FMLA

Financial Markets Lawyers

Financial Markets Lawyers

Kamerbrief prioriteiten arbeidsvoorwaardelijk pensioen

De Autoriteit Financiële Markten (‘AFM’) en de Nederlandsche Bank (‘DNB’) hebben de minister gerapporteerd over knelpunten in de pensioenwetgeving.

DNB heeft zorgen over het pensioenakkoord, specifiek over het communiceren van te hoge ambities, de disconteringsvoet, het invaren en de complexiteit van de overgang naar een nieuw systeem. De AFM geeft aan dat het nodig is de deelnemer in staat te stellen tijdig keuzes te maken in verband met zijn pensioen. DNB en AFM stippen naast deze hoofdpunten ook diverse andere knelpunten aan, zoals het financieel crisisplan van fondsen, de governance, het ongedaan maken van kortingen en de premiepensioeninstelling. De signalen van DNB en de AFM sluiten volgens de minister aan op de aanpak om te komen tot een toekomstbestendig pensioenstelsel. Per brief van 27 februari 2012 geeft de minister aan hoe hij hiermee omgaat. De minister geeft bij zijn planning prioriteit aan drie trajecten: (i) de uitwerking van het pensioenakkoord; (ii) versterking van de pension fund governance en; (iii) het zorgen voor goede Europese regelgeving. Naast deze prioritaire trajecten vragen ook andere pensioenonderwerpen de aandacht van de minister. Deze onderwerpen zijn: (i) herziening waardeoverdracht; (ii) onderzoek naar doorsneepremie; (iii) pensioen van zelfstandigen; (iv) algemene pensioeninstelling; (v) uitbesteding en toezicht op pensioenuitvoeringsorganisaties; (vi) nabestaanden- en arbeidsongeschiktheidspensioen.

Bron: Kamerbrief prioriteiten arbeidsvoorwaardelijk pensioen

Wetsvoorstel ‘Wet versterking bestuur pensioenfondsen’ naar Tweede Kamer

Minister Kamp heeft het wetsvoorstel ‘Wet versterking bestuur pensioenfondsen’ naar de Tweede Kamer gestuurd.

Pensioenfondsen kunnen volgens het wetsvoorstel straks kiezen voor een bestuur dat uitsluitend bestaat uit deskundige externe beroepsbestuurders. Voor een aantal belangrijke besluiten heeft dat bestuur dan nog wel de goedkeuring nodig van werkgevers, werknemers en pensioengerechtigden. Pensioenfondsen kunnen daarnaast kiezen voor een bestuursmodel dat uit werkgevers, werknemers en uit pensioengerechtigden bestaat. Kamp regelt hiermee dat pensioengerechtigden steeds recht op een plek in het bestuur hebben (maximaal een kwart van het aantal zetels). De minister gaat hiermee een stap verder dan het initiatiefwetsvoorstel van de Tweede Kamerleden Koşer Kaya en Blok waarin ouderen pas na een raadpleging in het bestuur deel kunnen nemen. Aanvullend is in het wetsvoorstel bepaald dat werkgevers in dit bestuursmodel minder zetels krijgen als de pensioenpremie gemaximeerd is.

Bron: Wetsvoorstel Wet versterking bestuur pensioenfondsen naar Tweede Kamer

ESMA publishes guidelines on automated trading environment for trading platforms, investment firms and competent authorities

In Europe (inter alia), an increasing part of trading in financial instruments takes place through electronic trading systems operated by market operators or investment firms. On 24 February 2012, ESMA published guidelines that clarify the application of the MiFID in relation to such trading platforms.

The implications of the Markets in Financial Instruments Directive (“MiFID”) in relation to automated trading are not always clear. In order to provide clarity in that regard, the European Securities and Markets Authority (“ESMA”) has published on 24 February 2012 the final version of its guidelines on automated trading environment for trading platforms, investment firms and competent authorities. The guidelines describe the arrangements market operators (regulated markets or investment firms operating a multilateral trading facility) should have in place in relation to automated trading, as well as specific organisational requirements for investment firms providing direct market access facilities to clients or using algorithms for trading or client order execution purposes. The new guidelines will enter into force on 1 May 2012.

ESMA publishes discussion paper and launches consultation on “key aspects” of the Alternative Investment Fund Managers Directive

In a published discussion paper, ESMA provides some clarification on the interpretation of certain important aspects of the AIFM Directive and on its scope of applicability.

On 23 February 2012, the European Securities and Markets Authority (“ESMA”) published a discussion paperon “key aspects” of the Alternative Investment Fund Managers Directive (“AIFMD”). This discussion paper contains ESMA’s draft policy approach concerning the interpretation of certain key aspects of the AIFMD, namely: 

(e)    the range of functions that an Alternative Investment Fund Manager (“AIFM”) must carry out in accordance with the AIFM;
(f)    the criteria based on which national competent authorities can determine whether or not an entity falls under the scope of the definition of “Alternative Investment Fund” (“AIF”) under the AIFMD;

(g)    the interrelation between the AIFMD and the Undertakings for Collective Investment in Transferable Securities Directive, e.g. which services may entities that are authorised under one of these directives, provide under the other;
(h)    clarification concerning the treatment of authorised “investment firms” and “banks” under the AIFMD, in particular the fact that these types of entities may not be authorised under the AIFMD.

In light of the feedback received, ESMA will develop formal proposals for draft regulatory technical standards, which will be submitted to the market by mean of a consultation paper. The results of that public consultation will be used by ESMA in finalising the draft regulatory technical standards to be submitted to the European Commission for endorsement by the end of 2012.

European regulation on short selling adopted by the European Parliament

On 21 February 2012, the European Parliament has adopted a new regulation imposing certain restrictions and requirements regarding short selling activities with respect to certain listed instruments.

The new regulation on short selling and certain aspects of Credit Default Swaps (“Regulation”) will enter into force on 1 November 2012. It provides for a harmonised European framework governing short selling of certain listed instruments. Among others the Regulation:

 

(h) prohibits the use of ‘uncovered’ Credit Default Swaps (“CDs”) in sovereign debt, i.e. transactions where no underlying long position exists in the relevant sovereign bond are no longer permitted (Member States are however allowed to suspend the prohibition in their own jurisdiction in certain circumstances);
(i) imposes certain ‘certainty of settlement’-requirements in relation to uncovered short selling of shares and sovereign bonds;
(j) introduces an harmonised notification and reporting regime for shares, whereby holders of net short positions must notify these privately to the regulator when they exceed 0.2% of the issued share capital of the issuer company and must publicly disclose these (on a named basis) when they exceed 0.5%. In each case, further notification or reporting is required at each 0.1% above the initial threshold;
(k) provides national competent authorities and ESMA with additional powers to intervene in the markets in times of stress; and
(l) excludes sales under a repo agreement or futures contracts from the definition of short sales in shares and debt instruments.

 

Many provisions of the Regulation are to be further implemented by means of delegated acts and technical standards. ESMA has been requested to advise the European Commission in that regard.

Dutch legislative proposal AIFM Directive submitted to Dutch Lower House

Dutch legislative proposal AIFM Directive submitted to Dutch Lower House (19-04-2012)

On 19 April, 2012, the Dutch Minister of Finance has submitted to the Dutch Lower House the Dutch legislative proposal implementing the Alternative Investment Fund Managers Directive in Dutch law. As a result of that proposal, a very large number of currently exempted fund managers will become subject to supervision.

The Dutch legislative proposal (the “Proposal”) implementing the Alternative Investment Fund Managers Directive in the Netherlands was put before the Dutch Parliament on 19 April 2012. The Proposal introduces a licensing requirement for Netherlands-based managers of one or more “alternative investment funds” (“AIFs”), being any collective investment scheme that is not subject to authorisation under the European Directive regulating Undertakings for Collective Investment in Transferable Securities (“UCITS”).

As a result of the Proposal, nearly all existing Dutch exemptions (€100,000 exemption, “qualified investors only” exemption, less than 150 offerees exemption) will be repealed. AIF managers (or self-managed AIFs) currently relying on these exemptions will require a license. Currently licensed AIF managers and self-managed AIFs will need to obtain a new license from the Dutch Authority for the Financial Markets (“AFM”). The Proposal also introduces a large number of amendments to the current Dutch framework for (managers of) non-UCITS collective investment schemes, including:

(a) new rules on “depositaries”;

(b) changes in outsourcing rules;

(c) new (ongoing and incidental) reporting requirements; (iv) new investor disclosure requirements; (d) new governance and organisational requirements (risk management, liquidity, valuation, etc.); and (e) new remuneration rules.

Newly registered managers will need to obtain a license by 22 July 2013. Currently licensed managers will need to comply with the new rules pursuant to the Proposal by the same date and to obtain a license from the AFM by 22 July 2014.

Our FMLA Client Memo concerning the Proposal can be downloaded below.

 

Bron: 

"Client Memo FMLA AIFM"

"Dutch legislative proposal AIFM Directive"

"Explanatory statements Dutch legislative proposal AIFM Directive"