Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 18 NOVEMBER 2013

CBb Dismisses DNB’s Vision On Prudent Pension Asset Investment

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
Contributor
De Brauw Blackstone Westbroek

De Brauw Blackstone Westbroek

Our clients are increasingly operating in South-East Asia and require legal assistance in the...

View firm profile
Explore more from De Brauw Blackstone Westbroek

The College of Appeal for Commerce recently held that the Dutch Central Bank was wrong when it issued an instruction to a pension fund.

NetherlandsFinance and Banking
Marnix Somsen
Marnix Somsen
Author LinkedIn connections

The College of Appeal for Commerce ("CBb") recently held that the Dutch Central Bank ("DNB") was wrong when it issued an instruction to a pension fund.

This information is available in English only.

This judgment emphasises the freedom of pension funds, within statutory boundaries, to form their own investment policy, while limiting the power of DNB to interpret the "prudent person rule".

DNB had instructed the pension fund to substantially reduce its investment in gold bullion from approximately 13% of pension assets at the time of the instruction to a maximum of 3% of funds. DNB based this instruction on its opinion that the fund did not adequately diversify its portfolio, and that the assets chosen did not provide an adequate match with pension obligations as required by Dutch pension law. The CBb dismissed DNB's viewpoint on both points.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Status CCD II: Licence Application And Proportional Creditworthiness Assessment

The implementation of the revised Consumer Credit Directive (CCD II) introduces significant regulatory changes for consumer credit providers and intermediaries in the Netherlands. With the AFM already processing licence applications and new clarity emerging on creditworthiness assessments for 'buy now, pay later' services, market participants face evolving compliance requirements and potential enforcement approaches as the legislation moves through final approval stages.
NetherlandsFinance and Banking
Loyens & Loeff
Loyens & Loeff
Article

DNB Increases Focus On Late Statistical Reporting: What Reporting Entities Need To Know

The Dutch Central Bank (DNB) has introduced a revised enforcement policy that imposes administrative fines and penalty payment orders on designated reporting entities that repeatedly fail to submit statistical reports on time. Captive financial institutions, fund managers, securitisation vehicles, and certain holding and royalty companies must now ensure their governance frameworks support timely compliance...
NetherlandsFinance and Banking
Loyens & Loeff
Loyens & Loeff
Article

Trading Disruption Risk Expected For EU Companies Listed Or Traded Outside The EU

A critical deadline looms for European issuers with securities traded outside the EU, as a key grandfathering clause under the CSD Regulation expires on 17 January 2027. Without timely regulatory action, third-country central securities depositories like DTC may be forced to suspend services to affected EU issuers, potentially disrupting trading in their equity and debt instruments on international markets.
European UnionInternational Law
De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
Article

Dutch Competition Regulator's Call-in Power Passes "First Phase" As Lower House Adopts Bill

The Netherlands is poised to grant its competition authority unprecedented power to scrutinize mergers that fall below traditional notification thresholds, targeting potentially harmful transactions such as roll-up strategies and killer acquisitions. While the Dutch House of Representatives has approved the bill despite criticism from the Council of State, the legislation introduces an asymmetric threshold system and raises standard notification requirements, fundamentally reshaping the country's merger con
NetherlandsAntitrust/Competition Law
De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
Article

EU Companies Listed Or Traded Outside EU To Be Aware Of Upcoming Expiry Of Key Trade-facilitating Clause

A critical deadline looms for European issuers with securities traded outside the EU, as a key grandfathering clause under the CSD Regulation expires on 17 January 2027. Without timely regulatory action, third-country central securities depositories like DTC may be forced to suspend services to affected EU issuers, potentially disrupting trading in their equity and debt instruments on international markets.
European UnionFinance and Banking
De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek