PSDII: migration to SCA by 31 December 2020
On 16 October 2019, the European Banking Authority (EBA) issued an Opinion concerning one of the most important features of the Payment Services Directive II (PSD II), being strong customer authentication (SCA). EBA gives cardissuing and acquiring payment services providers (PSPs) until the end of December 2020 to migrate to SCA supporting approaches and solutions. This article intends to provide some background and highlights some pinpoints to be remembered from this hodgepodge of terminology and abbreviations.
Click here to read this update
The Prospectus Regulation: the obligation to publish a prospectus and the related exemptions (the Netherlands) On 14 June 2017 the Prospectus Regulation was adopted, which replaced the Prospectus Directive (2003) as of 21 July 2019. In this article we set out the scope of the obligation to publish a prospectus under the Prospectus Regulation and the changes compared to the previous prospectus regime. Read the contribution in the journal Tijdschrift voor Financieel Recht written by Kitty Lieverse and Eva Kempenaar (only in Dutch). Click here to read this update
Implementation of the Dutch UBO-register (the Netherlands) On 4 October, 2019, certain amendments to and clarification of the "Act on the registration of ultimate beneficial owners of corporate entities and other legal entities" (the UBO-register) were presented by the Dutch government to parliament. In this newsletter the implementation and certain practical aspects of the Dutch UBO-register are described. Click here to read this update
Dutch Competition Authority Launches Market Study Into Large Tech Firms and Payments (the Netherlands) At the request of the Dutch Minister of Finance, the Dutch Authority for Consumers and Markets (Autoriteit Consument & Markt; ACM) has initiated a market study into the activities of major tech firms (referred to as Big Techs by the ACM) on the Dutch payments market. Click here to read this update
Structured finance and securitisation in Luxembourg: overview (Luxembourg) What does the Luxembourg securitisation market look like? What are the latest developments and structures that have emerged recently? This guide compiles general information on the legal, tax and regulatory frameworks when incorporating securitisation vehicles in Luxembourg. Click here to read this update
Legislative dates for your diary
Consultations EU 04.10.2019 EBA consultation deadline: Consultation Paper on draft RTS on back-testing and PLA attribution
requirements, click here 04.10.2019 EBA consultation deadline: Consultation Paper on draft RTS on criteria for assessing risk factors
modellability under the IMA, click here 04.10.2019 ESMA consultation deadline: on draft Guidelines on disclosure requirements under the Prospectus
Regulation, c lick here 04.10.2019 EBA consultation deadline: Draft Regulatory Technical Standards on Liquidity horizons for the Internal
Model Approach (IMA) under points (a) to (d) of Article 325bd(7) of Regulation (EU) No 575/2013 (Capital Requirements Regulation 2 - CRR2), click here 15.10.2019 ESMA consultation deadline: on MiFID II compliance function requirements, click here 1 8.10.2019 EIOPA consultation deadline: Consultation on Advice on the harmonisation of national insurance guarantee schemes, click here 1 8.10.2019 EIOPA consultation deadline: Consultation on supervisory reporting and public disclosure, click here 18.10.2019 EIOPA consultation deadline: on proposals for Solvency II 2020 Review, click here 31.10.2019 EBA consultation deadline: Consultation Paper on the methodology to determine the WAM of contractual payments due under the tranche of a securitisation transaction, click here 31.10.2019 ESMA consultation deadline: Guidelines on performance fees in UCITS, click here 04.11.2019 ESMA consultation: Effects of product intervention measures regarding CFDs and binary options on market participants and clients, click here 22.11.2019 ESMA consultation deadline: ESMA consults on MiFIR alignment following the introduction of EMIR Refit, click here 25.11.2019 EBA consultation: EBA consultation on its proposals to create a STS framework for synthetic securitisation, click here 29.11.2019 ESMA consultation: Consultation MAR review, click here 13.01.2020 ESAs consultation deadline: on changes to the key information document for PRIIPs, click here 16.01.2020 EBA consultation deadline: on comprehensive Pillar 3 disclosures, click here
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16.01.2020 17.01.2020
EBA consultation deadline: on supervisory reporting changes related to CRR2 and Backstop Regulation (Framework 3.0), click here EBA consultation deadline: on draft Guidelines on the treatment of structural FX under 352(2) of the CRR (EBA/CP/2019/11), click here
Consultations The Netherlands 17.10.2019 Dutch legislative consultation deadline: Besluit verwijzingsportaal bankgegevens, click here 24.10.2019 Dutch legislative consultation deadline: Implementatiebesluit wijziging vierde anti-witwasrichtlijn, click here 01.11.2019 Dutch legislative consultation deadline: Wijziging eind- en toetstermen vakbekwaamheid Wft 2020,
click here
Effective Dates The Netherlands 01.01.2020 Entry into force: Besluit van 9 september 2019 tot vaststelling van het tijdstip van inwerkingtreding van de
Wijzigingswet financile markten 2019, click here 01.01.2020 Entry into force: Besluit aanwijzing organisaties van openbaar belang, click here
Effective Dates EU 30.10.2019 Application date: Decision (EU) 2019/1743 of the European Central Bank of 15 October 2019 on the
remuneration of holdings of excess reserves and of certain deposits (recast) (ECB/2019/31), click here 01.11.2019 Entry into force: Commission Implementing Regulation (EU) 2019/1804 of 28 October 2019 amending
Implementing Regulation (EU) No 809/2014 as regards amendments of aid applications or payment claims, checks in the integrated administration and control system and the control system in relation to cross compliance, click here
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Disclaimer
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.
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