The Dutch Ministry of Finance has published a temporary regulation implementing article 92 of MiFID II (No 2014/65/EU) (Tijdelijke regeling richtlijn markten voor financiële markten, the Regulation) which will allow EU alternative investment fund managers (AIFMs) established and licensed in another EU Member State to provide investment services or perform investment activities in the Netherlands without having to obtain a licence from the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM). These EU AIFMs can only rely upon this exemption provided that:

• they only offer services or perform investment activities listed in article 6 of the Alternative Investment Funds Directive (No 2011/61/EU) (AIFMD) (including, but not limited to, portfolio management, investment advice and receiving and transmitting orders in relation to financial instruments); and

• they have been notified to the AFM in accordance with the procedure set out in article 33 AIFMD.

If an EU AIFM is offering its investment services or performing its investment activities from a branch office in the Netherlands, it will be exempt from most, but not all, conduct of business rules. These EU AIFMs will still need to adhere to the conduct of business rules relating to, amongst other things, marketing materials, the provision of (pre-contractual) information, know-your-customer and maintaining client files.

The Regulation enters into effect on 18 July 2015 but has retroactive effect as from 3 July 2015.