Articles

Banking & Finance Update 2015

Banking & Finance Update 2015

Banking & Finance Update 2015

24.07.2015 NL law

This is the latest edition of the Stibbe Banking & Finance Update, which provides an update on developments in the areas of banking & finance and financial regulation. In this issue we focus on developments in the area of banking licence exemptions and on financial regulations that entered into force on or about 1 July 2015 or shortly thereafter.

Transitional regime available for group finance companies
Group finance companies are exempt from the requirement to obtain a banking licence provided that the conditions laid down in Section 3:2 of the Dutch Financial Supervision Act are met. These finance companies attract funding in the market and lend the proceeds to their group companies. Section 3:2 of the Dutch Financial Supervision Act was amended at the beginning of the year, which led to clarification of the conditions. In addition, the exemption no longer applies if the main business of the group is providing financing to third parties. A transitional regime applies to companies that attracted funding in the market prior to 1 January 2015. Read more

Unintended banking licence exception
On 1 January 2015, the group finance companies exemption as set out in the Dutch Financial Supervision Act was amended. The same day, another exception to the Dutch licence requirement for providing banking services was inadvertently included in Section 2:11(2) of the Dutch Financial Supervision Act. On 1 July 2015, the Dutch legislator announced it planned to correct this by deleting the aforementioned subsection. Read more

Dutch Implementing Act pursuant to the Single Supervisory Mechanism Regulation
On 12 June 2015, legislation implementing the 'European Union Single Supervisory Mechanism Regulation no. 1024/2013', also known as the SSM Regulation, entered into force in the Netherlands. The SSM Regulation became effective on 4 November 2014 and created a single supervisor for the prudential supervision of banks: the European Central Bank. The division of tasks and responsibilities between the European Central Bank and the Dutch supervisory authorities DNB and the AFM are now implemented in the Dutch Financial Supervision Act, even though the changes do not include material deviations from the SSM Regulation. Read more

Start consultation of MiFID II Implementation Act 2014
MiFID II will apply from 3 January 2017. EU Member States are required to adopt and publish measures transposing MiFID II and delegated acts into national law by 3 July 2016.

MiFID II will be implemented in the Netherlands through amendments to the Dutch Financial Supervision Act. On 5 June 2015, the Dutch Ministry of Finance published a consultation paper and its first legislative proposal for the MiFID II Implementation Act 2014 (Wet implementatie richtlijn markten voor financiële instrumenten 2014). In general, MiFID II extends the scope of MiFID, contains more detailed regulation, and provides regulatory authorities with the power to impose much stricter penalties and enforcement thereof. Read more

Proposal for an Act to implement the amended Transparency Directive
The Dutch Act to implement the amended Transparency Directive (2013/50/EU) was submitted to Dutch Parliament on 18 June 2015. The required implementation date is 26 November 2015. As a result of this proposal, various transparency obligations will be changed for issuing institutions. Read more

Dutch financial laws and regulation in force on or about 1 July 2015
Amendments to the Dutch Financial Supervision Act are set to enter into force either on 1 January and 1 July of each year. An overview of the recent amendments that entered into force on or about 1 July 2015 is provided below. Read more

Team

Related news

25.04.2018 EU law
25 April 2018: Stibbe sponsors LPEA Insights conference in Luxembourg on 'Building the Real Economy'

Conference - LPEA, Luxembourg Private Equity and Venture Capital Association, organises a conference in Luxembourg, which brings on stage General Partners (GPs) and Limited Partners (LPs) to discuss and showcase the private equity sector from the perspective of local practitioners, together with additional contributions from guest speakers specially invited to the event. Stibbe Luxembourg is a proud sponsor of this event, which some of our lawyers will attend.  

Read more

09.05.2018 EU law
Proposed EU Directive to help companies move across borders

Short Reads - On 25 April 2018 the European Commission proposed a new directive, amending the EU Directive 2017/1132 on company law. The proposed rules should support companies in moving from one EU country to another, i.e. cross-border mergers, divisions or conversions. However, the proposed rules for cross-border divisions and conversions will also require companies to get prior consent from a competent national authority before moving. Who will act as such authority is not clear yet.

Read more

11.04.2018 NL law
Court of Appeal: Deed of pledge does not cover all present receivables

Short Reads - 's-Hertogenbosch Court of Appeal denies pledgee's claim that all present and future receivables of the pledgor were pledged to it by a deed of pledge dated 20 January 2014 and ruled that the receivables listed in the schedule attached to the deed of pledge were leading to establish on which receivables a right of pledge was created.

Read more

10.04.2018 NL law
Inkoop van eigen aandelen door beursvennootschappen

Articles - Nu de financiële crisis aan zijn eind lijkt te zijn gekomen, en veel beursgenoteerde ondernemingen een goed gevulde kas hebben, lijkt de inkoop van eigen aandelen weer in zwang te raken. Onder strikte voorwaarden is de inkoop van eigen aandelen door een uitgevende instelling uitgezonderd van het in de Market Abuse Regulation geformuleerde marktmanipulatieverbod en het verbod op het gebruikmaken van voorwetenschap. In dit artikel bespreekt Roderik Vrolijk vanuit een praktisch perspectief deze uitzonderingen.  

Read more

Our website uses cookies: third party analytics cookies to best adapt our website to your needs & cookies to enable social media functionalities. For more information on the use of cookies, please check our Privacy and Cookie Policy. Please note that you can change your cookie opt-ins at any time via your browser settings.

Privacy – en cookieverklaring