On 14 October 2025, the Dutch Ministry of Finance submitted a revised draft of the Implementation Act Capital Requirements 2026 (Implementatiewet kapitaalvereisten 2026, the CRD VI Implementation Act) to the Council of State (Raad van State). This latest version introduces a key addition not included in the consultation draft (which was published in April 2025): the implementation of Article 21c(5) CRD VI on existing contracts of third-country firms.
In the explanatory memorandum, the legislator confirms that the Netherlands will apply a phasing-out regime rather than a grandfathering regime. Under this approach:
- contracts entered into before 11 July 2026 may continue;
- amendments, renewals or extensions of those contracts will, in principle, trigger the requirement to establish a branch and apply for authorisation; and
- novation, term changes and netting are expressly excluded from the permitted scope.
This means that the continuity of pre-existing contractual relationships is in principle preserved only in their original form.
Article 21c CRD VI introduces new limitations on the provision of banking and investment services in the EU by third-country firms on a cross-border basis. The clarification on contract treatment is of particular relevance to firms currently operating into the Netherlands without a local branch, including those relying on reverse solicitation.
The draft Act is now before the Council of State for advisory opinion. Following this stage, it will proceed to parliamentary consideration. The implementation deadline at EU level for CRD VI remains July 2026.
Further legislative guidance may be published during the parliamentary process regarding contract management and supervisory expectations under the phasing-out regime.