Entry Into Force Of Intervention Act In The Netherlands

On 13 June 2012 the Financial Institutions (Special Measures) Act (Wet bijzondere maatregelen financiële ondernemingen; "Intervention Act") entered into force with retro-active effect as of 20 January 2012). The Intervention Act includes new powers for the Netherlands Central Bank ("DNB") to procure that a bank or insurer which is experiencing serious financial problems is transferred, in whole or in part, to a third party. The Minister of Finance is granted extensive powers to intervene in the affairs of financial institutions if this is necessary to safeguard the stability of the financial system. In order to increase the efficacy of these special measures the Intervention Act contains provisions restricting the contractual rights of counterparties of (i) a bank or insurer that is or has been subject to one of those measures, or (ii) an entity that belongs to the same group as such bank or insurer. The Invention Act precedes the envisaged introduction of an EU