Key Benefits:
Act of 30 October 2007 amending the Financial Supervision for Implementation of Directive Markets for Financial Instruments (Wet Implementation Directive Markets for Financial Instruments)
We Beatrix, at the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.
All of them, who will see or hear these, saluut! do know:
In this regard, we have taken into consideration that it is necessary to Law on financial supervision to change in connection with the implementation of Directive No 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending the Directives No 85 /611/EEC and 93 /6/EEC of the Council and of the Council Directive No 2000 /12/EC of the European Parliament and of the Council and repealing Directive 93 /22/EEC of the Council (PbEU L 145), Directive No 2006 /73/EC of the Commission of the European Communities of 10 August 2006 implementing Directive 2004 /39/EC of the European Parliament and of the Council as regards organisational requirements and conditions for the exercise of business by investment firms and the definition of concepts for the purposes of that Directive (PbEU) L 241) and Regulation No 1287/2006 of the Commission of the European Communities of 10 August 2006 implementing Directive 2004 /39/EC of the European Parliament and of the Council as regards the obligations applicable to investment firms relating to the keeping of data, the reporting of transactions, market transparency, the admission of financial instruments to trade and the definition of notions for the purposes of the Directive (PbEU L 241);
In this way, we, the Council of State, and with the mean consultations of the States-General, have been well-regarded and understood to be right and to be understood by the following:
A
1. A market operator immediately prior to the time of entry into force of this Act provides for a recognition as intended Article 5:26, 1st paragraph, of the Financial Supervision Act , after that time is deemed to have a market operator for the licence to operate or manage a regulated market, intended to Article 5:26, first paragraph, of that law .
(2) An investment firm operating a multilateral trading facility and having a recognition as intended directly prior to the time of entry into force of this Act Article 5:26, 1st paragraph, of the Financial Supervision Act , after that time is deemed to be holding the authorisation to operate or manage a multilateral trading facility intended to be used. Article 2:96, first paragraph, of that law .
(3) A holder of a system comparable to a multilateral trading facility from a State which is not a Member State and which has a waiver under the law prior to the date of entry into force of this Act, as intended Article 5:27, 2nd paragraph, of the Financial Supervision Act , after that date, it shall be deemed to have an investment firm in possession of the exemption provided for in the Articles 2:96, second paragraph In conjunction with 4:91th of that law .
(4) A holder of a system comparable to a regulated market from a State which is not a Member State and which has a waiver under the law prior to the date of entry into force of this Act, as intended Article 5:27, 2nd paragraph, of the Financial Supervision Act , after that time is deemed to have a market operator over the waiver, intended to Article 5:26, third member, of that law .
5. A statement of no objection issued on the basis of Article 5:32, 2nd paragraph, of the Financial Supervision Act , is based on the date of entry into force of this Act. Article 3:95, first paragraph, part c, of that law where it relates to a multilateral trading facility, or Article 5:32d, second member, of that law where it relates to a regulated market.
B
1. An investment firm as referred to in the Law on financial supervision can be a client who meets the definition of professional investor at the time of entry into force of this law Article 1: 1 of the Law on Financial Supervision , qualify as a professional investor. The investment firm does not need to notify the client of this qualification.
2. An investment firm as referred to in the Law on financial supervision does not need to notify a client of the qualification, intended in Article 4:18a, first paragraph, of that law If, at the time of entry into force of that Article, that client was not treated by the investment firm as a professional investor and qualified as a non-professional investor after that date, as referred to in Article 4 (2) of the that Article .
C An authorisation as referred to in Article 2:96, first paragraph, of the Financial Supervision Act which has been granted before the entry into force of this Act for the provision of any of the investment services referred to in points (a), (b) or (h) of the definition of the provision of an investment service in Article 1: 1 of the Law on Financial Supervision As prior to that point in time, from that date it is also considered that the provision of the investment service, as set out in part d of the definition of the provision of an investment service, is granted in the form of a Article 1: 1 of that Act .
D A licence as referred to in Article 2:96, first paragraph, of the Financial Supervision Act which is granted for the provision of the investment service, specified in part d of the definition of the provision of an investment service, for the purposes of the entry into force of this Act. Article 1:1, of the Financial Supervision Act As it was before that time, from that date it is deemed to have been granted for the provision of the investment service referred to in subparagraph (a) of the definition of the provision of an investment service in Article 1: 1 of that Act .
E [ Red: Amendments to the Financial Supervision Act.]
F
1. [ Red: Change this law.]
2. [ Red: Change this law.]
3. [ Red: Change this law.]
G [ Red: Change this Act.]
1 By ministerial arrangement, where necessary for the restoration of unintended consequences of this Act and, where necessary, by way of derogation from this Act, temporary provisions may be adopted.
2 Following the placing in the Official Journal of a ministerial arrangement adopted pursuant to paragraph 1, a draft law regulating the subject in question shall be submitted to the States General as soon as possible. If the proposal is withdrawn or if either of the Chambers of the States-General decides not to adopt the proposal, the ministerial arrangement shall be withdrawn without delay. If the proposal is raised to law, then the ministerial arrangement shall be revoked at the time of entry into force of that law.
The articles of this Law shall enter into force on a date to be determined by royal decree, which may be determined differently for the various articles and parts of such articles.
This law is cited as: Law implementation directive markets for financial instruments.
Burdens and orders that it will be placed in the Official Gazette, and that all ministries, authorities, colleges and officials who so concern will keep their hands on the precise execution.
Given at The Hague, 30 October 2007
Beatrix
The Minister of Finance
,W. J. Bos
Issued the thirty-first October 2007The Minister of Justice
E. M. H. Hirsch Ballin
