On 26 February 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a number of recommendations for marketing material (reclame-uitingen) with respect to investment products (beleggingsproducten). These recommendations have been based on the results of an investigation into the effects of marketing material on investors. For the purpose of this investigation, the AFM presented fictional marketing material relating to investment products to over a 1.000 consumers.

The AFM’s recommendations are aimed at the providers of investment products and include, among other things, that:

  • the advertisement should provide a balanced view of the opportunities of and risks associated with an investment product. The prospectus of the investment product can be used as a baseline;
  • clear language should be used; explicitly pointing out risks will prevent that investors may be misled; and
  • the role of the AFM should be made clear. In marketing material the AFM-approved prospectus is often presented as a quality mark, while the AFM only verifies the intelligibility, consistency and completeness of the information included the prospectus. The AFM does not pre-approve marketing material.

View the AFM’s news item (Dutch Only), 26 February 2016.

View the AFM’s policy rule on the provision of information (Dutch only), September 2013.