Short Reads

New financial supervision rules

New financial supervision rules

New financial supervision rules

29.07.2016 NL law

The following legislation became effective on or after 1 July 2016: Market Abuse Regulation, Dutch Implementation Act (Mortgage Credit Directive), Securities Financing Transactions Regulation.

Market Abuse Regulation

The EU Market Abuse Regulation (596/2014) is effective as of 3 July 2016. Please see our previous news letters on this subject here and here.

Mortgage Credit Directive for a harmonised European-wide mortgage credit market with a high level of consumer protection

The Dutch Act and Decree implementing the EU Mortgage Credit Directive (2014/17/EU) entered into force on 14 July 2016. The new rules protect consumers against the risks involved in taking out secured housing loans and provide for increased transparency, disclosure of the annual costs, ensuring proper conduct of business, and certain quality standards of services relating to mortgage credit. The changes are implemented in the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the Dutch Civil Code (Burgerlijk Wetboek).

Reporting and transparency of securities financing transactions

On 12 January 2016, the Securities Financing Transactions Regulation (2015/2365/EU) entered into force in stages. The regulation aims to create greater transparency with respect to securities financing transactions. The regulation also lays down rules for the reuse of collateral by clients. Please see our previous newsletter for more detailed information here. On 13 July 2016, the section "re-lending activities" entered into force. This section regulates the reusage of collateral provided by clients by financial institutions.

Source: Banking and Finance Update July 2016

Team

Related news

11.03.2021 NL law
Financial Regulatory – Update Q1 2021

Short Reads - Traditionally, 1 January (and 1 July) each year is a date on which new Dutch financial regulations enter into force. This year, the amendments to the Dutch Financial Supervision Act (Wet op het financieel toezicht – “Wft”) are relatively few, but other notable developments are worthy of attention.

Read more

12.03.2021 LU law
Stibbe Luxembourg lawyers co-author the SFDR Implementation Guide

Articles - Edouard d'Anterroches, Audrey Jarreton and Nicolas Pradel co-authored the SFDR Implementation Guide published on 9 March 2021 by the Association des Banques et Banquiers, Luxembourg (ABBL), the Association of the Luxembourg Fund Industry (ALFI) and the Association des Companies d’Assurances et de Réassurances (ACA) for the use of their members.

Read more

24.02.2021 NL law
How certain elements of the Dutch scheme may (or may not) affect ISDA Master Agreements

Articles - On 1 January 2021, the legislative framework for court-approved restructurings of debts outside formal insolvency proceedings (hereafter referred to as the ‘Dutch scheme’, or simply, the ‘scheme’) entered into force. Under the Dutch scheme a debt restructuring plan can be submitted to the creditors for voting, whereby a majority can bind a minority within each class of creditors and the competent court has the power to make the plan binding on dissenting classes of creditors.

Read more