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On 4 February 2019, the Dutch Minister of Finance (the Minister) proposed an amendment to the Exemption Regulation AFS (Vrijstellingsregeling Wft, the Regulation), stipulating that Article 10 of the Regulation (also known as: the third-country regime) will temporarily apply to investment firms from the UK if the UK and the EU have not entered into an agreement on the exit of the UK from the EU by 29 March 2019. The exemption of Article 10 of the Regulation means…
On 29 January 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a final Q&A which provides clarification as to whether warranties typically included in purchase agreements can be considered a non-life insurance (schadeverzekering) policy. According to DNB, a warranty in a purchase agreement in principle does not qualify as non-life insurance if the following three conditions are met. the warranty forms an subordinate part of the purchase agreement (i.e. it has no independent…
On 17 December 2018, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament on the decision-making progress with regard to the revised EU prudential framework for investment firms. This framework consists of a proposal for a regulation on prudential requirements for investment firms (the Investment Firm Regulation) and a proposal for a directive on prudential supervision of investment firms (the Investment Firm Directive) (together the Proposals). In its letter, the…
On 17 December 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published a news item on the outcome of its periodical investigation into investment firms and their compliance with the Act on the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en financiering van terrorisme, Wwft) and the Sanctions Act 1977 (Sanctiewet 1977, SW). The AFM concluded that the requirements are not always fully complied with,…
On 2 November 2018, the Regulation on costs for one-time supervisory actions (Regeling bekostiging financieel toezicht eenmalige handelingen, the Proposed Regulation) was published for consultation. The Proposed Regulation will amend the fees for one-time supervisory actions by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) such as licence applications and screenings of daily policymakers. Compared to the current regulation, notable amendments are: licence…
On 10 October 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published the following forms in relation to the Money Market Funds Regulation (MMFR) in its Digital Portal: an application form to be used by managers of alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS) to extend their existing licence so that they may also be permitted to manage Money Market Funds (geldmarktfondsen, MMFs); and a…
On 17 September 2018, the Dutch Minister of Finance (the Minister) sent the legislative proposal for the Decree implementing the revised Payment Services Directive (PSD2) (Implementatiebesluit herziene richtlijn betaaldiensten, the Implementation Decree) to the Dutch Parliament (Tweede Kamer). Amongst other things, the Implementation Decree strengthens the requirements on: authorization as payment institution in the Netherlands; internal governance arrangements in relation to security; and transparency towards customers. Together with the Act implementing PSD2 (Implementatiewet herziene richtlijn…
On 30 August 2018, the Dutch Minister of Finance (the Minister) published a consultation on amending the Dutch national regime under Section 3 of the Markets in Financial Instruments Directive (recast) (MiFID II). The Minister proposes to extend the scope of the national regime. In addition to advisors in life insurance or mortgage credit, other persons that receive and transmit orders in or advise about units in alternative investment funds (AIFs) or undertakings for collective…
On 30 August 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) notified financial institutions that it expects them to make the necessary amendments to their systems and procedures to comply with the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) that came into force on 25 July 2018. The main aspects as referred to by DNB are the rules relating to the enhanced due diligence requirements and the broader definitions of politically exposed persons…
On 23 and 24 July 2018, the following legislation implementing the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) were published in the Dutch Government Gazette (Staatsblad). the Act implementing 4MLD (Implementatiewet vierde anti-witwasrichtlijn); the Decree implementing 4MLD (Uitvoeringsbesluit vierde anti-witwasrichtlijn); and the Regulation implementing 4MLD (Implementatieregeling vierde anti-witwasrichtlijn). These pieces of legislation will come into effect as of 25 July 2018. The obligation for EU Member States to introduce a (publicly accessible) register containing…