Short Reads

UK investment firms will be temporarily exempt from the Dutch licensing requirement as of 30 March 2019

Brexit-nieuws: Britse beleggingsondernemingen worden na 30 maart 201

UK investment firms will be temporarily exempt from the Dutch licensing requirement as of 30 March 2019

05.02.2019 NL law

On 4 February, the Dutch Minister of Finance published an amendment to the Exemption Regulation under the Financial Supervision Act (Vrijstellingsregeling Wft). The amendment provides for a temporary exemption from the licencing requirement for investment firms that provide investment services on a cross border basis from the United Kingdom in the Netherlands to professional parties or trade for their own account.

Purpose is to mitigate the negative effects of a hard Brexit – where the United Kingdom would leave the European Union without an agreement – and provide UK investment firms with  the opportunity to properly prepare for a post-Brexit future.

Without this temporary exemption, investment firms having their registered office in the United Kingdom would no longer be able  to provide investment services or carry out investment activities in the Netherlands on the basis of their European passport following a hard Brexit. In that case these firms should have obtained  a licence from the Dutch Authority for the Financial Markets (AFM). As a result of the amendment of the Vrijstellingsregeling Wft, these firms are now partly exempt from the ongoing prudential and conduct-of-business supervision in the Netherlands, provided that these firms remain subject to supervision in the United Kingdom. The exemption does not apply to services provided to retail clients.

The temporary exemption will apply until 1 January 2021. The exemption will only enter into force in case of a hard Brexit will cease to have effect in any event two years after it has come into force.

Team

Related news

18.03.2020 EU law
Stibbe: COVID-19

Short Reads - In view of the developments concerning the coronavirus, we hereby inform you of our business operations and the measures we take to ensure the continuity of our services to you.

Read more

21.02.2020 NL law
Podcast: Data en financiële instellingen

Short Reads - In deze podcast praten Roderik Vrolijk en Frederiek Fernhout van Stibbe in Amsterdam en Joran Iedema van Stibbe StartsUP-deelnemer Dyme over Fintech, PSD2 en het gebruik van data door financiële instellingen. Aan de ene kant biedt nieuwe regelgeving zoals PSD2 nieuwe mogelijkheden, aan de andere kant neemt de regeldruk en het toezicht op bescherming van persoonsgegevens toe.

Read more

06.02.2020 NL law
Wet wijziging van de Handelsregisterwet 2007 in werking getreden

Short Reads - Op 1 januari 2020 is de Wet tot wijziging van de Handelsregisterwet 2007 in werking getreden. In deze wet worden naast wijzigingen in de Handelsregisterwet 2007, ook wijzigingen doorgevoerd in Boek 2 BW. Enkele onderdelen van deze wet, onder meer het wettelijk kader voor het registreren van civielrechtelijke bestuursverboden, treden later in werking.

Read more

This website uses cookies. Some of these cookies are essential for the technical functioning of our website and you cannot disable these cookies if you want to read our website. We also use functional cookies to ensure the website functions properly and analytical cookies to personalise content and to analyse our traffic. You can either accept or refuse these functional and analytical cookies.

Privacy – en cookieverklaring