On 20 July 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a supervisory regulation clarifying the application of the Investment Firm Regulation (IFR) to managers of alternative investment funds (AIFs) and undertakings for the collective investment in transferable securities (UCITS) (Managers) for public consultation (the Supervisory Regulation). The Supervisory Regulation is being published in preparation for the entry into force of the Act implementing the Investment Firm Directive (Implementatiewet richtlijn prudentieel toezicht beleggingsondernemingen).

The Supervisory Regulation provides that the technical standards and guidelines set by the European Banking Authority should be applied by Managers with regard to the sections of the IFR and Investment Firm Directive (IFD) which have been declared applicable to Managers. The current version of the Supervisory Regulation only contains provisions relating to the application of the IFR by Managers, but DNB will at a future date extend the Supervisory Regulation with a further specification of some options/discretions offered under IFR and IFD relating to investment firms.‎

The public consultation ends on 30 August 2021.