Loyens & Loeff publications


Do you expect COVID-19 to affect your funds and portfolio companies? (the Netherlands)
As COVID-19 has changed the world in just weeks, we would like to discuss the impact on your business both on a fund and a portfolio company level. A variety of legal and tax measures have been announced and may offer relief in times of distress. You should carefully consider legal restrictions and possibilities in managing operations and liquidity. How to optimally prepare your funds and portfolio companies: topics and tips.

Second and third amendment to the NOW scheme and extension of the NOW scheme
On 1 and 20 May 2020, the Minister announced the second, respectively third amendment to the current NOW (NOW 1.0) by letter to the House of Representatives. To read these updates, click here.

Emergency measures Dutch State COVID-19: credit guarantees (the Netherlands)
The Dutch government published emergency measures to support Dutch businesses dealing with the effects of COVID-19. 

Coronavirus – COVID-19 Justice and Security (Interim Measures) Act (the Netherlands)
On 21 April 2020 the Senate (Eerste Kamer) passed the COVID-19 Justice and Security (Interim Measures) Act (Tijdelijke wet COVID-19 Justitie en Veiligheid). To read this update, click here.

Contributions ‘Ondernemingsrecht in tijden van corona’ (the Netherlands)
Read the contributions (only in Dutch) in the edition ‘Ondernemingsrecht in tijden van corona’ of the journal Ondernemingsrecht written by our colleagues Bart Joosen and Kitty Lieverse, Marijke van der Weide, Vincent Vroom and Gianluca Kreuze, respectively:

  • Prof. mr. E.P.M. Joosen & prof. mr. C.W.M. Lieverse, ‘De coronacrisis en de versoepeling van de prudentiële eisen voor banken’, Ondernemingsrecht (2020/VIII)
  • Mr. M. van der Weide, ‘De consequenties van een uitstel van betaling onder hypotheekleningen voor RMBS transacties’, Ondernemingsrecht (2020/XVII)
  • Mr. V.R. Vroom & mr. G. Kreuze, ‘Herfinanciering en herstructurering in tijden van Corona’, Ondernemingsrecht (2020/II).

AFM and DNB consulted on renewed enforcement policy (the Netherlands)
The AFM and DNB consulted on a renewed version of their enforcement policy. It was possible to submit responses to the consultation until 2 March 2020 and it is anticipated that the finalised version of the policy will be available during the course of 2020. 

Luxembourg implements 5th Anti-Money Laundering Directive (Luxembourg)
The purpose of this Law is in particular to provide certain amendments to the Law of 12 November 2004 on the fight against money laundering and the financing of terrorism.

Everything you need to know on Luxembourg investment funds (Luxembourg)
From the regulatory and tax environment to the fund formation, get a comprehensive overview of the Luxembourg investment funds market. To read this update, click here.

Dutch implementation UBO-register for trusts and mutual funds (the Netherlands)
On 17 April 2020, a legislative proposal for the implementation of a ‘UBO-register’ for trusts was published for consultation. This publicly accessible register will contain certain personal details of ultimate beneficial owners (UBOs) of trusts and similar legal arrangements. 

News AFM: AIFMs should improve transaction monitoring (the Netherlands)
Pursuant to the Wwft, AIFMs (and internally managed AIFs) have the obligation to monitor transactions of clients in order to be able to identify unusual transactions of clients. Unusual transactions which have come to the knowledge of an AIFM should be notified to the FIU as soon as possible. The AFM has investigated 6 AIFMs on their compliance with the transaction monitoring obligation. The findings of the AFM are that AIFMs and AIFs should improve transaction monitoring. In the news message guidance is given which AIFMs should take into consideration when applying transaction monitoring. 

The CSSF asks investment fund managers for weekly updates on financial data and governance arrangements (Luxembourg)
The CSSF informed investment fund managers that it will be collecting information on financial data and governance arrangements in relation to the activities of IFMs with the objective to continue ongoing supervision of the investment fund sector during the current period of market turbulence. IFMs shall provide the CSSF on a weekly basis with financial information, updates in relation to their business continuity plans as well as updates in relation to their cyber resilience.

AFM investigation into AML/CTF risk management at AIFMs
Pursuant to the Dutch act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme), AIFMs are required to determine and assess their risks for money laundering and financing of terrorism (AML/CTF). Further, AIFMs with a so-called retail top up need to prepare and maintain a systematic integrity risk analysis (the SIRA). To read this update, click here.

Data Protection

Dutch Data Protection Authority publishes vision document on supervision of AI and algorithmic processing of personal data (the Netherlands)
On 17 February 2020, the Dutch Data Protection Authority published a vision document (in Dutch) on the supervision and monitoring of Artificial Intelligence (AI) and algorithms. To read this update, click here.

Legislative dates for your diary

Consultations EU
18.03.2020 ESMA consultation deadline: on MIFIR transparency regime for systematic internalisers, click here.
14.04.2020 ESMA consultation deadline: on MiFID II/ MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares, click here.
15.04.2020 ESMA consultation deadline: on MIFIR report on SI, click here.
19.04.2020 ESMA consultation deadline: on MiFIR transparency regime for non-equity instruments, click here.
28.04.2020 ESMA consultation deadline: on the new MiFIR and MiFID II regimes for third-country firms, click here.
17.05.2020 ESMA consultation deadline: on MiFIR Review Report on Transparency for Non-equity TOD, click here.
European Commission consultation deadline: Review of the regulatory framework for investment firms and market operators, click here.
14.06.2020 ESMA consultation deadline: on MiFIR Review Report on Transparency for Non-equity TOD, click here.
30.06.2020 ESMA consultation deadline: on cross border distribution of funds, click here.
29.07.2020 European Commission consultation deadline: Money laundering & terrorism financing – action plan, click here.
01.09.2020 ESMA consultation deadline: on guidance to address leverage risk in the AIF sector, click here.
01.09.2020 EBA/ESMA/EIOPA consultation deadline: Joint Consultation Paper on ESG disclosures standards for financial market participants, click here.

Consultations The Netherlands
03.02.2020 Guideline consultation deadline: Algemene Leidraad Wwft, click here.
03.02.2020 Dutch legislative consultation deadline: Wijzigingswet financiële markten 2021, click here.
15.05.2020 Dutch legislative consultation deadline: implementatiewet registratie uiteindelijke belanghebbende van trusts en soortgelijke juridische constructies, click here.

Effective Dates The Netherlands (to be opened in Google Chrome)
26.03.2020 Besluit van 20 maart 2020 tot wijziging van het Besluit gereglementeerde markten Wft in verband met de implementatie van artikel 64, punt 5, van richtlijn (EU) 2019/2034 van het Europees Parlement en de Raad van 27 november 2019 betreffende het prudentiële toezicht op beleggingsondernemingen en tot wijziging van Richtlijnen 2002/87/EG, 2009/65/EG, 2011/61/EU, 2013/36/EU, 2014/59 en 2014/65/EU (PbEU 2019, L 314) en tot wijziging van het Besluit uitvoering EU-verordeningen financiële markten in verband met de uitvoering van artikel 63, punt 3, van verordening (EU) nr. 2019/2033 van het Europees Parlement en de Raad van 27 november 2019 betreffende prudentiële vereisen voor beleggingsondernemingen en tot wijziging van Verordeningen (EU) nr. 1093/2010, (EU) nr. 575/2013, (EU) nr. 600/2014 en (EU) nr. 806/2014 (PbEU 2019, L 314), click here.
12.05.2020 Entry into force: Implementatiewet wijziging vierde anti-witwasrichtlijn, click here.


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.