On 25 July 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of a consumer survey it held with respect to the regulations that are applicable to crowdfunding platforms (the Evaluation Report). The Evaluation Report describes the most important findings from two consumer surveys the AFM conducted in … Continue Reading
On 5 July 2017, the Dutch Minister of Finance (the Minister) published for consultation a draft legislative proposal for the Financial Supervision Funding Act 2019 (Wet bekostiging financieel toezicht 2019) (the Proposed Act). The Proposed Act is a revised version of the existing Financial Supervision Funding Act (Wet bekostiging financieel toezicht) (the Existing Act) and … Continue Reading
On 16 June 2017, the Dutch Minister of Finance published a joint reaction from the Netherlands Authority for Consumers and Markets (Autoriteit Consument en Markt), the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), the Dutch Central Bank (De Nederlandsche Bank) and the Ministry of Finance, on the consultation paper ‘Fintech: a more competitive … Continue Reading
On 13 June 2017, the Dutch Minister of Finance published for consultation a draft Decree amending the Exemption Regulation to the Act on the Financial Supervision (Vrijstellingsregeling Wft, the Exemption Regulation) (the Decree). Currently, no prospectus needs to be approved by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and made … Continue Reading
On 6 June 2017, the Dutch Senate (Eerste Kamer) approved the draft Act implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Wet implementatie verordening essentiële-informatiedocumenten, the Implementation Act). The rules set out in the PRIIPs Regulation have direct effect and do not need to be transposed in national legislation. However, to grant … Continue Reading
On 17 May 2017, the Dutch Minister of Finance published the Amendment Decree Financial Markets 2017 (Wijzigingsbesluit financiële markten 2017, the Amendment Decree) in the Bulletin of Acts and Decrees (Staatsblad). The Amendment Decree is part of an annual cycle of amendments to the laws and regulations relevant to the Dutch financial sector. The Amendment … Continue Reading
On 2 May 2017, the Dutch Minister of Finance published for consultation the Act implementing the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation) (Wet uitvoering verordening financiële benchmarks) (the Implementation Act). The Implementation Act will amend, among other things, the … Continue Reading
On 2 May 2017, the Dutch Minister of Finance published for consultation the Decree implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Besluit implementatie verordening essentiële-informatiedocumenten) (the Implementation Decree). The Implementation Decree will amend, among other things, the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft, … Continue Reading
On 11 April 2017, the Dutch Minister of Finance published for consultation a draft legislative proposal of the Act identifying holders of bearers shares (Wet identificatie houders van aandelen aan toonder) (the Proposed Act). The Proposed Act introduces new rules that will make it possible to identify holders of bearer shares. Once the Proposed Act … Continue Reading
On 20 February 2017, the Dutch Minister of Finance (the Minister) published for consultation amendments to the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft, the Decree). The amendments to the Decree will give the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) the authority to … Continue Reading
On 25 January 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published two new licence application forms. The new forms are published in respect of the licence application requirements pursuant to MiFID II. The first form is the licence application form that can be used by investment firms which require … Continue Reading
On 23 December 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its feedback statement with respect to the segregation of client assets. In addition, it published the feedback it received. The relevant amended rules as laid down in the Further Regulation on Conduct of Business Supervision of Financial Undertakings … Continue Reading
On 23 December 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal implementing the Insurance Distribution Directive (IDD) (the Proposed Act). The Proposed Act will be implemented in, among others, the Act on the Financial Supervision (Wet op het financieel toezicht). The IDD aims to: (i) create a level playing field … Continue Reading
On 21 December 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document setting out the level of investment knowledge that DNB expects from (prospective) pension fund directors (the Guidance Document). Directors (and certain other (co-)policymakers) of, among others, pension funds, banks and insurers need to be screened for integrity (betrouwbaarheid) and … Continue Reading
On 21 December 2016, the Dutch Minister of Finance (the Minister) published a letter in which he informs the Dutch Parliament on developments around innovative initiatives undertaken by the Dutch government and financial supervisory authorities in the Dutch financial sector to achieve a more accessible regulatory regime for innovative financial services (the Letter). These initiatives … Continue Reading
On 20 December 2016, the Dutch Minister of Finance (the Minister) published the Repair Act Financial Markets 2017 (Herstelwet financiële markten 2017) (the Repair Act). The Repair Act provides for reparations of defects and omissions that have been made while implementing European legislation into Dutch law. The Repair Act provides for amendments, that are necessary … Continue Reading
On 7 December 2016, the Parliamentary Committee of Finance (the Committee) published its report on the Act implementing the Markets in Financial Instruments Directive (recast) (MiFID II) (Wet implementatie richtlijn markten voor financiële instrumenten 2014, the Legislative Proposal). The report sets out a significant number of questions with respect to the Legislative Proposal, which need … Continue Reading
