On 20 August 2015, the Dutch Minister of Finance sent the Dutch Parliament a legislative update regarding the Amendment Act Financial Markets 2016 (Wijzigingswet financiële markten 2016, the Amendment Act) as well as the Act implementing the Regulation on Central Securities Depositories (Wet uitvoering verordening centrale effectenbewaarinstellingen, the Implementation Act).
The Amendment Act is part of an annual cycle of amendments to the Dutch financial markets legislation, including the Act on the Financial Supervision (Wet op het financieel toezicht) which will be reviewed by the Dutch Parliament. The Amendment Act, amongst other things, proposes amendments that concern protecting derivatives’ holders against the bankruptcy of their intermediary, extending the intervention powers granted to the Dutch Central Bank (De Nederlandsche Bank, the DNB) and the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM), and granting the DNB and AFM powers to withdraw a regulated institution’s licence if they that do not pay the levies for financial supervision. It is expected that the Amendment Act will enter into force on 1 January 2016.
The Implementation Act aims to implement the Regulation on Central Securities Depositories (the CSDR). The aim of the CSDR is to harmonise the legal aspects of securities settlement and the rules for Central Securities Depositories at an EU-wide level.
View the up-to-date Amendment Act and ancillary documents.
View the up-to-date Implementation Act and ancillary documents.