The AFM held a consultation on a proposed policy guideline which specifies when an instrument or participation right can be traded. The interpretation of the term transferability is relevant in establishing whether the instrument or participation right in a closed-end investment institution qualifies as a “security” under the FMSA. The following three conditions for transferability are explained by the AFM: standardisation, transferability and trading possibilities.

The consultation ended on 15 November 2010.