The Cabinet is in agreement (in Dutch) with a proposed bill containing both small substantive amendments and technical non-substantive amendments to the FMSA. The proposed bill also amends the Dutch Civil Code (Burgerlijk Wetboek), the Bankruptcy Act (Faillissementswet), the Consumer Protection (Enforcement) Act (Wet handhaving consumentenbescherming), the Audit Firms (Supervision) Act (Wet toezicht accountantsorganisaties) and the Economic Offences Act (Wet op de economische delicten).

An important element of the bill is the development and expansion of the mandatory exemption notice that currently exists for offers of investment objects and rights of participation in an investment institution. From now on, certain offers of securities must also mention that there is no supervision, for example, of investments of at least EUR 50,000 or offers of securities to fewer than 100 persons.

Specific rules concerning the form of exemption notices will also be introduced.

The proposed bill will also introduce a voluntary supervisory regime for investment institutions. Currently, if investment institutions offer participation rights only to qualified investors they are not required to have a licence. However, some foreign institutional investors are only allowed to invest in supervised investment institutions. The new regime will make it possible for investment institutions to be voluntarily supervised and therefore open to these foreign institutional investors.

The Cabinet has agreed to consult the Council of State regarding the bill. Both the bill and the advice of the Council of State will be made public during submission to the Second Chamber of Parliament. The Act is intended to enter into force as of 1 January 2010. The consultation version (in Dutch) of the proposed bill can be found on the website of the Ministry of Finance.