The AFM has revised (in Dutch) its policy on disclosure obligations for securities lending and repurchase agreements. The most important amendment is that the recipient or buyer is no longer obliged to disclose shares that he lends-on prior to the end of the following trading day or if he no longer has the shares at his disposal. If he has the shares in his possession longer than the end of the following trading day, he must make a disclosure pursuant to Article 5:38 in conjunction with Article 5:45(1) FMSA. The original legal owner has no new disclosure obligation (other than when the amounts exceed or fall under the threshold).