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

07.08.2019 NL law
Roderik Vrolijk and Soeradj Ramsanjhal in Global Legal Insights - FinTech Edition 2019

Articles - Roderik Vrolijk and Soeradj Ramsanjhal have contributed to the 2019 FinTech edition of Global Legal Insights (GLI), providing the Netherlands chapter. The GLI FinTech 2019 edition covers approaches and developments in the FinTech sector with respect to regulatory and insurance technology, regulatory bodies, key regulations and regulatory approaches, restrictions and cross-border business in 26 jurisdictions.

Read more

26.07.2019 NL law
Voortgang UBO-register en Centraal aandeelhoudersregister

Short Reads - De Vierde Anti-witwasrichtlijn (nr. 2015/849) zoals gewijzigd door de Vijfde Anti-witwasrichtlijn (EU/2018/843) dient uiterlijk op 10 januari 2020 in de Nederlandse wet- en regelgeving geïmplementeerd te zijn. Hiertoe is op 3 april 2019 een wetsvoorstel bij de Tweede Kamer ingediend. Het initiatiefwetsvoorstel ter invoering van het Centraal aandeelhoudersregister wordt op dit moment behandeld door de Tweede Kamer. In deze Update geven wij een overzicht van de laatste ontwikkelingen.

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