Short Reads

Dutch Implementation of the MAR

Dutch Implementation of the MAR

Dutch Implementation of the MAR

09.02.2017 NL law

On 9 February 2017, the Dutch Minister of Finance, Jeroen Dijsselbloem, sent a letter to parliament regarding the progress of the Dutch implementation of the Market Abuse Regulation (Regulation No. 596/2014) (the “MAR”)

Article 17 of the MAR obliges issuers to publish inside information as soon as possible, while paragraph 4 thereof allows postponement of publication under certain conditions. Following postponement, the issuer must immediately notify its supervisory authority that it has utilised the possibility of postponing information, along with a written explanation of how the postponement conditions were met. However, Member States have the option to require such a written explanation only upon the supervisory authority’s request. In his letter to parliament, Minister Dijsselbloem indicated that in practice issuers will very likely use the possibility of postponement frequently and for innocuous purposes. Accordingly, in order to prevent the Autoriteit Financiële Markten (the “AFM”) from processing a multitude of postponement explanations without there being a direct reason to investigate further, the Netherlands will utilise the option to require an explanation only upon the request of the AFM. The proposed decree on implementation of the MAR includes a provision clarifying that the written explanation must only be provided if requested by the AFM. This provision will be included in a new article 2 in the Decree on Market Abuse Wft (Besluit Marktmisbruik Wft).

Article 19 of the MAR contains the obligation for “persons discharging managerial responsibilities” of an issuer to notify the issuer’s supervisory authority of transactions relating to shares or debt instruments of such issuer. Article 19(3) provides that the issuer should ensure that such information that is made public promptly and no later than three business days after the transaction. This article also provides for the possibility for each Members State to require its supervisory authority to publish that information. The Netherlands has, in line with the current practice, decided to utilise such option such that all transaction notifications may be accessed from one site, which is deemed beneficial from a transparency point of view. A new article 3 in the Decree on Market Abuse Wft (Besluit Marktmisbruik Wft) will therefore provide that an issuer is not obligated to publish information that is notified in accordance with Article 19(1) of the MAR. The proposed implementation decree furthermore provides that information that is notified to the AFM pursuant to Article 19 will be included in the AFM’s public register.

 

Team

Related news

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

26.11.2019 NL law
Implementatiewet SRD II gepubliceerd in het Staatsblad: inwerkingtredingsdatum nog niet bekend

Short Reads - Vandaag is de Wet tot implementatie van de Herziene aandeelhoudersrechtenrichtlijn (“SRD II”) (“Implementatiewet”) in het Staatsblad gepubliceerd. SRD II beoogt effectieve en duurzame aandeelhoudersbetrokkenheid bij beursgenoteerde vennootschappen te bevorderen. De Implementatiewet introduceert nieuwe regels op het gebied van bezoldiging van bestuurders en commissarissen, related party transactions, identificatie van aandeelhouders, doorgifte van informatie in de keten en facilitering van (stem)rechten.

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

27.09.2019 NL law
Stibbe is attending the IBA's annual conference in Seoul

Conference - The annual conference of the International Bar Association (IBA) is currently taking place in Seoul. There are fourteen partners from Stibbe attending the event. Several of them have speaking slots on a wide range of legal topics and will take part in various panel discussions.

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