The Netherlands - Regulatory
DORA
Consultation on the implementation decree for DORA:
The Dutch Ministry of Finance held a public consultation on the implementation of the Digital Operational Resilience Act (DORA) from 21 May to 1 July 2024. This implementation decree allocates supervisory roles to the Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) and addresses enforcement. It also aligns existing ICT and cyber resilience regulations for some financial enterprises with the new DORA requirements.
DORA updates
On 27 June 2024, the AFM published its fourth DORA update, detailing key aspects related to ICT-related incidents. The update covers in-depth the management of ICT incidents, classification and registration of such incidents, and reporting of serious ICT incidents and significant cyber threats.
The AFM publishes a DORA checklist for companies
On 5 July 2024, the AFM published a DORA checklist, which can be utilised by AIFMs, among other entities, as a starting point to gain clarity on a number of issues that are still needed in terms of policies and procedures to meet the requirements of DORA. Please note that the checklist is not exhaustive.
Reminder reporting obligations for AIFM due to Russia sanctions
On 8 April 2024, the AFM reminded AIFMs to comply with their reporting obligations under European sanctions regulations (including the Russia sanctions). The Ministry of Finance has published a Q&A and reporting format for these obligations. Reports must be submitted to the AFM via meldingsanctiewet@afm.nl using Cryptshare.
Public consultation on the Act on supervisory support reporting AFM
From 21 May 20 30 June 2024, the Dutch Ministry of Finance held a public consultation on the Act on supervisory support reporting AFM (Wet toezichtondersteunende rapportage AFM). This legislative proposal aims to grant the AFM statutory authority to conduct data-driven supervision. The Act has been criticised by the Dutch Fund and Asset Management Association, among other organisations, due to the allegedly disproportional powers granted to the AFM.