The First Chamber of the Dutch Parliament has approved the Financial Markets Amendment Bill 2010. The bill contains both substantive and technical non-substantive amendments to the Financial Markets Supervision Act (FMSA). The more substantive amendments relate to:

  • the mandatory exemption notice for offerors of securities who are exempt - pursuant to article 5:3 paragraph 1 FMSA - from the prohibition on offering securities to the public without an approved prospectus ("wild west sign")  
  • the voluntary supervisory regime for investment firms  
  • the "major exemption" for offerors of investments (from all license requirements in this respect)  
  • raising of the threshold for exemption from the licence requirements for investment objects and participation rights in investment institutions from EUR 50,000 to EUR 100,000.  

The bill is expected to take effect in January 2012.