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    DNB Publishes Multiple Regulatory Updates in October 2022

    October 26, 2022

    DNB, the central bank of Netherlands, published multiple regulatory and reporting updates and is consulting, until October 14, 2022, on amendments to the Deposit Guarantee Scheme (DGS) policy for banks. DNB also published a notification on supervision of crypto-service providers, an update on the regulation of crypto markets, a report on compliance with the anti-money laundering and counter-terrorist financing rules, a discussion paper on preliminary policy vision for data mobility in the financial sector, and results of the financial stability report.

    Below are key highlights of the aforementioned publications, as part of which DNB:

    • updated the list of the additional data requests, including semi-recurring and one-off data requests, to banks from DNB and European agencies.
    • proposed amendments to the single customer view (SCV) policy rule and policy rule on the scope and execution of the DGS. The proposed amendments to the single customer view policy rule cover clarification on the process in which banks must protect foreign personal data in reports, the deposit base that DNB uses under various circumstances to determine the levies that banks are required to pay for the DGS, the removal of the marking relating to convictions for money laundering, and the guarantee that banks will report dormant accounts in the SCV-files. The proposed amendments to the policy rule on scope and execution of the DGS cover addition of an identification option for depositors of escrow accounts, details on the treatment of deposits from deceased depositors, and specifies the definition of a “working day.”
    • requires the crypto service providers to notify DNB of changes in their operational management or control structure as well as their intention to implement a change regarding the identity of the crypto service provider's policymakers or co-policymakers, the identity of those with a direct or indirect qualifying holding in the provider, and the identity of the provider's ultimate beneficial owner. DNB reminded crypto service providers that it will be stricter in monitoring the timely notification of changes and may take enforcement action for non-compliance with these requirements.
    • called on market participants to prepare for the new Markets in Crypto Assets Regulation (MiCAR), which provides uniform rules for crypto markets and is expected to take effect in 2024. DNB states that the MiCAR and the Transfer of Funds Regulation, or TFR, regulations are being finalized and expected to be published in the coming months. MiCAR for issuing stablecoins are expected to come into force 12 months after its publication and the other regulations, including the TFR requirements, after 18 months.
    • issued a discussion paper that lays out a preliminary vision on the regulation of data mobility in the context of the financial sector and aims to contribute to a constructive debate on how to foster the benefits of data mobility while preventing possible negative externalities and risks for data holders and users. The discussion paper sets out preliminary policy vision, policy priorities, and policy actions on data mobility; it also aims to start a dialog with stakeholders. The comment period for this discussion paper ends on November 11, 2022.
    • decided to maintain the countercyclical capital buffer (CCyB) at 1% from May 25, 2023.
    • published results of the financial stability report, highlighting that the financial stability risks have increased over the past six months, though Dutch financial institutions are in a healthy position with solid buffers. Banks are advised to keep their buffers above regulatory requirements as much as possible and exercise restraint in dividend payouts and share buybacks. In the stress test results, credit losses reached almost EUR 23 billion and the Dutch banks’ capital ratio decreased by an average of 2.7 percentage points in the period up to the end of 2024, but remained well above the statutory minimum requirements.
    • issued a report that covers the role of banks in preventing and combating money laundering and terrorist financing and the potential side effects of these activities, related supervisory activities, the implications of technological developments, and the need for intensive cooperation among involved parties. 

     

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    Keywords: Europe, Netherlands, Banking, Regtech, CCyB, Basel, Regulatory Capital, Reporting, Deposit Guarantee Scheme, AML CFT, Crypto Service Providers, Data Mobility, MICAR, Cryptoassets, Financial Stability Report, Stress Testing, DNB, MICA Regulation

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