Consultation on exemption notice

Companies which are exempt from supervision by the AFM or from licence or prospectus obligations are required by law to notify investors of the exemption. From 1 July 2010 this notice will have to be given according to a specific format. The AFM has developed standard phrases and symbols for this purpose, which have been submitted to market parties for consultation (in Dutch). The definitive rules will be published in April.

Parties offering investment objects or participation rights in investment funds have been obliged for some time to inform potential investors if the offer falls outside the AFM’s supervision, but there has been no standard format for these notices. This will change on 1 July, when all exemption notices will have to follow the new format.

Consultation on standard risk profiles

Financial enterprises often apply different risk profiles when offering and managing investment products. If they do use the same risk profiles these are shaped differently, and this leads to differences in the risk and return of the profiles. The AFM has drawn up a standard classification for profiles. The consultation on this ended on 1 February.