Legislation currently in force provides no special liability regime for financial supervisors. Their liability is assessed on the basis of the general liability rules of the Dutch Civil Code. The government believes that for the Dutch supervisors, the Dutch Central Bank ("DNB") and the Netherlands Authority of the Financial Markets ("AFM"), to duly carry out their supervisory roles, an explicit statutory limitation of liability is needed. A bill to that effect was submitted to parliament on 3 November 2011. Pursuant to the bill, the law will be amended so as to limit any liability to wilful misconduct and gross negligence.
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