The legislative proposal for implementation of MiFID II (Directive 2014/65/EU) and MiFIR (Regulation (EU) No 600/2014) was adopted in amended form by the Dutch Parliament (Tweede Kamer) on 26 September 2017. The legislative proposal will have to be adopted by the Dutch Senate (Eerste Kamer) before it can enter into force. The date of entry into force is still expected to be 3 January 2018.
The amended legislative proposal differs on some points from the original legislative proposal for implementation of MiFID II/MiFIR. Among the changes and clarifications are the following:
- Third country investment firms that intend to provide investment services to per se professional clients or eligible counterparties in the Netherlands – and that require a license in that respect – have to appoint a representative in the Netherlands.
- An investment firm that provides portfolio management services to retail clients will periodically have to provide a suitability statement to such clients.
- The competence requirement (vakbekwaamheidseis) applies to employees and other natural persons working under the responsibility of an investment firm that inform clients about financial instruments, investment services or ancillary services or that are directly involved in advising clients on financial instruments.
- The license requirement for the provision of data reporting services in the Netherlands does not apply to a licensed market operator with a registered seat in another EEA member that may provide data reporting services.
The publication of the consultation for the amendment of the Exemption Regulation AFS (Vrijstellingsregeling Wft) and the final version of the amendments to the Decree on Conduct of Business Supervision Financial Undertakings AFS (Besluit Gedragstoezicht financiële ondernemingen Wft) in relation to the implementation of MiFID II/MiFIR are expected in November and December of this year, respectively.
Click here for the MiFID II/MiFIR implementation legislative documents (Dutch).