On 13 June 2017, the Dutch Minister of Finance published for consultation a draft Decree amending the Exemption Regulation to the Act on the Financial Supervision (Vrijstellingsregeling Wft, the Exemption Regulation) (the Decree).
Currently, no prospectus needs to be approved by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and made available to the public if securities are offered to the public or admitted for trading on a regulated market located or functioning in the Netherlands if the total value of the securities offered is less than EUR 2,500,000, calculated over a period of 12 months and provided the offer is in compliance with the Exemption Regulation.
The Decree aims to increase the aforementioned limit of EUR 2,500,000 to EUR 5,000,000. In addition, the Decree introduces a requirement to notify the AFM (and provide the AFM with some information relating to the offering and relevant documentation) prior to offering the securities and some minimal information requirements towards the potential investors for the party that wants to rely on this exemption.
The consultation period will end on 12 July 2017.
View the Decree including Explanatory Memorandum (Dutch only), 13 June 2017.
View the Consultation page (Dutch only), 13 June 2017.