Articles

Amendment of the inducement ban and a draft proposal to regulate crowdfunding

Amendment of the inducement ban and a draft proposal to regulate crowdfunding

Amendment of the inducement ban and a draft proposal to regulate crowdfunding

30.04.2015 NL law

As part of the annual amendments to the laws and regulations relevant for the financial markets, the Dutch legislator is expected to amend the Decree on Conduct of Business Supervision of Financial Undertakings under the Dutch Financial Supervision Act (Besluit gedragstoezicht financiële ondernemingen, the "Decree"). The Dutch legislator is expected to propose amendments to the Decree to include other financial products within the scope of the inducement ban and to regulate crowdfunding.

 

In December 2014, the Netherlands Authority for the Financial Markets ("AFM") published its findings with respect to research performed on crowdfunding. The AFM concluded that changes to laws and regulations are appropriate, since the current legislation contains several bottlenecks with respect thereto. Therefore, the Dutch legislator proposes two amendments: (i) an exception to the ban on inducements when a crowdfunding platform qualifies as an investment firm; and (ii) stricter requirements will apply when a crowdfunding platform requests dispensation to act as an intermediary with respect to attracting, receiving or holding repayable funds from the public.

Further, the Dutch legislator wishes to extend the scope of the inducement ban. It is proposed that the ban will include (i) advising and/or acting as an intermediary with respect to premium pension claims (premiepensioenvorderingen), and (ii) receiving inducements from managers of alternative investment funds or managers of UCITS with respect to offering investment-linked insurance (beleggingsverzekeringen).

 

Related news

07.08.2019 NL law
Roderik Vrolijk and Soeradj Ramsanjhal in Global Legal Insights - FinTech Edition 2019

Articles - Roderik Vrolijk and Soeradj Ramsanjhal have contributed to the 2019 FinTech edition of Global Legal Insights (GLI), providing the Netherlands chapter. The GLI FinTech 2019 edition covers approaches and developments in the FinTech sector with respect to regulatory and insurance technology, regulatory bodies, key regulations and regulatory approaches, restrictions and cross-border business in 26 jurisdictions.

Read more

23.07.2019 LU law
The Revised CSSF Cloud Circular

Articles - On 27 March 2019, the Luxembourg supervisory authority for the financial sector (the Commission de surveillance du secteur financier or CSSF) published the long-awaited CSSF Circular 19/714 amending the CSSF Circular 17/654 on IT outsourcing relying on a cloud computing infrastructure (the Revised Cloud Circular).

Read more

18.07.2019 NL law
ESMA publishes report on licencing of fintech firms across europe

Short Reads - On 12 July, the European Securities and Markets Authority ("ESMA") published a report on the status of licencing regimes of FinTech firms across the European Union ("EU").  The report is based on two surveys conducted by ESMA since January 2018, which gathered evidence from EU national competent authorities ("NCAs") on the licensing regimes of FinTech firms in their respective jurisdictions.

Read more

01.07.2019 NL law
Dutch government publishes plans to combat money laundering

Short Reads - The Dutch Minister of Finance and Minister for Justice and Security published a joint letter today (1 July 2019) that they sent to the Dutch Parliament containing plans to combat money laundering (click here to read the letter in full, in Dutch). These new plans follow recent scrutiny in the Netherlands and Europe relating to money laundering. Some of the plans are far reaching, and will lead to practical implications for our clients if these plans are transposed into Dutch law.

Read more

Our website uses functional cookies for the functioning of the website and analytic cookies that enable us to generate aggregated visitor data. We also use other cookies, such as third party tracking cookies - please indicate whether you agree to the use of these other cookies:

Privacy – en cookieverklaring