Author: Selwyn Manning

Source: Government of the Netherlands

News item | 09-12-2023 | 12:25

A carbon-free global economy requires the phase-out of fossil fuel subsidies. That’s why the Glasgow Climate Summit in 2021 agreed to phase out inefficient fossil fuel subsidies, on the back of a similar G20-decision dating back to 2009.
 
An analysis by the Dutch Government showed that in the Netherlands about half of all fossil benefits are tied up in international agreements. So if countries want to phase out these subsidies, they will have to join forces with other countries. Also, to prevent leakage of greenhouse gas emissions and economic activity to other places in the world. This is why the Netherlands established a coalition to phase out these benefits. The approach focuses on the following three pillars:

1. Transparency

The first step to reduce fossil subsidies is to gain insight. Member countries want to publish an overview of their fossil fuel subsidies before the next UN Climate Conference (COP29) in 2024. Cooperation between countries and international organizations (such as IMF, OECD, WTO, IEA, IMO and ICAO) is crucial for this. This includes developing a methodology that can be used by any country.

2. International agreements

The coalition is working together to identify and address international barriers to phasing out fossil subsidies. The Netherlands recently conducted an inventory showing that half of all subsidies stem from international agreements. Examples include the exemption from tax on heavy fuel oil in shipping and the exemption from tax on fuel consumption in international aviation. Other countries run into the same barriers and we need to address this together

3. National action

There will be an international dialogue to share knowledge, develop national strategies for phasing out fossil benefits, and seek joint action to minimize carbon leakage. This will also help maintain a level playing field between countries. This international dialogue can take place annually at COP meetings.

Minister for Climate and Energy Rob Jetten: “Fossil fuel subsidies have no place in a clean economy and must be phased out. This is why the Netherlands already started the phase-out for some 4.8 billion euros. At the same time, we see that half of all subsidies are tied up in international agreements and we must therefore cooperate with other countries. Therefore, I’m happy and proud to launch an international coalition to reduce fossil fuel subsidies together. We do this by creating transparency, addressing international agreements and working together on national phase-outs.”

Source: European Banking Authority

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) launched today a public consultation on the second batch of policy mandates under the Digital Operational Resilience Act (DORA). Today’s package includes four draft regulatory technical standards (RTS), one set of draft implementing technical standards (ITS) and two sets of guidelines (GL). These policy instruments aim to ensure a consistent and harmonised legal framework in the areas of major ICT-related incident reporting, digital operational resilience testing, ICT third-party risk management and oversight over critical ICT third-party providers. The consultation runs until 4 March 2024.

Through DORA the ESAs are mandated to jointly develop a total of 13 policy instruments, presented in two batches. This second batch comprises the following:

• RTS and ITS on content, timelines and templates on incident reporting
• GL on aggregated costs and losses from major incidents
• RTS on subcontracting of critical or important functions
• RTS on oversight harmonisation
• GL on oversight cooperation between ESAs and competent authorities
• RTS on threat-led penetration testing (TLPT)

Further information on the draft policy products can be found in the introductory note.

Consultation process

Comments on this consultation can be sent to the ESAs via the consultation pages:

 Please note that the deadline for the submission for comments is 4 March 2024. All contributions received will be published following the end of the consultation, unless requested otherwise.

Public hearing

A public hearing will be organised in the form of a webinar on 23 January 2024 from 09:00 to 18:00 CET. The ESAs invite interested stakeholders to register using the Registration form by 16:00 CET on 19 January 2023. ​The dial-in details will be communicated to the registered participants in due time. 

Legal basis, background and next steps

DORA, which entered into force on 16 January 2023 and will apply from 17 January 2025, aims to enhance the digital operational resilience of entities across the EU financial sector and to further harmonise key digital operational resilience requirements for all EU financial entities.

The ESAs expect to submit the draft technical standards to the European Commission and issue the guidelines by 17 July 2024. 

Source: European Banking Authority

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today launched a second consultation related to the joint Guidelines on the system for the exchange of information relevant to fit and proper assessments. The consultation covers amendments extending the scope of the joint Guidelines to legal persons, thus ensuring the complete coverage of data subjects. These Guidelines aim to increase the efficiency of the information exchange between sectoral supervisors by harmonising practices and covering both natural and legal persons. The consultation runs until 15 January 2024.

Consultation process

ESAs invite comments only on the inclusion of legal persons in the scope of the Guidelines and the information to be exchanged in relation to them. Other comments will not be taken into account as they are in the scope of the first consultation that is now closed. 

Comments to this second consultation can be sent by clicking on the “send your comments” button on the EBA’s consultation page.

The deadline for submission of comments is 15 January 2024.

All contributions received will be published following the end of the consultation, unless requested otherwise.

Legal basis and next steps

The draft joint Guidelines have been developed in accordance with Article 31(a) of ESAs Founding Regulations, which mandates the ESAs to jointly establish a system for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions by competent authorities in accordance with the legislative acts referred to in Articles 1(2) of the ESAs Founding Regulations.

Source: European Banking Authority

The European Banking Authority (EBA) today published a Consultation Paper on draft regulatory technical standards (RTS) specifying the requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens (ARTs) under the Markets in Crypto-Assets Regulation (MiCAR). These draft RTS aim at strengthening the management of conflicts of interest by issuers of ARTs and ensure convergence of requirements across the European Union.

Issuers of ARTs shall implement and maintain effective policies and procedures to identify, prevent, manage and disclose conflicts of interest.

The conflicts of interest policies and procedures should ensure that issuers of ARTs consider all the circumstances which may or may be perceived to influence or affect their ability or the ability of their connected parties to take impartial and objective decisions.

Against this backdrop, the draft RTS require issuers to pay particular attention to conflicts of interest that could arise in relation to the reserve of assets. Furthermore, they encompass specific provisions related to personal transactions and also specify that the remuneration procedures, policies and arrangements of the issuer should not create conflicts of interest.

The draft RTS underline the key role of the issuers’ management bodies, who are responsible to define and adopt the conflicts of interest policies and procedures. Finally, they set out the content of the disclosure which the issuers of ARTs should make available to the public in the relevant languages on their websites.

This publication is part of the third batch of MiCAR policy products.

Consultation process

Comments to the consultation paper can be sent by clicking on the “send your comments” button on the EBA’s consultation page. The deadline for the submission of comments is 7 March 2024. 

The EBA will hold a virtual public hearing on the consultation paper on 11 January from 9.30 to 13.00 CET. The EBA invites interested stakeholders to register using this link by 9 January 2024 at 16:00 CET. The dial-in details will be communicated to those who have registered for the meeting.

All contributions received will be published following the end of the consultation, unless requested otherwise. 

Legal basis and background

Article 32(1) of Regulation (EU) 2023/1114 on Markets in Crypto-assets requires issuers of ARTs to implement and maintain effective policies and procedures to identify, prevent, manage and disclose conflicts of interest.

The EBA has developed these draft RTS in accordance Article 32(5) of Regulation (EU) 2023/1114 which mandates the Authority to specify the requirements for the conflicts of interest policies and procedures for issuers of asset-referenced tokens as well as the details and methodology for the content of the disclosure.

The conflicts of interest concerned are the ones that could arise between the issuers of ARTs and a defined list of connected parties as well as between the issuers of ARTs and the holders of ARTs.

The mandate has been elaborated in close cooperation with the European Securities and Markets Authority (ESMA), who is mandated to develop a similar RTS for crypto-asset service providers (CASPs) under Article 72(5) of that Regulation. The present draft RTS on CoI for issuers of ARTs is closely aligned with the RTS on CoI for CASPs to provide for convergence of the requirements. Some differences nevertheless exist, which are justified by the different activities involved.

When developing these RTS, the EBA has taken into account the framework on CoI in other Union legislative acts on financial services, including Directive 2014/65/EU (MIFID) and Directive 2013/36/EU (CRD). The EBA has also drawn on the provisions of the EBA’s Guidelines on internal governance under the IFD (Directive 2019/2034) and the Guidelines on outsourcing arrangements.

Source: Government of the Netherlands

News item | 05-12-2023 | 17:31

The minister visited Ukraine on Monday and Tuesday, meeting in Kyiv on Tuesday with foreign minister Dmytro Kuleba and President Zelenskyy. Ms Bruins Slot spoke to them about the importance of continued support for Ukraine in resisting Russian aggression. ‘This is going to be a lengthy conflict, so together with the EU and NATO we need to continue doing all we can to support Ukraine in defending itself against Russia. If we let our efforts flag now, we’ll be giving Putin exactly what he wants,’ the minister said.

In her talks the minister also emphasised that war crimes against the Ukrainian people must not go unpunished. ‘Evidence of the atrocities committed during this conflict is visible in many places in Ukraine,’ she said. ‘For example in Bucha, where the mass grave at St Andrews Church painfully reminds for the horrific crimes committed here against innocent civilians. The Ukrainian people deserve our support in bringing those responsible to justice. The Netherlands will continue working to help make that possible.’

Dutch financial support for justice

The €17 million contribution consists of two parts: a total of €9 million will be made available for the project ‘Restoring Dignity and Justice in Ukraine’, which is aimed at supporting Ukraine’s justice system with knowledge, practical expertise and capacity, specifically in the field of international criminal law. This project focuses on areas such as combating impunity for sexual and gender-based violence, strengthening Ukraine’s capacity to prosecute these kinds of crimes, and enhancing Ukraine’s capacity to investigate and prosecute international crimes committed against children. Ms Bruins Slot announced the contribution during her meeting with Ukrainian Prosecutor General Andriy Kostin. 

In addition, the Netherlands is also supporting the European Union Advisory Mission (EUAM Ukraine) with a contribution of €8 million. The minister announced the amount during her visit to the mission in Kyiv. This money will be used to strengthen Ukraine’s public prosecution service and its police force in areas of the country that have been liberated. The mission will also use the money for advisory services in the field of investigation and prosecution. 

Visits to Bucha, Myrotske

On Monday, the foreign minister visited Bucha and Myrotske. The name Bucha hit the headlines after its lengthy occupation by the Russian army. After the army’s withdrawal, the atrocities committed in Bucha came to light, and images of the aftermath were beamed around the world. In Bucha, Ms Bruins Slot visited the mass grave at St Andrew’s Church. In Myrotske she visited a demining project. The minister also visited an artillery training centre.

Dialogue Group on Accountability for Ukraine

On Tuesday, minister Bruins Slot met with the Ukrainian ombudsman, Dmytro Lubinets, about the abduction of Ukrainian children by Russia and how the Netherlands can help reunite these children with their families, for example through the use of rapid DNA test kits.

On that same day, the minister also officially opened the Secretariat of the Dialogue Group on Accountability for Ukraine, which is based in the office of the Prosecutor General in Kyiv. The Group was set up at the initiative of the Netherlands in March this year. It serves as a platform for countries, international organisations and civil society actors to ensure that the many national and international justice initiatives for Ukraine are properly aligned.

Source: Government of the Netherlands

News item | 04-12-2023 | 18:53

Minister Van Leeuwen

Geoffrey van Leeuwen assumes responsibility today for the foreign trade and development cooperation portfolios.

Minister van Leeuwen: ‘I’m thrilled to be able to carry on Liesje Schreinemacher’s important work. I can continue the course that the government has already set out: doing what we do best. It goes without saying that the war in Ukraine and the humanitarian situation in Gaza demand our full attention, so I’m getting down to work straight away.’

Source: European Banking Authority

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) are today publishing their Final Report amending the draft Regulatory Technical Standards (RTS) to the Delegated Regulation supplementing the Sustainable Finance Disclosure Regulation (SFDR). The ESAs propose adding new social indicators and streamlining the framework for the disclosure of principal adverse impacts of investment decisions on the environment and society.

The ESAs also suggest new product disclosures regarding “greenhouse gas emissions reduction” targets.

Additionally, the ESAs propose further technical revisions to the SFDR Delegated Regulation:

• Improvements to the disclosures on how sustainable investments “Do No Significant Harm” (DNSH) to the environment and society;
• Simplification of the pre-contractual and periodic disclosure templates for financial products; and
• Other technical adjustments concerning, among others, the treatment of derivatives, the calculation of sustainable investments, and provisions for financial products with underlying investment options.

Next steps

The European Commission will study the draft RTS and decide whether to endorse them within three months of today’s publication by the ESAs. These draft RTS would be applied independently of the comprehensive assessment of SFDR announced by the European Commission in September 2023 and before changes resulting from that assessment would be introduced.

Background

The Joint Committee of the ESAs received a mandate from the European Commission on 28 April 2022 to review and revise the RTS laid down in the SFDR Delegated Regulation with a deadline of 12 months within which to deliver amended RTS. The ESAs notified the Commission of an extension to this deadline to allow time to carry out a more thorough review and allow adequate time for public consultation and consumer testing.

Source: Government of the Netherlands

News item | 30-11-2023 | 10:01

Robbert Dijkgraaf, the Minister of Education, Culture and Science, will take on Ms Uslu’s responsibilities until a new state secretary is appointed. A state secretary who is a member of D66 will be sought for the period until the formation of a new government.

Source: Government of the Netherlands

News item | 01-12-2023 | 12:25

The importance of human rights

Human rights are for everyone – or at least, they should be. Everyone wants to be accepted. To be safe on the street, and be able to go to work or school. But there are places where this is not necessarily the case. This is why the Ministry of Foreign Affairs works for human rights worldwide. The efforts of human rights defenders play a crucial role in this work.

What is the Human Rights Tulip?

The Human Rights Tulip is a prize that the Dutch government awards each year to a human rights defender or human rights organisation to support their work: explaining, protecting and enhancing respect for global human rights. Since 2008, the Ministry of Foreign Affairs has presented the prize each year in December, around International Human Rights Day. The winner receives a bronze tulip and €100,000, which helps them continue and expand their human rights efforts so as to reach even more people and places.

Human Rights Tulip 2023: the candidates

An independent jury has now selected the top three candidates from the shortlist of ten according to, among other things, the impact of their work on society and their courage in striving to promote human rights despite threats and attacks. The three remaining candidates in the running for the Human Rights Tulip 2023 are: 

Claudelice dos Santos

Hülya Gülbahar

Julienne Baseke

The jury

The members of this year’s jury are: Marie Ricardo (director of the LGBTI rights organisation COC Netherlands), Wilco de Jonge (director of the Netherlands Institute for Human Rights), Maral Khajeh (programme coordinator at Justice & Peace), Fenna Timsi (UN youth representative for human rights and security) and Rick Lawson (professor of European law specialising in human rights, Leiden University).

Source: European Banking Authority

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published an interactive factsheet that answers consumers’ most frequently asked questions about sustainable finance. The factsheet provides tips to consumers considering buying financial products with sustainability features, including loans, investments, insurances and pensions.

The factsheet provides answers to frequently asked questions and steps consumers can take to understand how their financial choices could contribute to a more sustainable future.

In addition, the factsheet provides four tips consumers should take into account before choosing financial products with sustainability features. Consumers are encouraged to:

1. decide how important sustainability is for them and what financial goals they want to achieve before they choose a product;
2. pay attention to the conditions and the sustainability features, to avoid being misled by ‘greenwashing’;
3. keep in mind that financial products with sustainability features are not risk-free;
4. for investments and life insurance policies, take their time before deciding and, if need be, seek further clarification from the firm or person that can advise them on and sell them such products.

Financial jargon can at times be intimidating and prevent consumers from understanding crucial financial concepts such ‘ESG’ or ‘EU taxonomy’. To overcome this barrier, the factsheet has helpful pop-up boxes that explain specific terms in a simple and easy-to-understand way.

The factsheet has been translated in all EU languages, and the ESAs are working with national supervisory authorities to help promote it across the EU.

Background and legal basis

The three ESAs developed the interactive factsheet in fulfilment of their mandate in Article 9(1)(b) of their respective Founding Regulations, which requires the authorities “to take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market, including by reviewing and coordinating financial literacy and education initiatives by the competent authorities”.