On 4 January 2017, the Dutch Minister of Finance published a draft legislative proposal implementing the regulation on key information documents for packaged retail and insurance-based investments products (PRIIPs Regulation) (the Proposed Act). The Proposed Act will be implemented in the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS).

The PRIIPs Regulation will have direct effect in the Netherlands, therefore the Proposed Act provides for minor (technical) amendments to the AFS only. The Proposed Act gives the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) the power to restrict or prohibit: (i) the sale of insurance policies with an investment element; or (ii) the provision of other financial services by an insurer. The Proposed Act also provides that an administrative order with a penalty (last onder dwangsom) or an administrative fine (boete) can be imposed for non-compliance.

The PRIIPs Regulation will apply from 1 January 2018.

View the Proposed Act (Dutch only), 4 January 2017.

View the Explanatory Memorandum to the Proposed Act (Dutch only), 4 January 2017.