On 7 June 2019, the Dutch Minister sent the Amendment Decree Financial Markets 2019 (Wijzigingsbesluit financiële markten 2019, the Amendment Decree) to the Dutch Parliament (Tweede Kamer) and the Dutch Senate (Eerste Kamer).
Among other things, the Amendment Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft) and the Decree on Market Access of Financial Undertakings (Besluit Markttoegang financiële ondernemingen Wft). The Amendment Decree is part of an annual cycle of amendments to the laws and regulations relevant for the Dutch financial markets.
The Amendment Decree, among other things, provides for:
- new rules on acceptable non-monetary benefits (niet-geldelijke provisies) for investment firms. More particularly, it provides for conditions under which an investment research trail period qualifies as non-monetary benefit;
- new rules on the product development process in relation to the manufacturing or distributing of payment accounts, savings accounts or credit;
- new rules on the Insurance Product Information Document (IPID) for non-life insurance products. As an example, it introduces the requirement for manufacturers to keep an up-to-date version of the IPID available on its website; and
- reparations of minor defects and omissions that have been made when implementing the Alternative Investment Fund Managers Directive, the Solvency II Directive, the (revised) Markets in Financial Instruments Directive and the Securitisation Regulation into Dutch law.
It is intended that the Amendment Decree will enter into force as of 1 January 2020.
View the Amendment Decree (Dutch only), 7 June 2019.