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National regime – MiFID exemption |
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Last year, the bill proposing to implement the EU’s Markets in Financial Instruments Directive (MiFID) took effect.
As a result, issuing investment advice has become an investment service, for which a licence is required.
The national regime provides for an exemption for companies that advise on investment funds or pass on related orders.
The Ministry of Finance recently proposed the draft exemption arrangement to the Lower House of the Dutch parliament.
Read on »
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Covered Bonds Decree |
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The Covered Bonds Decree is expected to take effect on 1 July 2008.
Covered bonds are bonds issued by banks on the capital market that are insured (‘covered’) by mortgage claims that those banks have against their clients.
The idea behind drafting rules for covered bonds is to encourage a level playing field in Europe, as a result of which Dutch institutions may also reap the benefits offered by a statutory framework.
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Sharp maximum fine increase in financial supervision legislation |
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The Ministry of Finance recently introduced a bill to the Lower House of the Dutch parliament proposing new penalty legislation in the context of financial supervision.
The bill includes an increase in the maximum fine to two million euros.
This is intended to boost the preventative effect on large financial institutions.
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| Retiring on a sound basis? |
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For a financial institution, it is always interesting to see how others arrange things.
Since 1 January 2008, pension funds (sectors and businesses) must have an oversight body the so-called Verantwoordingsorgaan (VO).
That VO is based on the Labour Foundation [STAR] Principles for Proper Pension Fund Governance [Principes voor Goed Pensioenfondsbestuur].
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New standards for consumer credit on 1 July 2008 |
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The Netherlands Bankers’ Association [Nederlandse Vereniging van Banken], the Dutch Finance Houses Association [Vereniging van Financieringsondernemingen Nederland] and the Dutch Home Shopping Organisation [Nederlandse Thuiswinkelorganisatie] have drawn up new codes of conduct.
These codes should enable credit providers to prevent excessive loans and overdrafts more effectively.
The AFM has now stated that credit providers that are not affiliated to one of the three sector organisations referred to above should also introduce similar standards.
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| Want to keep abreast of things? |
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We like to keep our clients updated on developments in all fields of law and the sectors that our firm covers. That is why, besides the newsletter financial institutions, we also publish a general digital newsletter each two months. The latter includes contributions from most of our practice and market groups.
» Read our general newsletter
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For more information, please contact nieuwsbrief_financiele_instellingen@van-doorne.com
Although this newsletter was prepared with the utmost care, it is only intended to highlight legal issues in general and does not provide for specific legal advice applicable to a specific situation. Van Doorne does not accept liability for any actions (or lack thereof) taken as a result of relying on or in any way using information contained in this newsletter and in no event shall Van Doorne be liable for any damages resulting from reliance on or use of this information. Readers should always take specific advice from a qualified professional if and when dealing with specific situations.
Van Doorne N.V., Jachthavenweg 121, 1081 KM Amsterdam
Postbus 75265, 1070 AG Amsterdam, T:+31 (0)20 6789 123, F:+31 (0)20 6789 589
   
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