On 1 January, both the FMSA Remedial Bill and the FMSA Remedial Decree entered into force. These amend a large number of laws and regulations, as follows:

  • Financial Markets Supervision Act (FMSA, Wet op het financieel toezicht)
  • Decree on Funding Financial Markets Supervision (Besluit bekostiging financieel toezicht)
  • Decree on Definitions pursuant to the FMSA (Besluit definitiebepalingen Wft)
  • Decree on Market Access of Financial Undertakings pursuant to the FMSA (Besluit Markttoegang financiële ondernemingen Wft)
  • Decree on the Scope of the Provisions of the FMSA (Besluit reikwijdtebepalingen Wft)
  • Decree on Prudential Rules pursuant to the FMSA (Besluit prudentiële regels Wft)
  • Decree on Special Prudential Measures, Investor Compensation and Deposit Guarantees pursuant to the FMSA (Besluit bijzondere prudentiële maatregelen, beleggerscompensatie en depositogarantie Wft)
  • Decree on the Prudential Supervision of Financial Groups pursuant to the FMSA (Besluit prudentieel toezicht financiële groepen)
  • Decree on the Supervision of the Conduct of Financial Enterprises pursuant to the FMSA (Besluit gedragstoezicht financiële ondernemingen Wft)
  • Decree on the Disclosure of Major Holdings and Capital Interests in Securities-Issuing Institutions (Besluit melding zeggenschap en kapitaalbelang in uitgevende instellingen)
  • Public Offers (Financial Markets Supervision Act) Decree (Besluit openbare biedingen Wft
  • Besluit fondsen en spaarregelingen)
  • Decree implementing Capital Requirements Directive (Besluit implementatie kapitaalakkoord Bazel 2)
  • Decree pursuant to the Act on the Prevention of Money Laundering and Terrorist Financing (Uitvoeringsbesluit Wet ter voorkoming van witwassen en financieren van terrorisme)

The FMSA Remedial Bill and the FMSA Remedial Decree in particular correct incorrect references, omissions and textual errors. The Ministry of Finance will address substantive amendments in the FMSA and the implementing Decrees later this year in an FMSA Amendment Bill.

New categories of professional market parties

One of the more substantive amendments of the FMSA Remedial Bill is an inclusion in the Decree on Definitions FMSA of a new category of professional market party. To section 3 of the Decree on Definitions FMSA a second paragraph has been added, which reads:

“2. Persons or companies from which redeemable funds are raised, received or held will be designated as a professional market party within the meaning of Subsection c of the definition of a professional market party in Section 1:1 of the Act in their legal relationship to the party which raises, receives or holds the redeemable funds, respectively, if:

a. the nominal value of the first claim or the aggregate of the first claims jointly obtained under the legal relationship is at least € 50,000 at one time; or

b. the first claim or the aggregate of the first claims jointly obtained under the legal relationship can only be acquired or have only been acquired for an amount of at least € 50,000 at one time.”