Floortje Nagelkerke (NL)

Firm/Organization: Norton Rose Fulbright

Blogs: Data Protection Report, Financial services: Regulation tomorrow

Latest Articles

Frank Elderson gives introductory statement for meeting with the Special Committee on the Climate Crisis

By Floortje Nagelkerke (NL) on October 18, 2019

The special US Senate Democrats’ Special Committee on the Climate Crisis invited the Network for Greening the Financial System (NGFS) for a roundtable session at Capitol Hill, which took place on 17 October. Mr Frank Elderson, chair of the NGFS and executive director of the Dutch Central Bank (De Nederlandsche Bank, DNB), gave an introductory statement. In his statement, Frank Elderson highlighted the current work and the next steps, of both the NGFS and of…

Financial services: Regulation tomorrow

AFM and DNB: findings and best practices on transitioning to alternative benchmarks

By Floortje Nagelkerke (NL) on September 30, 2019

On 25 September 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published their findings and best practices on the transitioning to alternative benchmarks. The transitioning to alternative benchmarks follows from the EU Benchmarks Regulation (BMR). The AFM and DNB require the users of interest rate benchmarks to prepare properly. In April 2019, the AFM and DNB sent out a questionnaire to the…

Financial services: Regulation tomorrow

AFM anticipates legislative proposal on remuneration rules for proprietary traders and continues tolerance policy in 2020

By Nikolai de Koning (NL) & Floortje Nagelkerke (NL) on September 17, 2019

The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) currently allows certain groups of proprietary traders (persons dealing on own account) not to comply with the 20% bonus cap. In 2017, propriety traders faced a situation where they would be subject to the bonus cap with immediate effect, while they were first excluded. With its tolerance policy, the AFM wanted to prevent undesirable side effects in the face of further European rules.…

Financial services: Regulation tomorrow

Exemption from licence obligation for Singapore and US market operators

By Floortje Nagelkerke (NL) on September 6, 2019

On 4 September 2019, the Dutch Minister of Finance published a regulation adding a new provision to the Exemption Regulation AFS (Vrijstellingsregeling Wft) containing an exemption from the Dutch licence obligation for Singapore and US market operators that operate trading venues (organised trading facilities and multilateral trading facilities) in the Netherlands (the Regulation). The Regulation stipulates that the exemption will only be available insofar as the following two conditions are met: only derivatives are being traded…

Financial services: Regulation tomorrow

DNB publishes good practices for non-life insurers on the control of authorized agents

By Floortje Nagelkerke (NL) on August 30, 2019

On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published good practices for non-life insurers (schadeverzekeraars) in relation to the adequate risk control of authorised agents (gevolmachtigd agenten). The good practices set out the regulatory requirements for the use of authorized agents and how DNB expects that these requirements are complied with. The good practices have been created after intensive consultations with the sector and replace the current standards on authorisations (Normenkader…

Financial services: Regulation tomorrow

AFM points out licence obligation for proprietary trading firms that execute orders on behalf of clients

By Floortje Nagelkerke (NL) & Anka Langedijk (NL) on August 29, 2019

On 28 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten AFM) published a news item addressing the licence obligation for proprietary trading firms (handelaren voor eigen rekening), in particular in case orders are executed on behalf of clients. The AFM indicates in order to determine whether someone is dealing on own account it is important to establish whose accounts are used for transactions and who is legally bound by the transactions.…

Financial services: Regulation tomorrow

Dutch Ministers publish action plan on the prevention of money laundering

By Floortje Nagelkerke (NL) & Nikolai de Koning (NL) on July 4, 2019

On 30 June 2019, the Dutch Minister of Finance and the Dutch Minister of Justice and Security published their joint action plan on the prevention of money laundering via the Dutch financial system and on localizing and prosecution of criminals and their facilitators (the Plan). Combatting anti-money laundering has had a European wide focus for some years already, resulting in the 4th and 5th Anti-Money Laundering Directives. Money laundering has also been an area of…

Financial services: Regulation tomorrow

The Bank Data Retrieval Portal Act submitted to the Dutch Parliament

By Floortje Nagelkerke (NL) & Anka Langedijk (NL) on July 2, 2019

On 1 July 2019, the legislative proposal for the Bank Data Retrieval Portal Act (Wetsvoorstel verwijzingsportaal bankgegevens, the Proposal) was sent to the Dutch Parliament (Tweede Kamer). The Bank Data Retrieval Portal (BDRP) is an electronic system that allows certain Dutch authorities, including but not limited to the police, the public prosecution service (Openbaar Ministerie, OM), the Netherlands Financial Intelligence Unit (FIU-NL) and the Dutch tax authority (Belastingdienst), to request certain client data that needs to…

Financial services: Regulation tomorrow

Consultation on amending the Suitability Policy Rule 2012

By Floortje Nagelkerke (NL) & Anka Langedijk (NL) on June 18, 2019

On 14 June 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published the draft Decree amending the Suitability Policy Rule 2012 (Besluit tot wijziging van de Beleidsregel Geschiktheid 2012, the Decree) for public consultation. The Suitability Policy Rule provides for more detailed information on the assessment of the suitability (geschiktheid) of policymakers (beleidsbepalers) of financial institutions. More particularly, it lays down the…

Financial services: Regulation tomorrow

Financial Supervision Funding Regulation 2019 published in Dutch Government Gazette

By Floortje Nagelkerke (NL) & Anka Langedijk (NL) on June 14, 2019

On 12 June 2019, the Financial Supervision Funding Regulation 2019 (Regeling bekostiging financieel toezicht 2019, the Regulation) was published in the Dutch Government Gazette (Staatscourant). The Regulation is based on the Financial Supervision Funding Act (Wet bekostiging financieel toezicht) and the Financial Supervision Funding Decree 2019 (Besluit bekostiging financieel toezicht 2019) and sets out the bandwidths and tariffs for ongoing supervisory costs levied by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM)…

Floortje Nagelkerke (NL)

Frank Elderson gives introductory statement for meeting with the Special Committee on the Climate Crisis

AFM and DNB: findings and best practices on transitioning to alternative benchmarks

AFM anticipates legislative proposal on remuneration rules for proprietary traders and continues tolerance policy in 2020

Exemption from licence obligation for Singapore and US market operators

DNB publishes good practices for non-life insurers on the control of authorized agents

AFM points out licence obligation for proprietary trading firms that execute orders on behalf of clients

Dutch Ministers publish action plan on the prevention of money laundering

The Bank Data Retrieval Portal Act submitted to the Dutch Parliament

Consultation on amending the Suitability Policy Rule 2012

Financial Supervision Funding Regulation 2019 published in Dutch Government Gazette

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