Class action for damages in the Netherlands (the Netherlands)
On 19 March 2019, the Dutch Senate adopted the Act on collective damages in class actions, which will make it easier to litigate mass damages through the Dutch courts. The Netherlands has always been at the forefront of collective redress in Europe. Since the early nineties, a claim organization that represents a certain group of interests can start a class action to obtain declaratory relief. Current Dutch law, however, does not facilitate a class action for monetary damages. After entering into force the act will facilitate a class action for monetary damages, which is an important development in the field of class actions throughout Europe. Click here to read this update ACM enforces competition aspects of PSD2 (the Netherlands) On 19 February 2019, the rules of the revised Payment Services Directive (PSD2) entered into force in the Netherlands. The Dutch competition authority (ACM) enforces the competition aspects of PSD2 and issued a publication regarding its new supervisory tasks. Click here to read this update
The act on recovery and resolution of insurers (the Netherlands) On 1 January 2019, the Act on Recovery and Resolution of Insurers (Wet herstel en afwikkeling van verzekeraars, the ARRI) entered into force. The objective of the ARRI is to strengthen and expand the resolution framework for insurers. It provides that insurers can be put in resolution as an alternative to insolvency proceedings, provided that this is in the public interest. Click here to read this update
News on cross-border financial services in Belgium post-Brexit (Belgium) We summarise the most important aspects of cross-border financial services post-Brexit contained in a law that was published in the Belgian State Gazette on 10 April 2019, and a communication by the FSMA in this respect. Click here to read this update
Revision of the Swiss Banking Act Consultation initiated (Switzerland) On 8 March 2019 the consultation on the partial revision of the banking act was initiated by the Federal Council. The amendments have an impact on bank restructurings, deposit insurance and intermediated securities. The consultation period will close on 14 June 2019. Click here to read this update
Practical update on the Luxembourg register of ultimate beneficial owner (Luxembourg) The law of 13 January 2019 establishing a register of beneficial owners (registre des bnficiaires effectifs, RBE) entered into force on 1 March 2019 (the RBE Law). The RBE Law was followed by a grand ducal regulation dated 15 February 2019 relating to the modalities of registration and payments of the administrative fees and access to information registered with the RBE. On 25 February 2019, the Luxembourg Trade and Companies Register (the RCS) issued a circular (LBR 19/01) clarifying certain aspects relating to the scope of the RBE, the declarations to be made thereto and the consultation thereof by the public (the RCS Circular). Click here to read this update
Brexit: Luxembourg prepares for transitional period (Luxembourg) Draft Bill n7401 (the First Brexit Law) sets out the measures to be taken in relation to the Luxembourg financial
sector in the event of a "hard Brexit". Click here to read this update The Luxembourg parliament adopted the draft bills n7401 and n7426 (the Second Brexit Law) on 26 March 2019 and 28 March 2019, respectively, in respect of Brexit-related measures to be taken in connection with the financial sector. The First Brexit Law and the Second Brexit Law, both dated 8 April 2019, have been published in the Mmorial on 11 April 2019. They both shall enter into force on the day on which the United Kingdom withdraw from the European Union without an agreement. Click here to read this update
Assessing Crypto-Asset Exposure at Board Level: How Can Bank Directors Prepare? (Luxembourg) On 13 March 2019, the Basel Committee on Banking Supervision published a statement on crypto-assets with its minimum prudential expectations regarding banks which have exposures to crypto-assets or provide related services. One area of focus is governance and risk management: the Basel Committee calls for boards to be "provided with timely and relevant information related to the bank's crypto-asset risk profile." Boards should also ensure that risk exposures to
crypto-assets are incorporated into banks' internal capital and liquidity measurement processes. What does this mean for directors of bank boards in Luxembourg? Click here to read this update
Data Protection & Privacy Updates For updates on the GDPR, please visit the webpage of the Loyens & Loeff Data Protection and Privacy Team.
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 Consultations EU 13.03.2019 EBA consultation deadline: on guidelines on ICT and security risk management, Click here 19.03.2019 ESMA consultation deadline: on Disclosure Requirements Applicable to Credit Ratings, Click here 20.03.2019 European Commission consultation deadline: on the update of the non-binding guidelines on non-financial
reporting, Click here 31.03.2019 European Commission consultation deadline: on the euro and market liquidity in foreign exchange
markets, Click here 01.04.2019 ESMA consultation deadline: on draft guidelines on liquidity stress test for investment funds, Click here 30.04.2019 EIOPA consultation deadline: Discussion Paper on Systemic Risk and Macroprudential Policy in Insurance,
Click here 05.05.2019 EBA consultation deadline: CP on GLs Guidelines on harmonised definitions and templates for funding
plans of credit institutions, Click here 14.05.2019 EIOPA consultation deadline: on corrections and amendments to the implementing technical standards on
reporting and disclosure, Click here 25.05.2019 EBA consultation deadline: on guidelines on credit risk mitigation for institutions applying the IRB
approach with own estimates of LGD, Click here 29.06.2019 ESMA consultation deadline: on draft ELTIF technichal standards, Click here
Consultations The Netherlands 08.03.2019 DNB consultation deadline: Vergroten publieksbekendheid depositogarantiestelsel, Click here 13.03.2019 Dutch legislative consultation deadline: Wijziging Regeling eindtermen en toetstermen examens financile
dienstverleners Wft, Click here 25.03.2019 Dutch legislative consultation deadline: Wijzigingsbesluit financile markten 2019, Click here 28.03.2019 DNB consultation deadline: Q&A herverzekering, Click here 01.04.2019 DNB consultation deadline: Consultatie Good practices fiscale integriteitsrisico's trustkantoren, Click here 15.04.2019 Dutch legislative consultation deadline: Minimumkapitaalregel voor banken en verzekeraars, Click here 22.04.2019 Dutch consultation deadline: Digitaal Loket Commissie Toekomst Accountancysector, Click here
Effective Dates EU 26.03.2019 Effective date: Commission Implementing Regulation (EU) 2019/482 of 22 March 2019 amending
Commission Implementing Regulation (EU) 2016/1368 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council, Click here
Effective date: Regulation (EU) 2019/518 of the European Parliament and of the Council of 19 March 2019 amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the Union and currency conversion charges, Click here Date of transposition: Shareholder rights directive ((EU) 2017/828), Click here Effective date: Prospectus regulation ((EU) 201/1129), Click here
Effective Dates The Netherlands 01.04.2019 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 01.04.2019 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 01.04.2019 Entry into force: Regeling van de Minister van Financin van 22 maart 2019, 2019-0000049585, directie Financile Markten, tot wijziging van de Regeling eindtermen en toetstermen examens financile dienstverlening Wft in verband met de afname van bijzondere examens en enkele technische wijzigingen, Click here 01.04.2019 Entry into force: New standard amounts for lending (Caribbean Netherlands), Click here 01.04.2019 Entry into force: Regeling erkenning EU-beroepskwalificaties financieel adviseur, Click here 06.04.2019 Entry into force: Beleidsregel toepassing richtsnoeren Europese toezichthoudende autoriteiten Wft 2019, Click here 01.07.2019 Entry into force: Besluit van 21 februari 2019 tot wijziging van het Besluit Gedragstoezicht financile ondernemingen Wft in verband met de vergoeding voor de voortijdige aanpassing van de debetrentevoet bij hypothecaire kredieten, Click here 01.07.2019 Entry into force: Besluit van 18 maart 2019 tot vaststelling van het tijdstip van inwerkingtreding van artikel I, onderdeel Ga, van de Wijzigingswet financile markten 2018, Click here
Should you require any assistance in the field of Financial Regulatory, please contact your trusted adviser of our Financial Regulatory Team.
Although this publication has been compiled with great care, Loyens & Loeff N.V. and all other entities, partnerships, persons and practices trading under the name `Loyens & Loeff', cannot accept any liability for the consequences of making use of this issue without their cooperation. The information provided is intended as general information and cannot be regarded as advice.