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On 16 November 2018, the Dutch Minister of Justice and Security (Minister van Justitie en Veiligheid, the Minister) submitted a legislative proposal to the Dutch Parliament proposing changes to a number of laws and regulations in the Netherlands in preparation for Brexit (the Dutch Brexit Act). The explanatory notes to the Dutch Brexit Act provide that the proposal is a product of an inventory that was carried out to see whether Dutch laws needed to…
On 2 November 2018, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament which addresses topics which the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) had requested the Minister to implement. Amongst other things, the following topics are addressed, to: investigate the introduction of a requirement for a declaration of no-objection (verklaring van geen bezwaar) for dividend distributions…
On 29 October 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published a report setting out the most important trends and risks in the financial sector (the Report). The primary purpose of the Report is to provide substantive background, depth and coherence in relation to relevant supervisory issues. In the Report, the AFM focuses on three particular trends: Political uncertainty: According to the AFM, Brexit is the largest source of political…
On 19 October 2018, the Regulation on the Supervision of Trust Offices 2018 (Regeling toezicht trustkantoren 2018, the Proposed Regulation) was published for public consultation. The Proposed Regulation contains: exemptions from the licence obligation under the Act on the Supervision of Trust Offices 2018 (Wet toezicht trustkantoren 2018); and an overview of the information and data that needs to be submitted as part of: a licence application for a trust office; and the reporting of…
On 30 August 2018, the Dutch Minister of Finance (the Minister) published a consultation on amending the Dutch national regime under Section 3 of the Markets in Financial Instruments Directive (recast) (MiFID II). The Minister proposes to extend the scope of the national regime. In addition to advisors in life insurance or mortgage credit, other persons that receive and transmit orders in or advise about units in alternative investment funds (AIFs) or undertakings for collective…
On 30 August 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) notified financial institutions that it expects them to make the necessary amendments to their systems and procedures to comply with the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) that came into force on 25 July 2018. The main aspects as referred to by DNB are the rules relating to the enhanced due diligence requirements and the broader definitions of politically exposed persons…
On 23 and 24 July 2018, the following legislation implementing the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) were published in the Dutch Government Gazette (Staatsblad). the Act implementing 4MLD (Implementatiewet vierde anti-witwasrichtlijn); the Decree implementing 4MLD (Uitvoeringsbesluit vierde anti-witwasrichtlijn); and the Regulation implementing 4MLD (Implementatieregeling vierde anti-witwasrichtlijn). These pieces of legislation will come into effect as of 25 July 2018. The obligation for EU Member States to introduce a (publicly accessible) register containing…
On 27 June 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on licence applications under the Payment Services Directive (2015/2366/EU) (recast) (PSD2) and certain new publications of the European Banking Authority (EBA) on PSD2. Effective from 6 July 2018, market participants are able to submit their draft licence applications to DNB for the provision of payment services under PSD2. The draft licence application will allow DNB to start the assessment…
On 11 June 2018, the Dutch Minister of Finance (the Minister) published the Further Memorandum of Reply (Nadere memorie van antwoord, the Further Memorandum) in relation to the draft legislative proposal on the Act implementing the Fourth Anti-Money Laundering Directive (EU/2015/849 (Vierde anti-witwasrichtlijn, 4MLD) (Implementatiewet vierde anti-witwasrichtlijn, the Implementation Act). In the Further Memorandum, the Minister answers queries raised by the Dutch Senate (Eerste Kamer) on the Implementation Act. The answers relate to requirements on:…
On 5 June 2018, the Dutch Minister of Finance proposed two amendments (the Proposed Amendments) to the legislative proposal on the Act on the Supervision of Trust Offices 2018 (Wetsvoorstel toezicht trustkantoren 2018, the Proposed Act). The Proposed Amendments are: an explicit ban on circumventing trust service b (the provision of a (postal) address in combination with other certain services, for example providing legal or tax advice, recruiting directors for legal entities, etc.). The aim…