Projective Group’s Risk & Compliance specialists closely monitor financial law and regulation developments. Using our compliance software, Ruler, we keep track of all current affairs. We then determine the impact of the changes and translate the developments into our clients’ daily practice.
Quelles sont les évolutions dont votre organisation doit tenir compte ? Dans nos mises à jour réglementaires trimestrielles, nous donnons un aperçu structuré des changements réglementaires et de leur impact sur les institutions financières. Dans cet article, nous mettons l'accent sur un certain nombre de développements.
In this video, expert Danielle personally guides you through the key highlights of the latest regulatory developments. This video is currently only available in Dutch.
Rétrospective
Quelles sont les lois et réglementations récemment entrées en vigueur ?
From 1 January 2025, new EBA guidelines on the group capital test apply. These guidelines explain how supervisors should deal with the rules of the Investment Firms Regulation (Regulation (EU) 2019/2033 on investment firms, abbreviated IFR). They specify how investment firm groups can obtain permission to apply the group capital test. They also describe how these groups may, in some cases, hold less own funds than required under Article 8(3) of the IFR.
On 1 January 2025, the 2025 Amendments to Mortgage Credit Regulation came into force. Each year, the Minister of Finance adjusts the rules for granting mortgages. The main adjustments for 2025 are:
Single individuals with an income of more than €28,000 may borrow an additional €17,000.
Current income may be considered, if it is stable and there has been at least 12 months of income in the past three years.
For people nearing retirement, the official retirement age applies.
New calculation rules for student loans.
On 17 January 2025, the Digital Operational Resilience Act (DORA) came into force. Financial institutions must from then on be better protected against ICT risks, such as cyber-attacks. DORA obliges banks, insurers, and asset managers, among others, to robustly protect their digital systems and to identify and manage ICT risks.
The following developments are explained in this article:
1. Regulation for a framework for access to financial data (FIDA)
On 28 June 2023, the European Commission published a proposal for a framework for access to financial data (Financial Data Access Framework or abbreviated 'FIDA'). This regulation proposal was published simultaneously with the review of the PSD2 Directive (PSD3) and the new Payment Services Regulation (PSR), but has a broader application than just payment services. It is part of broader EU data legislation, and focuses on access to and sharing of financial data, in a secure and controlled manner.
The main obligations of the FIDA proposal relate to:
Consumers gaining more control over their financial data.
They may determine who can view or use their data.
Financial institutions must share data at the customer's request
Think of banks, insurers, or pension funds that must release data to other parties if the customer wishes.
Data recipients (such as fintechs) must comply with strict rules
For example, on appropriate levels of security for the storage and processing of data, consent, and transparency.
A European infrastructure for secure data sharing will be created
To enable parties to exchange data easily and securely.
Negotiations on the proposal began in March 2025. After approval, FIDA is expected to come into force 24 months later, with the first implementation phase planned for 2027.
2. Financial Markets Amendment Act 2026
From 19 December 2024 until 13 February 2025, the Financial Markets Amendment Act 2026 was consulted by the Ministry of Finance. The proposal is part of an annual cycle and contains several minor changes and improvements in financial markets legislation.
The proposal contains two major changes:
Insurers from third countries A ban will be introduced for insurers from non-EU countries providing services to other EU member states from a Dutch branch. This corrects a previous omission in legislation and aligns with the existing ban on cross-border services without an EU licence.
Mandatory transparency for trust offices Trust offices will be obliged to annually publish information on their websites about the nature and origin of their clients. In addition, they must exchange information with other offices if a potential client has previously been refused due to increased integrity risks.
Furthermore, there will be more room for insurance intermediaries without a licence to collaborate with authorised agents, subject to certain conditions. Stricter rules are proposed for financial service providers regarding outsourcing. This includes a notification obligation to the Authority for the Financial Markets (AFM) for certain outsourcings.
New rules are also proposed for the use of model-based valuations for mortgages. If errors are found in computerised valuations, previously issued values may be declared invalid.
The consultation has now closed. It is expected that the Amendment Act will be published later this year and will enter into force on 1 January 2026.
3. Financial Markets Amendment Decree 2026
The Financial Markets Amendment Decree 2026 has also now been consulted by the Minister of Finance. The Amendment Act, as outlined above, sets out the main changes in legislation. The Amendment Decree provides a further elaboration of these standards.
This includes:
The stricter outsourcing rules for financial service providers Financial service providers must maintain a register of outsourced activities, conclude written agreements with service providers, and be able to supervise the outsourced tasks. These measures aim to improve control and transparency in outsourcing.
Adjustment of the rules for model-based valuation for mortgages. In determining the property value for mortgages:
The WOZ value may no longer be used as a basis.
A model-based valuation must be approved by an independent surveyor.
The maximum loan amount will depend on the accuracy of the model used.
The model used must be reviewed annually by an accountant.
The consultation ran until 7 March 2025. It is expected that the Financial Markets Amendment Decree 2026, like the Amendment Act, will come into force on 1 January 2026.
4. DNB Guide for the Management of Climate and Environmental Risks
DNB plans to revise the Guide for the Management of Climate and Environmental Risks, originally from 2023. To this end, DNB held a consultation from 11 February to 26 March 2025. This guide provides tools for integrating climate and environmental risks into the core processes of financial institutions.
The DNB Guide for the Management of Climate and Environmental Risks applies to insurers, pension funds, investment firms and funds, and electronic money and payment institutions. For banks, the ECB guide on climate-related and environmental risks applies.
The main proposed changes are:
Institutions must explicitly integrate climate and environmental risks into their business models and strategic decision-making.
Senior management must be responsible for these risks and possess sufficient knowledge about them.
Climate and environmental risks must be integrated into the existing risk management cycle, including identification, assessment, mitigation, monitoring, and evaluation.
Institutions must report clearly on the scale of these risks and their mitigation efforts.
DNB expects institutions to apply these requirements proportionally: larger or riskier institutions must do more than smaller ones.
DNB has indicated that it will publish the revised Guide on its website in the second quarter of 2025, including a feedback statement.
Looking ahead
Which upcoming legislation and regulations should you take into account?
In our next Regulatory Update article, we will discuss the following developments in more detail:
European legal framework for stock exchange listings (Listing Act)
Changes in research rules under MiFID II (following from the Listing Act)
Revision of the AIFMD and amendment of the UCITS Directive
We hope this article has given you an idea of recent developments. Would you like to make sure you haven't missed anything? You can request a tailor-made Regulatory Update (available in Dutch and English). You will receive a comprehensive quarterly report including updates, legislative changes, regulatory publications and consultations. This report is fully tailored to your organisation and activities. The relevant developments are explained by our experienced consultants and there is also the opportunity to ask questions, for example about ambiguities in legislation.
With our Regulatory Update, you are timely informed of upcoming legislative changes and will not be caught off guard.
Our specialists will discuss the potential impact on your organisation with you and think along about possible next steps and practical implementation. They can also assist with a plan of action for adjusting policies and procedures, ensuring you remain in control at all times. For more information, feel free to contact us.
