A view from the Netherlands Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services. In our seventh video diary, Floortje Nagelkerke discusses the recent measures undertaken by Dutch authorities in relation to the COVID 19 pandemic. To view the sixth…

On Wednesday, 8 April 2020, the European Commission published three draft delegated regulations setting out sustainability criteria for benchmarks provided in accordance with the Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (BMR). These measures follow amendments to the BMR introduced by Regulation (EU) 2019/2089 EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks (“Low Carbon Benchmarks Regulation”).…

On 08 April 2020 the European Commission published a consultation on its forthcoming Renewed Sustainable Finance Action Plan [link]. The updated Commission action plan comes as a follow-up to its initial 2018 Sustainable Finance Action Plan and is meant to broaden and deepen the EU sustainable finance regulatory framework. Building on from the legislative and regulatory initiatives in the 2018 Action Plan, the great majority of which is in place or due to…

On 8 April 2020, the European Commission announced that it was extending the deadline for comments on its consultation on renewed sustainable finance strategy. The deadline for responding to the consultation is now 15 July 2020.…

On 8 April 2020, the European Banking Authority (EBA) published two reports measuring the impact of implementing the final Basel III reforms and monitoring the current implementation of liquidity measures in the EU. Overall, the EBA estimates that the Basel III reforms, once fully implemented in 2028 after the additional delay of one year agreed by the Basel Committee on Banking Supervision, would determine an average increase by 16.1% of EU banks’ tier 1 minimum…

ESMA issues latest DVC data On 7 April 2020, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under MiFID II. The update includes DVC data and calculations for the period 1 March 2019 to 29 February 2020 as well as updates to already published DVC periods. ESMA reports that the number of new breaches is 46: 37 equities for the 8% cap,…

Operational resilience and COVID 19 Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services. In our sixth video diary, Lisa Lee Lewis discusses regulatory expectations around operational resilience and the impact of COVID 19. To view the fifth video in…