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.
Loyens & Loeff publications New prudential framework for investment firms published The directive (EU) 2019/2034 and regulation (EU) 2019/2033 on the prudential requirements of investment firms were published in the official EU journal introducing a new prudential regime for investment firms. To read this update, click here Act on Collective Damages in Class Actions and Class Action Register in effect as of 1 January 2020 (the Netherlands) On 4 December 2019, two decrees relating to new legislation on collective actions were published in the Dutch State Gazette. These decrees confirm the effective date and specify the mechanics for the Class Action Register. The first decree confirms that the new Act on Collective Damages in Class Actions (WAMCA) will enter into effect as of 1 January 2020. To read this update, click here AFM publishes report on investigation into MiFID II service provision to professional investors (the Netherlands) The AFM has published the outcome of its research into service provision to professional investors and ECP's in 2018 and 2019. To read this update, click here
Desired clarity in the European field of cross border distribution of investment funds (the Netherlands) In March 2018 the European Commission published, as part of a larger package of measures further developing the Capital Markets Union, proposals for a directive and a regulation which aim to facilitate the cross border distribution of investment funds. Aforementioned directive and regulation have since then, per 1 August 2019, entered into force and shall (for the main part) apply from 2 August 2021. Read the contribution in the journal Tijdschrift voor Financieel Recht written by Leon Engelen and Eva Kempenaar (only in Dutch), click here.
Legislative proposal for the Dutch implementation of the UBO-register adopted by Parliament (the Netherlands) On 10 December 2019, the `Act on the registration of ultimate beneficial owners of corporate entities and other legal entities' (the UBO-register) was adopted by Parliament. In this newsletter we describe the registration requirements for (subsidiaries of) listed companies and the adopted improvements for the protection of privacy of UBOs. We also address the next steps in the implementation process of the Act. To read this update, click here
LuxSE PLUS: new document hyperlinking service under Prospectus Regulation (Luxembourg) The Perma Link Upload Service - PLUS - is a new tool developed by the LuxSE to help issuers comply with their hyperlink obligations under the new prospectus regime. PLUS provides storage and access to issuers' selected hyperlink for a period of 10+ years. To read this update, click here
LuxSE prepares for ESEF (European Single Electronic Format) compliance (Luxembourg) From 1 January 2020, issuers on EU regulated markets falling under the scope of the Transparency Directive, will have to prepare annual financial reports in accordance with the new European Single Electronic Format (ESEF). To read this update, click here
Federal Council published a draft DLT-law after public consultation (Switzerland) On 27 November 2019, a further step towards an optimized legal framework for digitalization within the Swiss financial centre was taken. The results of the public consultation for a new DLT-law have been published. Based on the public consultation which started in March 2019, the Swiss Federal Council has issued a draft DLT-law that will now be discussed by the Swiss Parliament. To read this update, click here
Legislative dates for your diary
Consultations EU 02.12.2019 ESMA consultation deadline: on Draft technical advice on commercial terms for providing clearing services
under EMIR (FRANDT), click here 31.12.2019 European Commission consultation deadline: Report pursuant to Article 54 of the Benchmark Regulation,
click here 03.01.2020 European Commission consultation deadline: Alignment EU rules on capital requirements to international
standards (prudential requirements and market discipline), click here 07.01.2020 EBA consultation deadline: on specific supervisory reporting requirements for market risk, click here 08.01.2020 ESMA consultation deadline: on position limits and position management in commodity derivatives,
click here 13.01.2020 ESAs consultation deadline: on changes to the key information document for PRIIPs, click here
15.01.2020 16.01.2020 16.01.2020
18.01.2020 13.02.2020 19.02.2019
EIOPA consultation deadline: on technical advice for the 2020 review of Solvency II, click here EBA consultation deadline: on comprehensive Pillar 3 disclosures, click here 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 ESMA consultation deadline: on CCP penalties, click here EBA consultation deadline: on draft amended technical standards on passport notification, click here EBA consultation deadline: to revise standards to identify staff with a material impact on the institution's risk profile, click here EBA consultation deadline: on ITS on disclosure and reporting of MREL and TLAC (EBA-CP-2019-14), click here European Commission consultation deadline: Financial services improving resilience against cyberattacks (new rules), click here European Commission consultation deadline: Financial services EU regulatory framework for crypto-assets, click here
Consultations The Netherlands 14.01.2020 Legislative consultation deadline: wetsvoorstel plan van aanpak witwassen, click here 03.02.2020 Guideline consultation deadline: Algemene Leidraad Wwft, click here 03.02.2020 Legislative consultation deadline: Wijzigingswet financile markten 2021, click here 14.02.2020 DNB consultation deadline: Good Practice `Integration of climate-related risk considerations into banks'
risk management', click here 16.02.2020 Legislative consultation deadline: Wijzigingsregeling overdragen van vorderingen uit hoofde van een
kredietovereenkomst, click here
Effective Dates EU 20.12.2019 Entry into force: Regulation (EU) 2019/2155 of the European Central Bank of 5 December 2019 amending
Regulation (EU) No 1163/2014 on supervisory fees (ECB/2019/37), click here 24.12.2019 Entry into force: Commission implementing decision (EU) (EU) 2019/2211 of 19 December 2019 amending
Implementing Decision (EU) 2018/2031 determining, for a limited period of time, that the regulatory framework applicable to central counterparties in the United Kingdom of Great Britain and Northern Ireland is equivalent, in accordance with Regulation (EU) No 648/2012 of the European Parliament and of the Council, click here 30.12.2019 Entry into force: Regulation (EU) 2019/2175 of the European Parliament and of the Council of 18 December 2019 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and Regulation (EU) 2015/847 on information accompanying transfers of funds, click here
Entry into force: Regulation (EU) 2019/2176 of the European Parliament and of the Council of 18 December 2019 amending Regulation (EU) No1092/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board, click here Entry into force: Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing, click here
Effective Dates The Netherlands 01.12.2019 Entry into force (majority of provisions): Wet van 6 november 2019 tot wijziging van Boek 2 van het
Burgerlijk Wetboek, de Wet op het financieel toezicht en de Wet giraal effectenverkeer ter uitvoering van Richtlijn 2017/828/EU van het Europees Parlement en de Raad van 17 mei 2017 tot wijziging van Richtlijn 2007/36/EG wat het bevorderen van de langetermijnbetrokkenheid van aandeelhouders betreft (PbEU 2017, L 132), click here 19.12.2019 Entry into force (majority of provisions): Besluit van 10 december 2019 tot wijziging van het Besluit uitvoering EU-verordeningen financile markten in verband met de uitvoering van Verordening (EU) nr. 2019/876 tot wijziging van Verordening (EU) nr. 575/2013 (kapitaalvereisten), de uitvoering van Verordening (EU) nr. 260/2012 (betaaldiensten) en tot wijziging van het Besluit bestuurlijke boetes financile sector in verband met de uitvoering van Richtlijn 2014/49/EU (depositogarantiestelsel) (uitvoering van de TLAC-norm en rapportage van het FRTB-kader), click here 01.01.2020 Entry into force: Wijzigingsregeling hypothecair krediet 2020, click here 01.01.2020 Entry into force: Regeling van de Minister van Financin van 18 september 2019, FM 2019-0000150196, directie Financile Markten, tot wijziging van de Regeling financile markten BES 2012 in verband met vaststelling van de hoogst toegelaten kredietvergoeding per 1 januari 2020, click here 01.01.2020 Entry into force: Wijzigingswet financile markten 2019, click here 01.01.2020 Entry into force: Besluit van 26 juni 2019 tot wijziging van het Besluit toezicht accountantsorganisaties in verband met de aanwijzing van organisaties van openbaar belang als bedoeld in artikel 1, eerste lid, onder l, onder 5, van de Wet toezicht accountantsorganisaties (Besluit aanwijzing organisaties van openbaar belang), 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.