Events listed in Insurance
Uitvoeringsbesluit DLT pilot regime verordening
ID 24078
Decree of 19 June 2023 was published in the Official Gazette of the Netherlands. It contains legal amendments related to financial regulations, to implement Regulation (EU) 2022/858 concerning a pilot scheme for market infrastructures based on distributed ledger technology (DLT pilot regime). DLT is a way to record property like money or assets, spread across a network of computers, with blockchain being a well-known ...
Leidraad geeft houvast bij nieuwe norm opdrachtbevestiging
ID 24029
As a result of amendments to the Pension Act due to the Future Pensions Act (Wtp), pension funds in the Netherlands are required to inform the parties involved in the creation of pension schemes (social partners) about the choices made and their impact on participants through an „opdrachtbevestiging“ (confirmation of assignment), starting from 1 July 2023. The opdrachtbevestiging is **part of the assignment acceptance ...
Nieuwe pensioenwet van kracht: extra gedragsnormen beschermen deelnemer
ID 23987
Effective 1 July 2023, the Netherlands has initiated a transformative change to its pension system, as the Future Pensions Act – Wet toekomst pensioenen (Wtp) is now in force. This act is set to transform the Dutch pension landscape significantly over the next few years, with full transition expected by 1 January 2028. The DNB, in its supervisory role, will assess each transition, ensuring ...
Treasury’s Federal Insurance Office Releases Report Assessing Climate-Related Risk, ...
ID 23891
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has released a report on the supervision and regulation of climate-related risks in the insurance industry. Specifically, the report, prompted by President Biden’s Executive Order 14030 on Climate-Related Financial Risk, examines the existing efforts and gaps in incorporating climate-related risk into state insurance regulation and supervision. While FIO acknowledges that the *National Associatio ...
Pensioenfederatie: PUOs zijn geen kritieke ICT-dienstverleners
ID 23869
The Pension Federation believes that Pension Fund Service Providers (PUOs) should not be designated as Critical Third Party Providers (CTPPs) of ICT services under the Digital Operational Resilience Act (DORA). There is no need for additional oversight on PUOs. The Pension Federation has responded to a consultation regarding the designation of CTPPs for ICT services (please see eventID=21440 for details). The DORA Regulation pertains ...
FSC Proposes Measures to Strengthen Internal Control of Financial Companies
ID 23833
The FSC (Financial Services Commission) has announced a plan to strengthen the internal control system within financial companies. The proposed measures are following: – each executive officer’s duties and responsibilities in a financial firms should be clearly outlined in order to raise awareness of these officers about their area of internal control – the CEO of the company is responsible for delivering the transparency ...
Uitdagingen voor de AFM vragen om aanpassingen in wetgeving
ID 23621
To effectively oversee the changing society and financial sector, the AFM is requesting several modifications to Dutch legislation, outlined in the annual legislative letter sent to Ministers Kaag (Finance) and Schouten (Poverty Policy, Participation, and Pensions). Laura van Geest, AFM’s CEO, explained their legislative requests this year revolve around **three themes: alignment with European legislation, effectiveness and efficiency of supervision, and a level playing ...
Crowdfundingtjenesteudbydere skal etablere interne whistleblowerordninger
ID 23592
Following the introduction of crowdfunding and permits request (see eventid=23084), the Danish FSA reminds market participants that starting 1 July 2023, all crowdfunding companies will be subject to whistleblowing rules. As a result, it is necessary to implement an independent channel in the internal infrastructure where employees can report annonymously. It is also acceptable to outsource the whistleblowing scheme to an external counterparty.
DNB verhoogt de contracyclische kapitaalbuffer (CCyB) van 1,0% naar 2,0%
ID 23475
The Dutch Central Bank (DNB) published a news release stating that it is increasing the countercyclical capital buffer (CCyB) from 1.0% to 2.0%. This requirement applies to all banks operating in the Netherlands, both domestic and foreign, with outstanding loans. This change will impose an additional capital charge of approximately €3.4 billion on the Dutch banking sector as a whole. **Banks must meet this ...
ESAs propose ESG disclosures for STS Securitisations
ID 23406
The ESAs have jointly proposed Draft RTS on ESG impact disclosure for STS securitisations. The purpose of these standards is to provide market participants with the necessary information to make informed decisions about the sustainability impact of their investments. The proposed RTS focus on ESG disclosures for STS securitisations with underlying exposures in residential loans, auto loans, and leases. These standards aim to ensure ...