The Dutch regulator, the Netherlands Authority for the Financial Markets (AFM), has published a consultation on warning texts and pictures that need to be included in marketing materials concerning financial products that are offered in the Netherlands which rely on the following exemptions:
- Offer to less than 100 persons, not being qualified investors;
- Offer in denominations of at least EUR 50,000 per financial instrument; or
- Offer for a total consideration per investor of at least EUR 50,000.
The warning texts and pictures need to be included in order to make the investor aware that the AFM is not supervising the offer or the issuing company and that an approved prospectus will not be published.