Loyens & Loeff publications
Banks suspected of European government bonds cartel The European Commission informed eight banks of its preliminary view that they infringed the cartel prohibition when acquiring and trading European government bonds. Click here to read this update MiFID II/MiFIR update: Dutch Section 10 Exemption extended to UK firms (the Netherlands) On 4 February 2019, the Dutch Minister of Finance published a regulation expanding the so-called "Section 10 Exemption", as laid down in the Exemption Regulation AFS (Vrijstellingsregeling Wft). The Section 10 Exemption is available for investment firms in designated third countries (i.e. the US, Switzerland and Australia) to gain market access to Dutch professional clients. With the amendment, the Section 10 Exemption will become (temporarily) available for authorized investment firms with their registered seat in the United Kingdom in the situation that the United Kingdom withdraws from the European Union without a proper withdrawal agreement arranging an orderly withdrawal being in place (i.e. in case of a hard Brexit). Click here to read this update
Expansion of the definition of public-interest entities (the Netherlands) The definition of `public-interest entity' will be expanded. The definition of a public-interest entity (organisatie van openbaar belang) finds its origin in European legislation and includes entities established in the European Union (EU) whose securities are admitted to trading on an EU regulated market, as well as licensed credit institutions and insurance companies having their registered office in the EU and entities designated by a member state as such. Dutch law provides that companies, institutions or public bodies may be designated as public-interest entities if due to their size or function in society an improper statutory audit of the annual accounts may have a considerable impact on the public function of the auditor's statement. Click here to read this update
Luxembourg proposes transition period for UK-based fund managers in case of hard Brexit (Luxembourg) The Luxembourg parliament has released a draft bill dated 31 January 2019 in respect of measures to be taken in connection with the financial sector in case of a hard Brexit. As regards AIFMD, the draft bill grants special powers to the Luxembourg supervisory authority for the financial sector (CSSF) with a view to maintain the good functioning or stability of the financial markets or guarantee the protection of investors. Click here to read this update
Belgian UBO register: deadline for registration postponed until 30 September 2019 (Belgium) On 13 February 2019, the Federal Public Service of Finance announced on its website that the deadline for the registration in the UBO register has been postponed until 30 September 2019. Click here to read this update
Data Protection & Privacy For updates on the GDPR, please visit the GDPR webpage of the Loyens & Loeff Data Protection and Privacy Team: GDPR webpage
Cooperation between the DPA and the DNB with respect to PSD2 (the Netherlands) The Dutch National Bank (DNB) and the Dutch Data Protection Authority (DPA) have entered into a cooperation protocol to ensure effective and efficient supervision with respect to areas where the respective tasks of both supervisors meet (the Cooperation Protocol). The reason to enter into this Cooperation Protocol is that the implementation of Payment Services Directive 2 (PSD2) became effective in the Netherlands on 19 February 2019. Click here to read this update
FinTech Team BankBits The Loyens & Loeff FinTech Team has its own page on LinkedIn. We invite you to take a look at the BankBits, short news items relevant for financial institutions. Here we regularly post news items relevant for the financial institution sector called `BankBits'.
Legislative dates for your diary 08.02.2019 ESAs consultation deadline: on guidelines on cooperation and information exchange for AML/CFT
supervision purposes, Click here 14.02.2019 ESMA consultation deadline: on draft guidelines on the reporting to competent authorities under article 37
of the MMF Regulation, Click here
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19.02.2019 19.02.2019
20.02.2019
21.02.2019 13.03.2019 19.03.2019 20.03.2019
31.03.2019
01.04.2019 25.05.2019
10.06.2019 21.07.2019
ESMA consultation deadline: on integrating sustainability risks and factors in MiFID II, Click here ESMA consultation deadline: on integrating sustainability risks and factors in the UCITS Directive and AIFMD, Click here ESMA consultation deadline: on guidelines on settlement fails reporting and standardised procedures and messaging protocols under CSDR, Click here EIOPA call for Input deadline: on Solvency II Reporting and Disclosure Review 2020, Click here EBA consultation deadline: on guidelines on ICT and security risk management, Click here ESMA consultation deadline: on Disclosure Requirements Applicable to Credit Ratings, Click here European Commission consultation deadline: on the update of the non-binding guidelines on non-financial reporting, Click here European Commission consultation deadline: on the euro and market liquidity in foreign exchange markets, Click here ESMA consultation deadline: on draft guidelines on liquidity stress test for investment funds, Click here EBA consultation deadline: on guidelines on credit risk mitigation for institutions applying the IRB approach with own estimates of LGD, Click here Date of transposition: Shareholder rights directive ((EU) 2017/828), Click here Entry into force: Prospectus regulation ((EU) 201/1129), Click here
06.02.2019
06.02.2019
07.02.2019 08.02.2019
19.02.2019
08.03.2019 13.03.2019 25.03.2019 28.03.2019 22.04.2019 01.04.2019 01.04.2019
01.04.2019
Entry into force: Besluit van De Nederlandsche Bank N.V. van 28 januari 2019 tot wijziging van de Beleidsregel Reikwijdte en Uitvoering Depositogarantiestelsel ter verduidelijking van enkele aspecten die van belang zijn in de uitvoering van het depositogarantiestelsel, Click here Entry into force: Besluit van De Nederlandsche Bank N.V. van 28 januari 2019 tot wijziging van de Beleidsregel Individueel Klantbeeld Wft 2017 ter verduidelijking van enkele aspecten die van belang zijn voor een tijdige uitkering door het depositogarantiestelsel, Click here Dutch legislative consultation deadline: Bedenktijd voor beursvennootschappen, Click here Entry into force: Besluit van de Minister van Financin van 31 januari 2019, FM 2019-0000017000, directie Financile Markten, houdende aanwijzing van een systeem en een systeemexploitant in de zin van artikel 212a Faillissementswet, Click here Entry into force: Implementatiewet herziene richtlijn betaaldiensten, Click here & Click here Implementatieregeling herziene richtlijn betaaldiensten, Click here Implementatiebesluit herziene richtlijn betaaldiensten, Click here DNB consultation: Vergroten publieksbekendheid depositogarantiestelsel, Click here Dutch legislative consultation deadline: Wijziging Regeling eindtermen en toetstermen examens financile dienstverleners Wft, Click here Dutch legislative consultation deadline: Wijzigingsbesluit financile markten 2019, Click here DNB consultation deadline: Q&A herverzekering, Click here Dutch consultation deadline: Digitaal Loket Commissie Toekomst Accountancysector, Click here DNB consultation deadline: Consultatie Good practices fiscale integriteitsrisico's trustkantoren, Click here Entry into force: Besluit van 5 februari 2019, houdende regels met betrekking tot wijziging van het Besluit Gedragstoezicht financile ondernemingen Wft in verband met het doorvoeren van wijzigingen naar aanleiding van de analyse van het vakbekwaamheidsbouwwerk, Click here Entry into force: Regeling van de Minister van Financin van 28 januari 2019, 2019-11443, directie Financile Markten, tot wijziging van het Besluit aangewezen staten Wft en de Vrijstelingsregeling Wft in verband met de bilaterale overeenkomst tussen de EU en de VS met betrekking tot prudentile maatregelen voor verzekering, Click here
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An overview of recent financial regulatory developments
General Interest 06.02.2019 ESMA news item: ESMA sets out 2019 priorities for supervisory convergence, Click here 07.02.2019 ESMA news item: ESMA Risk Assessment Work Programme 2019, Click here 08.02.2019 EU Council publication: Progress on financial services legislative files, Click here 13.02.2019 ESMA news item: Steven Maijoor on "Brexit the regulatory challenges" at the European Financial Forum,
Dublin, Click here 15.02.2019 ESMA news item: EU and global securities regulators welcome agreement on data transfer, Click here 20.02.2019 EBA press release: EBA publishes Consumer Trends Report for 2018-19, Click here 25.02.2019 EBA press release: EBA publishes revised Guidelines on outsourcing arrangements, Click here 28.02.2019 ESMA news item: ESMA TRV: Political uncertainty amid growth slowdown weighs on market sentiment,
Click here
28.02.2019 TOP
DNB news item: Brexit: update, Click here
Banks 01.02.2019 04.02.2019 04.02.2019 05.02.2019
06.02.2019
06.02.2019 08.02.2019
13.02.2019
Publication in EU Journal: Recommendation of the European Systemic Risk Board: 5 December 2018 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2018/8), Click here EBA press release: EBA welcomes National Bank of Moldova to the Memorandum of Cooperation with South Eastern European banking supervisors, Click here European Commission publication: Proposal for a Council decision, concerning an amendment to Annex IX (Financial Services) to the EEA Agreement (Capital Requirements Regulation (EU) No 575/2013) and Directive 2013/36/EU (CRD IV), Click here ECB publication: "The banking union option observations from my experience" Panel intervention by Pentti Hakkarainen, Member of the Supervisory Board of the ECB, to Session 2 "Banking Union" at the event "A deepening EMU where will it leave Sweden and Denmark?", Stockholm, 5 February 2019, Click here Publication in EU Journal: Report pursuant to Article 92(4) of Regulation (EU) No 806/2014 on any contingent liabilities (whether for the Single Resolution Board, the Council, the Commission or otherwise) arising as a result of the performance by the Single Resolution Board, the Council or the Commission of their tasks under this Regulation for the financial year 2017 together with the replies of the Single Resolution Board, the Commission and the Council, Click here ECB press release: ECB Banking Supervision conducts sensitivity analysis of liquidity risk as its 2019 stress test, Click here ECB publication: `Failing or Likely to Fail' Assessment of ABLV Bank Luxembourg, SA, Click here See also publication in EU Journal: Single Resolution Board Decision concerning the assessment of the conditions for resolution in
respect of ABLV Bank, AS (2019/C 50/04), Click here Decision concerning the assessment of the conditions for resolution in respect of ABLV Bank
Luxembourg S.A.(2019/C 50/05), Click here ECB publication of speech: Risks to banks from inside and out, speech by Sabine Lautenschlger, Member of the Executive Board of the ECB, at the 14th Asia-Pacific High-level meeting on Banking Supervision, in Sydney, 13 February 2019, Click here
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13.02.2019
14.02.2019
15.02.2019 15.02.2019 18.02.2019 19.02.2019 22.02.2019 26.02.2019
EU Council publication: Proposal for a Council Decision on the position to be adopted, on behalf of the European Union,
within the EEA Joint Committee, concerning an amendment to Annex IX (Financial Services) to the EEA Agreement [Capital Requirements Regulation (EU) No 575/2013 (CRR) and Directive 2013/36/ EU (CRD IV)], Click here ANNEX to the Proposal for a Council Decision on the position to be adopted, on behalf of the European Union, within the EEA Joint Committee, concerning an amendment to Annex IX (Financial Services) to the EEA Agreement [Capital Requirements Regulation (EU) No 575/2013 (CRR) and Directive 2013/36/EU (CRDIV)], Click here EU Council publication: Banking Package: Capital Requirements Directive (CRD) Capital Requirements Regulation (CRR) Bank Recovery and Resolution Directive (BRRD) Single Resolution Mechanism Regulation (SRMR) Confirmation of the final compromise text with a view to agreement, Click here Proposal for a Directive of the European Parliament and of the Council amending Directive 2013/36/ EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures, Click here Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements and amending Regulation (EU) No 648/2012, Click here Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 806/2014 as regards loss-absorbing and Recapitalisation Capacity for credit institutions and investment firms, Click here Proposal for a Directive of the European Parliament and of the Council amending Directive 2014/59/ EU on loss-absorbing and recapitalisation capacity of credit institutions and investment firms and amending Directive 98/26/EC, Directive 2002/47/EC, Directive 2012/30/EU, Directive 2011/35/EU, Directive 2005/56/EC, Directive 2004/25/EC and Directive 2007/36/EC, Click here ECB publication of speech: Challenges for banks in the near- to medium-term. Opening statement by Ignazio Angeloni, Member of the Supervisory Board of the ECB, to the Plenary Session Roundtable "The Future of Banking: Will European Banks survive?" at the Dolomites Winter Finance Conference, organised by The Free University of Bolzano and held in Brunico-Bruneck, 15 February 2019, Click here EU Council press release: Banking Union: EU ambassadors endorse full package of risk reduction measures, Click here ECB publication of speech: Banking union challenges ahead. Introductory remarks by Andrea Enria, Chair of the Supervisory Board of the ECB, session on "Banking Union Challenges Ahead", European Parliamentary Week, Brussels, 18 February 2019, Click here ECB publication of speech: Euro at 20 years: the road ahead - address by Luis de Guindos, VicePresident of the ECB, at the European Parliamentary Week, Brussels, 19 February 2019, Click here EBA press release: EBA publishes Handbook on valuation for purposes of resolution, Click here ECB publication of speech: Euro interest rate benchmark reform: achievements and remaining challenges, Introductory remarks by Benot Coeur, Member of the Executive Board of the ECB, at a conference on CCP risk management organised by the Deutsche Bundesbank, the ECB and the Federal Reserve Bank of Chicago, Frankfurt am Main, 27 February 2019, Click here
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27.02.2019
ECB publication of speech: The case for cooperation: cross-border CCP supervision and the role of central banks, Introductory remarks by Benot Coeur, Member of the Executive Board of the ECB, at a conference on CCP risk management organised by the Deutsche Bundesbank, the ECB and the Federal Reserve Bank of Chicago, Frankfurt am Main, 27 February 2019, Click here
05.02.2019 06.02.2019 14.02.2019
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Publication official gazette (Staatscourant): Regeling van De Nederlandsche Bank N.V. van 28 januari 2019, houdende wijziging van de Regeling staten financile ondernemingen Wft 2011, Click here DNB news item: Vaststelling eerste wijzigingen beleidsregels en rapportagekader voor het depositogarantiestelsel, Click here Publication of parliamentary documents: Reactie op het Voorstel van wet van de leden Snels, Tony van Dijck, Leijten, Nijboer, Van Raan, Van Rooijen en Azarkan tot wijziging van de Wet op het financieel toezicht in verband met aanscherping van de definitie van "vaste beloning" en introductie van een instemmingsrecht voor de Minister van Financin met betrekking tot de vaststelling of verhoging van de vaste beloning van een bestuurder van een systeemrelevante bank (Kamerstuk 34906), Click here
Insurance 01.02.1029
05.02.2019 08.02.2019
11.02.2019 19.02.2019 19.02.2019 20.02.2019 25.02.2019
EIOPA news item: EIOPA published new sets of questions and answers on: (EU) No 2009-138 Solvency II Directive (Insurance and Reinsurance) (EU) No 2015-2450 templates for the submission of information to the supervisory authorities Answers to guidelines on reporting for financial stability purposes Click here EIOPA news item: EIOPA publishes updated work programme for 2019, highlighting and specifying the activities and tasks of the Authority for the coming year, within the framework of a multiannual work programme 2019 2021, Click here Publication in EU Journal: Commission Implementing Regulation (EU) 2019/228 of 7 February 2019 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2018 until 30 March 2019 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance, Click here EIOPA news item: EIOPA published new sets of questions and answers on: (EU) No 2015-2450 templates for the submission of information to the supervisory authorities, Click here EIOPA news item: EIOPA calls upon national supervisory authorities to minimise the detriment to insurance policyholders and benificiaries in case of a no withdrawal agreement between the United Kingdom and the European Union, Click here EIOPA publication: Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union, Click here EIOPA news item: EIOPA sets out framework for identifying conduct risks, Click here EIOPA news item: Q&A on regulation Answers to (EU) 2015-35 supplementing Directive 2009-138 Answers to (EU) No 2016-97 - Insurance Distribution Directive Answers to (EU) 2017-2358 product oversight and governance requirements for insurance Answers to (EU) 2017-2359 info requirements and conduct of business rules applicable Click here
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26.02.2019 26.02.2019
EIOPA news item: Cyber Security and Cyber Risk: A universal Challenge - Keynote speech by Gabriel Bernardino, Chairman, European Insurance and Occupational Pensions Authority (EIOPA) at 3rd Annual FinTech and Regulation Conference, Click here Publication in EU Journal: Winding-up proceedings -- Decision to start winding-up proceedings in respect of Elite Insurance Company Limited (Publication made in accordance with Article 280 of Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)), Click here
28.02.2019 TOP
DNB news item: DNB herijkt kapitaaleis premierisico basiszorgverzekering, Click here
Investment Firms 01.02.2019 ESMA news item: ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency
topics, Click here 01.02.2019 ESMA news item: ESMA publishes data for the systematic internaliser calculations for equity, equity-like
instruments and bonds, Click here 04.02.2019 ESMA news item: ESMA updates Q&A on MiFIR data reporting, Click here 05.02.2019 ESMA news item: ESMA sets out use of UK data in ESMA databases under a no-deal Brexit, Click here 06.02.2019 ESMA news item: ESMA publishes supervisory briefing on the supervision of non-EU branches of EU
firms, Click here 08.02.2019 EU Council publication: Report from the Commission to the European Parliament and the Council.
Exemption for the Central Bank of The United Kingdom (`Bank of England') under the Markets in Financial Instruments Regulation (MiFIR), Click here 13.02.2019 European Commission publication: Commission Delegated Regulation (EU) .../...of 13.2.2019 amending Delegated Regulation (EU) 2017/588 as regards the possibility to adjust the average daily number of transactions for a share where the trading venue with the highest turnover of that share is located outside the Union, Click here 15.02.2019 Publication in EU Journal: Opinion of the European Economic and Social Committee: on `Proposal for a Regulation of the European Parliament and of the Council on disclosures relating to sustainable investments and sustainability risks and amending Directive (EU) 2016/2341' (COM(2018) 354 final -- 2018/0179 (COD)) EESC 2018/02766, Click here 18.02.2019 ESMA news item: ESMA renews binary options prohibition for a further three months from 2 April 2019, Click here 26.02.2019 EU Council press release: Investment firms: Presidency and Parliament agree on a new regulatory and supervision framework, Click here 26.02.2019 EU Council publication: Council Decision on the position to be adopted, on behalf of the European Union, within the EEA Joint Committee, concerning the amendment of Annex IX (Financial Services) to the EEA Agreement (Markets in Financial Instruments Regulation (MiFIR) and Directive MiFID II), Click here
04.02.2019 12.02.2019
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Dutch Minstery of Finance news item: Aanpassing tijdelijke vrijstellingsregeling voor Britse beleggingsondernemingen, Click here Publication official gazette (Staatscourant): Regeling van de Minister van Financin van 4 februari 2019, 2019-16957, directie Financile Markten, tot wijziging van het Besluit aangewezen staten Wft en de Vrijstellingsregeling Wft in verband met de terugtrekking van het Verenigd Koninkrijk uit de Europese Unie, Click here
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Funds 04.02.2019
05.02.2019 05.02.2019 08.02.2019 12.02.2019 20.02.2019
22.02.2019
25.02.2019 26.02.2019 TOP
European Commission publication: Commission Delegated Regulation (EU) .../...of 04.02.2019 supplementing Regulation (EU) No 345/2013 of the European Parliament and of the Council with regard to conflicts of interest in the area of European venture capital funds, Click here EU Council press release: Capital Markets Union: Agreement reached on measures to improve the EU's investment fund market Capital Markets Union, Click here EU Council press release: EU Council reached a preliminary agreement on a package of measures aimed at removing existing barriers to the cross-border distribution of investment funds, Click here EBA news item: ESAs publish recommendations on changes to the PRIIPs Key Information Document, Click here See also ESMA news item: ESAs publish recommendations on changes to the PRIIPs Key Information Document, Click here ESMA publication: Keynote Address by Verena Ross, Executive Director ESMA - 7th Annual Cross-Border Distribution Conference, Click here EIOPA news item: Introductory Statement by Gabriel Bernardino, Chair of the Joint Committee of the European Supervisory Authorities, at the Scrutiny Hearing on PRIIPs of the ECON Committee of the European Parliament on 20 February 2019 in Brussels, Click here EU Council publication: Proposal for a Directive of the European Parliament and of the Council amending Directive 2009/65/EC of the European Parliament and of the Council and Directive 2011/61/EU of the European Parliament and of the Council with regard to cross-border distribution of collective investment funds & Proposal for a Regulation of the European Parliament and of the Council on facilitating crossborder distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No 346/2013 (first reading) - Confirmation of the final compromise text with a view to agreement, Click here ESMA publication: ESMA publishes responses to its Consultations on Sustainable Finance, Click here ESMA publication: ESMA publishes responses to its Consultation on reporting guidelines under the MMF Regulation, Click here
Capital Markets 06.02.2019 EU Council publication: Report from the Commission to the European Parliament and the Council.
Exemption for the Bank of England and the United Kingdom Debt Management Office under the Market Abuse Regulation (MAR), Click here 08.02.2019 ESMA news item: ESMA publishes list of thresholds below which an EU prospectus is not required, Click here 08.02.2019 EU Council publication: Report from the Commission to the European Parliament and the Council on the International Treatment of Central Banks and Public Entities Managing the Public Debt with regard to Securities Financing Transactions, Click here 08.02.2019 EU Council publication: Commission Delegated Regulation (EU) .../... of 5.2.2019 supplementing Regulation (EU) 2017/2402
of the European Parliament and of the Council of 12 December 2017 with regard to regulatory technical standards specifying information to be provided to a competent authority in an application for authorization of a third party assessing STS compliance, Click here ANNEX to the Commission Delegated Regulation (EU) supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 with regard to regulatory technical standards specifying information to be provided to a competent authority in an application for authorization of a third party assessing STS compliance, Click here
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11.02.2019
15.02.2019 25.02.2019 27.02.2019 27.02.2019
Publication in EU Journal: Commission Regulation (EU) 2019/237 of 8 February 2019 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 28, Click here Publication in EU Journal: Opinion of the European Economic and Social Committee on `Proposal for a Regulation of the European Parliament and of the Council on sovereign bond-backed securities', Click here EU Council press release: Sustainable finance: Presidency and Parliament reach political agreement on low carbon benchmarks, Click here EU Council press release: Capital markets union: Council agrees position on easier access to financial markets for SMEs, Click here EU Council press release: Capital markets union: political agreement reached on EU framework for covered bonds, Click here
25.02.2019 TOP
Publication of parliamentary documents: Aanbiedingsbrief, nota van wijziging en nota naar aanleiding van het verslag van de wet implementatie prospectusverordening, Click here
Clearing/Derivatives/Infrastructure 01.02.2019 EBA publishes Q&A's:
Topic: Supervisory reporting, Subject matter: Banchmarking - Market risk - Base currency unit, Click here
Topic: Supervisory reporting, Subject matter: Benchmarking - Market risk - instrument specification, Click here
Topic: Supervisory reporting, Subject matter: Benchmarking - Market risk - instrument specification, Click here
Topic: Supervisory reporting, Subject matter: EBA ITS package for 2019 benchmarking exercise (Annex V, credit spread instruments), Click here
Topic: Supervisory reporting, Subject matter: EBA ITS package for 2019 benchmarking exercise (Annex V, credit spread instruments), Click here
01.02.2019 ESMA news item: ESMA clarifies the reporting and handling of derivatives data in case of no-deal Brexit, Click here
04.02.2019 ESMA press release: ESMA agrees no-deal Brexit MOUs with the Bank of England for recognition of UK CCPs and the UK CSD, Click here
04.02.2019 EU Council publication: Amending Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the list of exempted entities, Click here
05.02.2019 ESMA news item: ESMA publishes guidelines on supervisory reporting for credit rating agencies, Click here
05.02.2019 EU Council press release: Capital markets union: deal on updated rules for financial derivative products and clearing, Click here
05.02.2019 European Commission press release: Simpler EU rules for derivatives will reduce costs and regulatory burdens for market participants, Click here
18.02.2019 ESMA press release: ESMA issues positive opinion on short selling ban by BaFin, Click here 18.02.2019 ESMA news item: ESMA to recognise three UK CCPs in the event of a no-deal Brexit, Click here 19.02.2019 ESMA news item: ESMA supervision to focus on data, Brexit and cybersecurity in 2019, Click here 20.02.2019 European Commission publication: Common approach on certain derivatives trading venues: EU and
Singapore MAS joint statements, Click here
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26.02.2019
28.02.2019 TOP
Publication of draft act: Commission Implementing Decision (EU) .../... on the recognition of the legal, supervisory and enforcement arrangements of Japan for derivatives transactions supervised by the Japan Financial Services Agency as equivalent to the valuation, dispute resolution and margin requirements of Article 11 of Regulation (EU) No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (Please be aware that this draft act does not constitute the final position of the institution), Click here Publication in EU Journal: Decision of the EEA Joint Committee No 18/2019 of 8 February 2019 amending Annex IX (Financial services) to the EEA Agreement [2019/341], Click here
Crypto Assets 26.02.2019 ESMA news item: ESMA Chair Maijoor's keynote on crypto-assets, Click here TOP
Payment Services 04.02.2019 EBA Publication: Guidelines compliance table: Guidelines on fraud reporting under the Payment Services
Directive 2 (PSD2), Click here 08.02.2019 EBA Publication Final Q&As:
Question ID: 2018_4053, Topic: Strong customer authentication and common and secure communication (incl. access), Subject matter: Length of authentication codes, Click here
Question ID: 2016_2585, Topic: Liquidity risk, Subject matter: Reporting of assets sold short as an additional outflow for LCR under Delegated Act, Click here
Question ID: 2018_4071, Topic: Strong customer authentication and common and secure communication (incl. access), Subject matter: Communication plans to inform payment service providers making use of the dedicated interface, Click here
Question ID: 2018_4366, Topic: Strong customer authentication and common and secure communication (incl. access), Subject matter: Showing a password after it has been masked, Click here
Question ID: 2018_4226, Topic: Strong customer authentication and common and secure communication (incl. access), Subject matter: Contactless payments at point of sale Applications of the conditions, Click here
Question ID: 2018_3730, Topic: Liquidity risk, Subject matter: On demand secured lending of Level 1 assets, Click here
14.02.2019 EP press release: EU cross-border payments outside Eurozone: MEPs scrap excessive fees, Click here 28.02.2019 Publication in EU Journal: Decision of the EEA Joint Committee No 21/2019 of 8 February 2019 amending
Annex IX (Financial services) to the EEA Agreement [2019/342], Click here
19.02.2019 19.02.2019 21.02.2019 21.02.2019 28.02.2019 28.02.2019 TOP
Publication Rijksoverheid: PSD2 treedt vandaag in werking, Click here DNB press release: PSD2-vergunningenloket geopend, Click here DNB news item: DNB en AP bezegelen samenwerking in toezicht op PSD2, Click here AFM publication: PSD2 - Wat betekent dat voor jou? Click here DNB news item: Update PSD2, Click here DNB news item: Reikwijdte vergunningplicht betaaldiensten, Click here
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Compliance/AML/Sanctions 12.02.2019 European Commission press release: Security Union: Commission welcomes the agreement on enhanced
rules to fight terrorist financing, Click here 13.02.2019 European Commission publication: Commission delegated regulation C(2019) 1326 : supplementing
Directive (EU) 2015/849 of the European Parliament and of the Council by identifying high-risk third countries with strategic deficiencies, Click here
12.02.2019 TOP
Publication of parliamentary documents: Kamerbrief over evaluatie Implementatiewet vierde antiwitwasrichtlijn, Click here
Trust Offices 28.02.2019 DNB news item: Intrekken vergunning via Digitaal Loket Toezicht, Click here 28.02.2019 DNB news item: Twee dagelijks beleidsbepalers verplicht, Click here TOP
Financial litigation 11.02.2019 Publication in EU Journal: Case C-632/17: Order of the Court of 28 November 2018 (request for a
preliminary ruling from the Sd Rejonowy w Siemianowicach lskich -- Poland) -- Powszechna Kasa Oszczdnoci (PKO) Bank Polski S.A. v Jacek Michalski (Case C-632/17) (1) ((Reference for a preliminary ruling - Article 99 of the Rules of Procedure of the Court of Justice - Consumer protection - Directive 93/13/EEC - Unfair terms in consumer contracts - Directive 2008/48/EC - Order for payment procedure based on bank ledger excerpts - Impossible for the court, in the absence of an action brought by a consumer, to examine the unfairness of the contractual terms)) (2019/C 54/02), Click here 14.02.2019 Publication of provisional text: Judgment of the Court (Second Chamber) 14 February 2019 (Reference for a preliminary ruling -- Articles 56 and 63 TFEU -- Freedom to provide services -- Free movement of capital -- National legislation providing that credit agreements featuring international elements concluded with a non-authorised lender are invalid -- Regulation (EU) No 1215/2012 -- Article 17(1) -- Credit agreement concluded by a natural person with a view to the provision of tourist accommodation services -- Concept of `consumer' -- Article 24, point 1 -- Exclusive jurisdiction in matters relating to rights in rem in immovable property -- Action for invalidity of a credit agreement and seeking the removal from the land register of the entry of a security interest), Click here 18.02.2019 Publication in EU Journal: Case C-219/17: Judgment of the Court (Grand Chamber) of 19 December 2018 (request for a preliminary ruling from the Consiglio di Stato -- Italy) -- Silvio Berlusconi, Finanziaria d'investimento Fininvest SpA (Fininvest) v Banca d'Italia, Istituto per la Vigilanza Sulle Assicurazioni (IVASS) (Reference for a preliminary ruling -- Approximation of laws -- Prudential supervision of credit institutions -- Acquisition of a qualifying holding in a credit institution -- Procedure governed by Directive 2013/36/ EU and by Regulations (EU) No 1024/2013 and No 468/2014 -- Composite administrative procedure -- Exclusive decision-making power of the European Central Bank (ECB) -- Action brought against preparatory acts adopted by the national competent authority -- Claim that the force of res judicata attaching to a national decision has been disregarded), Click here 26.02.2019 Publication of provisional text: Judgment of the Court (Grand Chamber) 26 February 2019 (European System of Central Banks -- Action based on infringement of the second subparagraph of Article 14.2 of the Statute of the European System of Central Banks and of the European Central Bank -- Decision of a national authority suspending the governor of the national central bank from office), Click here
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Publication rechtspraak.nl: Court of appeal (Gerechtshof) Amsterdam. 01.05.2018. Appel van ECLI:NL:RBNHO:2016:3506. Vermogensbeheer. Wilgenhaegeportefeuille. Anders dan de eerste rechter oordeelde gaat het er niet om of de portefeuille behoudend was, maar of het beheer overeenstemde met het overeengekomen risicoprofiel `Behoudend beheer'. Dit laatste is niet bewezen. Alsnog afwijzing van de vorderingen van de belegger, Click here Publication rechtspraak.nl: Court (Rechtbank) Amsterdam. 16.01.2019. renteswap - geen zorgplichtschending van de bank, Click here Publication rechtspraak.nl: Procurator General to the Supreme Court (Parket bij de Hoge Raad). 21.12.2018. Effectenlease. Waiver-procedure. Belang bij door Dexia gevorderde verklaring voor recht dat zij aan al haar verplichtingen uit de overeenkomst heeft voldaan en niets meer is verschuldigd. Misbruik van bevoegdheid. Aan verweer te stellen eisen. Advisering door (medewerker van) Dexia? Vergoeding van buitengerechtelijke kosten? Click here Publication rechtspraak.nl: Procurator General to the Supreme Court (Parket bij de Hoge Raad). 11.02.2019 Art. 81 lid 1 RO. Overeenkomstenrecht. Beleggingsadvies. Verhouding tussen de privaatrechtelijke zorgplicht en die van de Wft (ingevolge MiFID-Richtlijn 2004/39/EG). `Ken-uw-klant' toereikend? Bewijsaanbod. Bezwaar tegen bij pleidooi overgelegde stukken niet behandeld? Click here Publication rechtspraak.nl: Court (Rechtbank) Amsterdam. 23.01.2019. Verwijt van overkreditering: eindvonnis na tussenvonnis van 16 mei 2018, ECLI:NL:RBAMS:2018:4085; partijen hebben nagelaten een deugdelijke berekening op basis van inkomen en vermogen van kredietnemer te maken van tot welk bedrag zij verantwoord kon lenen; de rechtbank formuleert de te hanteren uitgangspunten op basis van de beschikbare gegevens, en stelt vast dat sprake is van overkreditering. Verplichting tot vergoeding schade, die door de rechtbank wordt geschat, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) `s-Hertogenbosch. 12.02.2019. Dexia, oneerlijk beding, tussenpersoon, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Arnhem-Leeuwarden. 12.02.2019. Effectenlease. Waiver zaak. Geen misbruik van bevoegdheid. Niet gebleken dat lessee nog een vordering op Dexia heeft. Geen beleggingstechnische gebreken, geen onaanvaardbaar zware last. Verklaring voor recht toegewezen, Click here Publication rechtspraak.nl: Court (Rechtbank) Noord-Nederland. Dexia-zaak. 29.01.2019. Terugbetaling toegewezen i.v.m. advisering door tussenpersoon zonder vergunning, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Arnhem-Leeuwarden. 29.01.2019. Informatieen zorgplicht verzekeraar bij beleggingsverzekeringen, afgesloten in de periode 1988-1998. Hoger beroep van ECLI:NL:RBGEL:2016:5476, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Amsterdam. 12.02.2019. Effectenlease. Beroep op vernietiging ex art. 1:88/89 BW. Bewijsvermoeden en/of-rekening ontzenuwd. Beroep op verjaring wordt afgewezen. Waardering uitgeleverde aandelen. Tussenarrest, Click here Publication rechtspraak.nl: Court (Rechtbank) Amsterdam. 30.01.2019. Renteswapzaak, bank heeft de negatieve waarde voor haar rekening genomen, beroep op vernietiging (deels) verjaard en voor het overige niet gehonoreerd, belang bij beroep op schending zorgplicht, passend product, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Den Haag. 19.02.2019. Aandelenlease, orderremisier, eigen schuld, Click here Publication rechtspraak.nl: Court (Rechtbank) Rotterdam. 19.02.2019. De in bezwaar gehandhaafde intrekking van de vergunning voor advisering en/of bemiddeling heeft AFM gebaseerd op artikel 1:104, eerste lid, aanhef en onder m, van de Wft. Op grond van die bepaling kan AFM de vergunning intrekken indien de vergunninghouder niet voldoet aan de verplichting tot betaling van een heffing als bedoeld in artikel 13, eerste lid, van de Wet bekostiging financieel toezicht. De rechtbank is van oordeel dat AFM bij de herbeoordeling van het primaire besluit geen acht heeft hoeven slaan op de betalingen die eiser heeft gedaan nadat het primaire besluit was genomen. Het uitgangspunt van een volledige herbeoordeling strekt
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niet zover dat bij handhavingsbesluiten zoals hier aan de orde het opheffen van de tekortkoming hangende bezwaar afdoet aan de grondslag daarvan en moet leiden tot een herroeping daarvan, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Amsterdam. 12.02.2019. Effectenlease. Waiverzaak. Geen onaanvaardbaar zware last. In het hofmodel gehanteerde Nibud-norm niet geschreven voor thuiswonende student. Fiscaal voordeel alleen relevant bij onaanvaardbaar zware last. Ook belang bij verklaring voor recht ter zake van leaseovereenkomst met batig saldo, Click here Publication rechtspraak.nl: Court (Rechtbank) Midden-Nederland. 30.11.2018. Verwijderen negatieve BKR-registratie. Toetsing doel registratie: beginselen proportionaliteit en subsidiariteit. Afweging algemeen belang kredietverstrekker tegen zwaarwegend belang kredietnemer. Evenwichtige financile situatie met goed perspectief, Click here Publication rechtspraak.nl: Court (Rechtbank) Overijssel. 12.02.2019. Tussenvonnis. Geschil tussen voormalig CEO en beursgenoteerde vennootschap over onder meer aandelenopties. Kantonrechter is bevoegd. Toepassing van de Verordening Market Abuse Regulation. Voorwetenschap bij de CEO aanwezig. De vennootschap had de voorwetenschap zo snel mogelijk behoren te publiceren mede op grond van de redelijkheid en de billijkheid bij de uitvoering van de met de CEO gesloten vaststellingsovereenkomst. Begroting van de schade, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Arnhem-Leeuwarden. 19.02.2019. Effectenlease. Waiver zaak. Verklaring voor recht toegewezen. Vernietiging van effectenleaseovereenkomst niet tijdig ingeroepen door echtgenote. Geen mogelijke vordering vanwege advisering Vero en/of schending artikel 41 NR 1999 en geen overtreding verbod op cold calling. Eveneens geen mogelijke vorderingen vanwege het niet aankopen van aandelen, hanteren van onjuiste afrekenkoersen, beleggingstechnische gebreken en buitengerechtelijke kosten, Click here Publication rechtspraak.nl: Supreme Court (Hoge Raad). 22.02.2019. Art. 81 lid 1 RO. Overeenkomstenrecht. Beleggingsadvies. Verhouding tussen de privaatrechtelijke zorgplicht en die van de Wft (ingevolge MiFID-Richtlijn 2004/39/EG). `Ken-uw-klant' toereikend? Bewijsaanbod. Bezwaar tegen bij pleidooi overgelegde stukken niet behandeld? Click here Publication rechtspraak.nl: Court (Rechtbank) Oost-Brabant. 21.02.2019. Dexia-zaak. Advisering tussenpersoon, Click here Publication rechtspraak.nl: Procurator General to the Supreme Court (Parket bij de Hoge Raad). 18.01.2019. Verbintenissenrecht. Door eega vernietigde effectenleaseovereenkomst met Dexia. Verschuldigdheid van wettelijke rente over de door Dexia terug te betalen bedragen. Ontvanger te kwader trouw in de zin van 6:205 BW? Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Arnhem-Leeuwarden. 26.02.2019. Effectenlease. Collectieve actie. Beleggingstechnische gebreken, toestemmingsvereiste, tussenpersonen, Click here Publication rechtspraak.nl: Court (Rechtbank) Noord-Holland. 30.01.2019. Vordering tot vergoeding van geleden schade als gevolg van vermogensbeheer afgewezen, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) `s-Hertogenbosch. 26.02.2019. Bijzondere zorgplicht vermogensbeheerder; onderzoeksplicht, informatieplicht en waarschuwingsplicht in de precontractuele fase, belegging van gelden met pensioenbestemming; overstap van adviesrelatie op vermogensbeheer; is juiste risicoprofiel geadviseerd?; eigen schuld, Click here Publication rechtspraak.nl: Court of appeal (Gerechtshof) Arnhem-Leeuwarden. 26.02.2019. Geen sprake van beroepsfout door hypotheekadviseur. Risico dat zich heeft verwezenlijkt is dat van koop van de nieuwe woning voordat de oude woning is verkocht. Door de tegenvallende duur en opbrengst van de verkoop van de oude woning ontstonden dubbele lasten en een lagere overwaarde. Dit betrof een voorzienbaar en inzichtelijk risico waarvoor de hypotheekadviseur onder de gegeven omstandigheden niet behoefde te waarschuwen, Click here
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