Author: Selwyn Manning

Source: Government of the Netherlands

News item | 13-10-2025 | 15:49

Expo 2025 Osaka, Kansai, Japan was held under the theme “Designing Future Society for Our Lives” and brought together more than 160 countries and organizations. The Netherlands pavilion served as a global meeting place for sharing knowledge and ideas for a better future. Last month, the organizing committee, the Japan Association for the 2025 World Exposition, announced that more than 25 million people from Japan and beyond had visited the event.

Common Ground

The visitors experience of Netherlands pavilion welcomed more than 850,000 guests. Its theme, Common Ground, referred to collaboration and the long-standing trade relationship between the Netherlands and Japan. A groundbreaking AI film demonstrated why international cooperation is essential. At the end of the experience, visitors were introduced to Dutch innovations that all harness the power of nature.

Minister for Foreign Trade and Development Aukje de Vries: “At Expo 2025, we showed that economic opportunities and solutions to global challenges go hand in hand. Dutch companies prove every day that innovation pays off. Together with Japan, we will continue to strengthen our trade relationship even after the Expo.”

A Platform for Business and Collaboration

During the Expo, more than 140 events took place in and around the Netherlands pavilion, attracting a total of over 350,000 visitors. Six economic missions were organized, allowing Dutch companies and knowledge institutions to explore and strengthen new partnerships, among others in the sectors of digitalization and high tech, healthcare, agri-food, horticulture, and energy.

Circular and Future-Proof Pavilion

The Netherlands pavilion, designed by AND BV (a consortium of RAU Architects, design studio Tellart, engineering firm DGMR, and Japanese contractor Asanuma), was fully circular. The Japanese company Pasona intends to give the Dutch pavilion a second life on Awaji Island.

Source: Government of the Netherlands

News item | 12-10-2025 | 21:30

Reason for intervention under the Goods Availability Act

The Act has been invoked following recent and acute signals of serious governance shortcomings and actions within Nexperia. These signals posed a threat to the continuity and safeguarding on Dutch and European soil of crucial technological knowledge and capabilities. Losing these capabilities could pose a risk to Dutch and European economic security. Nexperia produces, among other things, chips used in the European automotive industry and in consumer electronics.

This measure is intended to mitigate that risk. On de basis of the order, company decisions may be blocked or reversed by the minister of Economic Affairs if they are (potentially) harmful to the interests of the company, to its future as a Dutch and European enterprise, and/or to the preservation of this critical value chain for Europe. The company’s regular production process can continue. 

Invoking the Goods Availability Act by the Minister is highly exceptional. Only due to the significant scale and urgency of the governance deficiencies at Nexperia has the decision been made to apply the Act. This is a measure the government uses only when absolutely necessary. The application of this Act in this case is solely intended to prevent governance shortcomings at the specific company concerned and is not directed at other companies, the sector, or other countries. Parties may lodge an objection to this decision before the courts. 

Source: European Banking Authority

The European Banking Authority (EBA) today published two Opinions in response to the European Commission’s (EC) amendments relating to the draft Regulatory Technical Standards (RTS) specifying the composition and liquidity requirements of the reserve of assets under the Markets in Crypto-Assets Regulation (MiCA). The EBA considers that the EC’s proposed substantive amendments are not consistent with the prudential framework established by MiCA.

On 28 August 2025, the EC informed the EBA of its intention to endorse, with amendments, the draft RTS specifying the highly liquid financial instruments (HLFI) with minimal market, credit and concentration risk, and the liquidity requirements of the reserve of assets under MiCA.

The EC’s amendments could be interpreted as allowing investments of issuance proceeds into non-highly liquid financial instruments (non-HLFI such, as commodities or crypto-assets), classifying all money market funds as HLFI while relaxing concentration and look-through limits, and removing undertakings for collective investment in transferable securities concentration rules. While supporting the proposed drafting clarifications, the EBA considers these substantive amendments inconsistent with Articles 36(1)(b) and 38(1) under MiCA, as they would introduce material liquidity risk, weaken alignment with the banking liquidity framework, and open scope for regulatory arbitrage.

With the publication of these two Opinions, the EBA reaffirms its close scrutiny of the implementation of the MiCA prudential framework for asset-referenced and e-money tokens, in particular regarding the liquidity, credit and concentration risks of the reserve of assets and their implications for financial stability.

Legal basis

This Opinion is based on Article 10(1) of Regulation (EU) No 1093/2010, which requires the EBA to submit its response in the form of an opinion to amendments to draft regulatory technical standards (RTS) proposed by the European Commission.

On 13 June 2024, the EBA submitted its final draft RTS to the EC and on 28 August 2025, the EC sent a letter to the EBA about its intention to endorse the RTS with amendments and submitted a modified version of the RTS. The opinion constitutes the EBA’s response to the EC. 

Source: European Banking Authority

The European Banking Authority (EBA) today published a Report on tackling money laundering and terrorist financing (ML/TF) risks in crypto-asset services, including issuance, trading, and service provision. The Report draws on lessons learnt from recent supervisory cases across the EU and highlights how competent authorities can strengthen their approaches to supervision in this fast-evolving sector.

The EBA has played a key role in strengthening the AML/CFT regulatory and supervisory framework for crypto-assets in the EU since 2018, when certain crypto-asset businesses were first brought within the EU framework. Through continuous engagement and cooperation with national supervisors, the European Supervisory Authorities (ESAs), and third-country authorities, the EBA has gathered critical insights into the operations and risks of crypto-asset businesses, both before and after the implementation of the  Markets in Crypto-Assets Regulation (MiCA). This has enabled the EBA to identify significant AML/CFT vulnerabilities across the sector and to provide targeted guidance to improve compliance and oversight.

The Report is intended to inform supervisory approaches to the authorisation and oversight of crypto-asset service providers (CASPs) and issuers and to strengthen AML/CFT frameworks. It summarises lessons learnt from actions taken by competent authorities and the EBA in identifying and managing ML/TF risks associated with crypto-asset businesses, both prior to and immediately after the implementation of the new regulatory framework. It also describes strategies used by some CASPs and issuers to sidestep national AML/CFT supervision, highlights the safeguards introduced by MiCA and the revised AML/CFT regime, and identifies key elements that will underpin the effective application of the new EU framework.

By consolidating these findings, the Report supports the effective implementation of MiCA and the enhanced AML/CFT framework, while promoting a robust and forward-looking approach to tackling financial crime risks in the sector.

Legal basis, background

Under Article 1(5) of the EBA Founding Regulation, the EBA has a general objective to ensure the integrity of financial markets and preventing the use of the financial system for the purposes of ML/TF. In the context of Article 8 (1) (1), the EBA shall do so by promoting consistent, efficient and effective application of legislative acts with regard to the prevention of the use of the financial system for the purpose of ML/TF.

For that purpose, Article 9a gives the EBA a leading, coordinating and monitoring role in promoting integrity, transparency and security in the financial system. Article 31(1) of the EBA Regulation provides for the EBA a coordination role between competent authorities where adverse developments could potentially jeopardise the orderly functioning and integrity of financial markets or the stability of the financial system in the Union. Also, Article 31(2), point (ea) of that Regulation requires the EBA to take appropriate measures to coordinate actions undertaken by relevant competent authorities with a view to facilitating the entry into the market of actors or products relying on technological innovation.

Source: European Banking Authority

Today, the European Banking Authority (EBA) published a Report that takes stock of the actions taken by all competent authorities to address the EBA’s findings and recommendations. This follows in – depth reviews carried out by the EBA of all 40 competent authorities approaches to tackling money laundering and terrorist financing (ML/TF) risks in banks in all EU/ EEA Member States over the last 6 years, issuing recommendations when necessary to improve the effectiveness of anti-money laundering and counter terrorism financing (AML/CFT) supervision.

Overall, competent authorities have made significant progress over the past six years in adopting a risk-based approach to AML/CFT supervision. Despite the challenges which, in some cases, hampered their reform efforts, most competent authorities now have dedicated AML/CFT strategies, targeted supervisory plans, and manuals that guide supervisors and ensure consistency across the sector. They are also cooperating more effectively with relevant stakeholders at both national and international level. Looking ahead, the new EU Anti-Money Laundering Authority (AMLA) will benefit from the EBA’s work that has been instrumental in making AML/CFT supervision in the EU more effective.

In relation to AML/CFT supervision, competent authorities have taken notable steps to align national strategies and practices with the EBA standards. The findings suggest that supervisory manuals have been enhanced to ensure that AML/CFT supervision becomes more consistent and effective, and that most supervisors have taken significant steps to use all supervisory tools available to them in a more strategic way. However, in several cases, work is still underway to address recommendations stemming from these reviews.

Competent authorities also made substantial efforts to strengthen coordination and information exchange with the relevant public authorities within their respective Member States, such as competent authorities with shared supervisory responsibilities, the financial intelligence unit and tax authorities. The Report also highlights significant progress in relation to establishing sound and effective communication with competent authorities in other EU jurisdictions or third countries. Nevertheless, in some Member States, further improvement is needed, for example in relation to effective cooperation mechanisms with prudential supervisors.

Legal basis, background and next steps

The EBA’s reviews of competent authorities’ approaches to tackling ML/TF risks in banks have been conducted in accordance with Articles 1, 8(1), 9a and 29(1) and (2) of the EBA Regulation, which confers on the EBA a duty to ensure effective and consistent supervisory practices, to contribute to the consistent and effective application of Union law and to contribute to preventing the use of the EU’s financial system for ML/TF purposes. To this effect, the EBA can carry out peer reviews and investigate potential breaches of Union law, and it can take other measures such as staff- led implementation reviews to assess competent authorities’ responses to specific compliance challenges.

This Report concludes the EBA’s multiannual project of reviews of competent authorities’ approaches to tackling ML/TF risk in banks. It provides AMLA with an up-to-date view of the state of AML/CFT supervision in the EU and forms a basis for indirect AML/CFT supervision that will fall to AMLA going forward.

The focus of this Report is on aspects related to AML/CFT supervision and cooperation, because the standards on risk assessment and enforcement will benefit from a higher degree of standardisation under the new EU AML/CFT framework.

This final Report as well as the four summary reports will be part of the EBA’s handover to AMLA. 

Source: Government of the Netherlands

News item | 04-07-2025 | 15:15

The government wants to raise the minimum salary that an individual must earn in order to qualify as a highly skilled migrant and gain admission to the Netherlands. In addition, the process by which companies are designated as recognised sponsors will be examined more critically. A company must be a recognised sponsor in order to make use of the highly skilled migrant scheme. The aim of these changes is to prevent improper use and abuse of the scheme.

Changes to the salary criterion

The government intends to raise the salary criterion for highly skilled migrants. It is considering increasing the threshold amount for highly skilled migrants aged under 30 years to 1.1 times the national average annual gross salary. The current minimum monthly gross salary required for this group is €4,171. The intended increase would increase the minimum monthly salary by several hundred euros.

Stricter requirements for companies

In order to apply for a residence permit for a highly skilled migrant, a company must be a recognised sponsor. The government intends to tighten the requirements that recognised sponsors must meet. These requirements concern the company’s financial health and stability, and its trustworthiness. An application can be denied if, for example, the company has been fined three or more times in the past four years for tax offences, failure to pay the statutory minimum wage and/or use of illegal labour. The government intends to make these requirements clearer, stricter and more robust. This could involve considering violations of other relevant legislation in the assessment of an application.

In addition, a company can lose its status as a recognised sponsor if it has not employed any highly skilled migrants for at least two years.

The details of these measures are currently being worked out, with specific attention being paid to practicability and the impact on the business climate and on companies.

Source: European Banking Authority

The Board of Supervisors of the European Banking Authority (EBA) has launched today an open selection procedure for the appointment of a new Chairperson.

The EBA’s Chairperson will be selected on the basis of merit, skills, knowledge of financial institutions and markets, and of experience relevant to financial supervision and regulation, following an open selection procedure. The Council of the European Union will appoint the EBA Chairperson, after confirmation by the European Parliament.

The vacancy notice for the EBA’s Chairperson has been published in all EU official languages on the EBA’s website in the Careers section.

Source: European Banking Authority

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today issued a warning  to consumers that crypto-assets can be risky and that legal protection, if any, may be limited depending on which crypto-assets they invest in. This warning is accompanied by a factsheet explaining what the new EU regulation on Markets in Crypto-Assets (MiCA) means for consumers. The ESAs recommend concrete steps consumers can take to make informed decisions before investing in crypto-assets such as checking if the provider is authorised in the EU. 

Since December 2024, the new EU Regulation on Markets in Crypto-Assets (MiCA) applies to certain types of crypto-assets and establishes a consistent supervisory regime at both national and European level for issuers and providers of crypto-assets services across the EU.

While innovative financial products, including crypto-assets, may enhance the efficiency, resilience, and competitiveness of the EU’s financial system, consumers should be mindful that not all crypto-assets are the same. They should also be warned that their consumer protection (if any) might be limited depending on the types of crypto-assets and crypto-asset services they are using (e.g. lack of access to comprehensive information or a transparent and uniform claims handling procedure).

Consumers are recommended to learn about the product or service and evaluate the risk before investing, check the provider of crypto-asset services is authorised in the EU and, make sure any wallets used to store their crypto-assets are sufficiently secured. Those steps are particularly important at a time when consumers’ interest in such products and services is on the rise, in part due to aggressive promotion on social media by finfluencers.

The Joint ESAs factsheet – also available in all EU languages – provides an overview of what crypto assets are, which ones are regulated under MiCA and which ones are not, and the providers consumers may encounter.

Note to the editors

• This warning is based on Article 9(3) of the Founding Regulations of the ESAs and follows similar publications in the past, such as the joint-ESA warning issued in February 2018, the statement of March 2021, and the joint ESAs warning published in 2022 before the MICA regulation was published.
• The term ‘crypto-asset’ refers to a digital representation of value or rights which may be transferred and stored electronically, using distributed ledger or similar technology.
• MiCA entered into force on 29 June 2023. The provisions related to issuers of e-money tokens and asset-referenced tokens became applicable on 30 June 2024 and for most crypto-asset service providers on 30 December 2024.
• Articles 109 and 110 of the MiCA Regulation empower ESMA to publish a central register of crypto-asset white papers, authorised crypto-asset service providers, and non-compliant entities by 30 December 2024. The information displayed in the register is provided to ESMA by the relevant National Competent Authorities and the EBA.
• Only firms authorised and listed on the ESMA register are allowed to provide crypto-asset services in the EU under MiCA. However, a transitional period could apply in some Member States, so some firms, that had already provided crypto-asset services in accordance with national law before 30 December 2024, may continue to operate under the national law until 1^st July 2026, or until they are granted or refused an authorisation under MiCA, whichever is sooner. This means consumers do not benefit from any MiCA protections when using services from such providers until the transitional period expires and the provider is authorised under MiCA.

Source: European Banking Authority

The European Banking Authority (EBA) published today its Work Programme outlining the key priorities and initiatives for 2026. Besides focusing on three key priorities, the EBA’s work will aim at strengthening the simplicity and efficiency of the regulatory and supervisory framework for banks and financial entities in the EU, in close cooperation with the relevant EU and non-EU stakeholders. In this respect, the EBA launched a comprehensive assessment of the framework, and decided to engage in 21 actions to enhance its efficiency. The 2026 Work Programme includes specific actions for next year for each of the four areas under review. The EBA will report on a regular basis on the implementation of all the recommendations.

The 2026 Work Programme builds around three priorities: i) developing a rulebook which contributes to an efficient, resilient and sustainable single market; ii) performing risk assessments with tools, data and methodologies which support effective analysis, supervision and oversight; iii) tackling innovation to enhance the technological capacity of all stakeholders. 2026 will mark an important milestone for the EBA, as the Authority will embark on its oversight and supervisory functions arising from new responsibilities over critical third-party providers (DORA), issuers of crypto assets (MICA), and the use of initial margin models (EMIR). On the other hand, the anti-money laundering and countering the financing of terrorism (AML/CFT) responsibilities it has exerted since 2020 will have been transferred to the newly established Anti-Money Laundering Authority (AMLA).

The EBA will continue its traditional policy development, convergence and risk analysis work but with a view to enhancing the efficiency and simplification of the EU regulatory and supervisory framework. In this respect, the EBA launched earlier this year a comprehensive review of the framework focusing on four key areas.  The review covered the production of Level 2 and Level 3 regulatory products, the reporting burden for financial institutions, the EBA’s contribution to the EU prudential regulatory framework, and internal working arrangements, and resulted in 21 recommendations. They aim to preserve the resilience of the EU financial system, enhance the benefits of the Single Market, and maintain a level playing field across the EU by ensuring appropriate proportionality adjustments and no fragmentation of the Single Rulebook.

Legal basis, background and next steps

The EBA Board of Supervisors, on the basis of a proposal by the EBA Management Board, has adopted the Work Programme on 29 September 2025 in accordance with Article 43 of the EBA Founding Regulation.

As in previous years, the Work Programme was informed by the recommendations of the EBA’s Advisory Committee on Proportionality and the input from the European Commission. Its executive summary will be made available in all official EU languages.

The proposals for a more efficient regulatory and supervisory framework in the EU were prepared by a Task Force on the Efficiency of the Regulatory and Supervisory Framework composed of Board of Supervisors’ members and EBA staff and approved by the EBA Board of Supervisors.

Source: European Banking Authority

The European Banking Authority (EBA) today launched its 2025 EU-wide Transparency Exercise with the aim to enhance transparency and market discipline in the EU financial system. This exercise complements banks’ own Pillar 3 disclosures under the EU Capital Requirements Directive (CRD) and provides market participants with consistent and comparable information on the condition of EU banks.

The 2025 exercise will disclose data of over 100 major EU banks on their capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality. The data will cover the period from the third quarter of 2024 to the second quarter of 2025. The results will be published at the beginning of December, together with the EBA’s Risk Assessment Report (RAR).

As in previous years, the exercise relies exclusively on supervisory reporting data, ensuring no additional reporting burden for banks. Alongside the dataset, the EBA will provide interactive tools that allow users to explore and compare data across time, countries, and individual banks.

Note to the editors

1. The EU-wide transparency exercise has been a cornerstone of EU banking sector supervision since 2011. It provides increasingly comprehensive data and state-of-the-art visualisation tools, aimed at enhancing transparency and reinforcing confidence in the resilience and stability of the EU financial system.
2. This initiative complements the EBA’s bi-annual stress test and leverages supervisory reporting data to offer a clear picture of banks’ capital strength, risk exposures, and asset quality. Since 2019, the exercise has included quarterly disclosures, significantly increasing the volume and granularity of data available to the public.