NETHERLANDS Law and Practice Contributed by: Johannes de Jong and Juliet de Graaf, Osborne Clarke N.V.
ing, lending, guarantees and commitments. Of course, there are some exceptions to this TCB regime. For instance, it does not apply in the case of reverse solicitation – in short, when a cli - ent approaches the enterprise in the third coun - try on their own initiative. Additionally, the regime does not apply to enterprises in third countries that offer MiFID services and provide ancillary services, such as receiving deposits or granting loans for the purpose of providing those MiFID services. Furthermore, CRD6 establishes a renewed, more detailed framework for assessing the suitability of members of the management body and key function holders. This framework is currently not well harmonised. CRD6 prescribes standard information requirements for a suitability appli - cation, including a suitability questionnaire and a curriculum vitae. The EBA will issue techni - cal regulatory standards at a later stage speci - fying the information that must be provided to the competent authority. Regarding a related change, under CRD6, the chair of the supervi - sory board of an institution cannot also be the CEO of the same institution. The impact of this on Dutch banks is negligible given the existing two-tier model with a management board and a supervisory board. CRD6 must be transposed into Dutch legislation by 10 January 2026, with the TCB regime not coming into effect until 11 January 2027. New Payment Rules On 28 June 2023, the European Commission (EC) published its legislative proposals for pay - ment services, financial data access and the establishment of the digital euro. The legislative proposals consist of, inter alia:
• a third Payment Services Directive (PSD3) and a Payment Services Regulation (PSR); • a Financial Data Access Regulation (FIDA); and • a regulation on the establishment of the digi - tal euro (Digital Euro Regulation). The PSD3, PSR and FIDA proposals are part of the EC “financial data access and payments package”, which was launched by the EC to modernise the regulatory landscape in relation to the provision of payment services and sharing financial services data. The Digital Euro Regulation is part of the EC’s “single currency package” and sets out a frame - work for a possible new digital form of the euro that the ECB could choose to issue in the future, as a complement to cash. At the moment of writing this overview, the final texts of PSD3 and PSR are expected to be avail - able by the end of 2024, possibly early 2025. It is thus expected that PSD3 and PSR will come into effect in 2026. SSM Supervisory Priorities for 2024-2026 The ECB has, in close collaboration with national competent authorities, set the SSM supervisory priorities for 2024-2026. These priorities aim to strengthen supervisory efforts in delivering the medium-term strategic objectives while adjust - ing the focus to shifting challenges. Supervised institutions will be requested to strengthen their resilience to immediate macro-financial and geopolitical shocks (Priority 1), accelerate the effective remediation of shortcomings in govern - ance and the management of C&E risks (Prior - ity 2), and make further progress in their digital transformation and building robust operational resilience frameworks (Priority 3).
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