On 6 March 2009, Article 58 of the Decree on the Supervision of the Conduct of Financial Enterprises pursuant to the FMSA (Besluit gedragstoezicht financiële ondernemingen Wft) took effect10. Article 58 contains a harmonised scheme for transparency of intermediary commission, including the requirement that an intermediary inform the consumer of his actual commission prior to entering into an agreement. It will no longer suffice to provide percentages.
This article replaces the previous Article 58, which contained the so-called ‘advice match’ rules and which was intended to take force on 1 October 200911.
Transparency of commission
The Decree amending Article 58 also includes new rules regarding transparency of commission payments. While these rules formally took effect on 1 January 2009, a transitional arrangement was in force until 1 April 2009. During this period, the Netherlands Authority for the Financial Markets (AFM) took a reasonable stance if intermediaries were unable to state the amount of commission they received. As of 1 July 2009, however, Article 58 will take effect and advisors and intermediaries must provide consumers with a service provision document, clearly stating services and remuneration.