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ARTICLE · 31 DECEMBER 2013

Proposed Amendment Of Dutch Intervention Act Ends Netting And Close-Out Concerns

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In the financial markets concerns have arisen regarding the enforceability of netting and close-out rights and security rights in the context of the Intervention Act.

NetherlandsInsolvency/Bankruptcy/Re-Structuring
Pim Rank
Pim Rank
Larissa Silverentand
Larissa Silverentand
Frans Van Der Eerden
Frans Van Der Eerden
Bart Bierman
Bart Bierman
Maurits Kolkman
Maurits Kolkman

In the financial markets concerns have arisen regarding the enforceability of netting and close-out rights and security rights in the context of the Intervention Act. On 16 December 2013 the Dutch Minister of Finance sent a letter to the Dutch Bankers Association and the Dutch Insurers Association stating that he has prepared a bill aimed at addressing these concerns, with the intention that the relevant new rules enter into force on 1 January 2015. It is also mentioned in this letter that the Dutch Central Bank intends to publish a policy rule aimed at addressing the same concerns.

Introduction

As described in our newsletter of 28 June 2012, on 13 June 2012 the Financial Institutions Special Measures Act (Wet bijzondere maatregelen financiële ondernemingen, the "Intervention Act") entered into force with retroactive effect as of 20 January 2012.

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