The AFM has drawn up rules on the use of the mandatory exemption notice. From 1 January 2012, the text for the notice should read: "Attention! This investment falls outside AFM supervision. No licence required for this activity", or "Attention! This investment falls outside AFM supervision. No prospectus required for this activity." The text must be followed by a standard drawing of a person thinking, with a question mark next to him.
The AFM has also released the new text of the Further Regulation on Conduct of Business Supervision of Financial Undertakings. This regulation outlines how the notice should be used and where it should be placed, e.g. in advertising and other information materials. The Further Regulation will take effect later this year.