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ARTICLE · 25 JUNE 2012

Dutch Intervention Act In Force

De Brauw Blackstone Westbroek
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On 13 June 2012 legislation allowing the Dutch Central Bank or the Dutch Minister of Finance to intervene in respect of failing banks and insurance companies with seat in the Netherlands ("Intervention Act") came into force with retroactive effect from 20 January 2012.

NetherlandsInsolvency/Bankruptcy/Re-Structuring
Ruud Hermans
Ruud Hermans
Francine Schlingmann
Francine Schlingmann
Reinout Vriesendorp
Reinout Vriesendorp
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Introduction

On 13 June 2012 legislation allowing the Dutch Central Bank or the Dutch Minister of Finance to intervene in respect of failing banks and insurance companies with seat in the Netherlands ("Intervention Act") came into force with retroactive effect from 20 January 2012. The Intervention Act mainly amends the Dutch Financial Markets Supervision Act ("FMSA") and the Dutch Bankruptcy Act. It is forerunning the proposal from the European Commission ("EC") for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms ("Recovery and Resolution Directive") that was published on 6 June 2012. A few provisions of the Intervention Act, such as a provision with respect to the future financing of the deposit guarantee and the investor compensation scheme, have not yet come into force.

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