scientific research has shown that learning from errors can contribute to the ethical behaviour of employees, better quality service provision, and better results of the enterprise. The behaviour of leaders and their reaction to errors – the ‘tone at the top’ – is crucial to how employees think about errors in an organisation.
AFM ends accepted market practice on liquidity contracts
The AFM has ended the Dutch accepted market practice on liquidity contracts. Consultation showed there was no interest in continuing the AMP in the Netherlands, which was hardly ever applied by market participants in the past.
Opinion on a more proportionate prudential framework for smaller investment firms
Following the European Commission’s call for advice, the European Banking Authority (EBA) has published its Opinion on the design and calibration of a new prudential framework for investment firms. The EBA recommends that a consolidated single rulebook is developed for smaller non-systemic MiFID investment firms. The Opinion covers:
- the design and calibration of capital and liquidity requirements
- consolidated supervision
- reporting requirements
- the suitability of the proposed framework for commodity derivatives firms
- the need of macroprudential tools
- proportional applicability of the remuneration requirements and corporate governance rules to investment firms laid down in the Capital Requirements Directive and the Capital Requirements Regulation.
The EBA also recommends that very simple prudential requirements are introduced for small investment firms that provide limited services or activities.
Report on Dutch banking supervision
The Dutch Court of Audit has reviewed the supervision of small and medium-sized banks in the Netherlands. According to the Court of Audit, the Dutch Central Bank (DNB) imposes high capital requirements on these banks and assesses these banks as often and as thoroughly as they assess large banks.
In general, the review found the DNB’s supervision approach to be well-designed, comprehensive and strict. However, some aspects, mainly relating to internal operational processes, could be improved. In addition, the DNB could take measures to enhance the transparency of the setting of capital and liquidity requirements for small and medium-sized banks.
The Court of Audit also concluded that the Minister of Finance has been granted sufficient powers to supervise the DNB, but that he does not make enough use of these powers. It is unclear whether the Minister has all the information required to fulfil his responsibilities in the event of crisis situations at banks that could destabilise the financial system. The Minister should use the existing supervisory tools more actively. In addition, the existing Memorandum of Understanding on the provision of information by the DNB to the Ministry could be updated and tightened.
The third and final conclusion pertains to gaps in audit capabilities for independent review of both European and national banking supervision. The Report includes recommendations for the DNB to safeguard the Court of Audit’s access to supervisory information of small and medium-sized banks.
European bank supervisor publishes guidelines on internal governance
The EBA has published the Final Report on guidelines on internal governance, completing the various governance provisions in CRD IV. The EBA puts more emphasis on the management body’s duties and responsibilities in supervising risk oversight. Specific requirements are given for sound management of risks across all three lines of defence. In particular, the EBA sets out detailed requirements for the second line of defence (the independent risk management and compliance function) and the third line of defence (the internal audit function). The EBA also gives specific guidelines for complex structures, for example in offshore financial centres, aimed at increasing the transparency of, and reducing the risks involved with, such structures. This includes reporting on governance arrangements, including in relation to such structures. The framework for business conduct has also been further developed, and more emphasis is put on establishing a risk culture, developing a code of conduct, and managing conflicts of interest.
The guidelines will enter into force on 30 June 2018, at which time the current guidelines on internal governance, published in 2011, will be repealed.
European authorities publish suitability test guidance
The EBA and the European Securities and Markets Authority (ESMA) have published a final report on their joint guidelines to assess the suitability of members of management bodies and key function holders under CRD IV and MiFID II. As De Brauw regularly helps prospective managing and supervisory directors to prepare for the assessment, we have contributed to the public consultation on the draft guidelines; here is our earlier In context article on the public consultation. The guidelines will enter into force on 30 June 2018. The existing EBA guidelines, published on 22 November 2012, will be repealed at the same time.
Implementation of PSD2 in the Netherlands
The Minister of Finance has launched a consultation on a draft decree implementing the Payment Services Directive 2 (PSD2). The decree will implement new PSD2 requirements for obtaining an authorisation as a payment institution, for internal operations, and for provision of information by payment initiation services providers. The consultation will end on 25 October 2017.
On 22 September 2017, the Minister of Finance informed the Dutch parliament that the draft bill implementing the PSD2 had been sent to the Council of State for advice. He no longer deems it realistic that PSD2 will be implemented before 13 January 2018, by when the Directive must be implemented. It is realistic to assume that the implementation will take place in spring 2018.
Consultation on bank licensing and fintech bank licensing
The European Central Bank (ECB) has launched a consultation for draft guides to bank licensing and fintech bank licensing. This is intended to further enhance the harmonisation of licensing assessments for banks in the EU. The guides are aimed at making the application process more transparent, and helping applicants in their preparation phase. The guides cover the application process, the licensing requirements for banks in general, and specific considerations for those with fintech business models. Comments can be submitted until 2 November 2017.
Developments on the Insurance Distribution Directive
Following a publication consultation at the end of 2016, the Dutch bill implementing the Insurance Distribution Directive (IDD) was published in September 2017. Following responses to the consultation of the draft bill, several amendments were made. The bill now also includes amendments to the Pensions Act, the Mandatory Occupational Pensions Act, and the Healthcare (Market Regulation) Act. The IDD must be implemented by 23 February 2018.
In addition, the European Commission has adopted two draft Delegated Regulations supplementing the IDD with regard to:
- product oversight and governance (POG) requirements for insurance undertakings and insurance distributors. The draft Regulation specifies the criteria and practical details for the application of POG rules
- information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. It specifies the criteria and practical details for the application of the rules on conflicts of interest, on inducements, and on the assessment of suitability and appropriateness.
The EIOPA has also published the final report on guidelines on “execution-only” sales.
Agreement on new rules for securitisations
The European Parliament and the Council have reached agreement on measures to ensure simple, transparent and standardised securitisation. This includes a regulation on securitisation, which will apply to all securitisation products, and an amendment to the Capital Requirements Regulation to make the capital treatment of securitisations for banks and investment firms more risk-sensitive.
The European Parliament is expected to vote on the proposal later this month.
Commission proposes to strengthen powers of European Supervisory Authorities
The European Commission has proposed reforms to strengthen the powers of the European Supervisory Authorities (ESAs). Among other things, the proposal gives the ESAs coordination powers over day-to-day supervision by competent authorities. In addition, the ESAs will promote fintech and sustainable finance.
The proposal also contains new supervisory powers for ESMA:
- The supervision of certain prospectuses will be transferred from national regulators to ESMA. This will apply to prospectuses for certain wholesale non-equity securities and asset-backed securities, prospectuses by non-EU country issuers, and prospectuses by specialist issuers, such as property companies and scientific research-based companies
- ESMA will supervise benchmarks that are deemed to be critical
- ESMA will supervise certain collective investment funds, such as European Venture Capital Funds, European Social Entrepreneurship Funds and European Long-Term Investment Funds
- ESMA will play a stronger coordinating role in investigations of market abuse with a cross-border dimension.
The proposals will now be discussed by the European Parliament and the Council.
New Q&As on the Market Abuse Regulation
ESMA has published an updated version of its Q&As on the MAR to include a new question on article 17(4) of the MAR. It explains how an issuer should deal with a situation where it has delayed a disclosure of inside information and, due to subsequent circumstances, that information loses the element of price sensitivity and therefore its inside nature.
- Commission draft Delegated Regulation supplementing the Benchmark Regulation specifying technical elements of the definitions laid down in paragraph 1 of Article 3 of the Regulation, EC, 29 September 2017
- Commission draft Delegated Regulation supplementing the Benchmark Regulation with regard to specifying how the criteria of Article 20(1)(c)(iii) are to be applied for assessing whether certain events would result in significant and adverse impacts on market integrity, financial stability, consumers, the real economy or the financing of households and businesses in one or more Member States, EC, 29 September 2017
- Commission draft Delegated Regulation supplementing the Benchmark Regulation specifying how the nominal amount of financial instruments other than derivatives, the notional amount of derivatives and the net asset value of investment funds are to be assessed, EC, 29 September 2017
- Commission draft Delegated Regulation supplementing the Payment Accounts Directive with regard to regulatory technical standards for the Union standardised terminology for most representative services linked to a payment account, EC, 28 September 2017
- Commission draft Delegated Regulation amending Commission Delegated Regulation (EU) 2017/571 supplementing MiFID II with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data reporting services providers, EC, 26 September 2017
- Commission draft Delegated Regulation supplementing MiFIR with regard to regulatory technical standards on indirect clearing arrangements, EC, 22 September 2017
- EU and US sign bilateral agreement on insurance and reinsurance, EC, 22 september 2017
- Commission draft Delegated Regulation amending Commission Delegated Regulation (EU) No 149/2013 with regard to regulatory technical standards on indirect clearing arrangements, EC, 22 September 2017
- Creating a stronger and more integrated European financial supervision for the Capital Markets Union, EC, 20 September 2017
- State of the Union 2017 – Cybersecurity: Commission scales up EU’s response to cyber-attacks, EC, 19 September 2017
- Commission draft Delegated Regulation on the final system of contributions to the administrative expenditures of the Single Resolution Board, EC, 14 September 2017
- Vice-President’s speech on Capital Markets Union, Technological Innovation and Global Regulatory Coordination at the Eurofi Financial Forum 2017, EC, 14 September 2017
- Joint Communication to the European Parliament and the Council. Resilience, Deterrence and Defence: Building strong cybersecurity for the EU, EC, 13 September 2017
- Proposal Regulation of the European Parliament and of the Council on ENISA, the “EU Cybersecurity Agency” and repealing Regulation (EU) 526/2013, and on Information and Communication Technology cybersecurity certification (“Cybersecurity Act”), EC, 13 September 2017
- Summary of contributions to the ‘Public Consultation on FinTech: a more competitive and innovative European financial sector’, EC, 12 September 2017
- Report from the Commission to the European Parliament and the Council on the need to temporary exclude exchange-traded derivatives from the scope of Articles 35 and 36 of MiFIR, EC, 11 September 2017
- Proposal for a Council Decision amending Council Decision of 27 May 2017 on the signing, on behalf of the European Union, and provisional application of the Bilateral Agreement between the European Union and the United States of America on prudential measures regarding insurance and reinsurance, EC, 10 September 2017
- Commission draft Delegated Regulation supplementing CRR with regard to regulatory technical standards for disclosure of encumbered and unencumbered assets, EC, 4 September 2017
- EBA and US Agencies conclude Framework Cooperation Arrangement on Bank Resolution, EBA, 29 September 2017
- EBA publishes official translations of the guidelines on disclosure requirements under Part Eight of CRR, EBA, 25 September 2017
- EBA consults on amendments to technical standards on supervisory disclosure, EBA, 22 September 2017
- ESAs provide guidance to prevent terrorist financing and money laundering in electronic fund transfers, EBA, 22 September 2017
- EBA welcomes the Commission proposal to strengthen the framework for its operation, EBA, 20 September 2017
- EBA launches consultation on significant risk transfer in securitisation, EBA, 19 September 2017
- The EBA CRDIV CRR Basel III monitoring exercise shows further improvement of EU banks capital leverage and liquidity ratios, EBA, 12 September 2017
- EBA publishes official translations of the guidelines on ICT Risk Assessment under the Supervisory Review and Evaluation process (SREP), EBA, 11 September 2017
- EBA issues revised list of ITS validation rules, EBA, 11 September 2017
- EBA publishes final technical standards on MREL reporting by resolution authorities, EBA, 5 September 2017
- List of market makers and authorised primary dealers who are using the exemption under the Regulation on short selling and credit default swaps, ESMA, 29 September 2017
- ESMA finalises MIFID II’s derivatives trading obligation, ESMA, 29 September 2017
- ESMA updates Q&As on the Benchmarks Regulation, ESMA, 29 September 2017
- ESMA publishes guidelines on suitability assessment for management body of market operators and data reporting service providers, ESMA, 28 September 2017
- ESMA and NCAs agree work plan on MiFID II pre-trade transparency waivers and position limits, ESMA, 28 September 2017
- ESMA publishes opinion on CMVM’s MAR accepted market practice on liquidity contracts, ESMA, 27 September 2017
- Practical Guidance For the Recognition of Third-Country CSDs by ESMA, ESMA, 26 September 2017
- New Working Group on a Risk-Free Reference Rate for the Euro Area, ESMA, 21 September 2017
- ESMA welcomes proposals following the ESA’s review, ESMA, 20 September 2017
- ESMA lays out procedure for ETDS access to CCPs under MiFID II, ESMA, 15 September 2017
- ESMA updates Q&A on MiFID II implementation, ESMA, 12 September 2017
- ESMA sees valuation risk at highest levels due to financial weakness and geopolitical uncertainty, ESMA, 12 September 2017
- ESMA agrees to prolongation of short selling ban by Spanish CNMV, ESMA, 12 September 2017
- MiFID II: ESMA publishes transitional transparency calculations for bonds and updates calculations for two other asset classes, ESMA, 11 September 2017
- IASB’s request for information on the post-implementation review – IFRS 13 fair value measurement, ESMA, 11 September 2017
- EIOPA publishes work programme for 2018, highlighting and specifying the activities and tasks of the Authority for the coming year, within the framework of a multiannual work programme 2017-2019, EIOPA, 29 September 2017
- Survey to gather data from stakeholders for work on developing Q&As on the Insurance Distribution Directive, EIOPA, 25 September 2017
- Risks and vulnerabilities in the EU financial system, EIOPA, 21 September 2017
- EIOPA welcomes the European Commission’s proposal to reinforce integrated supervision in Europe, EIOPA, 20 September 2017
- EIOPA publishes a new set of Solvency II statistics on the European insurance sector, EIOPA, 18 September 2017
- Q&A on regulation, EIOPA, 15 September 2017
- Monthly update of the symmetric adjustment of the equity capital charge for Solvency II – August 2017, EIOPA, 6 September 2017
- EIOPA publishes monthly technical information for Solvency II relevant Risk Free Interest Rate Term Structures – end-August 2017, EIOPA, 6 September 2017
- Guideline of the ECB amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2), ECB, 26 September 2017 (publication date)
- ECB Guide on materiality assessment (EGMA) – Materiality assessment for IMM and A-CVA model extensions and changes, ECB, 25 September 2017
- ECB publishes for consultation draft guides to bank licensing and fintech bank licensing, ECB, 21 September 2017
- ECB to publish new unsecured overnight interest rate, ECB, 21 September 2017
- Opinion on a proposal for a regulation of the European Parliament and of the Council on a framework for the recovery and resolution of CCPs and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365 (CON/2017/38), ECB, 20 September 2017
- Final migration wave of T2S successfully completed, ECB, 19 September 2017
- Payment systems: liquidity saving mechanisms in a distributed ledger environment, ECB, 6 September 2017
Official Journal EU
- Regulation (EU) 2017/1538 of the ECB amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB2017/25), OJ, 19 September 2017
- Regulation (EU) 2017/1539 of the ECB amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2017/25) to less significant supervised entities which are subject to national accounting frameworks (ECB/2017/26), OJ, 19 September 2017
- Commission Delegated Regulation (EU) 2017/1542 amending Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for certain categories of assets held by insurance and reinsurance undertakings (infrastructure corporates), EC, 14 September 2017
- Kabinetsreactie op ‘Questionnaire applicable law propriety aspects of transactions’, MinFin, 25 September 2017
- Kamerbrief voortgang implementatie herziene betaaldienstenrichtlijn PSD2, MinFin, 22 September 2017
- Kamerbrief toezeggingen en derde nota van wijziging MiFID II, MinFin, 21 September 2017
- Wetsvoorstel uitvoering verordening financiële benchmarks, MinFin, 20 September 2017
- Beantwoording Kamervragen over de winstgroei in hypotheken van ABN AMRO, MinFin, 19 September 2017
- Beantwoording Kamervragen fonds gemene rekening, MinFin, 18 September 2017
- Tweede nota van wijziging MiFID II, MinFin, 11 September 2017
- Beantwoording Kamervragen nav het magazine ‘Onderling Verzekerd!’, MinFin, 8 September 2017
- Overzicht stukken ministerie van Financiën najaar 2017, MinFin, 8 September 2017
- Wetsvoorstel implementatie richtlijn verzekeringsdistributie, MinFin, 6 September 2017
- Antwoorden Kamervragen over cryptocurrencies als bitcoin en ether, MinFin, 5 September 2017
- Transparanter toezicht financiële markten, MinFin, 4 September 2017
- Aanbiedingsbrief Memorie van antwoord Verzamelwet pensioenen 2017, MinSZW, 25 September 2017
- Jaarplanning Kamercommissies SZW 2017, MinSZW, 7 September 2017
- Beantwoording Kamervragen over Nederlandse pensioenfondsen die beleggen in kerncentrales van Tihange en Doel, MinSZW, 5 September 2017
- Ontwerpbesluit tot wijziging van het inkooptarief voor nettopensioen, MinSZW, 5 September 2017
- Ontwerpbesluit tot wijziging van het Besluit financieel toetsingskader pensioenfondsen vanwege de aanpassing van de regeling voor parameters, MinSZW, 5 September 2017
- Nota nav het verslag Tijdelijke wet aanpassing disconteringsvoet, MinSZW, 5 September 2017
- Vrijstellingsregeling prospectusplicht: voldoe aan meld- en informatieplicht per 1 oktober, AFM, 20 September 2017
- Toetsrente hypotheken voor vierde kwartaal 5%, AFM, 15 September 2017
- Vrijstellingsregeling prospectusplicht wijzigt per 1 oktober 2017, AFM, 6 September 2017
- Het meest recente startjaar bij de prognosetafel, DNB, 28 September 2017
- De te hanteren rentetermijnstructuur (RTS) bij waardeoverdracht, DNB, 28 September 2017
- Technische voorzieningen, DNB, 28 September 2017
- DNBulletin: Nederlanders positief over depositogarantiestelsel, DNB, 28 September 2017
- DNB verwelkomt rapport Algemene Rekenkamer over bankentoezicht, DNB, 27 September 2017
- Nieuwsbrief Banken, DNB, 27 September 2017
- Good practice Integrity Risk Appetite, DNB, 27 September 2017
- Nieuwsbrief Trustkantoren, DNB, 27 September 2017
- Nieuwsbrief Verzekeren, DNB, 27 September 2017
- Guidance beheersing Solvency II datakwaliteit door verzekeraars, DNB, 27 September 2017
- Nieuwsbrief Vermogensbeheerders, DNB, 27 September 2017
- Aanvangstoetsing – toetsingsproces in stappen, DNB, 25 September 2017
- Aanvangstoetsing – toetsingsgesprek, DNB, 25 September 2017
- Toetsingen –wat en waarom, DNB, 25 September 2017
- Guidance transactiemonitoringsproces bij betaaldienstverleners, DNB, 20 September 2017
- Kuddegedrag pensioenfondsen werkt stabiliserend bij grote prijsbewegingen, DNB, 14 September 2017
- Pilaar 3: Aanvragen toestemming niet openbaar maken informatie SFCR, DNB, 12 September 2017
- Publicatie regelgeving Depositogarantiestelsel, DNB, 12 September 2017
- Solvabiliteitsratio levens- en schadesector ultimo 2016 rond 170%, DNB, 8 September 2017
- Nieuwsbrief Pensioenen, DNB, 8 September 2017
- UPDATE over het Prudentieel kader voor beleggingsondernemingen die kwalificeren als (“local firm”), DNB, 5 September 2017
- DNB handhaaft contracyclische kapitaalbuffer op 0 procent – augustus 2017, DNB, 5 September 2017
- Bestuurlijke boete op grond van Wft, Pw, Wtt, Wwft en Sw, DNB, 5 September 2017
- Dutch Central Bank: BOVAG warranty on second-hand cars is insurance policy, De Brauw, 29 September 2017
- ESRB risk dashboard, ESRB, 28 September 2017
- Harmonisation of the Unique Product Identifier (UPI) – guidance issued by CPMI-IOSCO, BIS, 28 September 2017
- Central banks propose strategy to improve the security of wholesale payments, BIS, 28 September 2017
- Proposed Moratoria Under the BRRD: A Step Backwards in Efforts to End ‘Too Big To Fail’, ISDA, 28 September 2017
- Consultation Document on Funds Relationships in the Global LEI System, LEI ROC, 26 September 2017
- Wet implementatie richtlijn markten voor financiële instrumenten 2014, Gewijzigd voorstel van wet, EK, 26 september 2017
- Wetsvoorstel implementatie richtlijn markten voor financiële instrumenten 2014 door de Tweede Kamer aangenomen, TK, 26 September 2017
- Overzicht wet -en regelgeving geactualiseerd, Pensioenfederatie, 25 September 2017
- Uitvoeringskosten van pensioenfondsen in 2016 gedaald, Pensioenfederatie, 22 September 2017
- Pensioenfederatie reageert op consultatie interim rapport van de High Level Group on sustainable finance, Pensioenfederatie, 21 September 2017
- FSB and IMF report on progress with G20 Data Gaps Initiative, FSB, 21 September 2017
- Basel III definition of capital – Frequently asked questions, BIS, 19 September 2017
- Emerging market regulators committed to strengthening sustainable finance and cyber resilience, IOSCO, 21 September 2017
- Application Paper on MCCOs, IAIS, 21 September 2017
- ISDA Publishes Recommendations for CCP Recovery and Resolution Framework, ISDA, 18 September 2017
- ISDA Proposes Risk-based Framework for Cross-border Comparability Determinations, ISDA, 18 September 2017
- Inbreng verslag van een algemeen overleg over de kabinetsreactie op het mid-term review actieplan kapitaalmarktunie en over de BNC-fiche mbt de Verordening PEPP, Overheid.nl, 18 September 2017
- De weg van Solvency II is nog lang, VvV, 15 September 2017
- Multicultureel talent werven zonder vooroordelen, VvV, 15 September 2017
- Nederland vordert gestaag in ontwikkeling real-time betalingen, NVB, 14 September 2017
- Eurofi articles – EU’s crisis management framework & MREL. Takeaways from the first application of the EU’s crisis management framework, SRB, 14 September 2017
- Bill on Small Pension Rights: Major Changes Collective Value Transfers, De Brauw, 14 September 2017
- Reactie Pensioenfederatie en Verbond van Verzekeraars op AMvB waardeoverdracht klein pensioen, Pensioenfederatie, 13 September 2017
- Basel III Monitoring Report, BIS, 12 September 2017
- Ontwerpbesluit tot wijziging van het Besluit FTK voorgehangen in Kamer, Pensioenfederatie, 11 September 2017
- Banken bezien wensen Consumentenbond, NVB, 11 September 2017
- Verzekeraars leven zelfregulering goed na, VvV, 8 September 2017
- Technology and innovation in the insurance sector, OECD, 8 September 2017
- Latest Version of ISDA SIMM Non-cleared Derivatives Margin Model, ISDA, 7 September 2017
- Regeling tot wijziging van de Vrijstellingsregeling Wft in verband met de verhoging van de vrijstellingsgrens voor de prospectusplicht en de invoering van een meldplicht en informatieverplichtingen, Staatscourant, 6 September 2017
- Advies Raad van State inzake het Wetsvoorstel waardeoverdracht klein pensioen, Staatscourant, 6 September 2017
- Antwoorden Kamervragen over incassobureaus en de dubieuze handel in schulden, MinV&J, 5 September 2017
- Wet transparant toezicht in positieve zin aangepast, Pensioenfederatie, 5 September 2017
- Lagere regelgeving nettopensioen grote stap voorwaarts, Pensioenfederatie, 5 September 2017
- Global LEI Data Quality Report, GLEIF, 5 September 2017