Highlighted publications
Market Abuse Directive and Regulation Implementation Bill
This bill implements the Market Abuse Directive (MAD) and reflects the changes brought about by the Market Abuse Regulation (MAR) by amending, among other things, the Dutch Financial Markets Supervision Act (Wft). The main rule remains unchanged: if a listed company has inside information directly concerning the company, it should, as a general rule, immediately make this information public. Under the new market abuse regime, if an issuer has delayed disclosing information to the public, that issuer must inform the competent authority immediately after the information is disclosed to the public. A written explanation has to be provided only if the competent authority (the AFM) requests this.
The bill furthermore includes the following amendments:
- The MAR will have direct effect as it is a regulation. This means that several market abuse provisions currently included in the Wft will be deleted, including the requirement to disclose inside information.
- The regime of administrative fines will be amended. The maximum fine for serious infringements will be raised from EUR 4 million to EUR 5 million and, as a result, the maximum fine for repeat infringements will be EUR 10 million. A fine of up to 10% of net annual turnover will be introduced for large enterprises. In the event that European rules impose higher fines, this maximum fine can be raised to EUR 20 million or (for large enterprises) 15% of net annual turnover. The Dutch Decree on Administrative Fines in the Financial Sector will be updated to reflect these changes
- The AFM will be designated as the competent authority for the purposes of the MAR
The MAR will apply as of 3 July 2016, which is also the deadline for the implementation of the MAD.
Revision of Dutch Financial Markets Supervision Act
In a letter dated 7 April 2016, the Minister of Finance informed the Dutch parliament that he wants to explore whether the Dutch Financial Markets Supervision Act (Wft) can be revised to make financial regulation more accessible and future-proof. Other considerations for revision are better alignment with the developments in European legislation and technological innovations in the financial sector (fintech). The Minister announced that he intends to take the following steps:
- consultations with financial sector representatives, supervisory authorities and other stakeholders, followed by a first public consultation about the preliminary results
- preparation of an outline policy document which will be submitted for advice to the Council of State
- a second public consultation about the outline policy document
Following the two public consultations, the final outline policy document is expected to be presented to the Dutch parliament in the summer of 2017.
Report on quality of investment services
The financial markets supervisor AFM published a report on the quality of the provision of investment services in the Netherlands in 2015. The report reflects research of 88 client files of 20 investment firms. The AFM assessed whether the client information these firms obtained was adequate in relation to the services that were provided.
The AFM concludes that investment firms have made progress obtaining relevant and concrete client information in order to provide suitable investment advice or asset management. A significant number of firms, however, still fail to meet the applicable requirements and to adequately assess the clients’ individual needs. The AFM has therefore indicated that further measures are required.
The report also provides examples derived from practical experience to give market parties additional guidance.
Other developments
EC
- Capital Markets Union: Commission supports crowdfunding as alternative source of finance for Europe’s start-ups, EC, 3 May 2016
- EP adopts Regulation on financial benchmarks, EC, 28 April 2016
- Delegated Regulation supplementing the MiFID II as regards organisational requirements and operating conditions for investment firms and defined terms, EC, 25 April 2016
- Capital Markets Union: First Status Report, EC, 25 April 2016
- European Financial Stability and Integration Review (EFSIR): A focus on Capital Markets Union, EC, 25 April 2016
- Call for Advice to the ЕВА for the purposes of revising the own fund requirements for market risk as part of the CRR review, EC, 21 April 2016
- Letter on EBA report on Net Stable Funding Requirements (NSFR) under article 501 of the CRR, EC, 21 April 2016
- Roadmap: Proposal for a Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, EC, 7 April 2016
- Commission Delegated Directive supplementing MiFID II with regard to Safeguarding of Financial Instruments and Funds Belonging to Clients, Product Governance Obligations and Inducements, EC, 7 April 2016
EBA
- EBA seeks views on the use of consumer data by financial institutions, EBA, 4 May 2016
- Corrections to XBRL reporting taxonomies and confirms reference dates, EBA, 4 May 2016
- Opinion on the Commission’s intention not to endorse the draft RTS on additional collateral outflows according to Article 423(3) CRR, EBA, 3 May 2016
- EBA discloses first list of O-SIIs in the EU, EBA, 25 April 2016
- Draft RTS on disclosure of encumbered and unencumbered assets under Article 443 of the CRR – Consultation Paper, EBA, 25 April 2016
- Final Guidelines for disclosing confidential information under the BRRD, EBA, 19 April 2016
- Draft report on the calibration of the leverage ratio under Article 511(3) CRR, EBA, 15 April 2016
- EBA publishes Report and recommends supervisory best practices on securitisation risk retention, due diligence and disclosure, EBA, 12 April 2016
- Opinion on the application of customer due diligence measures to customers who are asylum seekers from higher-risk third countries or territories, EBA, 12 April 2016
- ESAs identify vulnerabilities affecting the EU financial system and suggest actions to address the main risks, EBA, 7 April 2016
ESMA
- Amendment of draft RTS on reporting obligations under Article 26 of MiFIR – Final Report, ESMA, 4 May 2016
- Responses to the Discussion paper on draft RTS and ITS under the STFR, ESMA, 3 May 2016
- ESMA amends MiFID II standards on non-equity transparency and position limits, ESMA, 2 May 2016
- EU-wide CCP Stress test 2015, ESMA, 29 April 2016
- Responses to the Consultation on draft guidelines on the MAR, EMSA, 27 April 2016
- Update on reporting structured finance instruments information under the CRA Regulation, ESMA, 27 April 2016
- Response to Commission Green Paper on Retail Financial Services, ESMA, 26 April 2016
- Kamerbrief moties en toezeggingen op het terrein van de financiële markten, voorjaar 2016, MinFin, 21 April 2016
- ESMA adds credit derivatives to its public register on EMIR, ESMA, 19 April 2016
- Response to EC Consultation Non-binding Guidelines for reporting of non-financial information by companies, ESMA, 15 April 2016
- Principles Stakeholder engagement in peer reviews, ESMA, 15 April 2016
- Opinion on the Key principles for a European framework on loan origination by funds, ESMA, 11 April 2016
- Q&A relating to the provision of CFDs and other speculative products to retail investors under MiFID, ESMA, 8 April 2016
- MiFID Suitability Requirements Peer Review Report, ESMA, 7 April 2016
EIOPA
- Final Report on the public consultation on a Pan-European Personal Pension product, EIOPA, 27 April 2016
- Q&A on Regulation – Solvency II, EIOPA, 27 April 2016
- Prospects for the XBRL Tool for Undertakings, EIOPA, 22 April 2016
- Consultation Paper on the methodology to derive the UFR and its implementation, EIOPA, 20 April 2016
- Consultation Paper on treatment of infrastructure corporates under Solvency II, EIOPA, 15 April 2016
- Opinion to the EU Institutions on a Common Framework for Risk Assessment and Transparency for IORPs, EIOPA, 14 April 2016
- Preparatory Guidelines on Product Oversight and Governance, EIOPA, 13 April 2016
- EIOPA publishes monthly technical information for Solvency II relevant risk free interest rate term structures – March 2016, EIOPA, 7 April 2016
ECB
- Decision on the total amount of annual supervisory fees for 2016, ECB, 28 April 2016
- Decision concerning the terms and conditions of TARGET2-ECB, ECB, 26 April 2016
- Letter from Danièle Nouy to ECON MEPs on supervisory information, ECB, 25 April 2016
- Opinion on a proposal for a Regulation amending Regulation (EU) No 806/2014 in order to establish a European Deposit Insurance Scheme, ECB, 20 April 2016
- Opinion of the ECB on a proposal for a regulation amending CRR as regards exemptions for commodity dealers, OJ, 13 April 2016
- Letter from Danièle Nouy, Chair of the Supervisory Board, to ECON MEPs, on implementations of the Bank Recovery and Resolution Directive, ECB, 12 April 2016
Official Journal EU
- General Data Protection Regulation (2016/679), OJ 2016, L119/1
- General Data Protection Directive (2016/680), OJ 2016, L119/89
- Recommendation amending the Recommendation on funding of credit institutions, OJ, 21 April 2016
- Commission Delegated Regulation with regard to regulatory technical standards on the clearing obligation, OJ, 19 April 2016
- Guideline of the ECB on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2), OJ, 15 April 2016
- Corrigendum to ITS laying down implementing technical standards with regard to supervisory reporting of institutions of the liquidity coverage requirement, OJ, 9 April 2016
AFM
- Nieuwsbrief Financiële dienstverleners, AFM, 3 May 2016
- Deutsche Bank sluit zich aan bij aanpak voor beoordeling van rentederivatencontracten, AFM, 19 April 2016
- Consultatiereactie op het voorstel herziening Corporate Governance Code, AFM, 18 April 2016
- Nieuwsbrief AIFMD, AFM, 14 April 2016
- Consumptief meefinancieren hypotheekkosten risicovol, AFM, 8 April 2016
- Jaarverslag 2015, AFM, 7 April 2016
DNB
- CRD IV Alert, DNB, 3 May 2016
- Nieuwsbrief Banken, DNB, 26 April 2016
- Nieuwsbrief Verzekeren, DNB, 25 April 2016
- Monitoring Basel III, DNB, 25 April 2016
- Uitvraag variabele beloningen voor verzekeraars, DNB, 22 April 2016
- Handboek Formulieren, DNB, 22 April 2016
- DNB handhaaft contracyclische kapitaalbuffer op 0 procent, DNB, 12 April 2016
- Vvgb-plicht voor gekwalificeerde deelneming in een PPI-stichting – Q&A, DNB, 12 April 2016
- Securitisatieregels: ‘significant risk transfer’, retentie en due diligence – Factsheet, DNB, 12 April 2016
Other
- Besluit afwikkelingsvergoedingen voor op kaarten gebaseerde betalingstransacties, Internetconsultatie, 4 May 2016
- Wet toezicht trustkantoren 2018, Internetconsultatie, 2 May 2016
- Antwoorden op Kamervragen inzake groenboek financiële retaildiensten, MinFin, 2 May 2016
- Kamerbrief implementatie richtlijn kapitaalvereisten (CRD IV), MinFin, 29 April 2016
- Antwoorden op Kamervragen over rentemiddeling, MinFin, 29 April 2016
- Markets in financial instruments: Negotiations to start on one-year delay, Council of the EU, 28 April 2016
- Ontwerpbesluit in verband met wijziging van de regeling voor nettopensioen, MinSZW, 28 April 2016
- Toezeggingen Eerste Kamer maart 2016, MinFin, 28 April 2016
- Q&A on the SEPA Instant Credit Transfer Scheme, EPC, 27 April 2016
- Kamerbrief betreffende beantwoording Kamervragen over UBO register, MinFin, 26 April 2016
- Antwoorden op Kamervragen over sparen in het buitenland, MinFin, 25 April 2016
- Errata to Revisions to the Basel III leverage ratio framework – consultative document, BIS, 25 April 2016
- Beantwoording Kamervragen over triloogfase herziening IORP-richtlijn, MinSZW, 22 April 2016
- Green paper ‘Grip op data’, Verbond van Verzekeraars, 22 April 2016
- Standards for interest rate risk in the banking book issued by the Basel Committee, BIS, 21 April 2016
- Completing the Banking Union – Risk sharing initiatives and parallel risk reduction measures, EP, 21 April 2016
- Aanbiedingsbrief stukken wijziging van de Wet op de ondernemingsraden en de Pensioenwet, MinSZW, 20 April 2016
- Kamerbrief modelmatige waardebepaling, MinFin, 18 April 2016
- Data protection reform – Parliament approves new rules fit for the digital era, EP, 14 April 2016
- Definitions and disclosure of non-performing exposures and forbearance proposed by the Basel Committee, BIS, 14 April 2016
- Issues Paper on Cyber Risk to the Insurance Sector – Consultation, IAIS, 14 April 2016
- Kamerbrief waardeoverdracht pensioenen, MinSZW, 14 April 2016
- Kamerbrief AO Fintech, MinFin, 12 April 2016
- Start of the Public Consultation for First Pan-European Scheme Providing Customers with Euro Instant Credit Transfers, EPC, 12 April 2016
- Tenth progress report on adoption of Basel III standards, BIS, 11 April 2016
- National options and discretions (NODs) in EU banking regulation – Briefing, EP, 7 April 2016
- Global Insurance Market Report (GIMAR) 2015, IAIS, 6 April 2016