Banking and finance: Financial services regulatory in Netherlands

Allen & Overy LLP

Gerard Kastelein is the head of financial services regulation at Allen & Overy LLP. Drawing on the firm’s global expertise, the Amsterdam-based team covers a broad cross-section of areas in the financial sector, including licence applications, bank recovery and resolution planning, capital requirements and insurance regulation, anti-money laundering and sanctions compliance, as well as securities and AIFMD/UCITS.  Elsewhere, the group is well-positioned to handle IBOR-related matters, regulatory clearances in the context of M&A transactions, and it is being increasingly instructed by clients in the fintech space, such as e-money/payment service providers and cryptocurrency exchanges. Financial litigation expert Brechje Van Der Velden, investment management head Ellen Cramer-De Jong, and counsel Daphne Van Der Houwen are other names to note.

Practice head(s):

Gerard Kastelein


Other key lawyers:

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


Testimonials

‘Daphne van der Houwen has great in-depth knowledge.’

‘The team is strong and provides a good mix of advisors. Creative thinkers that are easily accessible and work towards a practical solution.’

‘Gerard Kastelein is our main point of contact. He is easily accessible and a strategic thinker, accommodating of our needs.’

Key clients

De Nederlandsche Bank


KONINKLIJKE DSM N.V.:


PT BANK NEGARA INDONESIA


FIFA


Saxo Bank and BinckBank


Airwallex


Work highlights


  • Advised DNB on the impact of EU, UK and US sanctions (due to the Russia-Ukraine war) against Russian parties on a regulated Dutch bank.
  • Advising a global financial institution on the acquisition of a majority stake in Dynamic Credit, a Dutch asset manager and specialist lender, and assisting with obtaining financial regulatory clearances from DNB and the AFM in connection therewith.
  • Advising DSM on obtaining financial regulatory clearances from the Dutch regulators in connection with its merger with Firmenich, becoming the global leading creation and innovation partner in nutrition, beauty and well-being.

De Brauw Blackstone Westbroek

De Brauw Blackstone Westbroek‘s practice is heavily involved in complex financial regulatory matters, acting for practically all major Netherlands-based financial institutions, as well as large national and international banking groups, insurance companies and investments firms, among others. Mariken Van Loopik leads the team, whose standalone financial regulatory expertise spans areas including licensing and market access, M&A banking requirements, governance and business structuring, capital and compliance issues, and recovery and resolution planning. Beyond instructions on a standalone basis, the group works seamlessly with other departments within the firm (including corporate and M&A, capital markets, employment, tax and litigation) to deliver further services to clients, such as advice on internal investigations and enforcement matters.

Practice head(s):

Mariken van Loopik


Testimonials

‘Highly skilled, well-trained and hands-on lawyers.’

‘Regulatory team is able to advise at a top level through thorough knowledge of the Dutch and European financial sectors.’

‘Mariken van Loopik is a quick thinker whose advice goes well beyond just the legal aspects. She has thorough knowledge of the Dutch financial sector and is one of the leading partners in the Dutch regulatory space.’

‘Mariken van Loopik has the ability to convert very complex matters into pragmatic advice. She is a trusted advisor to our board in strategic matters.’

Key clients

Coöperatieve Rabobank U.A.


ABN AMRO Bank N.V.


ING Group N.V. / ING Bank N.V.


LeasePlan N.V.


Work highlights


  • Advised on various matters for de Volksbank N.V. in proceedings against the Single Resolution Board 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.
  • Acted as lead counsel to Bridgepoint on its minority investment in ACT, the leading provider of custom market-based solutions for reducing carbon footprints.
  • Advised NN Group on the sale of its asset manager NN Investment Partners to Goldman Sachs Group, Inc. for total cash proceeds of €1.7 billion. As part of the agreement, NN Group and Goldman Sachs Asset Management have entered into a ten-year strategic partnership under which the combined company will continue to provide asset management services to NN Group.

NautaDutilh

NautaDutilh‘s practice is noted for its breadth and depth of financial expertise on a standalone basis, but it also plays a key role supporting the firm’s M&A and capital markets work in the financial sector. Headed by Larissa Silverentand, Frans Van Der Eerden and Jasha Sprecher, the group is a first port of call for major domestic and international financial institutions, fund managers, insurance companies and payment service providers, as well as a number of new players on the Dutch market. In a notable highlight, Silverentand advised Blackstone as lead investor in Mollie, one of the fastest growing and most valuable payment service providers globally, in a deal worth $800m. Elsewhere, the firm is frequently involved in drafting new legislation, advising on issues that arise from its implementation and any other major changes in the market. Counsel Roel Theissen, who arrived in April 2023 from Houthoff, is experienced in prudential regulation and governance matters. Sven Uiterwijk is also noted.

Practice head(s):

Larissa Silverentand; Frans van der Eerden; Jasha Sprecher


Other key lawyers:

Sven Uiterwijk; Roel Theissen


Testimonials

‘Very strong team which assisted us in several FIC M&A transactions. Consistent support and team availability, quick and concise responses and excellent preparation to execution certainty.’

‘Strong and long-term experience as key legal M&A council. Larissa Silvertand has always been a critical centre point in closing transactions successfully.’

‘Outstanding level of service. In the 10 years I have been working with the team, they have always delivered or exceeded expectations.’

‘Their depth of knowledge in the field of mortgage lending is unrivalled in the Dutch market.’

‘Frans van den Eerden has been and remains the go-to partner in this field. Their knowledge of underlying funding structures and close cooperation with the asset-backed finance team allows clients to get all-in one advice which is often critical in complex structured finance transactions or portfolio transactions.’

‘Larissa Silvertand is an exceptional lawyer who has trained her team well. They are responsive, practical, commercial and have a deep understanding of the law and regulatory framework in the Netherlands.’

‘Larissa Silvertand is the person I would want to instruct first in the Netherlands for financial services regulatory matters.’

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


  • Advised Blackstone as lead investor in Mollie.
  • Assisting ALD Automotive and its majority shareholder Société Générale with the proposed acquisition of LeasePlan from a consortium led by TDR capital for a total consideration of EUR 4.9 billion.
  • Advised a.s.r. with the launch of its new online investment service for retail investors.

Stibbe

Led by Rogier Raas and recently promoted partner Roderik Vrolijk, Stibbe’s practice is notably prominent in complex and strategic financial regulatory mandates, many of which are of a multi-jurisdictional nature. On the transactional side, the team’s key activities comprise the regulatory aspects of M&A, private equity, equity capital markets and debt financing. Elsewhere, the group is often instructed on a standalone basis for advice on licence applications, fintech-related matters, anti-money laundering and governance issues, as well as regulatory compliance, more recently in relation to sustainable finance and ESG laws. Senior associates Ingrid Viertelhauzen and Soeradj Ramsanjhal are particularly strong in regulatory investigations and enforcement matters.

Practice head(s):

Rogier Raas; Roderik Vrolijk


Other key lawyers:

Marieke Driessen; Soeradj Ramsanjhal; Ingrid Viertelhauzen


Testimonials

‘As a long-term client, the team continuously prove to be knowledgeable, always thinking in our best interests and able to find solutions for complex issues.’

‘Rogier Raas has extensive knowledge of this sector, including the regulator.’

‘Their key strength is by far a pragmatic way of working. If something changes, they directly adapt. The short lines are highly appreciated. Their work is consistent and of high quality.’

‘Roderik Vrolijk is enthusiastic and motivated, always informing his clients about when and what to expect. It is valuable that he always thinks along with a pragmatic view on how to deal with certain issues.’

‘Stibbe provides an excellent service to us. Not only are they extremely knowledgeable on complex topics we bring forward, but they are also available at short notice and come forward with suitable solutions.’

‘Always very helpful and knowledgeable in the cryptocurrency field.’

‘Roderik Vrolijk and Annemieke Zwanenburg are both helpful, positive and lovely to work with. The advice received has been great.’

‘Rogier Raas is very good at explaining complex matters in a simple way.’

Work highlights


  • Assisted Amsterdam Trade Bank N.V., which filed for bankruptcy and was declared bankrupt by the Amsterdam District Court, with financial regulatory advice associated with the bank’s insolvency.
  • Assisted Apollo in its all-stock merger with leading retirement services company Athene Stibbe, which included advising on the regulatory structure of the company and securing the financial regulatory approvals.
  • Assisted Argentex Group, a leading FX and payment services provider on all aspects of its licence application in the Netherlands and its interactions with the Dutch Central Bank. The Dutch Central Bank granted a licence to Argentex NL to provide electronic money services.

Baker McKenzie

Baker McKenzie‘s team coordinates complex multi-jurisdictional financial regulatory assignments for major Dutch and international clients. Corinne Schot heads the practice, which places particular focus on fintech-related matters in the payment services industry, where it advises clients on various regulatory issues related to their existing and future business ventures and online platforms. In addition, the group is well-placed to handle anti-money laundering prevention policies and procedures, regulatory investigations, and issues arising from the Alternative Investment Fund Managers Directive (AIFMD). Other drivers of work include acquisitions of licensed financial institutions and asset portfolios, insurance and capital markets-related issues. Another name to note is Tim Alferink, who is a primary contact for various international financial conglomerates and fintech startups.

Practice head(s):

Corinne Schot


Other key lawyers:

Tim Alferink; Martijn Stolze


Testimonials

‘We have worked together on several transactions; they know our needs and can therefore give us specific advice.’

‘Deep cross-border knowledge, direct and open communication, and ultimately a very pleasant team to work with.’

‘A very strong relationship has been built up over the years that we have been doing business with the firm.’

Key clients

Accenture


Chesnara


ING


Multiple Dutch housing associations, including Stichting Stadgenoot


Work highlights


  • Advised multiple Dutch housing associations about their options under existing ISDA/CSAs and other agreements regarding the usage of Euribor, EONIA and other benchmarks, as well as the consequences of the Benchmark Regulation and fall-backs related thereto.

Clifford Chance

Jurgen Van Der Meer leads the financial regulatory team at Clifford Chance, whose advice and global reach is particularly important to Dutch and international financial institutions, including banks, investment firms and trading houses, among others. In addition, it has detailed knowledge of and contacts at key Dutch and European regulators, such as the Dutch Central Bank, the Financial Markets Authority, and the European Central Bank. The team handles licence applications, regulatory capital issuances, cross-border restructurings, as well as an increasing number of financial institutions (FIG) M&A work. Elsewhere, it addresses complex issues arising from new regulations, such as CRR/CRD, MiFID, PSD, MICAR and DORA. Fintech is another notable strength, with the firm advising startups, scale-ups and big techs, as well as clients offering payment and cryptocurrency services. Counsel Marian Scheele is also noted.

Practice head(s):

Jurgen van der Meer


Other key lawyers:

Bas Boris Visser; Marian Scheele; Robert Smits


Testimonials

‘Dedicated and knowledgeable team with a commercial mindset.’

‘Jurgen van der Meer is dedicated and an absolute pleasure to work with.’

‘I am very impressed with Marian Scheele. She is very proactive in assisting with regulatory challenges, of which there are many.’

‘Marian Scheele has exceptional qualities. She is a great communicator and an excellent lawyer.’

Key clients

The Blackstone Group Inc.


ACT Commodities


Trade Republic


MUFG


Citigroup


J.P. Morgan


Scotiabank


ING Bank N.V.


BNP Paribas


Rabobank


IMC


Adyen


Tencent


Mollie


Safened-Fourthline


Litebit


Athora


Reggeborgh


MarketAxess


Work highlights


  • Advised Blackstone on an all-cash public offer for all issued and outstanding shares in the capital of NIBC at an offer price of €9.85 (cum dividend) per share, valuing NIBC at approximately €1.36 billion cum dividend.
  • Advised ACT, a leading provider of custom market-based solutions for reducing carbon footprints, in relation to a minority investment from Bridgepoint, a quoted private assets growth investor.
  • Assisted Trade Republic with financial regulatory, data privacy and tax advice, in connection with its ongoing compliance and expansion plans.

Dentons

Dentons‘ dedicated team is led by two financial regulatory specialists, Arno Voerman and Pien Kerckhaert. Voerman is at the forefront of the firm’s standout fintech work, where Dutch and foreign financial institutions, fintech companies and investors seek advice on market entry, licence applications and product launches. His recent work includes advice on the revised payment services directive (PSD2) in a number of market-first licence applications. The firm’s capabilities in the fintech sector cover areas including payments/e-money, cryptocurrency, credit cards and alternative finance, among others.  Elsewhere, in addition to insurance-related matters, Kerckhaert is the main point of contact in the investment management space, advising on various domestic and European regulations for asset managers, such as MiFID II and AIFMD. Enforcement matters and litigation are also handled by the firm.

Practice head(s):

Arno Voerman; Pien Kerckhaert


Other key lawyers:

Robbert Middelburg


Testimonials

‘The team is clear and concise with their advice. They have a strong grasp of the Dutch regulatory landscape and close ties with the regulator which we have found most useful. The use of clear checklists when creating authorisation documentation has been invaluable.’

‘Pien Kerckhaert is a bright and commercial lawyer with a deep understanding of her chosen field of law.’

Key clients

Aegon


Citco Bank


ibanXS


ING


MUFG


NN Group N.V.


NN Investment Partners


Payaut


Payconiq


Rabobank


UniCredit


Vitesse PSP


Work highlights


  • Advising Aegon on the review of its outsourcing documentation and arrangements with an eye to compliance with recent guidelines and requirements from Dutch and European regulatory authorities and GDPR.
  • Advising TreviPay on the financial regulatory aspects of the sale of MSTS Tolls to Shell.
  • Advising a Dutch Asset Manager on the treatment of an insurance policy as a risk mitigation technique under Solvency II.

DLA Piper

DLA Piper’s financial regulatory team is the first point of contact for Dutch and international banks, investment firms, payment service providers, insurance companies and fintech companies, among other clients. Paul Hopman heads the practice, which draws on the expertise of practitioners in ancillary departments (including corporate, real estate, tax and litigation) as well as across the firm’s global network. The regulatory aspects of corporate transactions are particularly well-handled by the team, especially in insurance-related cross-border matters. Elsewhere, it is instructed for advice on ESG and sustainable finance, anti-money laundering and digital innovation, as well as issues arising from domestic and European regulations. Other key individuals include Martijn Boeve and newly promoted senior associate Aline Kiers.

Practice head(s):

Paul Hopman


Other key lawyers:

Martijn Boeve; Aline Kiers


Key clients

AIG Europe S.A.


Amazon


Athora


Atradius


Avalara


Beequip


Bloomberg


Cooperatieve Rabobank U.A.


Enel Group


Flexport


FMO


ING Bank


InfoBip Ltd


Kuwait Petroleum


Liberty Insurance Group


NatWest Group


Rabobank


Societe Generale


StarStone Underwriting Services B.V


Verifone


Verra Mobility Corporation


Volvo


Work highlights


  • Assisted Rabobank in its first CRU trade with a large corporate, including advising on the status of the CRU and also supporting the drafting of standard documentation and bespoke trades, including the issuance of regulatory opinions regarding the regulatory qualifications of the CRUs.
  • Assisted Infobip with the revision and creation of a global compliance policy framework regarding AML and CTF, conflicts of interest, sanctions, anti-bribery and corruption.

Finnius

Financial regulatory boutique Finnius is well-placed to handle contentious and non-contentious matters for Dutch and international financial institutions, ranging from banks and credit card companies to small fintech start-ups. The team comprises practitioners with previous experience of working for key Dutch and European regulators, including the Dutch Central Bank, the AFM (Financial Markets Authority) and the European Central Bank.  Its transactional capabilities cover M&A, IPOs, capital issuances, restructurings and fund structurings. In addition, the firm is instructed for standalone advice on regulatory compliance, licence applications and cryptocurrency/blockchain-related matters, as well as issues relating to CRD, MiFID II, PSD II, IFD and SFDR. Financial litigation expert Guido Roth is routinely instructed to handle regulatory investigations and enforcement proceedings. Bart Bierman, Casper Riekerk, Rosemarijn Labeur and Tim De Wit are also noted.

Other key lawyers:

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


Testimonials

‘The firm is an excellent proxy on how to build communication with the regulator and which topics are of importance while interacting with the regulator.’

‘Casper Riekerk has always offered relevant and practical suggestions with regard to regulatory issues.’

‘Concerns were always addressed in a timely manner and I was always informed of what was going on. Very knowledgeable, kind, and diligent team. Would definitely recommend to anyone when it concerns regulatory issues in the gaming market.’

Key clients

Amdax


Annexum


Biller


Blackfin Capital Partners


Blauwtrust Group


Jasper Group


OFX


Abu Dhabi Investment Agency


Acrisure Group


Aegon N.V.


Amdax


Annexum


Arvato AGroup (trade name Afterpay)


Blackfin Capital Partners


Blauwtrust Group


bunq B.V.


Citco Bank Nederland N.V.


Credit Europe Bank N.V.


De Volksbank N.V.


DPG Media B.V.


Dutch Gift Card Association


Euronext N.V.


Fincy Management


Finom Payments


FlatexDEGIRO


Floryn B.V.


FMO Investment Management B.V.


Garantibank International N.V.


GMO Netherlands B.V.


Jasper Group


InsingerGilissen, Quintet Private Bank S.A.


Lynx B.V.


Mastercard Europe S.A./N.V.


Mizuho Bank Europe N.V.


Nederlandse Waterschapsbank N.V.


OBAM Investment Management B.V.


OBAM N.V.


OFX


Onderlinge ‘s-Gravenhage


Pelican Pay


Plaid


Stater Nederland N.V.


Tele2 Finance B.V.


Tencent


T-Mobile/Tele2


Triodos Bank N.V.


Veterfina B.V.


Work highlights


  • Assisted bunq in its challenge of a formal instruction imposed by the Dutch Central Bank for alleged violations of the Dutch Anti Money Laundering Act.
  • Advised Blackfin on the purchase of the shares in Blauwtrust Groep B.V. (a leading independent Dutch player in mortgage servicing, brokerage and distribution) with all regulatory aspects of this transaction, including approvals.
  • Assisted bunq in providing regulatory advice in 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).

Houthoff

Berry van Wijk is the head of financial markets regulation at Houthoff. The team is well-placed to handle both advisory and transactional mandates, as well as litigation, for Dutch and foreign banks, e-money/payment institutions, insurance companies and cryptocurrency providers, among other clients. Van Wijk is an expert in dealings that involve the DNB and AFM, and she also advises clients on market entry and the regulatory aspects of corporate transactions. Senior associate Lisanne Haarman, who has extensive experience with integrity-related issues in the context of anti-money laundering, is also recommended. Counsel Juan Vervuurt joined the team from ABN Amro in May 2022. Roel Theissen left for NautaDutilh in April 2023.

Practice head(s):

Berry van Wijk


Other key lawyers:

Juan Vervuurt; Lisanne Haarman


Testimonials

‘The team has an exquisite knowledge of financial services in the Netherlands and in particular the insurance industry.’

‘Berry van Wijk has outstanding experience in the insurance industry. She is a very professional partner with a down to earth approach.’

‘The team offers fast and expert advice, and always makes an effort to get to know the business of the client.’

Key clients

Corporation Service Company


Credit Agricole Consumer Finance


Yarden


eToro


DSB N.V.


AZL


NN


ASR


MediaMarkt


Heimstaden


ZEGO


AIG


Swiss Re


Work highlights


  • Advised Corporation Service Company on its recommended public offer for all shares of Intertrust N.V. for €20 (cum dividend) in cash per share. The offer represents a total consideration of approximately EUR 1.8 billion. The firm assisted with all regulatory approvals in the Netherlands, including the screening of directors and obtaining a DNO for the payment institution.
  • Assisted CA CF NL with the application for a DNO for a large-scale reorganisation, both in relation to the supervisory authorities involved as well as the intermediaries.
  • Assisted Yarden and its two shareholders (the Vereniging Yarden and the Stichting Yarden) in the envisaged rescue sale of Yarden to DELA.

Linklaters

Bas Jennen heads the financial regulatory practice at Linklaters, fielding a dedicated four-strong standalone team that includes managing associate Leonard Van Den Ende. The firm’s general advisory work covers business regulations, prudential regulation, payment services regulation and corporate governance, as well as compliance and integrity-related issues including anti-money laundering, ESG and fintech developments. The group also assists with any communications with regulators (including the DNB, AFM and ECB) and advises on supervisory investigations and enforcement matters. The regulatory aspects of M&A transactions are also handled by the team.

Practice head(s):

Bas Jennen


Other key lawyers:

Leonard van den Ende


Key clients

Central Bank of Aruba


Leaseplan Corporation N.V.


Work highlights


  • Advised a client on the setting up of its Dutch trading platform focused on cash-settled crypto-asset derivatives for EU-based professional investors. The firm assisted with the relevant licence application.
  • Advised a client on the setting up of a Dutch MiFID investment firm and the subsequent licence application.
  • Advised the Central Bank of Aruba on new legislation to regulate the Aruban payment sector.

Norton Rose Fulbright

Norton Rose Fulbright has a strong profile among Dutch and international financial institutions, including banks, insurance companies, fund managers and asset managers, among other clients. Practice head Floortje Nagelkerke focuses on the team’s market infrastructure work, which covers the regulatory aspects of trading, custody, clearing and settlement. Senior associate Nikolai De Koning contributes to the team's fintech advice, as well as that relating to anti-money laundering compliance. Fintech startups and investors turn to the firm for its advice on areas such as digital payments, cryptocurrency and blockchain. Another driver of work involves the management of licence applications, and in particular advising global institutions on their access to the EU financial markets following Brexit.

Practice head(s):

Floortje Nagelkerke


Other key lawyers:

Nikolai De Koning


Testimonials

‘Very skilled and resilient team.’

‘Floortje Nagelkerke stands out in knowing and overseeing the whole financial ecosystem from front to the very back of the market. She was involved in many important key developments in the market and is therefore positioned best to aid clients with specific queries.’

‘Practical and fast team with very good knowledge of markets and client needs.’

‘Floortje Nagelkerke is really great to work with. She is up to speed with market developments and knows the regulators’ mindset, offering targeted and practical advice.’

‘Nicolai de Koning is fast, client-oriented, practical and has in-depth legal knowledge.’

‘Great international coverage of topics and cross-border coordination within the firm.’

Key clients

Allianz


CME


Cboe


Northern Trust Group


Royal Bank of Canada


Amtrust


ING Bank N.V.


Domestic & General


BNP Securities Services


Nyenburgh


Tipalti


ABN AMRO


Bits of Stock


EuroCCP


Kraken


Jane Street


Work highlights


  • Assisting the Allianz Group with all regulatory aspects of its acquisition of the Rabo PGGM PPI, a Dutch premium pension institution 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.
  • Advised pib Group, backed by private equity firms, Apax Funds and The Carlyle Group, on the acquisition of Light B.V., an independent insurance broker based in the Netherlands, and which has a 35-year trading history.
  • Advised the CME Group on obtaining authorisation for two of its Dutch subsidiaries in the Netherlands so that it can continue to service its European Union clients. The firm assisted CME Amsterdam B.V. in successfully obtaining authorisation from the Dutch Ministry of Finance to operate a regulated market and MTF.

Osborne Clarke

Osborne Clarke‘s practice has a standout reputation in licence applications, where it acts for innovative and tech-driven clients in the field of payments (PSD2), e-money (2EMD), fintech (MiFID2) and cryptocurrency (AMLD5), among other areas. It is also known as one of the busiest practices for annual licence applications to key Dutch regulators, including the DNB and AFM. Practice head Johannes De Jong, whose expertise further covers alternative finance, anti-money laundering and sanctions advice, has previous experience of working for and with the AFM. Elsewhere, the firm is well-positioned to handle the regulatory aspects of corporate transactions. Associate director Juliet de Graaf is also noted.

Practice head(s):

Johannes de Jong


Other key lawyers:

Juliet de Graaf; Anka Langedijk


Testimonials

‘A very knowledgeable and cooperative team, offering a great balance between legal and practical advice.’

‘Great knowledge while still being pragmatic and practical. They are open to discussion and advice is given in a highly professional manner; special mention to Johannes de Jong as partner of the regulatory team.’

Key clients

Banking Circle S.A.


BUX BV and BUX AI BV


CashFlows Europe Ltd


Icoinic B.V.


ING Bank N.V.


Match Group LLC


PayPal (Europe) S.à.r.l.


Plaid B.V.


XE Europe B.V.


Work highlights


  • Advised business-to-business payment solutions specialist Banking Circle S.A. on the financial regulatory aspects of its acquisition of Biller B.V. and assisted with the subsequent acquisition.
  • Assisted Icoinic B.V. in the process of obtaining a full scope AIFMD licence to manage its crypto assets investment funds.
  • Assisted the Match Group LLC in obtaining a landmark success against the Authority for Consumers & Markets (ACM) to force Apple Inc to change its App Store payment terms following arguments under payments laws.

Simmons & Simmons

Simmons & Simmons is a go-to firm for Brexit-related financial advice, having advised several leading UK investment banks and asset managers with obtaining authorisation to operate in the Netherlands. Led by Rezah Stegeman, the Amsterdam-based team also assists asset managers with the new capital requirements’ regime IFD/IFR, in addition to Euribor advice and other benchmarks reform issues for large financial firms. Fintech is another significant driver of work for the team, where it places particular focus on cryptocurrency-related matters, with the result that the firm acts for some of the largest cryptocurrency exchanges in the world. Counsel Harmen Wielens joined from Jones Day in March 2022.

Practice head(s):

Rezah Stegeman


Other key lawyers:

Harmen Wielens; Auryn Bokma


Key clients

BNG Bank


ING Bank


MUFG Bank


Rabobank


Aegon


MN


Robeco


PGGM


PGIM


Work highlights


  • Advised BlackRock on IFD/IFR implementation.
  • Advised PIMCO on obtaining a MiFID licence in the Netherlands.

bureau Brandeis

Litigation boutique bureau Brandeis has a notable reputation for regulatory investigations and enforcement proceedings by the AFM and DNB, as well as disputes between financial market participants (including matters that concern banks' duty of care and mis-selling). In addition, it is well-placed to provide risk management and compliance advice in areas including anti-money laundering, anti-bribery and international sanctions. The team acts for banks, investment companies, insurance companies and cryptocurrency providers, among other clients. Simone Peek heads the practice, which also benefits from the experience of senior associate Casper Rooijakkers.

Practice head(s):

Simone Peek


 


Other key lawyers:

Casper Rooijakkers


Testimonials

‘Proactive and committed team that is up-to-date with all the latest developments.’

CMS

Tessa Penninks is the head of financial services/regulatory at CMS, which sits within the wider banking and finance department led by Marc van Zanten. The team’s expertise spans a number of areas, including market entry, EU passporting, anti-money laundering and financial/security agreements. It has a particularly strong track record in assisting captives and leasing companies in the automotive sector, although it is also instructed by international banks, insurance companies, payment services and consumer credit providers. Another name to note is associate Laurens Pronk, who specialises in integrity-related regulations.

Practice head(s):

Marc van Zanten; Tessa Penninks


Other key lawyers:

Laurens Pronk


Testimonials

‘The team is easy to work with and listens to the needs of the client, delivering clear and simple answers.’

Key clients

ALD


ASR Bank


Commerzbank


Digital Partners


GE Capital


Lemonade Inc.


PayPal


Qander Consumer Finance


Rabo Frontier Ventures


Rabobank


RCI Financial Services (Renault Finance)


SurePay


FIZ advocaten B.V.

FIZ advocaten B.V. delivers a broad range of advice in the area of financial regulation, with a strong track record representing credit providers, insurance companies and fintech companies, among other clients. The team’s recent work has included investment fund projects, both regulatory (such as AIFMD, AMLD, SFDR and PRIIPS) and contractual, in addition to compliance in the payment services sector (PSD2). Elsewhere, financial litigation, as well as issues arising from securitisation requirements (STS Regulation) in structured finance transactions, are handled by the team. Financial regulatory specialist Michiel Claassen heads the practice.

Practice head(s):

Michiel Claassen


Other key lawyers:

Armin Zukanovic; Jurian Snijders; Youri Tonino


Testimonials

‘Easy to communicate with and practical.’

‘Youri Tonino always puts in balance what we want to achieve and what the legal possibilities are. His legal knowledge is beyond extensive, and he knows exactly how to combine it to have the best outcome.’

‘Down to earth, client-oriented and easily accessible.’

‘Dedicated team known for their knowledge and experience when it comes to capital markets. The lawyers are skilled professionals who deliver high-quality work and are always accessible when you need them.’

‘Jurian Snijders is extremely fast and accurate in any kind of contract negotiation.’

‘The most unique aspects of the practice have been their understanding of Fintech and how entrepreneurs work. This is fairly rare in a regulatory practice.’

‘Expertise of financial law and especially on regulatory issues. They deliver a high-quality service and simultaneously manage to stay within the budget.’

‘Michiel Claassen is very focused on delivering the best results.’

Key clients

CMIS Nederland B.V.


Credit Management & Investors Solutions B.V.


Adaxio B.V.


Coöperatie VGZ (head of VGZ Group, including VGZ Zorgverzekeraar N.V.


WebFin Leningen and Webfin Financieringen


Fenerantis B.V.


BCMGlobal Nederland B.V.


Vesting Finance


ESGood B.V.


Hart advocaten N.V.

Financial services boutique Hart advocaten N.V. has an excellent track record in regulatory investigations and enforcement proceedings. Under the leadership of Frank ’t Hart and Laura Stortelder, the group generates mandates from a broad client base, including banks, pension funds, insurance companies, investment firms and payment services providers, among others. Beyond its litigation abilities, the team is also noted for its expertise in sanctions supervision, anti-money laundering, product governance and duty of care, as well as sustainable finance.

Practice head(s):

Frank ‘t Hart; Laura Stortelder


Testimonials

‘Knowledgeable, focused and dedicated.’

‘Laura Stortelder is knowledgeable, approachable and able to translate legal requirements into simple business concepts.’

‘Frank ‘t Hart is an outstanding lawyer with deep knowledge of Dutch and European financial laws.’

Key clients

Achmea


Aegon Nederland


Argenta


Bank Degroof Petercam


Bovemij


BUX


CAK


CCV


Rabobank


Scildon


Semmie


Van Lanschot


Work highlights


  • Advice to the former chairman of the Executive Board of SNS REAAL during the inquiry ordered by the Amsterdam Court of Appeal, in one of the biggest bankruptcies in the financial sector.
  • Advised Aegon Bank N.V. (named Knab) in proceedings by the bankruptcy trustee of a fraud matter in the Netherlands.
  • Assisted the branch organisation for investment firms VV&A in organising a programme with four courses for all members on the most relevant developments in the field of sustainability regulation.

Lexence

The finance team at Lexence acts for various Dutch and international financial institutions, including banks, investment firms, private equity sponsors and payment-service providers. Practice head Charles Destrée is the first point of contact for advice on a multitude of regulatory issues, including PSD 2, MiFID 2, AIFMD and EMIR. He also has extensive experience of obtaining licences from the AFM and DNB. Also noted is associate Bas Zandvliet, whose further expertise covers business expansions, acquisitions of regulated entities, and investment fund structuring.

Practice head(s):

Charles Destrée


Other key lawyers:

Bas Zandvliet; Max de Vreede; Nina Blanke


Testimonials

‘We have chosen Lexence because of its experienced team, commercial approach and objectivity.’

‘Charles Destree is easy-going, knowledgeable and able to move quickly within the firm to get a clearer picture for the client.’

‘Knowledgeable, detailed and thorough team, with a good understanding of business deals. It has vast experience in financing transactions.’

‘The individuals I dealt with were cooperative, responsive, resourceful, precise and displayed excellent problem-solving skills.’

Key clients

Bank of China (Europe) S.A.|Rotterdam Branch


Gencap Partners, Inc


Modern Dental Group


Waterland Private Equity


Flextronics International Europe B.V.


Kirloskar Brothers Limited


Uniface B.V.


Intertrust


Agro Merchants Group/Oaktree


MSREF


H2 Private Equity


Orange Clover Law

Under the leadership of Alex Gonzalez, the financial services group at Orange Clover Law generates a significant amount of investment management work. The team advises banks, investment funds, asset managers and other financial institutions on the implementation of European regulations, such as AIFMD, MiFD 2/MiFIR, PRIPS, UCITS IV/V, PSD 2 and MAR. Elsewhere, the group is well-placed to handle anti-money laundering and sustainable finance matters, and is frequently engaged by large international law firms on issues concerning Dutch law. Counsel Joyce Kerkvliet arrived from the AFM in January 2022.

Practice head(s):

Alex Gonzalez


Other key lawyers:

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


Testimonials

‘The team has specific knowledge, experience and relationships in the regulated proprietary trading industry. This combination is unique for a law firm.’

‘The individuals are problem solvers. They can identify a problem and propose realistic solutions based on their experience, knowledge and relationships.’

‘Great boutique firm with a commercial approach. They are approachable and knowledgeable in financial services regulatory matters.’

‘Alex Gonzalez is extremely user friendly, responsive and helpful. His knowledge of financial services regulatory and fintech is unrivalled.’

‘Orange Clover Law provides the dedication of a smaller boutique firm, combined with the deep relevant experience of larger platforms.’

‘Alex Gonzalez and Joyce Kerkvliet have been a pleasure to work with and a great asset to have in our broader team. Their frank advice has been invaluable.’

‘Alex Gonzalez is sharp, helpful and always available.’

‘Joyce Kerkvliet is the person to get the job done in dealings with the AFM. She is efficient, helpful and most importantly very knowledgeable.’

Key clients

New York Stock Exchange


ABN AMRO


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


Mako Trading


Blackstone


Red Bull Racing


New Amsterdam


Revolut


Interactive Brokers


Shape Q


MN Services


APG Asset Management


Work highlights


  • Advised ABN AMRO Clearing Chicago on the regulatory requirements related to offering certain regulated services to clients in the Netherlands. The services include execution, clearing and settlement and hedging services as well as extending stock loans and margin credit to clients.
  • Advice to Blackstone on regulatory requirements concerning marketing investments to institutional clients in the Netherlands.
  • Advised Red Bull Racing on regulatory aspects concerning the issuance of Non Fungible Tokens (NFTs) on a cryptocurrency exchange.

Van Benthem & Keulen

At Van Benthem & Keulen, practice head Frank Richel is the main point of contact. Richel is noted for his advisory work and litigation abilities, in which he places particular focus on the impact of financial supervisory legislation on contract law. The team acts for Dutch and international financial institutions, including banks, insurance companies, asset managers and fund managers. It is also well-placed to advise payment services providers and leasing companies on financial laws (including PSD 2), as well as integrity-related matters including anti-money laundering.

Practice head(s):

Frank Richel


Testimonials

‘The firm’s specific knowledge of our business and certain areas of law played a substantial role in the strategic litigation.’

‘Excellent core capabilities with a network of highly knowledgeable associates. The team is easy to work with, reachable, concise and timely.’

‘Frank Richel and Robert Boekhorst (and their respective teams) offer excellent advice. The two combined are a true powerhouse in financial matters involving joint ventures or outsourcings.’

Key clients

ING Bank N.V.


Triodos Bank N.V.


Triodos Bank Holding N.V.


BNP Paribas Netherlands


Arval B.V.


BNP Paribas Cardif


Scildon N.V.


De Volksbank N.V.


Econocom Nederland N.V.


EquensWorldline N.V.


Worldline Netherlands


Work highlights


  • Advice to ING Bank N.V. on a range of legal matters including (pending) legal proceedings related to the off boarding of SMA clients due to non-compliance with the Financial Supervision Act, and the Money Laundering and Terrorism Financing (Prevention) Act requirements.
  • Assisted Scildon on issues such as limiting the range of funds on offer and regulating the time of entry into investment funds. The firm also advised on the distribution of investment-linked insurance products and the seizure and execution thereof.
  • Advised BNP Paribas Netherlands (including Arval, BNP Paribas Cardif and BNP Paribas Netherlands Finance B.V.) on a wide range of regulatory matters, such as application of the remuneration rules, outsourcing, lead generation and consumer credit interest risks.

Van Doorne

Jelmer Baukema, Daan Horsthuis and Neyah van der Aa head the financial services regulatory practice at Van Doorne. The multidisciplinary team is noted for its expertise in alternative finance and securities, where it is active in matters involving market entry, product development and ongoing compliance for banks and other financial clients. In addition, the firm advises fund/asset managers and institutional investors (including pension funds and insurance companies) on Dutch and European regulations, such as AIFMD, UCITS and MiFID. Other key drivers of work include anti-money laundering, sanctions and market abuse matters, as well as regulatory investigations and litigation.

Other key lawyers:

Rutger ten Ham; Harm-Paul Plas


Key clients

Mogelijk Vastgoedfinancieringen


Kentaa


North Peak Capital Management


Odin


Vane


Candriam Investors Group


MFS Investment Management


Work highlights


  • Advised Mogelijk Vastgoedfinancieringenin on the launch of its new investment fund, the major amendment of the securitisation structure, and its application for an ECSP licence.