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

15.10.2021 NL law
BRRD II implementation in the Netherlands

Short Reads - Recently, the Dutch bill for the implementation of BRRD II (i.e. Directive (EU) 2014/59 establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended by Directive (EU) 2019/879) in the Netherlands was submitted to Dutch Parliament, where it is currently under debate.

Read more

01.10.2021 NL law
Vanaf 1 oktober strengere regelgeving voor verkoop van turbo’s aan particuliere beleggers

Short Reads - Turbobeleggers nemen veel risico’s en verliezen gemiddeld veel geld. De AFM vindt dat particuliere beleggers onvoldoende beschermd worden tegen de risico’s van turbo’s. De verkoop van turbo’s aan deze beleggers wordt daarom aan banden gelegd. Met ingang van 1 oktober geldt een hefboombeperking, een verplichte risicowaarschuwing en een verbod op handelsbonussen. Daarmee wil de Autoriteit Financiële Markten (AFM) particuliere beleggers beter beschermen tegen de risico’s van turbo’s.

Read more

11.10.2021 NL law
Vervolgonderzoek van de AFM naar incidentmeldingen door asset managers

Articles - Sinds de uitbraak van het coronavirus wordt ook in de financiële sector meer op afstand samengewerkt. Dat brengt specifieke risico’s met zich mee. De Autoriteit Financiële Markten (AFM) gaat daarom vervolgonderzoek doen naar het melden van incidenten door asset managers. De reden is het uitblijven van een stijging van het aantal incidentmeldingen ondanks herhaalde oproepen daartoe.

Read more

20.09.2021 NL law
AFM: Beleggingsfondsen kunnen beleggers beter informeren over duurzaamheid

Articles - Beleggingsfondsen kunnen beleggers beter informeren over duurzaamheid. De informatieverschaffing van fondsen over duurzaamheidsrisico’s en duurzaamheidskenmerken is nog vaak te algemeen, daardoor krijgen beleggers te weinig inzicht in waar ze in investeren. Dat is een van de conclusies van de Autoriteit Financiële Markten (AFM) in een verkennend onderzoek naar de toepassing van de Sustainable Finance Disclosure Regulation (SFDR).

Read more