Key Benefits:
Law of 25 November 2013 amending the Financial Supervision Act and any other laws (Amending Financial Markets 2014)
We Willem-Alexander, at the grace of God, King of the Netherlands, Prince of Orange-Nassau, etc. etc. etc.
All of them, who will see or hear these, saluut! do know:
In this regard, we considered that it is desirable to provide for the supervision of clearing and settlement undertakings, to lay down rules on the stability tasks of the Nederlandsche Bank and to provide the systemic relevance buffer for banks and introducing investment firms, a general obligation to provide financial service providers, improving the effectiveness of financial reporting and information provision to investors, the treatment of bank savings deposits own property under the deposit guarantee scheme and the transfer plan, adapt the rules for the separation of assets of investment vehicles and UCITS as well as any other changes and improvements in the legislation in the financial markets;
It is true that we, the Department of Consultative Affairs of the Council of State, and with the mean consultations of the States-General, have found and understand the same as We approve and understand:
1 The Mail Bankwet shall be withdrawn.
2 The provisions of the Article 2, second paragraph , 3, second paragraph , and 20, second member, of the Postbank Act As they were in place immediately prior to the entry into force of this Article, it shall continue to apply to the legal relationships referred to in those Articles.
3 Article 10, second paragraph, of the Postbank Act , as that ushered directly prior to the entry into force of this Article, shall continue to apply to the archives documents referred to in that Article.
1 A settlement undertaking with a seat in the Netherlands which at the time of the entry into force of Article I, Section V , carries out its business towards payment service providers with whom it is not affiliated to a group and which has more than 120 million cashless payment transactions in the year preceding the date of entry into force of Article I (V) Dispose of, from that date of application, an authorisation as referred to in Article 1 (2). Article 2 :3.0b, first paragraph, of the Financial Supervision Act , except that the licence relates only to the work carried out at that time.
2 The settlement undertaking shall be established within three months of the entry into force of this Article I, Section V , of this law to that will be met to the articles, mentioned in Article 2 :3.0d, first paragraph, of the Financial Supervision Act .
3 The settlement undertaking shall indicate in respect of which activities shall be distinguished in the Article 1: 1 of the Law on Financial Supervision the definition of settlement undertaking, which is intended to show that it complies with the articles referred to in paragraph 2.
4 The demonstration shall be carried out by means of an indication of the information referred to in the Annex. Article 3 :2.0d, 3rd paragraph, of the Financial Supervision Act .
5 If the settlement undertaking fails to comply with the second paragraph, the Nederlandsche Bank may withdraw the licence.
1 A settlement undertaking with a seat in a non-designated State which at the time of entry into force of this Regulation Article I, Section V Since its undertaking carries on from a branch situated in the Netherlands to payment service providers with whom it is not affiliated to a group, it shall be in possession of a licence as referred to in Article 4 (1) of this Regulation. Article 2 :3.0g, first paragraph, of the Financial Supervision Act , except that the licence relates only to the work carried out at that time.
2 The settlement undertaking shall be established within three months of the entry into force of this Article I, Section V , of this law to that will be met to the articles, mentioned in Article 2 :3.0i, first paragraph, of the Financial Supervision Act .
3 The settlement undertaking shall indicate in respect of which activities shall be distinguished in the Article 1: 1 of the Law on Financial Supervision the definition of settlement undertaking, which is intended to show that it complies with the articles referred to in paragraph 2.
4 The demonstration shall be carried out by means of an indication of the information referred to in the Annex. Article 3 :2.0i, third paragraph, of the Financial Supervision Act .
5 If the settlement undertaking fails to comply with the second paragraph, the Nederlandsche Bank may withdraw the licence.
This Law shall enter into force on a date to be determined by Royal Decree, which may be adopted in a different way for the various articles or parts of such articles.
This law is cited as: The 2014 Amending Law of Financial Markets.
Burdens and orders that it will be placed in the Official Gazette and that all ministries, authorities, colleges and public servants who so far as to do so will keep their hands on the precise execution.
Entry
Wassenaar, 25 November 2013
William-Alexander
The Minister of Finance,
J.R.V.A. Dijsselbloem
Published on 5 December 2013The Minister for Security and Justice,
I. W. Opstelten
