Exclusive to members - In our political update, Pepijn, public affairs NL, and Marlon, public affairs EU, outline the latest developments in The Hague and Brussels.
Brussels
Meanwhile, legislative proposals from the European Commission in the financial sector are raining down. On Nov. 20, the Commission published the long-awaited SFDR revision at the same time as the supplementary pension package.
The SFDR revision looks primarily at simplifying the current framework, with clearer product categories that should be easier for investors to understand. The exciting part will now be the political phase: once the proposals are before the Council and the European Parliament, it will have to be seen whether the balance between simplicity, data quality and ambition remains intact. The Omnibus I dossier shows how capricious the force field can be. Parliament has firmly broken open the original scope there. The trilogues therefore mainly revolve around the question to what extent the scope of the Commission’s proposal can be maintained.
The pension package includes a revision of both IORP II and PEPP and also includes recommendations to member states for improving pension tracking systems. These proposals also now enter the Council and EP phases. For the Netherlands, it will be especially important that the changes to IORP II do not affect the national pension system, and the recent reforms.
Then in early December comes the big package around "market integration. Especially relevant for our sector are the proposals around supervisory convergence and optimization of the passporting regime. A previously leaked version shows that ESMA‘s mandate for the asset management sector will not be further extended, but that parts of the AIFMD will be transformed into a regulation. This could lead to a more uniform application of rules across the EU.
In addition, negotiations on FIDA and the Retail Investment Strategy are continuing steadily. Under the Danish presidency, the aim is to reach political agreement on key elements of the RIS before the end of the year, although time is running out. FIDA remains a big question mark for now, both technically and politically, especially because of concerns around data sharing, governance and proportionality. It is likely the Cypriots will pursue it starting in January.
In short: the Brussels mill is running at full speed. The coming months will be indicative of the further elaboration and ambition of the European Commission’s major savings and investment package.
The Hague
After the election results, D66 appointed NS director Wouter Koolmees as a scout. In his final report, he recommended that D66 and CDA be given responsibility for a next step. The composition of a next coalition is not yet clear. VVD continues to rule out GL-PvdA, and D66 does not want to partner with JA21.
Following the final report, D66 and CDA are consulting on a substantive agenda. This under the guidance of two formators, Sybrand Buma (CDA) and Hans Wijers (D66). The latter left when his position as formateur was no longer tenable. Despite the quick resignation, consultations between D66 and CDA continue. For example, on Nov. 25 they discussed the economy with various experts and agencies (including the CPB). DUFAS will send another letter to the formateur about the role and importance of the asset management sector in the Netherlands. We also worked together with VNO-NCW, among others, on an opportunity map in which we formulated advice for a new cabinet.
Once the various consultations are completed, the two parties hope to have jointly put together a substantive agenda on which they can enter into discussions with possible coalition partners (with VVD and GL-PvdA preferred). If negotiations between different parties are successful, this could lead to a coalition agreement. If it comes to that, an informateur will be appointed, usually the intended prime minister, and talks on ministerial posts will follow. But we have not reached this stage yet.
Apart from the formation, there are still a few things going on in The Hague. Last week, for example, the Tax Plan 2026 was debated in the House of Representatives. Today (Thursday, November 27) the plan and amendments will be voted on. One amendment that we would like to highlight briefly is from member Van Eijk (VVD) on extension of the transitional FGR right to entities incorporated on or after January 1, 2025. DUFAS has joined forces with other parties around the FGR transitional law and is therefore positive about the amendment. Unfortunately, the government has advised against the amendment, so there is a real chance that it will not be adopted.
Finally, on Friday, Nov. 7, two State Department fiches appeared on recommendations from the European Commission. One recommendation focuses on facilitating Swedish-style investment accounts to make investing more accessible to consumers. The other recommendation/notification addresses financial literacy. Here, the European Commission presents four pillars on the basis of which financial literacy of citizens can be improved. The government endorses the importance of both recommendations, but as far as DUFAS is concerned, it can take further action. We will therefore provide input for written questions that will soon be asked.
