Law And Regulation Changes As Of 1 January 2012

Author:Ms Francine Schlingmann, Joost Schutte and Marnix Somsen
Profession:De Brauw Blackstone Westbroek N.V.

Changes to the Financial Markets Supervision Act (FMSA)

The following legislation came into force on 1 January 2012:

A number of sections of the Financial Markets Amendment Act 2012 (see below) Act and decree implementing Directive 2009/111/EC (CRD II), which amends Directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory framework arrangements and crisis management Act and Decree implementing the E-money Directive Amendment of the FMSA in connection with the introduction of notification requirements for certain cash-settled instruments. The Netherlands Authority for the Financial Markets (AFM) has published guidelines about the method of calculating underlying shares and notification of indices and baskets. The AFM has also published Guidelines for Shareholders, which explains the notification rules as amended and discusses the obligations of shareholders and the AFM's tasks, powers and enforcement tools. Decree implementing the Omnibus I Directive as regards the cooperation between the Dutch Central Bank (DNB) and the AFM on the one hand, and the European supervisors and European Systemic Risk Board on the other Two bills amending the FMSA have been published in the Official Gazette but have yet to come into effect:

Bill amending the FMSA, the BES Financial Markets Act BES and the Trust Offices Supervision Act in connection with the introduction of the suitability test, and closer cooperation between supervisors with regard to the suitability and integrity tests – this bill is expected to come into force on 1 July 2012 Bill strengthening the governance of DNB and the AFM – this bill is expected to come into force at the end of January or early in February 2012 Other changes to financial markets legislation

Also in force as from 1 January are two Acts relating to the supervision of the financial markets on the islands of Bonaire, St Eustatius and Saba:

BES Financial Markets Act BES Prevention of Money Laundering and Financing of Terrorism Act The June 2011 issue of our Financial Markets Newsletter contains summaries of the above changes.

Changes to exemptions:

The entry into force of a number of sections of the Financial Markets Amendment Act 2010 has led to changes in the following exemptions:

Licence requirements for investment objects, securities and participation rights: the threshold for exemption from the licence...

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