Investment Management News Update – October/November 2018
The Investment Management News Updates: an overview in which our Investment Management Team highlights recent developments.
Loyens & Loeff publications
- Special Financial Institutions: be aware of your obligations towards Dutch Central Bank (the Netherlands)
Companies that (i) qualify as Special Financial Institutions (Bijzondere Financiële Instellingen, SFI) under the Financial Foreign Relations Act, and (ii) are appointed as a reporter (Reporter) by Dutch Central Bank (De Nederlandsche Bank, DCB), are obliged to report as such to DCB. In this update we briefly describe the main considerations. Click here to read this update.
- Mandatory Disclosure Directive
On 25 May 2018, the Council of the European Union adopted a Council Directive (Directive) introducing mandatory disclosure rules for EU-linked intermediaries such as lawyers, accountants and tax advisers. This Directive obliges Member States to implement rules based on which, briefly speaking, qualifying intermediaries and under certain circumstances taxpayers, need to report to the relevant tax authorities potentially aggressive tax planning arrangements with a cross-border dimension and arrangements designed to circumvent reporting requirements like the Common Reporting Standard and Ultimate Beneficial Owner reporting. The tax authorities will exchange the information received automatically within the EU through a centralized database. In this issue of Quoted, we give a detailed description on the Directive. Click here to read the Quoted.
Legislative dates for your diary
- Dutch legislative consultation deadline: Regeling bekostiging financieel toezicht eenmalige handelingen, 25.11.2018.
- Dutch legislative consultation deadline: Besluit implementatie geldmarktfondsen, 30.11.2018.
- Dutch legislative consultation deadline: Consultatiedocument implementatie ATAD2, 10.12.2018.
- ESMA news item: 2019 Work Programme - ESMA will focus on supervisory convergence and supervision in 2019, 03.10.2018.
- ESAs news item: ESAs Joint Committee defines its priorities for 2019, 09.10.2018.
- European Council news item: EU adopts tougher rules on money laundering, 11.10.2018.
- Publication of parliamentary documents: Senate (Eerste Kamer) adopted the legislative proposal the Dutch Financial Supervision Amendment Act 2018 (Wijzigingswet Financiële Markten 2018) (in Dutch only), 16.10.2018.
- EC press release: Commission Work Programme 2019: Delivering on promises and preparing for the future, 23.10.2018.
- AFM news item: Nederland wordt centrum voor Europese financiële handel na brexit, 29.10.2018.
- EC publication: October 2018: Economic Sentiment decreases in both the euro area and the EU, 30.10.2018.
- Publication of parliamentary documents: Regels met betrekking tot het verlenen van trustdiensten en het toezicht daarop (Wet toezicht trustkantoren 2018); Eindverslag (in Dutch only), 31.10.2018.
- SMSG Letter to European Commission Vice-President Dombrovskis on PRIIPS, 31.10.2018.
- ESAs news item: ESAs highlight the relevance of legislative changes for the Key Information Document for PRIIPs, 01.10.2018.
- ESMA news item: ESMA updates AIFMD Q&As, 04.10.2018.
- AFM publication of speech: Gerben Everts bij Dufas-conferentie (in Dutch only), 16.10.2018.
- AFM news item: Nieuwe regels voor Money Market Funds (in Dutch only), 25.10.2018.
- Single Resolution Board: Decision Case 8/18 Appeal against the SRB’s Decision setting the minimum requirements for own funds and eligible liabilities (MREL), 16.10.2018.
- Publication rechtspraak.nl: Supreme Court (Hoge Raad) (in Dutch only).
(Custom) money laundering (Article 420ter in conjunction with 420bis.1.b Criminal Code) and complicity in fraud, committed several times (Article 326.1 Criminal Code) by selling fake shares of US non-listed companies from a boiler room in Amsterdam by telephone to private investors who resided outside the Netherlands, 16.10.2018.
- Publication rechtspraak.nl: Court (Rechtbank) Amsterdam (partly in English).
No liability of custodians, depository and administrator towards funds and their investors who have lost their investment by ponzi scheme, 17.10.2018.
Data Protection & Privacy Updates
- For updates on the GDPR, please visit the GDPR webpage of the Loyens & Loeff Data Protection and Privacy Team.
Should you require any assistance in the field of Investment Management, please contact your trusted adviser of our Investment Management 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.