Banking and finance: Financial services regulatory in Netherlands

Allen & Overy LLP

Allen & Overy LLP‘s practice is defined by its heavy involvement in particularly complex and strategic financial regulatory mandates and projects, a significant portion of which have a cross-border component. Its team in Amsterdam has strong connections with the key regulators in the Netherlands and EU. Also notable is that its expertise spans a multitude of areas, including banking regulation, insurance regulation, securities and AIFMD/UCITS. In addition, the group is also at the forefront of the advice to clients on the legal issues arising from IBOR transition. Elsewhere, it is prominent in M&A in the Dutch financial services sector, in addition to advising on IPOs and handling compliance issues for listed companies. The firm is also a major player in the fintech arena, as is evidenced by the fact that it acts for payment services providers and cryptocurrency exchanges, among other clients. In a notable highlight, Gerard Kastelein and Joost Elsenburg (who co-head the practice) are working with senior associates Daphne van der Houwen, Sanne Machiels and others to advise FIFA on setting up the FIFA Clearing House in the Netherlands and obtaining a license from the Dutch Central Bank to act as a payment service provider. Other work included acting for Blackstone on the $28bn sale of Refinitiv to the London Stock Exchange in 2020.

Practice head(s):

Gerard Kastelein; Joost Elsenburg

Other key lawyers:

Brechje van der Velden; Ellen Cramer-de Jong; Daphne van der Houwen

Testimonials

‘Best regulatory practice in the Netherlands with the additional benefit of a wide international network. Easily accessible partners and associates. Combination of legal/technical knowledge and practical solutions.’

‘Gerard Kastelein: Strong knowledge of complex capital structures (legal advice and transaction execution).’

‘The team is very open to discussing issues, transparent about its process and can produce solid legal analysis when I need it.’

‘All team members are very professional and have a solid legal understanding.’

Key clients

FIFA

Saxo Bank A/S

NIBC

Nordea Asset Management

Dutch Central Bank

MUFG Bank

Athora Holdings Ltd

ING

Vesteda Investment Management

Aegon

Van Lanschot Kempen Wealth Management N.V. Wolters Kluwer / Twinfield

Rabobank

ABN Amro Bank and ABN Amro Clearing Bank

Prosus

Work highlights

  • Assisting FIFA with setting up the FIFA Clearing House, a payments service provider that will facilitate the global payments of training rewards.
  • Assisting Airwallex with obtaining its licence as an electronic money institution in the Netherlands, which will allow Airwallex to expand its business in the EEA.
  • Acted for NIBC Holding on its €1.13bn public takeover by Blackstone, one of the world’s leading investment firms.

De Brauw Blackstone Westbroek

De Brauw Blackstone Westbroek handles a full range of financial regulatory matters for virtually all Netherlands-based financial institutions, as well as international banking groups, investment firms and insurance companies, among other clients. In addition to having a standalone financial regulatory practice, the firm is also able to leverage the expertise of practitioners in ancillary departments (including corporate, competition, employment and tax) to provide a full service to clients. Practice head Mariken Van Loopik has extensive experience of advising on recovery and resolution planning, regulatory capital transactions, governance issues and licensing. Elsewhere, on the contentious side, the firm is prominent in internal investigations and enforcement actions.

Practice head(s):

Mariken van Loopik

Testimonials

‘Excellent strategy and relationships at DNB.’

‘Truly impressed by the team’s ability to give advice which goes well beyond legal, ie also taking into account strategic and financial point of view. Thorough knowledge of the Dutch financial sector. One of the leading teams in Dutch regulatory law.’

‘Mariken van Loopik: Mariken has the ability to convert very complex matters into pragmatic advice. She is a trusted advisor to our board in strategic matters; it is highly appreciated that she is not afraid to take a firm position when the going gets though.’

Key clients

ABN AMRO

Rabobank

ING Group

de Volksbank

LeasePlan Corporation

AEGON

NN Group

Achmea

Work highlights

  • Advised de Volksbank NV on various matters in proceedings against the Single Resolution Board (SRB) at the EU Court of Justice. The proceedings concern the decision of the SRB regarding the calculation of de Volksbank’s 2018 contribution to the Single Resolution Fund (SRF).
  • Acted as lead counsel to Bridgepoint on its minority investment in ACT, the leading provider of custom market-based solutions for reducing carbon footprints. Part of the business of ACT is regulated by DNB and AFM.
  • Advising NN Group, a Netherlands-based international financial services company active in 20 countries on several matters, including its acquisition of MetLife’s insurance business in Poland and Greece.

NautaDutilh

Reflective of NautaDutilh‘s standing in the financial services arena, it acts for a broad base of clients on transformational, innovative and other strategically significant projects. It also advises on issues arising from the implementation of new legislation and other major changes in the market. Clients turning to the firm for advice include Dutch and international banks, fund managers, insurance companies and e-money/payment services providers. In a recent highlight, Jasha Sprecher led the advice to retailer Blokker and fintech company Bits of Stock on the creation of an innovative loyalty programme that enables Blokker clients to exchange their loyalty points for share certificates in Blokker. Also notable is that Frans Van Der Eerden and others have been advising banks, investment managers and fund managers on the implementation of SFDR and other sustainability related rules and regulations. Sprecher and van der Eerden co-head the practice with Larissa Silverentand. Sven Uiterwijk is also recommended.

Other key lawyers:

Sven Uiterwijk

Testimonials

‘The financial services regulatory team at NautaDutilh can be described as “one of a kind” compared to other firms. Each of the team members have their own field of expertise and together they are able to assist and advise on restructuring and regulatory matters involving licensing requests with our local regulator. Clients are guided step by step through the process, deadlines are made on time and any kind of issues that come up during the process are tackled. Their knowledge about regulatory topics such as EMIR, MiFID II, MiFIR is excellent.’

‘Larissa Silverentand – Larissa is an outstanding lawyer regarding regulatory aspects of financial sector and regulatory approvals with the local regulator. Her knowledge on al laws and regulations such as MiFID II/MiFIR is outstanding. Larissa is highly reputed among market commentators for her regulatory work, and it has been a pleasure to work with Larissa and her team.’

‘Frans van der Eerden – It is a pleasure to work with Frans. He guides his clients very well and makes his deadlines. His knowledge is outstanding, is available for his clients and he has guided us every step of the way. His knowledge and strategy to discuss matters with our local regulator makes him stand out compared to his competitors.’

‘Sven Uiterwijk – Outstanding knowledge on complex derivatives and EMIR related regulatory issues. Compared to his competitors, Sven is able to give a clear, simple explanation of complex matters and solves issues.’

‘Frans van der Eerden is the partner we most often work with. Very knowledgeable and hands-on and willing to think with his clients to find the best possible solution. Particularly his good relations with the regulator allow for a quick turn around of regulatory files and questions.’

‘Larissa Silverentand continues to stand out in the industry for her incredible breadth and depth of knowledge. Jasha Sprecher knows everything there is to know about payments and e-money institutions. He and his team have successfully guided several PSP/EMI licence applications over the past few years. Also when it comes to ongoing business he is on the ball.’

‘Thorough understanding of the working practices of the DNB. Good working relationship with the DNB.’

Key clients

ABN AMRO

American Express

ASR

Bank of America Merrill Lynch

BinckBank

Captin

CBRE Global Investors

Santander

Credit Suisse

Deutsche Bank

State of the Netherlands

European Merchant Services

Franx B.V.

Geldmaat/GSN

Goldman Sachs

HSBC

ING Bank

JPMorgan

Ingenico

KPN

Mizuho Bank

Morgan Stanley

MUFG

NIBC Bank

Nomura

Orix/Robeco

Rewire

PIMCO

Rabobank

Takeaway

The Norinchukin Bank

Sixth Street Partners (SSP)

Triodos

Uber

UK P&I Club/Thomas Miller

VanLanschotKempen

Volksbank

Wex

Worldpay

Xe (part of Euronet)

Modulr

Knab (Aegon Bank)

Booking.com

Commonwealth Bank of Australia

Work highlights

  • Assisted the Commonwealth Bank of Australia (CBA) with obtaining a banking licence in the Netherlands.
  • Assisted Booking.com with obtaining an insurance distribution licence for one of its group companies, enabling the group to distribute insurance products as an addition to its services offering.
  • Assisted Syntrus Achmea Real Estate and Finance B.V. with the set-up of Achmea Mortgages Investment Platform for investments in Dutch mortgage loans.

Stibbe

Noted for its breadth and depth of financial regulatory expertise, Stibbe‘s team is a first port of call for Dutch banks, insurance companies, stock exchanges and clearing houses, among various other clients. Rogier Raas heads up the practice, which covers all the regulatory aspects of M&A, private equity, debt finance and equity capital markets transactions. Beyond providing transactional support, the team is also instructed on a standalone basis for advice on regulatory compliance, anti-money laundering, governance issues and licence applications, as well as fintech-related matters. Internal investigations and financial services litigation are also key areas of strength for the team, which was bolstered by the arrival of Marieke Driessen from Simmons & Simmons in January 2021. The firm’s recent work included Raas, newly-promoted partner Roderik Vrolijk and senior associate Ingrid Viertelhauzen assisting private equity firm Astorg and IQ-EQ with the Dutch financial regulatory aspects of the contemplated restructuring of Astorg’s fund structure. In addition, the team is also advising ABN AMRO on the implementation of the EU Taxonomy Regulation.

Practice head(s):

Rogier Raas

Other key lawyers:

Marieke Driessen; Suzanne Kröner-Rosmalen; Roderik Vrolijk; Ingrid Viertelhauzen; Soeradj Ramsanjhal

Testimonials

‘Rogier Raas – quick and responsive.’

‘Pragmatic approach, client focused, strong communication skills.’

Key clients

ABN AMRO

Acapture

Aegon

Afvalzorg

AmTrust

Ageas

Anacap

Apax Partners

Aquiline Capital Partners

Argentex

AQR Capital Management

ASMI Assurant a.s.r.

Athora

Atradius

Avalabs

Atrium European Real Estate

Avega

Baillie Gifford

Bank of America Merrill Lynch

Banque Chaabi

Barclays

Baring Private Equity Asia

BDO

Belfius

Blackstone

BNP Paribas

Boussard & Gavaudan

Canada Life

Carlyle

Centtrip

Charles Schwab

Commerzbank

Crédit Agricole

Dasym Investment Strategies

Delivery Hero

Deutsche Bank

Dyme

Egeria

Euroclear

European Investment Bank

EY

ExxonMobil

Fiserv

GMO

Goldman Sachs

Grupo Catalana Occidente

Guy Carpenter

HPE Growth Capital

Husqvarna

IKEA

ING

Intertrust

IQ EQ

Irish Life

Intercontinental Exchange (ICE)

InsingerGilissen

Investcorp

J&T

KAS BANK

KKR

LeasePlan

Lombard Odier

Macquarie

Markant

Mediocredito Italiano

Mercedes-Benz

Monument Re

Morgan Stanley

NB Private Equity

Neuberger Berman

NN Group

Northleaf Capital

Novisource

Nuveen

Nuvei Corporation

NVB (the Dutch Banking Association)

Ordina

Payvision

Pershing Square Holdings

PGGM

Pioneer

Pwc

Prisma Alternatives

Quickbit

Rabobank

Rheos

SEB Smart2Pay

Societe Generale

Stichting Mars Pensioenfonds

Swiss Re

SZ Finance

Tikehau

TCV

TP ICAP

Tradeweb

Unipaas

Van Lanschot Kempen

Volksbank

Vistra

Voice Group Inc

Vitruvian Partners

Whatsapp

Wells Fargo

Worldbank

Worldpay

Work highlights

  • Assisting the Dutch Banking Association (Nederlandse Vereniging van Banken, “NVB”) and its members (virtually all Dutch banks) with the design and structuring of an implementation tool that allows Dutch banks and entities in scope of the Sustainable Finance Disclosure Regulation (SFDR) to implement the highly complex rules in their organisation and to track developments and implementation tools. The firm is also advising the NVB and its members on the implementation of the EU Taxonomy Regulation.
  • Advising Argentex, one the UK’s premier listed foreign exchange fintechs, on its expansion into the European mainland by setting up a regulated electronic money institution in the Netherlands and its licence application with the Dutch Central Bank.
  • Advising Apollo, one of the world’s largest alternative asset managers, on the Dutch financial regulatory aspects of its decision to enter into an agreement with Athene to merge in an all-stock transaction that implies a total equity value of approximately $11bn for Athene. Apollo and Athene are the holders of qualifying holdings in Athora Netherlands N.V. (formerly known as: VIVAT N.V.) and its regulated insurance subsidiaries.

Baker McKenzie

Corinne Schot is the head of financial services regulation at Baker McKenzie. Fielding a dedicated team, which also includes Tim Alferink, the firm is notably active in the fintech arena (particularly payment services), where it advises clients on a myriad of issues related to their existing and future business ventures and online platforms; areas of expertise in this space include the Second Payment Services Directive, the Electronic Money Directive, cash management systems and Know Your Client (KYC) policies. Elsewhere, the group advises Dutch corporates and financial institutions on anti-money laundering prevention policies and procedures, and it also provides representation in regulatory investigations. In addition, it is also active in acquisitions of licensed financial institutions, and is also knowledgeable about a wide ambit of insurance and capital markets-related issues.

Practice head(s):

Corinne Schot

Other key lawyers:

Tim Alferink

Testimonials

‘This practice is one of the top practices in the Netherlands.’

‘Excellent understanding of the financial industry, with different views brought together in one team.’

‘Baker McKenzie’s network is not just large, but also closely connected – allowing for near-seamless collaboration on projects requiring input from different jurisdictions. In my opinion, this sets Baker McKenzie apart from many of its peers, that have comparably large networks on paper, but can’t quite leverage them in the same way.’

‘Tim Alferink is truly a trusted adviser. It’s not just that he has extensive experience, or that he is very knowledgeable in the field of financial regulation (especially regarding investment services), but he is also pragmatic, involved and generally very personable.’

‘Baker offers all conceivable legal services under one roof, not only locally but also internationally. One contact person who observes matters and connects the right people/department.’

Key clients

Rembrandt F&O

Mollie

Accenture Plc

Work highlights

  • Advised Rembrandt F&O on all aspects of a new M&A service it plans to offer in the Netherlands. The firm advised on the structuring of the service, the various risks and regulatory requirements and promotional documentation.
  • Advised Dutch payment services provider Mollie on all regulatory issues, including payment services, branch notifications, establishment, outsourcing and expansion.
  • Assisted Accenture Plc with obtaining a license in the Netherlands as a financial service provider.

Clifford Chance

Clifford Chance‘s financial regulatory group comprises of practitioners with previous experience of working for and with key regulators in the Netherlands, such as the Dutch Central Bank and the AFM (Financial Markets Authority), among others. Jurgen van der Meer and senior counsel Marian Scheele jointly lead the Amsterdam team, which plays a particularly important role in the firm’s global fintech practice, with it acting for start-up fintechs, biotechs and traditional financial institutions; the group’s experience in this space includes the development of new tech-based products in areas such as blockchain, smart contracts and payment services. Elsewhere, the team advises on complex regulatory issues related to AIFMD, EMIR and MiFID II, among other areas. In addition, other drivers of work for the group include licence applications, financial institutions (FIG) M&A and cross-border restructurings. Scheele, Bas Boris Visser and others are advising Tencent on financial regulatory issues relating to its payment services offering (including WeChatPay), both in and outside the EU. The firm also advises the client on corporate governance, employment and corporate matters. Counsel Robert Smits is another name to note.

Practice head(s):

Jurgen van der Meer; Marian Scheele

Other key lawyers:

Bas Boris Visser; Robert Smits

Testimonials

‘Exceptional market/industry knowledge, which is coupled with pragmatic and comprehensive analytical skills and understanding of the law. As a result, Clifford Chance delivers pragmatic and actionable advice to assist counsel and management with day-to-day (as well as strategic) decision making.’

‘Marian Scheele – always delivers pragmatic and digestible advice we can use.’

‘CC’s financial services regulatory practice is particularly strong when it comes to fintech regulation in Europe. Technology allows firms to set up shop anywhere in Europe. The CC team provides a vital function by offering the ability to advise on the comparative advantages of the various jurisdictions.’

‘Particularly impressed with Marian Scheele. Very knowledgeable and dependable. Very fast response, great network.’

‘The Clifford Chance team have a deep and broad understanding of Dutch laws and they are an absolute pleasure to work with. They also understand the regulator mindset and have always provided us with counsel that was spot-on.’

‘The team they have assembled have shown their high quality through their pleasant nature, adaptability and availability to assist us throughout the whole process. They are quite knowledgeable and go the extra mile in helping us always understand the spirit of the law, including the typical “question behind the question” that a regulator may have.’

‘Knowledgeable individuals that work well together. Good knowledge of financial sector and all its aspects.’

Key clients

The Blackstone Group

Caceis

Adyen

TenCent

Floryn

Worldpay

IMC

Degiro

OKCoin

ING Bank N.V.

LiteBit

Blue Sky Group

ACT

Athora Netherlands

Mollie

Rabobank

Work highlights

  • Assisting Rabobank with structuring and establishing the AGRI3 sustainability fund. This AGRI3 Fund was created by UN Environment Programme and Rabobank, together with partner IDH and supported by FMO, the Dutch entrepreneurial development bank, to mitigate climate change.
  • Acted as legal counsel to Blackstone on recommended all-cash public offer for all issued and outstanding shares in the capital of NIBC.
  • Advised CACEIS Bank on all regulatory aspects of its take-over bid for, and integration of, KAS BANK, as Dutch specialised asset custody bank into the CACEIS group. After the successful take-over in 2019, the regulatory team assisted CACEIS Bank and KAS BANK with the integration and branchification of KAS BANK into CACEIS Bank, including the required regulatory clearance.

Dentons

Led by Arno Voerman, the team at Dentons stands out for its work in the fintech sector, where it advises fintech companies, Dutch and international financial institutions and investors on market entry, licence applications and product launches. The firm’s fintech work spans areas such as cryptocurrecy, e-money, credit cards and alternative finance, among others. Voerman’s recent work included advising Payconiq International on an agreement for it to act as the new technology partner for iDEAL 2.0 in the Netherlands. Elsewhere, insurance-related matters are another key area of strength for the firm, with it advising insurance companies and brokers on Dutch and European regulatory issues. In the investment management arena, Pien Kerckhaert is a well-known name among asset managers, with clients turning to her for advice on domestic and European regulations. Kerckhaert’s wider financial services expertise also includes the regulation of banks (CRD IV/CRR), as well as the granting of consumer credit and insurance intermediary services.

Practice head(s):

Arno Voerman; Pien Kerckhaert

Testimonials

‘Strong relevant expertise and pragmatic in finding solutions.’

‘Pien Kerckhaert: smart, knowledgeable, and pragmatic. Pleasant to work with.’

‘The prompt, smooth and knowledgeable communication and execution were impressive, but even more impressive was their creative and helpful approach.’

‘The professionals we worked with were extremely competent and prepared in a complex regulated area such as EU banking supervision. Their ability to explain, organise and bring such complicated regulatory procedures to a smooth and easy-to-follow process on the client side was impressive.’

‘Absolutely the most pleasant and capable persons within the European/Dutch payments sector. Invoices are clear, well documented and fair. No competition for them in the Netherlands.’

‘Arno is a very pleasant person to work with, easy to contact and responsive. His knowledge of payments and Dutch law in general is unparalleled. Even the regulators read his books and articles and base their supervision on his vision.’

Key clients

Aegon

Buckaroo B.V.

Citibank

Citco Bank

CNA Hardy

ibanXS

ING

MUFG

NN Group N.V.

Payaut

Payconiq

Rabobank

UniCredit

Vitesse PSP

Work highlights

  • Advised NN Group N.V. on its participation in the Dutch PSD2-Account Information Service Provider Invers.
  • Advised Buckaroo B.V. on its acquisition of Dutch payment institution Sisow B.V.
  • Represented a large international market maker in administrative proceedings against the Dutch financial regulatory authority.

DLA Piper

In addition to fielding five dedicated financial regulatory experts in the Netherlands, DLA Piper is also able to leverage the expertise of practitioners in ancillary departments (and across the global network) to provide full-service support. Paul Hopman leads the Amsterdam-based team, which acts for Dutch and international banks, payment services providers, fintech companies and insurance companies, among other clients. One of the names to note in the group is Martijn Boeve, who has expertise in IBOR transition and Benchmark Regulation matters. Elsewhere, the group is also sought after to advise clients on matters such as market entry, prudential supervision, the regulatory aspects of corporate transactions and product launches. It also advises on sustainable finance and ESG, as well as payment services regulatory matters. On the contentious side, regulatory investigations, enforcement actions and litigation are other drivers of work.

Practice head(s):

Paul Hopman

Other key lawyers:

Martijn Boeve; Aline Kiers

Testimonials

‘Very flexible and proactive team. Easy to contact and fair rating structure. Very capable with respect to documentation, second opinions or litigation.’

Key clients

Amazon

Athora Atradius

Avalara

Be Quick

Enel Group

Flexport

FMO

ING Bank N.V.

Kuwait Petroleum

Liberty Insurance Group

NatWest Group

Rabobank

Societe Generale

StarStone Underwriting Services B.V.

Verifone/Avangate/2checkout

Verra Mobility Corp.

Volvo

Work highlights

  • Assisted NWM with preparing a gap analysis between, on the one hand, the Supervisory Statement in April 2019 (PRA SS 3/19) on “Enhancing banks” and insurers’ approaches to managing the financial risks from climate change” and “Dear CEO” letter, and on the other hand, the EU rules, regulations and regulatory guidance as well as the Dutch laws, regulations and regulatory guidance in relation to climate change. Although the gap analysis focused on requirements relating to climate change, the firm also advised on matters with a broader environmental footprint.
  • Assisted Rabobank with its first CRU trade with a large corporate, in addition to drafting the standard documentation. The firm also provided regulatory advice on the status of the CRU under financial regulatory law.
  • Assisted StarStone with obtaining a Brexit related passportable EU managing general agent licence from the Dutch regulator (AFM). Having obtained the AFM licence, StarStone was able to underwrite business in the EEA through the Lloyd’s Brussels subsidiary after the Brexit transition period. After the licence was obtained, the firm continued to act for StarStone on an ongoing basis in relation to its governance and day-to-day operations in the Netherlands. This included preparing analyses and practical manuals for internal use with regard to notification obligations and  screening requirements, assisting with board changes and ultimately also the run-off of StarStone in the Netherlands.

Finnius

Boutique firm Finnius, which focuses on advising clients on Dutch financial regulatory law, provides a broad cross-section of services to clients in relation to contentious and non-contentious matters. On the transactional side, its team offers support on IPOs, M&A, restructurings and fund structurings. In addition, it is seen as a first port of call for advice on a multitude of standalone regulatory issues, such as those relating to MiFID II, PSD II, IFD and SFDR. One of the key individuals at the firm is recently promoted partner Tim de Wit, whose regulatory expertise spans investment funds, consumer credit regulation, integrity-related regulation and fintech. Elsewhere, the group provides representation in regulatory investigations and litigation; Guido Roth has 20 years of experience acting for clients in investigations by the DNB and AFM. Casper RiekerkBart Bierman and Rosemarijn Labeur are other recommended individuals. Senior associates Marijke Kuilman and Marieke Spee recently joined the firm from the DNB and Van Campen Liem respectively.

Other key lawyers:

Bart Bierman; Casper Riekerk; Rosemarijn Labeur; Guido Roth; Tim de Wit; Marijke Kuilman; Marieke Spee

Testimonials

‘Finnius distinguishes itself by always being able to provide practical advice which can easily be implemented.’

‘Rosemarijn Labeur is very pleasant to work with. She is attentive, has deep sector knowledge, is very good in separating main points from side points and provides very practical advice. Rosemarijn understands the dynamics of a scale up, and can always meet our challenging deadlines.’

‘Rosemarijn Labeur is an amazing lawyer with outstanding knowlegde of financial law. She is to the point, efficient and communicates very well.’

‘The Finnius approach is very personal. You mostly feel like they give you full attention. The knowledge they have and their annual outlook is very good.’

‘I very much appreciate the level of personal contact with Bart Bierman.’

Key clients

Acrisure Group

Tencent

Onderlinge ‘s-Gravenhage

Guardian Group

Brinks

Mastercard Europe SA/NV

Citco Bank Nederland N.V.

Nederlandse Waterschapsbank N.V.

De Volksbank N.V.

Triodos Bank N.V.

OBAM N.V.

InsingerGilissen Bankiers N.V.

Fincy Management

Smart2Pay / Nuvei group

MultiSafepay

Euronext N.V.

Petplan

Aegon N.V.

Mizuho Bank Europe N.V.

Stater Nederland N.V.

Floryn B.V.

Credit Europe Bank N.V.

Plaid

Tele2 Finance B.V.

Veterfina B.V.

bunq B.V.

Dutch Gift Card Association (Branchevereniging Cadeaukaarten Nederland)

Lynx B.V.

DPG Media B.V.

T-Mobile/Tele2

FMO Investment Management B.V.

OBAM Investment Management B.V.

GMO Netherlands B.V.

Abu Dhabi Investment Agency

DEGIRO B.V.

Garantibank International N.V. (part of BBVA)

Work highlights

  • Provided regulatory advice to bunq on a complex transaction whereby Pollen Street capital acquired a stake in bunq (just under 10%) and Bunq acquired Capital Flow (a subsidiary of Pollen Street Capital).
  • Assisted Acrisure (one of the largest global insurance distribution platforms) with its insurance brokerage licence in the Netherlands. The firm also assisted the client with obtaining regulatory approvals of a number of strategic acquisitions of Dutch insurance intermediaries.
  • Represented TMF – one of the biggest Dutch trust offices – in its successful challenge of two administrative fines from the Dutch Central Bank (DNB). This case has led to media attention and parliamentary questions, because of its alleged connection with the €850m Mozambique fraud that came to light in 2016. The lower administrative court lowered both fines by 10 percent. The high court upheld one of the fines, but reversed the other.

Linklaters

Linklaters‘ standalone practice handles a wide variety of mandates for clients, including financial regulatory advice, financial sector transactions, communications with regulators, investigations, litigation and enforcement actions. Bas Jennen leads the four-strong specialist team, which is at the forefront of key trends in the financial arena, such as ESG and sustainable finance, anti-money laundering and artificial intelligence. Jennen is a key adviser to the Central Bank of Aruba on various financial and integrity supervision issues, and he also advises the client on investigatiory and enforcement matters.

Practice head(s):

Bas Jennen

Key clients

Central Bank of Aruba

Dela Holding N.V.

Work highlights

  • Assisted Central Bank of Aruba with drafting a comprehensive Aruban State Ordinance on the payment system and related explanatory notes. The new state ordinance is based on the EU PSD II framework and the Dutch PSD II implementing legislation, which the firm tailored to the specific Aruban situation. The new framework will introduce a licensing regime and regulatory requirements for payment services providers, as well as a comprehensive supervisory framework for the CBA’s supervision and enforcement. The firm also advised on and included a section on the regulation of payment systems and the CBA’s oversight mechanism.
  • Advising Dela Holding N.V. on its takeover of Yarden Holding N.V., which will create the largest group in the Netherlands active in both the life insurance market and funeral arrangement market. The deal was initially aborted on 29 September 2020, due to Yarden’s uncertain financial situation.

Loyens & Loeff

Loyens & Loeff is particularly active in handling the regulatory aspects of M&A in the financial services sector, in addition to advising clients on setting up new businesses and launching new products in the industry. It also assists clients with prudential supervision (of counsel Bart Joosen is a particular name to note in this space) and funds-related regulatory issues. Also notable is that the firm is at the forefront of initiatives in the fintech arena, including in the payment services industry; a key contact at the firm is Martijn Schoonewille, who is knowledgeable about the use of artificial intelligence, distributed ledger technology and smart contracts in the financial sector. Willem Jarigsma heads up the practice.

Practice head(s):

Willem Jarigsma

Other key lawyers:

Kitty Lieverse; Martijn Schoonewille; Bart Joosen; Roderik Boogaard; Leon Engelen

Testimonials

‘Loyens & Loeff’s financial services regulatory practice covers the entire regulatory landscape, while other Dutch-based law firms only have specific expertise.’

‘Partner Kitty Lieverse is easy accessible and great to work with. She understands the business of asset management, the need for regulatory advice and points out the things that really matter.’

‘High knowledge of regulatory affairs and industry developments. Well informed and strong expertise. Understanding of clients’ businesses and tailor-made advice.’

‘Real experts in regulatory legislation, case law and developments within the industry and supervisors. Strong knowledge of consumer protection regulations and thinking along with clients and their own policies and procedures. The partner of the team, Kitty Lieverse, is a real expert in this area in the Netherlands. Furthermore, pleasant to work with, transparent, easy to contact and strong knowledge of our business and products (so advice is to the point and relevant for our business landscape).’

‘The team is very knowledgeable about a wide range of regulatory topics, which is combined with an excellent understanding of the market. The team takes a proactive approach to advising its clients.’

‘Loyens & Loeff’s financial services regulatory practice offers solid and practical advice for our business matters. They’re very approachable and deliver quickly and provide good follow-up advise and actions. They also have a good understanding of our business or are capable of picking it up very quickly, which makes the collaboration more productive and efficient.’

‘Approachable, responsive, flexible and practical, all values that we greatly appreciate in our collaboration.’

Key clients

BTIG

Gilde Equity Management

Gilde Healthcare

Main Capital Partners

Morgan Stanley

Nomura Financial Products Europe GmbH, Netherlands branch

Rabobank

Work highlights

  • Advised various Dutch AIFMs on their license application process and ongoing AIFMD compliance.
  • Advised on the Dutch regulatory approval process on a merger process in the insurance brokerage sector.

Norton Rose Fulbright

Norton Rose Fulbright‘s recent work has included assisting fund and asset managers with complying with new legislation on ESG in the financial sector. It also continues to be a major player in the fintech arena, where its team combines finance, regulatory and tech expertise to advise on new developments in the market; clients in this space include tech companies, private equity houses and other financial institutions. Elsewhere, another key workstream involves advising financial institutions from the UK and outside the EEA on continued access to the EU financial markets following Brexit. The financial regulatory practice is led by Floortje Nagelkerke, who acts for clients such as Cboe, CME and Northern Trust Global Services Limited.

Practice head(s):

Floortje Nagelkerke

Other key lawyers:

Nikolai de Koning

Testimonials

‘Very efficient and practical approach, willing to take the extra step. Lots of up-to-date knowledge. Out of the box thinking – not in limitations but solutions.’

‘Modern team, clear and open communication.’

‘Floortje Nagelkerke is well experienced and competent in the regulatory field. She is a calm and pragmatic adviser providing to-the-point guidance.’

‘The team is very knowledgeable in their field and works with key industry players which helps them understand the financial services industry and enables them to add value.’

‘Floortje Nagelkerke is an expert in her field. Pragmatic while very much aware of legal details. Great person to work with.’

Key clients

Allianz

Cboe

CME

Northern Trust Global Services Limited (NTGSL)

Royal Bank of Canada

Amtrust, Hyperion, Domestic & General

Stichting AGRI3

BUX

Jane Street

Gelber

MUFG

EuroCCP

Work highlights

  • Assisting the Allianz Group with all regulatory aspects of its acquisition of the Rabo PGGM PPI, a Dutch premium pension institution (PPI) for SMEs set up by Rabobank and PGGM in 2012, including but not limited to due diligence, contract negotiation, obtaining the required regulatory approvals from regulatory authorities (including the Dutch Central Bank), and providing advice on (compliance with) rules and regulations applicable to premium pension institutions.
  • Assisting the CME Group, the world’s leading derivatives marketplace, with obtaining authorisation for two of its Dutch subsidiaries in the Netherlands so that it can continue to service its European Union clients, regardless of the outcome of the UK’s withdrawal from the EU.
  • Assisted EuroCCP with setting up its derivatives clearing service. The firm amended and drafted the relevant client documentation. In addition, it assisted the client with getting the approval from the relevant competent authorities.

Simmons & Simmons

Simmons & Simmons is a strong choice for advice on cross-border financial regulatory issues, as is reflected by its profile among Dutch and global clients. Its team's recent work included advice to UK investment managers and banks on obtaining authorisations to operate in the Netherlands as a consequence of Brexit. Elsewhere, in the fintech arena, the team has a strategic focus on matters concerning cryptocurrencies, and it now acts for some of the largest cryptocurrency exchanges in the world. Other mandates involve assisting large financial firms with EURIBOR and other benchmarks reform issues, and also advising asset managers on the new capital requirements regime known as IFD/IFR. In 2020, practice head Rezah Stegeman acted for Dutch asset manager Aegon Asset Management on the conversion of its branch offices in Spain and Germany from branches of Aegon Asset Management Pan-Europe B.V. (an investment firm) to branches of Aegon Investment Management B.V. (a fund manager). Iris Dingemans joined from PwC Legal in January 2021.

Practice head(s):

Rezah Stegeman

Other key lawyers:

Iris Dingemans

Testimonials

‘They seem to really be on top of things on the topic and the advice was clear, concise, well explained and swiftly delivered for an acceptable, pre-agreed fee. The Dutch partner Iris Dingemans was very responsive and helpful, and liaised with her UK counterpart to get their views.’

‘Iris Dingemans: approachable, pleasant to deal with, knowledgeable.’

Key clients

Aegon

MN

Rabobank

Robeco

BNG Bank

ING Bank

Macquarie Capital

ABN AMRO Bank

PGGM

PGIM

bureau Brandeis

In addition to attracting mandates on a standalone basis, litigation boutique bureau Brandeis generates a significant amount of referral work from banking and securities lawyers (and other specialists). Under the leadership of Simone Peek, the team’s dispute resolution skills are brought to bear in investigations and enforcement proceedings by the AFM and DNB, as well as financial litigation between market participants (including mis-selling cases and matters concerning banks’ duty of care). The group is also sought after for risk management and compliance advice, including in relation to anti-money laundering and anti-bribery.

Practice head(s):

Simone Peek

Other key lawyers:

Casper Rooijakkers

Testimonials

‘Very friendly and willing to cooperate with other lawyers.’

‘In-depth knowledge that is applied practically and explained understandably. Proactive in sharing market developments that might or might not impact our business approach.’

‘Open communication lines and desire to support, even if this does not directly result in billable hours.’

CMS

At CMS, the financial regulatory team sits within the wider banking and finance practice that is led by Marc van Zanten. It generates mandates from a broad client base, including international banks, insurance companies, consumer credit companies and payment services providers. A distinguishing feature of the practice is its strength acting for automotive finance captives and leasing companies. The group’s varied workload covers advice on a wide range of financial regulatory issues, including those concerning market entry, EU passporting, anti-money laundering and commercial agreements. Recent highlights included advising US insurtech company Lemonade on its expansion across Europe. Tessa Penninks is the head of financial services/regulatory at the firm.

Practice head(s):

Marc van Zanten

Other key lawyers:

Tessa Penninks

Testimonials

‘Using knowledge and advice hands on. Thinking with the client to find solid workable solutions for complicated issues. Personal and friendly in communication and against very reasonable costs. Good global network.’

‘Tessa Penninks is a very capable lawyer who also is able to think like an internal legal counsel. Always looking for workable solutions and approaches within the regulatory boundaries. Very approachable person.’

Key clients

Norinchukin Bank Europe N.V.

ING Bank N.V.

Rabobank

Yapi Kredi Bank

Amsterdam Trade Bank N.V.

Lemonade Inc.

Deutsche Pfandbriefbank AG

PayPal

Erste Group Bank AG

Raiffeisen Bank AG

Landesbank Saarbrücken

HSBC Bank

RCI Financial Services (Renault Finance)

Munich Re / Digital Partners

Work highlights

  • Advised Lemonade on the incorporation of Lemonade Agency as the authorised agent of Lemonade Insurance as the insurer.
  • Advising Digital Partners (a Munich Re Company) on their partnership with Dutch insurtech ‘Insify’.

Hart advocaten N.V.

Financial services boutique Hart advocaten N.V. has an excellent reputation in the Dutch market, as is evidenced by the fact that its diverse client roster includes entities such as banks, pension funds, insurance companies and investment firms. The main contacts at the firm are Frank ’t Hart and Laura Stortelder, who are sought after for their expertise in anti-money laundering, sustainable finance, product governance, duty of care and tax matters involving supervision law issues. The team is particularly skilled in representing clients in regulatory investigations and litigation.

Practice head(s):

Frank ‘t Hart; Laura Stortelder

Testimonials

‘Hart Advocaten has a close-knit team consisting of relatively young professionals specialising in corporate and financial law in the Netherlands, specifically in the financial industry. As Hart is a boutique firm, the service is to the point, quick, agile and very flexible. Compared to the other larger competitors, Hart’s people are more dedicated and focused on the clients’ interests and wishes. Frank ‘t Hart himself is very knowledgeable in his field of expertise and considered to be one of the opinion leaders in the Netherlands.’

‘Frank ‘t Hart and Laura Stortelder are extremely customer-oriented and willing to go the extra mile.’

‘Hart Advocaten has in-depth knowledge of all regulatory matters concerning the finance industry in the Netherlands. It’s a boutique firm that easily equals large domestic and international firms in its areas of expertise. Most importantly, they understand our daily practice, as well as the relevant legislation. This combination makes it a very pleasant law firm with short communication lines, resulting in swift action.’

‘Small but dedicated team of professionals with a unique focus and wide reach. Hart Advocaten is known for its outreach on societal topics, dealing with a multitude of stakeholders. This is more than a law firm.’

‘Frank is a great professional and person to work with. Although cases can be complex, it is always a pleasure working with Frank.’

‘Frank is a very good lawyer, easy to spar with and to the point. He’s not only smart but has a practical way of thinking as well.’

‘Frank has built a great team of experts in the field of regulatory matters in the financing industry. They have in-depth knowledge but also understand our business and our needs in that respect.’

‘The 360 view of this firm is excellent. There are no surprises. The knowledge of all partners is very high, which make this firm unique in The Netherlands.’

Key clients

Achmea

Aegon Nederland, including Knab

Argenta

Bank Degroof Petercam

Bovemij

BUX

CAK (Centraal Administratie Kantoor)

CCV

Rabobank

Scildon

Tinka

Van Lanschot

Work highlights

  • Succesfully represented two investment companies (NNEK and Wijs & Van Oostveen) at the Supreme Court in a fundamental dispute with the Tax and Customs Administration (tax authorities) over whether securities giro services are exempt from VAT or not. The decision is important for all banks and investment companies.
  • Representing the former chairman of the Executive Board of SNS REAAL in an inquiry ordered by the Amsterdam Court of Appeal. SNS REAAL technically went bankrupt in 2013 and the shares were expropriated by the Ministry of Finance by means of a special prevention measure. This is one of the biggest bankruptcies in the financial sector.
  • Represented Knab in a landmark investment fraud case.

Houthoff

Houthoff‘s financial regulatory practice is highly-reputed for its ability to handle a mix of advisory and transactional work, as well as litigation. It acts for Dutch and international banks, e-money institutions, payment services providers, insurance companies and cryptocurrency providers, among other clients. One of the main contacts at the firm is Berry van Wijk, who has a strong track record assisting clients with their dealings with the DNB and AFM. The team also includes counsel Roel Theissen, who has almost 30 years of experience advising clients on market access, prudential regulation and governance. Recently promoted senior associate Lisanne Haarman is another key individual in the group, whose recent work included advice to automotive sector clients on the structuring of their financial services activities.

Practice head(s):

Loet Venrooy

Other key lawyers:

Berry van Wijk; Roel Theissen; Lisanne Haarman

Testimonials

‘Berry van Wijk and Roel Theissen are very detail-oriented and that is what I am looking for in external lawyers.’

Key clients

KBC

Municipality of Amsterdam

ABN AMRO Bank

ING Bank

Rabobank

Credit Suisse

NIBC Bank

BNP Paribas

Bank of America Merrill Lynch

Deutsche Bank

Petrobras

Royal VolkerWessels

Attestor Capital LLP

ASR

Work highlights

  • Assisted Yarden and its two shareholders (Yarden Association and Stichting Yarden) with the sale of Yarden to DELA.
  • Advised the editor of a new financial law hub, which is now up and running on the basis (inter alia) of the firm’s input on banking supervision (ongoing and in resolution) and insurance.

Lexence

Lexence‘s finance team is noted for its expertise in regulatory issues, with a particular focus on those concerning investment funds and investment firms, as well as payment services providers. Charles Destrée and Bas Zandvliet are among the key practitioners in the group, which is able to advise clients on matters such as business expansions in the Netherlands, acquisitions of regulated businesses and restructurings, as well as regulatory issues associated with setting up investment funds. In addition to acting for clients on a standalone basis, the firm works closely with international law firms in this space.

Practice head(s):

Charles Destrée

Other key lawyers:

Bas Zandvliet

Testimonials

‘Lexence team provides practical and client-oriented advice addressing the client’s needs.’

‘We liked working with Bas Zandvliet and Max De Vrede – they both were very helpful with our requests providing client friendly/ready-to-use consultations.’

‘They are very responsive, professional, knowledgeable and friendly.’

‘Charles Destrée – he has a helicopter view and is very approachable. Bas Zandvliet – knows what he is talking about and always remains calm.’

‘Charles Destrée – smart, accessible, good industry knowledge on international level. Bas Zandvliet – detailed, efficient and has good ideas.’

Key clients

Gencap Partners, Inc

Modern Dental Group

Waterland Private Equity

UnieKaas Beheer B.V.

Flextronics International Europe B.V.

Kirloskar Brothers Limited

Uniface B.V.

Intertrust

Agro Merchants Group/Oaktree

Takeaway.com N.V.

MSREF

H2 Private equity

Orange Clover Law

Alex Gonzalez leads the financial services team at Orange Clover Law, which has a strong profile in the investment management arena, where it acts for clients such as asset managers and funds, among others. In addition, the group’s financial services expertise also sees it generate mandates from banks, insurance companies and various other clients. Gonzalez is knowledgeable about a broad cross-section of topics, including the implementation of CRD/CRR, EMIR, AIFMD, MiFID II/MiFIR, PRIPS, UCITS IV/V, PSD 2 and MAR. In an ongoing mandate, Gonzalez is leading the advice to XR Trading on setting up a trading firm in the Netherlands that will function as its EU trading hub post-Brexit.

Practice head(s):

Alex Gonzalez

Other key lawyers:

Marcel van den Nieuwenhuijzen; Machiel Galjaart; Ademir Sehomerovic; Duco Poppema

Testimonials

‘Great team, trained at premium law firms, good quality/price.’

‘Alex Gonzalez is a superstar – commercial and pragmatic with fantastic knowledge of financial services.’

‘Orange Clover has gone from a start up to a widely-respected, well-connected boutique in the financial services sector. They are very strong on funds and asset management, but not pigeon-holed there.’

‘Alex Gonzalez is clear, confident and a pleasure to deal with. He and his partners are inspiring some impressive associates such as Ademir Sehomerovic.’

Key clients

New York Stock Exchange

Legal & General Investment Management

DRW Trading

Radix

Jump Trading

CTC Trading

Bain Capital

Headlands

XR Trading

Vivoryon Therapeutics N.V.

Cinven

Blue Fire Capital

Hansard

Atlantic Trading

Eagle Seven

Global-e

Blackstone

Work highlights

  • Advising Blackstone on Brexit contingency planning, and particularly the manner in which it could continue servicing its clients in the Netherlands and market its services to clients in the Netherlands: The work included advising on rules and regulations implementing MiFID II and AIFMD in the Netherlands.
  • Advising Atlantic Trading, a London based proprietary trading firm, on setting up a trading firm in the Netherlands and obtaining an investment firm licence from the Netherlands Authority of the Financial Markets.
  • Advising Eagle Seven, a Chicago based proprietary trading firm, on setting up a trading firm in the Netherlands and obtaining an investment firm licence from the Netherlands Authority of the Financial Markets.

Osborne Clarke

Johannes de Jong leads Osborne Clarke‘s financial regulatory practice in Amsterdam. In addition to advising clients on new legislation, he assists with the development of new products and services, as well as licence applications. De Jong is knowledgeable about the regulations relating to funds (AIFMD/UCITS), the payments industry (PSD2/2EMD), the markets in financial instruments (MiFID2/MiFIR), including in respect of brokers and trading venues (OTF/MTF), and loan and equity-based crowdfunding.

Van Benthem & Keulen

At Van Benthem & Keulen, Frank Richel handles advisory work and court litigation for banks, insurance companies, payment services providers and leasing companies, among other clients. He has particular expertise in the impact of financial supervisory legislation on contract law. Elsewhere, Richel is sought after for advice on issues associated with financial laws such as MiFID II, PSD II and Solvency II.

Practice head(s):

Frank Richel

Testimonials

‘Pleasant people to work with. Great legal and communication skills. Outstanding client support with ongoing (virtual) training (seminars, podcasts, etc).’

‘The firm and its partners are easily accessible, aim to think from the perspective of the client and offer good value services. The firm is informal, no-nonsense and responsive.’

Key clients

Citibank Europe Plc

Econocom Nederland B.V.

de Volksbank N.V.

Triodos Bank N.V.

Oikocredit Ecumenical Development Cooperative Society U.A.

Oikocredit International Share Foundation

Work highlights

  • Assisted Econocom Nederland with a wide range of contracts with its funders and clients.

Van Doorne

Van Doorne‘s multidisciplinary financial regulatory team works closely with the dedicated fintech group to handle legal and regulatory issues facing entities operating in the paytech, insurtech and pensiontech spheres. In addition, on the financial institutions side, the group is noted for its expertise in alternative finance and securities, where it advises banks and other financial institutions on market access, ongoing regulatory obligations and enforcement. The firm also leverages the expertise of its fraud and white-collar crime team to advise its clients on anti-money laundering, market abuse and sanctions, and it also provides representation in investigations. Elsewhere, pensions and insurance-related matters are other core areas of focus. Vanessa Liem, Jan Leliveld, Roel Botter and Friso Foppes co-head the practice.

Testimonials

‘Up-to-date knowledge base and practical, hands-on attitude.’

Key clients

Mogelijk Vastgoedfinancieringen

BillFront

Yolt/YTS

Private Client Resources (PCR)

Oneplanetcrowd

Troy Debt Collection

Work highlights

  • The firm has advised Mogelijk Vastgoedfinancieringen on all legal aspects of its peer-to-peer funding business since its inception. Furthermore, it advises the client on an ongoing basis in relation to its buy-to-let financing activities in the Netherlands.
  • Assisted fintech company Yolt with becoming an independent ING venture, with its own corporate structure and its own regulatory licences.
  • Assisted InAdmin with various contracts to support its business, including outsourcing the development of its pension administration system and infrastructure support to CGI.