Legislation Effective Since 1 January 2012

Statutory provisions introducing notification requirements for certain cash-settled instruments came into force on 1 January 2012. The notification requirements in the Financial Markets Supervision Act (FMSA) have been extended to include financial instruments the value increase of which is partly dependent on the increase in value of the underlying shares or related dividends. A new policy guideline of the AFM, setting out how stakes in these instruments should be calculated, took effect on the same date.

A number of exemptions under the FMSA were also amended with effect from 1 January 2012. These include section 5:3 FMSA, which exempts offerors of securities from the prohibition on offering securities to the public without an approved prospectus. As from 1 January 2012, these exempted issuers must notify customers about their exemption. This mandatory exemption notice – also referred to as the Wild West sign – has been introduced to protect investors and applies to