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On 14 December 2022, the Netherlands Authority for the Financial Markets, published amendments to the Further Regulation on the Supervision of the Conduct of Financial Undertakings under the Financial Supervision Act.

In their financial regulatory outlook, Roderik Vrolijk and Maarten Weekenborg look ahead to 2023 and give an overview of the main legislative and financial regulatory developments they expect in the fintech sector.

The prohibition of (as the Latin saying goes) reformatio in peius means that the outcome of appeal proceedings may not be that a party ends up in a worse position as a result of its own appeal against a decision by the District Court.

On 4/10/2023, the District Court of Rotterdam ruled that the Dutch registration regime for crypto services providers goes beyond the scope of the registration requirement set out in the Fifth Anti-Money Laundering and Anti-Terrorism Financing Directive.

Intra-group relations, such as agreements and intragroup positions, between e-money and payment institutions and other entities within the same group can pose a threat to the solidity of the institution.

The MiCAR aims to create a broad EU regulatory framework for the issuance of, intermediating and dealing in, crypto assets. MiCAR entered into force in June 2023. Both ESMA and EBA published consultation papers including draft technical standards.

Under Dutch law, the interpretation of contracts is governed by the 'Haviltex' standard. Parties who favour legal certainty sometimes opt for their own standard instead by including an 'interpretation clause'.

The authors discuss a recent judgment by the Dutch Supreme Court that extends the right of setoff for banks before and during bankruptcy and suspension of payments.

The applicability of a choice-of-court clause in general terms and conditions referred to by a hyperlink in the contract does NOT require the other party to have ticked a separate box for consent to the applicability of those GT&C.

In bankruptcy proceedings, directors under the articles of association of a Dutch B.V. or N.V. can be held liable by a bankruptcy trustee on the basis of specific articles of the Dutch Civil Code concerning manifestly improper management.

Since 9 January 2022, the public type of the Dutch Scheme is automatically recognized in the EU under the European Insolvency Regulation. This will be further discussed in this blog.

Het bestuur is belast met het besturen van de rechtspersoon, behoudens beperkingen volgens de statuten. Deze taak geldt voor het bestuur van elke rechtspersoon.

Aanleiding

De onderwerpen “fraude” en “continuïteit” en de werkzaamheden die accountants verrichten rondom deze onderwerpen zijn zeer actueel.

The Netherlands has published the implementation decree in respect of the EU Directive and EU Regulation on cross-border distribution of funds. This means that the (pre)marketing of units in investment funds will be subject to new rules from 6 November 20

The legal journal Maandblad voor Vermogensecht has published an article by Gertjan Boekraad on ‘the scope of the non-contractual liability of the accountant who performs a non-statutory task’.

This second of two blogs discusses the enforcement of UK court judgments in the Netherlands and applicable law. It also gives a brief overview of other EU PIL instruments that have ceased to apply to the UK from 1 January 2021.

Since 1 January 2021, EU regulations simplifying cross-border litigation no longer apply in relation to the UK and – in most cases – to parties based in the UK.

Today’s publication of the Sustainable Finance Package will impact large corporates, as well as financial institutions, including asset managers, insurers and others.