Articles

Corporate Update: Recent developments in corporate law

Corporate Update: Recent developments in corporate law

Corporate Update: Recent developments in corporate law

23.01.2015 NL law

This is our semi-annual newsletter on developments with respect to Dutch corporate law, providing an overview of certain legislative amendments that entered into force on 1 January 2015 and addressing other pertinent developments with respect to Dutch corporate law.
  
Click here for a printer-friendly version.

Financial Markets Amendment Act 2015
On 1 January 2015 the Financial Markets Amendment Act 2015 entered into force as part of the annual cycle of amendments to national legislation regarding the financial markets. This Act has amended the rules on the language to be used in annual financial reporting. Furthermore, certain rules relating to the auditors profession have been clarified including the scope of the prohibition for audit firms to perform other (advisory) services to so-called public interest entities (ondernemingen van openbaar belang, "Oobs") for which the audit firm performs the statutory audits. READ MORE

Act on the expansion of possibilities to act against corporate and white collar crime
On 1 January 2015 the Act on the expansion of possibilities to act against corporate and white collar crime came into force. This Act introduces more opportunities to detect and prosecute  corporate and white collar crime and imposes stricter sentences. The maximum prison sentence for  corporate and white collar offences has increased and for corporations an adjustable fine limit has been introduced, under which the court can impose a fine of up to the higher of EUR 810,000 and 10% of their annual turnover. READ MORE

New Dutch Arbitration Act
On 1 January 2015 the New Dutch Arbitration Act entered into force. Aside from updating the arbitration law, this legislation aims to strengthen the position of the Netherlands as an important (international) arbitration country, for instance, by taking into account the Uncitral Model Law on International Arbitration of the United Nation. The Act provides that an arbitration clause in general terms and conditions falls into the so called 'black list' of unreasonable clauses in consumer agreements. For this reason, parties should consider amending  arbitration clauses in their general terms and conditions as soon as possible. READ MORE

EU Directive as regards disclosure of non-financial and diversity information
On 5 December 2014 the Directive on disclosure of non-financial information and diversity information in the annual report entered into force. Large undertakings that are Oobs with more than 500 employees will have to disclose certain non-financial information in their annual report. Large listed entities also have to disclose their policy on diversity for the managing board and the supervisory board in their annual report. READ MORE

Accountancy
The accountancy sector has attracted much attention lately. The Dutch Authority for the Financial Markets performed an investigation and reached the conclusion that the quality of the statutory audits by the big four audit firms had insufficiently improved over the last few years. The profession has proposed measures that primarily focus on governance, management and the revenue model of audit firms. The Minister of Finance has also announced that he will propose additional regulations to procure improvement in terms of quality on the part of the accountants and the statutory audit statement. In this newsletter we will discuss three developments including the more elaborate audit statement that auditors will have to provide in respect of  the annual accounts of Oobs for the year 2014. READ MORE

Team

Related news

08.10.2018 BE law
Update of Belgian takeover rules

Articles - A Royal Decree was published in the Belgian Official Gazette on 5 October 2018 containing, among other things, amendments to the Takeover Decree (Royal Decree of 27 April 2007 on takeover bids) and the Squeeze-out Decree (Royal Decree of 27 April 2007 on squeeze-out bids), with a view to updating the said texts.

Read more

05.10.2018 BE law
Additional delay for new Companies Code?

Articles - The Council of State has taken a second look at the draft law and recently issued, for the second time, a rather bleak opinion about the overall quality of the draft law regarding Belgium’s new Companies Code.

Read more

09.10.2018 BE law
Changes to Belgian Takeover Rules: Royal Decree published on 5 October 2018

Articles - A Royal Decree stipulating some important amendments to the Belgian rules governing public takeover bids was published on 5 October 2018 (the “Royal Decree”). The Royal Decree follows the new Belgian Prospectus Law of 11 July 2018. The amendments at stake relate to, among others, the financing of public takeover bids, the disclosures of transactions during the offer period, the squeeze-out procedure, and the rules applying to companies listed on certain markets (other than regulated markets). This newsletter discusses the implications for listed companies and offeror(s).

Read more

27.09.2018 BE law
Ultimate Beneficial Owners Register operational as of today – Compliance required by 31 March 2019

Articles - The Anti-Money Laundering Act of 18 September 2017 (the “AML Act”) set up a central register at the Treasury Administration(the “UBO Register[1]”) to which all Belgian companies (and certain other legal entities) have to provide information on their Ultimate Beneficial Owner (“UBO”). A royal decree laying down the terms of access, contents, and timing of the register was published on 14 August (the “Royal Decree”).  The register is operational as of today. The required information must be provided by 31 March 2019. This newsletter discusses the implications for companies.

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