Wild west sign

The proposed Financial Markets Amendment Act 20107 introduces an obligation to inform the public that there is no supervision when securities are offered that are exempt, pursuant to section 5:3.1 FMSA, from the prohibition on offering securities to the public without a prospectus. The Minister clarifies in the recently published sixth memorandum of amendments (in Dutch) to this bill that this exemption notice is not mandatory where an offer is being made exclusively to qualified investors.

The AFM is holding a consultation on the format of the mandatory exemption notice (see below)

Major dispensation for offerors of investment objects

The bill also changes the “major dispensation” for offerors of investment objects. Pursuant to the current section 2:55.2 FMSA, the AFM may grant dispensation to these offerors from all licence requirements but the offerors continue to be subject to the continuous supervision rules. Under the bill the major dispensation extends to the continuous supervision as well. In addition, the bill provides that the authority to grant a major dispensation no longer extends to insurance brokering and offering participation rights in collective investment schemes (UCITS), as the relevant European directives do not allow those dispensations. The sixth memorandum of amendments proposes imposing an obligation on the AFM to withdraw the dispensations in question