On 9 December 2014, the Amendment of the Act on Funding Financial Markets Supervision (Wijzigingswet Wet bekostiging financieel toezicht, "Amendment") was adopted by the senate of the Dutch Parliament. As a result of the Amendment, the fee for the approval of a prospectus, such as for the issue of asset-backed securities or covered bonds, will increase substantially. It is expected that the Amendment will enter into force as from 1 January 2015. Originators/issuers filing for approval of a prospectus should take these increased costs into account.
Pursuant to the Amendment, the Authority for the Financial Markets (Autoriteit Financiele Markten, "AFM") and the Dutch Central Bank (De Nederlandse Bank, "DNB") will no longer receive a state allowance for the costs relating to the performance of its supervisory duties. In furtherance thereof, the AFM and DNB will pass on all costs to market participants by means of, inter alia, the AFM charging a higher application fee for the approval of prospectuses. The amount of the fee depends on the nature of the request and the applicant. The fees are listed in the annex to the Amendment. For the approval of a prospectus for certain debt instruments, which include asset-backed securities and covered bonds, the AFM will charge an application fee of EUR 15,000, which is substantially higher than the current application fee of EUR 4,000. It is expected that the Amendment will soon be formally announced and enter into force as from 1 January 2015.
Click here to review the Amendment.