Articles

Unintended banking licence exception

Unintended banking licence exception

Unintended banking licence exception

01.07.2015 NL law

On 1 January 2015, the group finance companies exemption as set out in the Dutch Financial Supervision Act was amended. The same day, another exception to the Dutch licence requirement for providing banking services was inadvertently included in Section 2:11(2) of the Dutch Financial Supervision Act. On 1 July 2015, the Dutch legislator announced it planned to correct this by deleting the aforementioned subsection.

Background

On 1 January 2015, the Dutch Financial Supervision Act (Wet op het financieel toezicht, the “Wft”) introduced stricter conditions of the group finance companies exemption. These conditions are set out in Section 3:2 Wft. In addition, the Dutch legislator mistakenly included a new exception to the requirement to obtain a banking licence for providing banking services in Section 2:11(2)(b) Wft. Pursuant to this new exception, there is no requirement to obtain a banking licence if Section 3:5 Wft is not applicable. Section 3:5 Wft contains the prohibition to attract, obtain or hold repayable funds from the public.

Relevance

One of the exceptions to the prohibition to attract, obtain or hold repayable funds from the public occurs when a person attracts, obtains or holds these funds as a result of offering securities to the public in accordance with the requirements of part 5.1 Wft (the requirements of the Prospectus Directive). As a result of the new exception to the banking licence requirement that entered into force on 1 January 2015 (Section 2:11(2)(b)), any person offering securities in accordance with the requirements of part 5.1 Wft is exempt from the requirement to obtain a banking licence to provide banking services.

This would mean that issuing institutions are permitted to provide banking services. The Dutch legislator has now explained that this new exception in Section 2:11(2) was included by mistake and has proposed to correct this by deleting the exception form the Wft.

Related news

16.07.2018 NL law
ISDA publishes consultation on benchmark fallbacks

Short Reads - ISDA publishes consultation on benchmark fallbacks. As part of an initiative to amend its standard derivatives documentation to facilitate the replacement of existing interbank offered rates (IBORs) by risk free rates (RFRs), the International Swaps and Derivatives Association (ISDA) has published a consultation paper on certain adjustments required to such RFRs.

Read more

10.07.2018 EU law
Hof van Justitie EU oordeelt over reikwijdte 'beroepsgeheim' financiële toezichthouders voor bedrijfsgegevens

Articles - In een arrest van 19 juni 2018 oordeelt de Grote kamer van het Hof van Justitie EU over de reikwijdte van het 'beroepsgeheim' van financiële toezichthouders voor bedrijfsgegevens. Het hof oordeelt dat de informatie die zich in het toezichtsdossier bevindt niet onvoorwaardelijk vertrouwelijk van aard is en bijgevolg onder het beroepsgeheim van de toezichthouder valt. Gegevens die mogelijk commerciële geheimen zijn geweest, worden in beginsel geacht niet meer actueel en dus niet langer geheim te zijn, wanneer die gegevens ten minste vijf jaar oud zijn.

Read more

11.07.2018 NL law
Update initiatiefwetsvoorstel introductie instemmingsrecht en aanscherping vaste beloning bankiers

Short Reads - Op 25 april 2018 heeft de Afdeling advisering van de Raad van State (hierna Raad van State) een kritisch advies uitgebracht over het initiatief-wetsvoorstel om de wet op het financieel toezicht (Wft) te wijzigen. Op 5 juli 2018 is dit advies tezamen met de reactie van de initiatiefnemers van het wetsvoorstel op het advies van de Raad van State gepubliceerd, evenals het aangepaste wetsvoorstel dat is aangeboden aan de Tweede Kamer.

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