On 27 July 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal for the Amendment Act Financial Markets 2018 (Wijzigingswet financiële markten 2018, the Amendment Act). It is intended that the Amendment Act will amend, among other things, the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS).
The Amendment Act is part of an annual cycle of amendments to the laws and regulations relevant to the Dutch financial markets. The Amendment Act provides for, among other things:
- a requirement to obtain the prior approval from the Dutch Central Bank (De Nederlandsche Bank, DNB) if a party wishes to issue a so-called ‘403-declaration’ for the benefit of a financial undertaking which is subject to DNB’s supervision;
- amendments to the exemptions to the Dutch bonus cap; and
- the consideration period for DNB in relation to an application for a banking licence will be extended from 13 to 26 weeks.
The Amendment Act is open for consultation until 8 September 2016.
View the Amendment Act (Dutch only), 27 July 2016.
View the Explanatory Memorandum to the Amendment Act (Dutch only), 27 July 2016.