On 20 August, the Netherlands launched a consultation on the Decree implementing various regulations on cross-border distribution and sustainability.
21 Sep 2020
This proposal aims to amend the Decree implementing EU regulations on financial markets. The planned amendments to the Decree implementing EU regulations on financial markets aim to designate the Netherlands Authority for the Financial Markets (AFM) as the competent authority with regard to the regulation cross-border distribution of investment institutions and UCITS and several regulations on sustainability.
As a result, the AFM can impose an order subject to a penalty or an administrative fine if the relevant articles of the regulation on cross-border distribution of investment institutions and UCITS, the regulation on information provision on sustainability or the regulation on the promotion of sustainable investments are violated.
Managers of investment funds and UCITS, managers of European venture capital funds, managers of European social entrepreneurship funds, investment firms, banks, insurers, regulators and other stakeholders are impacted by the draft decree.
The consultation runs until 1 October 2020.
This article was originally published in the August edition of REGWATCH. Read the full edition covering the following jurisdictions:
- European Union
- Hong Kong
- United Kingdom