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

15.01.2020 NL law
The Dutch scheme - a summary of the upcoming new restructuring tool

Short Reads - As mentioned in our earlier blog, the Dutch legislator has prepared a bill – the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord) – introducing a framework that allows debtors to restructure their debts outside formal insolvency proceedings (the “Dutch Scheme“). We expect this highly-anticipated bill to enter into force by this summer. The Dutch Scheme combines features from the UK Scheme of Arrangement and the US Chapter 11 proceedings. Below, we summarize certain key aspects of the Dutch Scheme.

Read more

17.01.2020 LU law
Stibbe boosts service offering in Luxembourg with new partners and counsel for asset management/funds and corporate & finance

Inside Stibbe - Luxembourg, 17 January 2020 – Stibbe reinforces its corporate & finance and asset management/funds practices in Luxembourg with the hire of Bernard Beerens (corporate partner), Audrey Jarreton (banking and finance counsel), Edouard d’Anterroches (investment funds partner), Victorien Hémery (investment funds partner), and Dayana Bert (investment funds counsel). Their arrival comes after the recent hire of tax partner Johan Léonard. All of these new additions demonstrate the firm’s commitment to expanding Stibbe’s service offering in Luxembourg.

Read more

14.01.2020 EU law
Stibbe launches UBO Webtool

Short Reads - "Determine your UBO for the three Benelux countries"  In Luxembourg, companies and other legal entities have been required to register their UBO(s) since 31 August 2019.  In Belgium, the UBO register is also already operational. Although 30 September 2019 was the formal deadline for registration, Belgian authorities announced they would begin policing non-compliance as from 1 January 2020. The Dutch legislator did not meet the implementation deadline. We expect that the law will not enter into force prior to 1 March 2020.

Read more

17.01.2020 LU law
Stibbe Luxembourg étend son offre de services par la venue de nouveaux associés et counsels au sein des pratiques spécialisées en gestion d’actifs/fonds d’investissement, en droit des sociétés ainsi qu’en droit financier

Inside Stibbe - Luxembourg, le 17 janvier 2020 – Stibbe renforce ses pratiques spécialisées en droit des sociétés, en droit financier ainsi qu’en gestion d’actifs/fonds d’investissement par la venue de Bernard Beerens (associé, droit des sociétés), Audrey Jarreton (counsel, droit bancaire et financier), Edouard d’Anterroches (associé, fonds d’investissement), Victorien Hémery (associé, fonds d’investissement) et Dayana Bert (counsel, fonds d’investissement).

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