Update notification requirements: policy rule published and consequences for current positions *

Netherlands - January 2 2012
We refer to our corporate alert of last Friday in relation to the entry into force of the amended section 5:45 (10) of the Dutch Financial Supervision Act (the "Wft") on 1 January 2012.

Co-authors: Derk Lemstra, Suzanne Kröner-Rosmalen, Rogier Raas, Steven Hijink.

Introduction of a notification requirement for cash settled instruments *

Netherlands - December 30 2011
Effective 1 January 2012, a notification requirement for large positions in cash settled instruments will be introduced.

Co-authors: Derk Lemstra, Suzanne Kröner-Rosmalen, Rogier Raas, Steven Hijink.

€ 50,000 exempt offerings threshold increased *

Netherlands - December 23 2011
Currently, no licence or prospectus requirement applies when offering units in collective investment schemes, offering investment objects (beleggingsobjecten) or offering securities (effecten) to the public when offered for a nominal value of at least € 50,000 per product or if the relevant instruments can only be acquired against a total consideration of at least € 50,000 per investor.

Co-authors: Derk Lemstra, Rogier Raas, Maarten Hepkema.