On 26 February 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a number of recommendations for marketing material (reclame-uitingen) with respect to investment products (beleggingsproducten). These recommendations have been based on the results of an investigation into the effects of marketing material on investors. For the purpose of this investigation, the AFM presented fictional marketing material relating to investment products to over a 1.000 consumers.

The AFM’s recommendations are aimed at the providers of investment products and include, among other things, that:

  • the advertisement should provide a balanced view of the opportunities of and risks associated with an investment product. The prospectus of the investment product can be used as a baseline;
  • clear language should be used; explicitly pointing out risks will prevent that investors may be misled; and
  • the role of the AFM should be made clear. In marketing material the AFM-approved prospectus is often presented as a quality mark, while the AFM only verifies the intelligibility, consistency and completeness of the information included the prospectus. The AFM does not pre-approve marketing material.

View the AFM’s news item (Dutch Only), 26 February 2016.

View the AFM’s policy rule on the provision of information (Dutch only), September 2013.

Photo of Nikolai de Koning Nikolai de Koning

Nikolai de Koning is a financial services lawyer (advocaat) based in Amsterdam. Nikolai is experienced in financial services and banking law, as well as in data privacy (protection). He is experienced in advising on regulatory and compliance aspects relevant to financial…

Nikolai de Koning is a financial services lawyer (advocaat) based in Amsterdam. Nikolai is experienced in financial services and banking law, as well as in data privacy (protection). He is experienced in advising on regulatory and compliance aspects relevant to financial institutions, such as insurance companies, investment firms, clearing institutions and central counterparties. Nikolai also advises on Dutch licence and notification requirements and he assists companies in their licence or notification processes with the Dutch financial regulators. He also specialises in privacy issues arising out of online products, data protection and e-commerce.