On 16 June 2017, the Dutch Minister of Finance published a joint reaction from the Netherlands Authority for Consumers and Markets (Autoriteit Consument en Markt), the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), the Dutch Central Bank (De Nederlandsche Bank) and the Ministry of Finance, on the consultation paper ‘Fintech: a more competitive and innovative European financial sector’ (the Consultation Paper). As set out in our previous post, the consultation paper seeks…

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…

On 6 June 2017, the Dutch Senate (Eerste Kamer) approved the draft Act implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Wet implementatie verordening essentiële-informatiedocumenten, the Implementation Act). The rules set out in the PRIIPs Regulation have direct effect and do not need to be transposed in national legislation. However, to grant the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) the power to limit or prohibit the sale…

On 17 May 2017, the Dutch Minister of Finance published the Amendment Decree Financial Markets 2017 (Wijzigingsbesluit financiële markten 2017, the Amendment Decree) in the Bulletin of Acts and Decrees (Staatsblad). The Amendment Decree is part of an annual cycle of amendments to the laws and regulations relevant to the Dutch financial sector. The Amendment Decree amends, among others, Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft) and the…

On 2 May 2017, the Dutch Minister of Finance published for consultation the Act implementing the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation) (Wet uitvoering verordening financiële benchmarks) (the Implementation Act). The Implementation Act will amend, among other things, the Dutch Act on the Financial Supervision (Wet op het financieel toezicht). The Benchmarks Regulation is intended to contribute to the…

On 2 May 2017, the Dutch Minister of Finance published for consultation the Decree implementing the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) (Besluit implementatie verordening essentiële-informatiedocumenten) (the Implementation Decree). The Implementation Decree will amend, among other things, the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft, BGfo). Dutch regulatory law currently provides that a financial leaflet (financiële bijlsuiter) must be provided when complex products are offered.…

On 11 April 2017, the Dutch Minister of Finance published for consultation a draft legislative proposal of the Act identifying holders of bearers shares (Wet identificatie houders van aandelen aan toonder) (the Proposed Act). The Proposed Act introduces new rules that will make it possible to identify holders of bearer shares. Once the Proposed Act has entered into force, bearer shares will only be able to be traded using a securities account held with an…