ARTICLE · 13 DECEMBER 1995

Dutch Participation Exemption to Belgian SICAV's.

KPMG Meijburg & Co

Explore more from KPMG Meijburg & Co

NetherlandsFinance and Banking

KPMG comments on the application of the Dutch participation exemption to Belgian SICAVS

This is contribution number 27 by KPMG Meijburg & Co regarding the application of the Dutch participation exemption to Belgian SICAV's

On October 25, 1995, the Undersecretary of Finance made a statement about the application of the participation exemption to Belgian SICAV's.

The Belgian SICAV is a passive investment vehicle.

According to the Undersecretary of Finance's opinion, shares in an entity which solely invests ex officio are held as a portfolio investment. Under the normal (national) provisions such a shareholding does not qualify for the participation exemption.

However, the non-portfolio requirement in Netherlands law had to be revoked as a result of the Directive. This abolition of restrictive requirements was limited to a bare minimum (i.e. virtually all restrictive requirements allowed by the Directive were revoked) and only applies in the following circumstances:

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

Alternatieve kredietverstrekkers en het Wft-vergunningskader: aandachtspunten voor de adviespraktijk

NetherlandsFinance and Banking

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

NetherlandsFinance and Banking

The Parallel Debt And Security Agent In Dutch Syndicated Financing

NetherlandsFinance and Banking

GGI | Global Alliance

CJEU Clarifies Scope Of “payment Service” Under PSD2 In Betaal Garant Nederland

NetherlandsFinance and Banking

PSD2 And Intermediated Payments: CJEU Judgment Clarifies Scope

European UnionFinance and Banking

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

Read more about

Related Comparative Guides

Comparative Guide

Lending & Secured Finance

Comparative Guide

Capital Markets

Comparative Guide

Banking & Finance

Comparative Guide

Alternative Investment Funds

See more popular content from

Finance and Banking

Insider Trading And Market Manipulation

In connection with investigations into possible rate fixing by banks, the European Commission has amended its proposals for regulation on insider trading and market manipulation.

GlobalFinance and Banking

De Brauw Blackstone Westbroek

Settlements In Brief: US And UK Regulators Penalise Big Banks For Foreign Currency Manipulation

Enforcement actions by criminal and supervisory authorities are settled regularly.

GlobalFinance and Banking

De Brauw Blackstone Westbroek

CJEU Clarifies The Scope Of ‘payment Services’ Under PSD2

The Court of Justice of the European Union has delivered a landmark judgment clarifying whether businesses that receive, hold and transfer client funds are providing regulated payment services under PSD2.

NetherlandsFinance and Banking

Ganado Advocates

AFM And DNB Publish Joint Guidelines For EMIR 3 Implementation

The revised European Market Infrastructure Regulation (EMIR 3), which came into effect on 24 December 2024, aims to enhance the transparency, stability, and safety of the financial markets within the EU.

NetherlandsFinance and Banking

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

The Parallel Debt And Security Agent In Dutch Syndicated Financing

Syndicated financing allows borrowers to access capital beyond what a single lender can provide by distributing risk across multiple parties. In the Netherlands, a parallel debt mechanism addresses legal uncertainties around security interests, enabling a security agent to hold collateral on behalf of all lenders while maintaining clear enforcement rights.

NetherlandsFinance and Banking

GGI | Global Alliance

How Are AIFMD And BEPS Impacting Economic Substance Needs For Fund Structures?

Gone are the days when having some office space or a couple of employees in a jurisdiction counted as economic substance for your fund structure.

GlobalFinance and Banking

"Mistakes & Gaps In Diligence": How Jeffrey Epstein Crept In Deutsche Bank: Part 1

On July 7th, 2020, the New York State Department of Financial Services fined Deutsche Bank USD 150 million for its "significant compliance failures" in its relationship with Jeffrey Epstein...

NetherlandsFinance and Banking

DNB Publishes Enforcement Policy For Breaches Of Capital Requirements

The Dutch Central Bank (DNB) has introduced a new enforcement policy that significantly tightens its approach to capital and liquidity requirements.

NetherlandsFinance and Banking

Crypto M&A In Europe: 10 Legal Recommendations

Crypto M&A transactions demand comprehensive due diligence beyond traditional legal and financial analysis, with regulatory compliance, tax reporting, governance, cybersecurity and licensing requirements emerging as critical value drivers. This leaflet examines ten essential areas that buyers, investors and crypto businesses must evaluate when preparing for or executing crypto M&A transactions in Europe, drawing on integrated law and tax expertise.

NetherlandsFinance and Banking