Today, 24 June 2013, NautaDutilh published its report on the expected state of the duty of care for banks in 2020. This is a subject of continued interest to financial institutions. It is of particular interest now, as the bill for the Financial Markets (Amendment) Act 2014 is currently before the lower chamber of the Dutch Parliament. Last week NautaDutilh partner Stijn Franken participated in a parliamentary roundtable discussion on the proposed general duty of care provided for in the bill.
Larissa Silverentand and Bart Bierman, lawyers in NautaDutilh's Banking & Finance practice, were responsible for drawing up the report. In the course of the preparation of the report, a roundtable discussion with experts from the financial sector was held in March of this year.
Three of the most important conclusions in the report are:
- The general civil law duty of care of banks will increase, not only towards clients but also towards third parties.
- Banks' duty of care towards professional parties (and parties that, in short, are seemingly more professional than consumers) will also become more stringent, under both regulatory and civil law.
- Regulatory authorities will take action or try to take action against activities that do not conform to their views of what constitutes proper business conduct, even if the legal basis for such action is unclear or absent.
Financial laws and regulations are multiplying so fast and changing so quickly that financial institutions are finding it difficult to keep track of them on their own. NautaDutilh is willing and able to help its clients follow these developments. In addition, NautaDutilh sees its relationship with clients as becoming more of a business partnership. In that light, it offers them greater added value by providing advice not only on current or forthcoming laws and regulations but also on expected trends. Clients can consider this advice when conducting business and making future plans. The report "2020 Banks' Duty of Care" is a good example of such added value.
Click here for the report.