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 (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation) are published in the Government Gazette (Staatscourant).
Pursuant to the amendments of the asset segregation rules:
- Investment firms (beleggingsondernemingen) may safe keep and administer financial instruments in accordance with the rules of the Securities Giro Act (Wet giraal effectenverkeer), however a special purpose vehicle, such as a depository (bewaarinstelling/beleggersgiro), may also still be used.
- Investment firms that safe keep and administer financial instruments in accordance with the Wge, may hold non-refundable funds (opvorderbare gelden) with a depository.
- Some conditions related to the safekeeping by a depository have been deleted or amended. For instance, the conditions a depository has to comply with.
The amendments will enter into force on 1 February 2017.
View the AFM’s new items (Dutch only), 23 December 2016.
These amendments are the result of two rounds of consultation which took place in February and July 2016 as discussed in our previous posts.
