On 24 October 2016, the Dutch Minister of Finance (the Minister) sent the legislative proposal for the Act implementing the Markets in Financial Instruments Directive (recast) (MiFID II) (Wet implementatie richtlijn markten voor financiële instrumenten 2014, the Legislative Proposal) to the Dutch Parliament. The Legislative Proposal implements the rules set out in MiFID II including those relating to:
- algorithmic trading;
- the provision of investment services to Dutch clients by third country investment firms;
- the provision of direct electronic access (DEA);
- the possibility for the Dutch regulator to impose a ban on investment services or products; and
- positions which a person can hold in commodity derivatives and economically equivalent OTC contracts.
MiFID II will be implemented through amending the Act on the Financial Supervision (Wet op het financieel toezicht) and the legislation based thereon, including, but not limited to, 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).
View the Legislative Proposal (Dutch only), 24 October 2016.