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ARTICLE · 05 JULY 2012

FMSA Exemption Regulation Amended

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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The implementation of the Prospectus Directive has also led to amendments to the FMSA Exemption Regulation.

NetherlandsCorporate/Commercial Law
Ernest Meyer Swantee
Ernest Meyer Swantee
Daan Van Binsbergen
Daan Van Binsbergen
Esther Bromet
Esther Bromet
Elmer Veenman
Elmer Veenman
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The implementation of the Prospectus Directive has also led to amendments to the FMSA Exemption Regulation. The main changes are:

  • If a securities offer is exempted under section 5:3(1) FMSA, the resale of the securities is regarded as a new offer of securities to the public which will, in principle, require a prospectus. Under the amended Exemption Regulation, however, the seller does not have to prepare a prospectus if (i) a valid prospectus is available, and (ii) the issuer or party responsible for drawing up the prospectus has consented in a written agreement to the use of this prospectus by written agreement.
  • An exemption has been included for securities re-offered to the public or re-admitted to trading on a regulated market if the same securities were offered to the public or admitted to trading on a regulated market on a previous occasion before 1 July 2005 with a prospectus meeting the statutory requirements in effect before the implementation of the

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