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).