On 23 March 2017, the Dutch Minister of Finance published for consultation a first draft of the Decree implementing (i) the Markets in Financial Instruments Directive (recast) (2014/65/EU) (MiFID II), (ii) the Delegated Regulation supplementing MiFID II as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of the Directive and (iii) the Delegated Directive supplementing MiFID II as regards the safeguarding of financial instruments and funds, product governance obligations and inducements (Besluit implementatie richtlijn markten voor financiële instrumenten 2014, the Implementation Decree).

A large part of MiFID II will be implemented by amending the Act on the Financial Supervision (Wet op het financieel toezicht). The Implementation Decree will implement the remainder of the MiFID II provisions, primarily those regarding, among other things, knowledge and competence, the provision of information, protecting investors’ interests and remuneration. For this purpose, the Implementation Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen), the Decree on Prudential Rules for Financial Undertakings (Besluit prudentiële regels Wft), the Decree on Market Access of Financial Undertakings (Besluit Markttoegang financiële ondernemingen Wft), the Decree on Administrative Fines in the Financial Sector (Besluit bestuurlijke boetes financiële sector) and the Decree on implementation of the EU Regulations for the Financial Markets (Besluit uitvoering EU-verordeningen financiële markten).

The consultation period will end on 23 April 2017.

View the consultation website (Dutch only), 23 March 2017.

View the Implementation Decree, including explanatory notes (Dutch only), 23 March 2017.