The AFM has published a policy guideline on distinguishing between ‘investment’ and ‘enterprise’. This will make it easier for the market to establish whether certain activities are subject to investment services supervision. The issue is relevant for two types of regulation under the FMSA: (i) the licence requirement for (managers of) investment institutions, and (ii) the information requirements when participation rights in an entity’s capital are offered to the public or listing of those rights is sought. The policy guideline came into force on 1 August and replaces the previous guideline from 2006.