ARTICLE · 19 SEPTEMBER 2012

Update Amendments Dutch Regulatory Law Per 1 January 2013

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On 13 September 2012, the Dutch Ministry of Finance published a document in which the Ministry describes which amendments will be made to the consultation version of the Amendment Decree financial markets 2013.

NetherlandsFinance and Banking

Larissa Silverentand

Pim Rank

Rosemarijn Labeur

Frans Van Der Eerden

Bart Bierman

Pim Heemskerk

Joachim Zwartkruis

Jasha Sprecher

On 13 September 2012, the Dutch Ministry of Finance published a document (the Amendment Letter) in which the Ministry describes which amendments will be made to the consultation version of the Amendment Decree financial markets 2013 (Wijzigingsbesluit financiële markten 2013). The consultation version was published in May 2012 and received a large number of responses. Below we will discuss the main topics in the Amendment Decree and the amendments announced by the Dutch Ministry. The Amendment Decree will likely enter into effect on 1 January 2013. A final version of the Amendment Decree is expected to be published no earlier than November 2012.

1. Product approval process

The Banking Code (Code Banken) and the Governance Principles Insurance Companies (Governance Principes Verzekeraars) include an obligation to have an adequate product approval process. The Amendment Decree provides for a legislative basis for the obligation to have an adequate product approval

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