On 6 June 2017, the Dutch Senate (Eerste Kamer) approved the draft Act implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Wet implementatie verordening essentiële-informatiedocumenten, the Implementation Act).

The rules set out in the PRIIPs Regulation have direct effect and do not need to be transposed in national legislation. However, to grant the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) the power to limit or prohibit the sale of investment insurance products (beleggingsverzekeringen), the Act on the Financial Supervision (Wet op het financieel toezicht, AFS) needs to be amended. The Implementation Act will amend the AFS to provide a legal basis for this power. The AFM will also be able to use this power in relation to products which have not yet been put on the market, but also with respect to financial services that are related to such products.

View the status of the Implementation Act and relevant documentation (Dutch only), 7 June 2017.