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

30.03.2022 LU law
(R)evolution of the securitisation framework

Articles - On 4 March 2022, the law of 25 February 2022 amending the law of 22 March 2004 on securitisation (the 2004 Law) has been published. It entered into force on 8 March 2022. This is a welcomed (r)evolution in the securitisation operations in the Grand Duchy of Luxembourg after 18 years of implementation of a tested and widely admitted legal framework.

Read more

25.02.2022
Stibbe Debt Finance Seminar/Webinar: issues you need to know about in 2022

Seminar - On Wednesday March 9 (16:00-17:30) Stibbe presents a seminar to update and outlook you on legal challenges facing financial market participants in 2022. In addition, on Wednesday March 16, 2022, (12:00-13:30), a webinar will also be held on the same theme. The in-person seminar will be held in Dutch and the online session in English.

Read more

11.03.2022 LU law
The New Luxembourg SFDR and Taxonomy Regulation Implementing Law

Articles - On 3 March 2022, the Luxembourg law of 25 February 2022 implementing a.o. the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation has been published in the Official Journal of the Grand Duchy of Luxembourg. This law specifies the CSSF and CAA's supervisory and investigation powers concerning financial market participants and financial advisers under their supervision in relation to the control of the implementation of the SFDR and the Taxonomy Regulation, as well as, their administrative sanctioning powers in case of non-compliance by in-scope firms.

Read more