On 27 May 2022, the Amendment Act Financial Markets 2022 (Wijzigingswet financiële markten 2022) (the 2022 Act) was published in the Dutch Government Gazette.
The 2022 Act contains changes to key legislation relevant to the Dutch financial markets, including, but not limited to, the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS), the Financial Supervision Funding Act 2019 (Wet bekostiging financieel toezicht) and the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme). This legislative proposal is part of an annual cycle of changes to legislation relevant to the Dutch financial markets.
Among others, the 2022 Act provides for the introduction of a “segregated assets account” (rekening met afgescheiden vermogen) for payment institutions, payment processing service providers, electronic money institutions and investment firms. In particular, there are certain requirements for the segregated assets account including that it must be held with a bank with its seat in the Netherlands that is licensed by the European Central Bank or the Dutch Central Bank (De Nederlandsche Bank), the account must be in the name of the financial institution concerned, and it should follow from the name of the account that it is held by the account holder in its own name and noting the account holder’s capacity, but for the benefit of one or more third parties (the customers). The funds in the segregated assets account are separate assets and are only to be used for settling claims from interested parties, i.e. from: (1) third parties for whom the funds have been deposited in the account and (2) the bank where the segregated assets account is held (provided it concerns claims related to the management of the account). In both cases the claims must be related to the entrustment of the funds to the account holder. This exclusivity of recourse means that in the event of the bankruptcy of the financial institution, the funds in the segregated assets account do not form part of the financial institution’s bankruptcy estate.
Please see our previous blog on an overview of the 2022 Act.
The 2022 Act will enter into force on a later date to be set by means of a separate Decree.