Financial Regulatory
April 2018
The Financial Regulatory News Updates An overview in which our Banking and Finance Practice Group highlights: Loyens & Loeff publications which may be of interest to you; Legislative dates for your diary; Recent financial regulatory developments.
Loyens & Loeff publications Update on European Commission proposals for amending UCITS, AIFMD, EuVECA and ELTIF to facilitate cross border distribution On 12 March 2018, the European Commission issued a proposal for a new regulation and a new directive concerning the cross border distribution of collective investment funds amending inter alia UCITS, AIFMD, EuVECA and EuSEF. Click here to read this update Clarification of the Dutch UBO-definition On 6 April 2018 the Minister of Finance published the draft Dutch Anti Money Laundering and Terrorism Financing Decree (the Decree). The Decree stipulates which individuals should in any event be considered as `ultimate beneficial owners' (UBO's) of legal entities in the Netherlands. Click here to read this update
Implementation of the Dutch UBO-register postponed On 20 April 2018 the Dutch Minister of Finance sent a letter to Parliament regarding the implementation of the Dutch `UBOregister', a register that will contain details on the individuals that are the `ultimate beneficial owners' (UBOs) of legal entities in the Netherlands. The Dutch Minister writes that the legislative proposal on the implementation of the UBO-register is expected to be submitted to Parliament early 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'.
Data Protection & Privacy
Data Protection & Privacy Update The Data Protection and Privacy Update includes, inter alia, an update with respect to Dutch GDPR implementation bill which was approved by the Second Chamber.
Click here to read this update
Privacy compliance has truly become a boardroom topic: what do you really need to know in order to be able to take part in the conversation? This edition of Quoted will provide you with the necessary information in order to enable you to ask the right questions within your organisation, and to check whether your organisation is prepared for the GDPR.
Click here to read the Quoted
For updates on the GDPR, please visit the GDPR webpage of the Loyens & Loeff Data Protection and Privacy Team: GDPR webpage
Legislative dates for your diary -- EC consultation: Targeted exploratory consultation on the finalisation of Basel III, deadline 12.04.2018, Click here -- EIOPA consultation: EIOPA consults on corrections and amendments to the implementing technical standards on
reporting and disclosure, deadline 11.05.2018, Click here -- EC consultation: Revised calibrations for securitisation investments by insurance and reinsurance undertakings under
Solvency II, deadline 15.05.2018, Click here -- ESMA consultation: Consultation on draft RTS on the application for registration as a securitisation repository, deadline
23.05.2018, Click here -- ESMA consultation: Consultation on technical advice on fees for securitisation repositories, deadline 23.05.2018,
Click here -- EBA consultation: EBA consults on extending the application of the Joint Committee Guidelines on complaints-handling
to the new institutions under PSD2 and MCD, deadline 27.05.2018, Click here -- ECB consultation: Public consultation on cyber resilience, deadline 05.06.2018, Click here
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-- EBA consultation: The EBA launches consultation on how to manage non-performing exposures, deadline 08.06.2018 Click here
-- EBA consultation: Consultation on draft RTS amending Delegated Regulation (EU) 2016 2251 on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP, deadline 15.06.2018, Click here
-- ESMA consultation: ESAs consult on amendments to joint EMIR standards, deadline 15.06.2018, Click here -- EBA consultation: EBA launches consultation on Guidelines regarding the exposures to be associated with high risk,
deadline 17.07.2018, Click here -- EBA consultation: EBA consults on its guidelines interpreting the STS criteria in securitization, deadline 20.07.2018,
Click here -- EBA consultation: Guidelines on disclosure of non-performing and forborne exposures, deadline 27.07.2018, Click here
-- AFM consultation: De Autoriteit Financile Markten (AFM) consulteert de aanpassing van de beleidsregel informatieverstrekking, deadline 20.04.2018, Click here
-- Dutch legislative consultation: Besluit herstel en afwikkeling van verzekeraars, deadline 29.05.2018, Click here -- Dutch legislative consultation: Implementatieregeling vierde anti-witwasrichtlijn, deadline 04.06.2018, Click here -- Dutch legislative consultation: Besluit tot wijziging van het Besluit Gedragstoezicht financile ondernemingen Wft in
verband met de aanpassing van de modulestructuur van het vakbekwaamheidsbouwwerk, deadline 12.06.2018, Click here
An overview of recent financial regulatory developments
General Interest 09.04.2018 ECB news item: Annual Report 2017, Click here 11.04.2018 EC press release: A New Deal for Consumers: Commission strengthens EU consumer rights and
enforcement, Click here 11.04.2018 ECB publication: Opinion of the European Central Bank of 11 April 2018 on a proposal for a regulation
of the European Parliament and of the Council amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority) and related legal acts, Click here 12.04.2018 ESMA news item: EU financial regulators warn against risks for EU financial markets, Brexit, asset repricing and cyber-attacks key risks, Click here 13.04.2018 ESMA news item: ESMA extends its operational-risk analysis, Click here 13.04.2018 ESMA news item: ESMA responds to the Article 29 Working Party consultation, Click here 19.04.2018 ESMA news item: ESMA publishes the 22nd extract from the EECS database, Click here 24.04.2018 EC publication: European Commission study on the distribution systems of retail investment products, Click here 27.04.2018 EIOPA news item: ESAs conclude a multilateral Memorandum of Understanding with the EFTA Surveillance Authority, Click here
03.04.2018 12.04.2018
19.04.2018
26.04.2018
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Publication of Dutch parliamentary document: Kamerbrief beloningen financile sector, Click here AFM news item: Jaarverslag AFM 2017: meer internationale samenwerking en focus op voorkomen van problemen, Click here Publication in Official Journal (Staatsblad): Besluit van 28 maart 2018 tot vaststelling van het tijdstip van inwerkingtreding van het Besluit uitvoering verordening SFTR, Click here Publication of parliamentary documents: Wetgevingsbrief 2018 op het terrein van de financile markten, Click here
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Banks 04.04.2018 05.04.2018 05.04.2018 05.04.2018 06.04.2018
10.04.2018 10.04.2018 13.04.2018 13.04.2018 17.04.2018 20.04.2018 24.04.2018 TOP
ECB news item: Opinion on the creation of a securitisation framework (CON/2018/16) Cyprus, Click here ESMA news item: Open hearing on Securitisation repositories, Click here EBA news item: EBA publishes aggregated exposures in compliance with the ESRB Recommendation on closing real estate data gaps, Click here EBA press release: EBA updated Risk Dashboard shows significant improvements across EU banks but elevated NPLs are still the main challenge for their profitability, Click here EBA Q&A, amongs other: -- Supervisory reporting Template CRGB sheet 01 and 02, Click here -- Supervisory reporting Validointisnt v4821_m, C 08.02, Click here -- Supervisory reporting Inconsistency between CRR article 379 and validation rule V4894 (C 07.00) ,
Click here -- Supervisory reporting Inconsistency in validation rules v4748_m, v4749_m and v4750_m, Click here -- Supervisory reporting Validation rule v_1044_m (FINREP template 16.3 IFRS9), Click here -- Supervisory reporting validation rule v5053_m in DPM 2.7.0.1, Click here -- Accounting and auditing Taxonomy 2.7.0.1 Validation Rules on FINREP 12.01, Click here -- Supervisory reporting Reporting reference dates for template C 33.00, Click here -- Recovery and Resolution Transposition of Article 96, Click here -- Supervisory reporting Validation Error arising from Guidance Notes for C 18.00 report, Click here -- Supervisory reporting reporting C67 "Concentration of funding by counterparty ", why the product
coding has not evolved compared to the new EBA text? Click here -- Supervisory reporting DPM 2.7.0.1 has not been fully aligned with 2017/2114, Click here -- Market risk Reference date for determination of previous day's values, Click here EBA news item: EBA updates list of correlated currencies, Click here EBA press release: The EBA observes a decrease in high earners in 2016 and differences in remuneration practices across the EU, Click here EBA final Q&A: Supervisory review and evaluation (SREP) and Pillar 2 - Credit claims in liquidity stress test buffer, Click here ESMA news item: ESMA public hearing slides repositories, Click here EBA press release: EBA publishes amended technical standards on supervisory and resolution reporting for EU institutions and the corresponding DPM and XBRL taxonomy 2.8, Click here EBA Final Q&A: Supervisory reporting - Reporting of impact of adoption of IFRS 9 in F 12.01, Click here ESMA news item: Letter to OG - Delivery of ESMA's technical standards on disclosure under the Securitisation Regulation, Click here
Insurance 06.04.2018
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Publication in EU Journal: Commission Delegated Regulation (EU) 2018/541 of 20 December 2017 amending Delegated Regulation (EU) 2017/2358 and Delegated Regulation (EU) 2017/2359 as regards their dates of application (IDD), Click here
Investment Firms 09.04.2018 ESMA news item: ESMA agrees position limits under MiFID II, Click here 10.04.2018 ESMA news item: ESMA asks Commission to clarify ancillary activity test under MiFID II, Click here
18.04.2018 ESMA news item: ESMA updates bonds transparency calculations for MiFID II/MiFIR, Click here
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Clearing/Derivatives 10.04.2018 ESMA news item: ESMA data shows EU exchange-traded-derivatives market volumes at 200tn, Click
here 23.04.2018 ESMA news item: ESMA Chair Steven Maijoor speech at ILF Conference 2018 on CCP resolution, Click
here TOP
Funds 04.04.2018
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ESMA news item: ESMA finds high degree of asset concentration in EU alternative fund industry, Click here
Trust Offices 09.04.2018 Publication of parliamentary documents: Advies Raad van State inzake het voorstel van wet houdende
regels met betrekking tot het verlenen van trustdiensten en het toezicht daarop (Wet toezicht trustkantoren 2018), Click here TOP
Payment Services 23.04.2018 Publication in EU Journal: Corrigendum to Directive (EU) 2015/2366 of the European Parliament and
of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC, Click here TOP
Compliance/AML/Sanctions 01.04.2018 ESA publication: Joint Guidelines on Risk Factors, Click here 19.04.2018 EP news item: Anti-money laundering: MEPs vote to shed light on the true owners of companies (Text of
5AMLD adopted by European Parliament), Click here
06.04.2018 20.04.2018
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Publication of parliamentary documents: Ontwerp Uitvoeringsbesluit Wwft 2018, Click here Publication of Parliamentary documents: Voortgang van de totstandkoming van het register met informatie over uiteindelijk belanghebbenden (UBO-register), Click here
Capital Markets 04.04.2018 ESMA news item: Technical advice under the Prospectus Regulation, Click here 04.04.2018 ESMA press release: ESMA proposes simplifications to prospectuses format and content, Click here
14.04.2018
ESMA news item: ESMA publishes a negative opinion on an accepted market practice on liquidity contracts proposed by the French AMF, Click here
13.04.2018 TOP
Publication parliamentary documents: Wetsvoorstel over aandelen aan toonder naar Tweede Kamer, Click here
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Financial litigation 23.04.2018 Publication in EU journal: Case C-126/17) 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 -- Articles 4(2), 5 and 6(1) -- Terms defining the main subject matter of the contract -- Loan agreement denominated in a foreign currency -- Scope of the term `drafted in plain, intelligible language' -- Partial or total invalidity of the contract, Click here 23.04.2018 Publication in EU journal: (Case C-119/17) 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 - Articles 3(1), 4(1), 4(2) and 5 - Assessment of the unfairness of contractual terms - Loan agreement concluded in a foreign currency - Exchange rate risk borne entirely by the consumer Significant imbalance in the parties' rights and obligations under the contract - Main subject matter of the loan agreement, Click here
04.04.2018 06.04.2018 25.04.2018 TOP
Publication rechtspraak.nl: Court (Rechtbank) Amsterdam - 20.12.2017 - Renteswap, schending zorgplicht door bank, bank heeft een niet passend product geadviseerd en de klant niet op de hoogte gesteld van het bestaan van een negatieve waarde van de renteswap, Click here Publication rechtspraak.nl: Supreme Court (Hoge Raad) - 06.04.2018 - Vraag of cassatieberoep openstaat tegen uitspreken overdrachtsregeling (art. 3:159ij Wft), Click here Publication rechtspraak.nl: Court (Rechtbank) Rotterdam - 13.04.2018 - Afwijzing Wft-vergunning door AFM, omdat niet is aangetoond dat beleidsbepaler voldoet aan Beleidsregel Geschiktheid 2012. Beroep ongegrond, 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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