The Dutch Central Bank issued two fines for banking law violations in September 2012.

This Act came into force on 13 June and has retroactive effect from 20 January 2012.

The European Commission has put forward proposals for a single European supervisory mechanism for banks.

This Act has come into force on 1 July 2012 and amends the current rules regarding the expertise required of day–to-day policy makers at financial undertakings and of members of the supervisory body at those undertakings.

This decree implements the Act on funding of financial supervision, which outlines how the costs of the AFM and DNB will be financed.

On Tuesday 19 March 2013 the European Council reached an agreement with the European Parliament on the Single Supervisory Mechanism (SSM).

In times of crisis, it will become possible to separate retail banking and investment banking activities in the Netherlands.

In December 2011, the Minister of Finance submitted a Bill introducing a bank levy.

In May 2011, the AFM and the Dutch Central Bank ("DNB") published an explanation of their joint enforcement policy.

The Minister of Finance is holding a consultation until 18 October about a draft bill authorising DNB to assess banks and investment firms on their relevance to the stability of the financial system.

In our Europe Update of June 2012, we reported that the European Commission set up a High-Level Expert Group (HLEG) on banking reform.

The proposed Directive provides that banks draw up and maintain a recovery plan providing for the restoration of their financial situation following significant deterioration.

New rules on notifying short positions in listed companies will come into force on 1 November 2012.

From January 2016, dividends declared on an insurer's ordinary shares must be cancellable on a breach of the Solvency Capital Requirement (SCR) at any time up until payment...