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Decision Behaviour Supervision Financial Corporations Wft

Original Language Title: Besluit Gedragstoezicht financiële ondernemingen Wft

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Decision of 12 October 2006 laying down rules on the control of behaviour of financial undertakings (Decision on the conduct of financial undertakings on financial undertakings Wft)

We Beatrix, at the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.

On the nomination of our Minister of Finance of 12 July 2006, No FM 2006-01681 M;

Having regard to Directive No 85 /611/EEC of the Council of the European Communities of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (PbEG L 375), Directive No 87 /102/EEC of the Council of the European Communities of 22 December 1986 on the harmonisation of the laws, regulations and administrative provisions of the Member States relating to consumer credit (PbEG 1987 L 42), Directive No 92 /49/EEC of the Council of the European Communities of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance and, change of the Directives 73 /239/EEC and 88 /357/EEC (PbEG L 228), Directive No 93 /22/EEC of the Council of the European Communities of 10 May 1993 on the provision of investment services in securities (PbEG L 141), Directive No 2002 /65/EC of the European Parliament and the Council of the European Union of 23 September 2002 on the sale of financial services to consumers at the distance and to the change of the Directives No 90 /619/EEC , No 97 /7/EC and No 98 /27/EC (PbEG L 271), Directive No 2002 /83/EC of the European Parliament and of the Council of 5 November 2002 on life assurance (PbEG L 345), and Directive No 2002 /92/EC of the European Parliament and the Council of the European Union of 9 December 2002 on insurance mediation (PbEG L 9) and the Articles 4:3, 4th paragraph , 4:5, third member , 4:9, third member , 4:10, third member , 4:11, third and fourth member , 4:14, second member , 4:15, second paragraph, introductory wording and part a and part b, below 2 ° , 4:16, 2nd and 3rd Member , 4:17, third member , 4:20, first paragraph, second paragraph, third paragraph, introductory sentence and part b, fourth member, and fifth member , 4:22, 1st Member , 4:25, 1st Member , 4:26, third member , 4:27, fourth member , 4:30a, third member , 4:32, second member , 4:33, third and fourth member , 4:34, third member , 4:43, second member , 4:48, second member , 4:49, second paragraph, introductory sentence and part e , 4:51, fourth member , 4:52, third member , 4:56, 1st Member , 4:61 , 4:71, fourth member , 4:72, third paragraph, introductory sentence and part a , 4:73, third paragraph, introductory words and parts a and c , 4:74, second member , 4:75, second member , 4:76, second member , 4:78, 1st Member , 4:85, third member , 4:86 , 4:87, third member , 4:88, third member , and 4:89, 2nd member, of the Financial Supervision Act ;

The Council of State heard (opinion delivered on 20 September 2006, No W06.06.0334/IV);

Having regard to the further report of our Minister of Finance dated 9 October 2006 (No FM 2006-02268 M);

Have found good and understand:

Chapter 1. Introductory provisions

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§ 1.1. Definitions

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Article 1

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For the purposes of this Decision and the provisions based thereon, the following definitions shall apply:

Exit fee :

  • 1. reward or fee, in any form, that a provider on the occasion of the establishment of an agreement on a payment protector, a complex product, a mortgage credit, a mortgage credit combined with a security; investment account, non-life insurance or a funeral insurance, pays between him and a consumer directly or indirectly for the funds or advice on that agreement; or

  • 2 °. reward or fee, in any form, that a provider of a financial product which is part of a complex product as referred to in paragraph (d) (4), assembled or placed in the market by a mediator, on the occasion of the conclusion of an agreement between him and a consumer on that financial product for the funds or advice on that agreement, directly or indirectly,

Driver If it concerns an administrator, investment company or custodian, any person who represents an administrator, investment company or custodian under law or determines the policy of an administrator, investment company or depositary;

payment protector: insurance to cover the risk of non-compliance by the policyholder in respect of commitments under an agreement on credit;

payment period : period between:

  • 1 °. the time at which a provider makes use of a sum of money for the purpose of implementing a credit agreement, or starting to provide the enjoyment of a movable business, financial instrument or investment object or with the granting of credit of a service and the time when the consumer was held to have made the first payment in respect thereof: or

  • 2 °. two consecutive dates on which a consumer has been held in respect of an agreement on credit having made a payment;

Commission: remuneration or remuneration, in whatever form, for the action as agent or deputy agent as an agent;

complex product :

  • 1 °. combination of two or more financial products that includes at least one financial product whose value is dependent on developments in financial markets or other markets;

  • 2 °. right of participation in an investment enterprise or a UCITS which is not negotiable or which is purchased or redeemed directly or indirectly, at the request of the unit-holders, from the assets;

  • 3 °. life insurance, other than any kind of non-cash insurance or any other insurance that extends exclusively to the doing of cash benefits in connection with the care of the funeral of a natural person or an insurance in which the liability of the insurer to the making of a benefit or a series of benefits only arises if the death of the person on whose life the insurance relates to the date specified in the policy;

  • 4 °. combination of a mortgage credit with life insurance of 3 °, or with a savings account;

  • 5 °. investment object;

  • 6 °. 'own-dwelling savings account' as intended Article 3.116a, second paragraph, of the Income Tax Act 2001 ;

  • 7 °. investment entitlement of own dwelling as intended Article 3.116a, third paragraph, of the Income Tax Act 2001 ;

  • 8 ° Annuity account as referred to in Article 3.126a, first paragraph, of the Income Tax Act 2001 ;

  • 9 °. Annuity investment law as referred to in Article 3.126a, first paragraph, of the Income Tax Act 2001 ;

  • 10 °. other financial product which may be designated by ministerial arrangement if this is intended to ensure the comparability of the complex products covered by 2 to 9 ° with this financial product in relation to the interests of the Part Conduct Supervision Financial Companies of the Law the aim of protecting it is desirable; or

  • 11 °. combination of one or more complex products referred to below 2 ° to 10 ° with one or more financial products;

Consumer credit : credit, other than mortgage credit;

the borrowing rate: interest payable for a credit, expressed on an annual basis and applied in a fixed or variable percentage;

Percentage of coverage: a percentage of the value of the collateralised financial instruments specified by the provider of credit, as specified in Article 1: 1 of the Act , or of the separate financial instruments belonging to it to which the credit provider determines the credit limit;

Deposit: teed with a bank which may be requested immediately and whose interest rate is not greater than 12 months;

distribution costs: costs of completing the file for the application of the tender, supporting the consumer or, in the case of insurance, the client in the application and when entering into an agreement with regard to an agreement financial product and the costs of advertising for the said work and for advice;

Continuous commission :

  • 1 °. remuneration or remuneration, in whatever form, other than a closing fee, which is a provider of a payment protector, a complex product, a mortgage credit, a mortgage credit combined with an investment account, a non-life insurance or a funeral insurance, after the establishment of an agreement between him and a consumer for the funds or advice on that agreement, directly or indirectly pays; or

  • 2 °. reward or fee, in any form, other than a closing fee, which is constituted by a supplier of a financial product which is part of a complex product as defined in subparagraph (d) (4), assembled or in the market made available by a mediator, following the conclusion of an agreement on that financial product between him and a consumer for the funds or advice on that agreement, directly or indirectly;

ongoing credit : Agreement on:

  • 1 °. money credit where the consumer is able to record sums at different times in so far as the outstanding balance does not exceed the credit limit; or

  • 2 ° commodity credit where the provider or a third party is required to provide a consumer at different times to the enjoyment of a movable business, financial instrument or investment object or to provide a service, to the extent that its outstanding balance does not exceed the credit limit;

securities credit: making available to a consumer a forward credit against collateral of financial instruments as intended Article 1: 1 of the Act , with which the consumer can make transactions in financial instruments and the provider of credit is involved in those transactions;

endterms : standards relating to the professional competence for the provision of a particular financial service in relation to a particular financial product;

Key investor information: a short document containing information about the Article 66a, first paragraph The items listed are listed with regard to units in an investment enterprise or a UCITS.

EVC procedure: Methodology whereby an examination institute approved for this procedure assesses whether a candidate fulfils the final terms and tests of a Wft module on the basis of his/her (work) experience or training on the basis of a composite portfolio and a individual assessment;

financial analyst : a relevant person carrying out tangible investment research;

financial derivative : financial instrument as referred to in Article 4:60, first paragraph, part d, e, f or g, of the law ;

Package leaflet: a document containing information on the Article 66, first paragraph The list of items mentioned in respect of a complex product, other than units in an investment enterprise or UCITS, is displayed;

money market instrument : financial instrument as referred to in part c of the definition of financial instrument in Article 1: 1 of the Act ;

affiliated party :

  • 1. person who, with an administrator of a UCITS, undertaking collective investment in transferable securities or depositary of a UCITS or managing a management of a UCITS, company for collective investment in transferable securities or depositary of a UCITS; UCITS is connected in a formal or de facto control structure;

  • 2. person who can exercise, directly or indirectly, the right to vote or otherwise exercise certain rights that can influence the business or financial policy of an administrator of a UCITS, a society for which the right to vote collective investment in securities or depositary of a UCITS;

  • 3. person who, in a family-friendly relationship, is a director of an administrator of a UCITS, a company for collective investment in transferable securities or depositary of a UCITS or a natural person of the kind referred to in 1 °, or 2 °;

  • 4. person who has a personal relationship with a manager of an administrator of a UCITS, a company for collective investment in transferable securities or depositary of a UCITS or a natural person of 1 ° or 2 °, in which the person who is responsible for collective investment is the relationship between the driver or the natural person in relation to the manager of a UCITS may influence the collective investment undertaking in transferable securities or depositary;

  • 5. a legal person in which a manager of a UCITS, society for collective investment in the securities or depositary of a UCITS or a natural person, as referred to under 3 ° or 4 °, may exercise, directly or indirectly, the right to vote or may otherwise exercise certain rights which have a significant impact on the commercial or financial policy of that legal person; or

  • 6 °. a natural person part of a body responsible for supervising the policies and general practice of an administrator of a UCITS, undertaking for collective investment in transferable securities or depositary of a UCITS;

Related financial instrument: a financial instrument whose price is heavily influenced by price fluctuations of another financial instrument that is the subject of investment research or of any financial instrument derived from this other financial instrument instrument;

Dispute settlement: the settlement of disputes relating to the payment services, financial services or financial products of a financial undertaking;

mortgage credit : agreement on credit with a consumer whose right to mortgage is entered into, as a priority for the claim for payment of the payment due by the consumer, or in respect of the payment of the right of mortgage which is already established in such a way and where the credit is provided at an annual percentage rate of charge for the provider of a mortgage-based financing of the provider;

Incident : conduct or event posing a serious risk to the integrity of the undertaking of a financial undertaking;

integrity-sensitive function :

  • 1 °. managerial function directly among the persons who determine or co-determine the policy of the financial undertaking; or

  • 2. function to which a competence is linked which contains a material risk for the exercise of the business of a financial undertaking in integrity;

integrity risk : danger of deterioration of reputation or existing or future threat or result of a financial undertaking resulting from inadequate compliance with or under any legal requirement. Prescribed;

International accounting standards : international accounting standards which have been declared applicable by the Commission of the European Communities in accordance with Article 3 of the Treaty Regulation (EC) No 148/EC 1606/2002 of the European Parliament and the Council of the European Union of 19 July 2002 (PbEG L 243);

annual percentage rate of charge: total cost of consumer credit for the consumer, expressed as an annualised percentage of the total credit amount, calculated according to the base comparison and additional assumptions, included in Annex A , or the effective credit allowance to be charged to the consumer in the execution of a mortgage credit agreement in accordance with the payment scheme, expressed in a percentage annualised rate of the outstanding balance. by means of detailed rules for ministerial arrangements;

Cost : amounts that a financial undertaking charges or is charged to a client, consumer or participant;

credit limit :

  • 1 °. maximum amount of cash sums to be included by a consumer to the provider of credit for the execution of an agreement on continuous monetary credit; or

  • 2 °. Maximum value of service to be provided by a provider of credit to the consumer of a case, financial instrument or investment object, or to be provided to the consumer for the execution of an agreement on continuous goods credit;

Credit :

  • 1. money to be made available to the consumer under an agreement on money credit, on the understanding that if the current credit limit is the credit limit as that sum is to be regarded as such; or

  • 2. difference between the sum of the present value of movable property, financial instruments, investment objects or services of which the consumer is given the pleasure of being given to the consumer, within the framework of the of a commodity credit agreement, and the cash payments made in that framework, except that if the current credit limit is the credit limit, if that difference is to be considered;

Credit allowance : costs relating to an agreement on credit;

Monthly load : amount that a consumer is owed to credit payments, calculated for one calendar month, including in any case payments to interest and redemption in connection with the credit;

Close links : situation in which two or more natural or legal persons are linked by:

  • 1 °. a participation, that is to say, directly or through a control relationship, of 20% or more of the voting rights or capital of a legal person;

  • 2 °. a control relationship, i.e. the relationship between a parent undertaking and a subsidiary, in all the cases referred to in Article 1 (1), first and second paragraph, consolidated financial statements, or a band of the same nature between a natural or legal person and another legal person; a subsidiary of a subsidiary undertaking shall also be considered as a subsidiary of the parent undertaking which is the head of such undertakings;

investment research: research or other publicly available information that explicitly or implicitly recommends or proposed an investment strategy with regard to one or more financial instruments or issuers of financial instruments, including recommendations concerning the present or future value or price of such instruments, including those:

  • a. as investment research, is presented or is presented in any other way as an objective or independent explanation of the issues raised in the recommendation; and

  • b. if it is addressed to a client, no advice is;

On and off : amounts by which the price or refund paid or received by the units in a UCITS is increased, respectively, in relation to the net asset value of the units;

Pension insurance: life insurance which an employer concludes for the benefit of his employees, including the managing director-major shareholder, consisting of an old-age pension or survivor's pension as referred to in the Article 1 of the Pensions Act ;

personal transaction : a transaction in a financial instrument by, or in the name of, a relevant person, where:

  • 1. the relevant person concerned shall act differently than in the normal exercise of his profession or business;

  • 2 °. the transaction shall be carried out on behalf of the relevant person;

  • 3 °. the transaction is carried out on behalf of a person with whom the relevant person has family ties or close links; or

  • 4 °. the transaction shall be carried out on behalf of a person whose relationship with the relevant person is such that the relevant person has a direct or indirect interest in the outcome of the transaction apart from a commission; for the execution of the transaction;

prime broker: an entity as referred to in Article 4, first paragraph, part, of the Alternative Investment Fund Managers Directive;

relevant person:
  • 1 °. a person who determines the daily policy or is a related agent of an investment firm;

  • 2 °. any person who determines the daily policy of a related agent of an investment firm;

  • 3. an employee of the investment firm or of a related agent of the investment firm or of another natural person whose services are at the disposal of an investment firm or of an investment firm, are, among other things, related to the agent and who is involved in the provision of investment activities or the provision of investment services by the investment firm; or

  • 4. a natural person directly involved in the provision of investment services or investment activities under an agreement to subcontracting for the purpose of granting or performing investment services or investment activities; services for the benefit of the investment firm or its related agent;

return commission : part of a fee to be paid or paid by a UCITS for a service of a third party or paid, directly or indirectly, to be repaid or refunded by the recipient;

Consumer Credit Directive: Directive No 2008 /48/EC of the European Parliament and of the Council of the European Union of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87 /102/EEC (PbEU L133);

Directive electronic money: Directive No 2009-2009 of the European Parliament and of the Council of the European Union of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending the Directives 2005 /60/EC and 2006 /48/EC and repealing Directive 2000 /46/EC (Pb EU L 267);

Risk indicator : display of the risk level of a complex product;

Portfolio of investment objects : Collection of investment objects for which the same investment object prospectus is intended to be set up in Article 4:30a, of the Act be drawn up;

Forward amount : amount of the payment that a consumer must have made at the end of a payment period;

Key : criteria for checking the professional competence of a person in order to determine whether the person complies with the final terms;

total amount to be paid by the consumer: sum of the total credit amount and the total cost of the credit to the consumer;

total cost of the credit to the consumer: all costs relating to a consumer credit, excluding notarial charges, which the consumer has to pay in connection with a credit and who are known to the provider, including interest, commission, taxes, fees of any kind, and costs related to ancillary services related to the credit, where the conclusion of an agreement with respect to those services is required to obtain the credit on the advertised terms, or the sum of the credit to be paid by a consumer payment of forward amounts over the term of a mortgage credit agreement;

Total credit amount: the credit limit or credit;

outstanding balance:
  • 1 °. in the case of the money credit: at any time existing total of the sums of money entered by the consumer up to that date plus the amount of the credit to be charged to the consumer and reduced to that date; and payments made to the consumer by the date and date of that date;

  • 2 °. in the case of goods credit: at any time existing total of the present value of the movable business, financial instruments, investment objects or services which have been the subject of the pleasure to the consumer up to and including the date; or which have been granted to the consumer up to and including that date, plus the total amount of the credit fee charged to the consumer until that date and reduced by the amount of credit paid to and including that time by the consumer payments;

Funeral home insurance: life insurance for the sole purpose of the payment of cash benefits in connection with the care of the funeral of a natural person or a kind of benefits insurance policy;

Regulation managers of alternative investment vehicles: Commission Regulation of 19 December 2012 supplementing Directive 2011 /61/EU of the European Parliament and of the Council with regard to exemptions, general conditions for the exercise of business, depositaries, leverage, transparency and supervision (PbEU 2013, L 83);

Law : Law on financial supervision ;

house: a building or a separate part of it and the land belonging to that building, a permanent residential ship or a trailer intended for use in that building, as intended Article 1 (l) of the Rent Surcharge Act and the corresponding place of employment as referred to in Article 1 (j) of the Rent-surcharge Act.


§ 1.2. Specific provisions

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 1:20, first paragraph, part f , 4:3, 4th member , and 4:5, third member, of the law

Article 1a

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Article 1:20, first paragraph, part f, of the law shall apply if:

  • a. A financial services provider providing advice on a credit for the payment of the consultancy costs and distribution costs aimed at establishing a financial product agreement as referred to in Article 4 (1) of the Treaty. Article 86c where the consumer or, in the case of insurance, the client has been kept within two years of unloading;

  • b. a financial services provider, to the extent that he does not advise, provides a credit to a consumer or, in the case of insurance, the client for the purpose of paying the distribution costs aimed at establishing a agreement on a financial product as referred to in Article 86c .


Article 2

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  • 1 The policy of a waiver holder as intended Article 4:3, 4th paragraph, of the Act shall be determined or co-determined by persons whose reliability is beyond doubt. If, within the holder of a waiver, an institution is entrusted with the supervision of the policy and general practice of the holder of a waiver, such supervision shall be carried out by persons whose reliability is beyond doubt.

  • 2 The applicant for a derogation as referred to in Article 4:3, 4th paragraph, of the Act demonstrates that the first member will be satisfied and records the following information in respect of the persons concerned:

    • a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number and function;

    • b. A copy of a valid identity document;

    • c. data relating to the antecedents specified in Article 13 ; and

    • d. An indication of referents.

  • 3 The reliability of a person referred to in the first paragraph is beyond doubt once that is done by a supervisor for the application of the Law has been established as long as it does not give a reasonable cause for a change in the relevant facts or circumstances to a new assessment.

  • 4 On the basis of the reliability of the persons referred to in paragraph 1, the Articles 12 to 16 applicable mutatis mutandis.


Article 2a

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  • 1 The daily policy of the holder of a waiver as referred to in Article 4:3, 4th paragraph, of the Act to provide an intermediary for a public loan, shall be determined by persons suitable for the exercise of the holding of the holder. If, within the waiver holder, an institution is responsible for monitoring the policy and general conduct of the undertaking, such supervision shall be carried out by persons suitable for the exercise of that supervision.

  • For the purposes of the first paragraph, the term 'general loan' shall mean the following: otherwise than in the exercise of the holding of a bank, and other than by offering securities, or on the basis of the provision of securities, public for a specific purpose of use, which has been communicated to the public prior to the date of issue.


Article 2b

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  • 1 The holder of a waiver, referred to in Article 2a :

    • a. Is an adequate policy that ensures the integrity of his business;

    • b. is not linked to persons in a formal or actual control structure which is such as to be opaque to such a degree that it constitutes or may constitute an obstacle to the proper supervision of the holder;

    • c. to conduct business operations in such a way that it ensures the management and integrity of its business; and

    • d. shall ensure adequate treatment of complaints from persons for which the work is intended to be carried out in Article 4:3, 1st paragraph, of the Act shall be performed.

  • 2 The policy referred to in paragraph 1 (a):

    • a. is directed to counteract that the holder or his employees commit criminal offences or any other act of law that may harm the trust in the holder or in the financial markets; and

    • (b) ensure that the reliability of workers and other natural persons who are directly involved in the work of the holder under the responsibility of the holder, is intended to be Article 2a, first paragraph beyond doubt, where a person is considered trustworthy if that person is a statement about the behaviour as intended in the Law and punitive data law can submit, and he is not declared bankrupt unless rehabilitation as intended in Article 212 of the Bankruptcy Law has taken place.

  • 3 As part of the management and integrity of his business, as referred to in paragraph 1 (c), the holder shall:

    • a. The Authority shall immediately inform Financial Markets about incidents; and

    • Procedures and measures relating to the handling and recording of incidents that ensure, in any event, that appropriate measures are taken in response to an incident to control the management of the action risks and preventing recurrence.

  • 4 As part of the appropriate treatment of complaints referred to in paragraph 1 (d), the holder shall have an internal complaints procedure, aimed at the speedy and careful handling of complaints.


Article 2c

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The applicant for a derogation as referred to in Article 2a shows that Articles 2a and 2 are to be complied with. 2b . Article 38 of the Decision Market Access Financial Companies shall apply mutatis mutandis, with the exception of the first paragraph, parts e, h, in so far as they relate to the professional competence of the employees, i and m, the second paragraph, part b, the third paragraph, fourth and sixth member of that article.


Article 3

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  • 1 The holder of a waiver referred to in Article 4:3, 4th paragraph, of the Act :

    • (a) inform, before any agreement on the matter of the use as an intermediary of proceedings for the purpose of attracting or making available to the public the repayable funds shall be clearly and fully refunded. its rights and obligations with regard to the Agreement;

    • b. Report to the Financial Markets Authority any reference in the data previously provided to a supervisor by himself or by a financial company for the purpose of assessing the compliance of Article 2 Requirements relating to the reliability of the persons referred to in the Annex to this Regulation. Article 2, first paragraph . The holder shall notify the amendment in writing and without delay after he has taken knowledge of it in the course of normal business operations;

    • (c) notify in writing to the Financial Markets Authority the intention to amend the persons referred to in Article 4 (2). Article 2, first paragraph ; and

    • d. reporting, if Article 2a to the holder of the application, in writing to the Financial Markets Authority within two weeks, a change in:

      • 1 °. his name and address;

      • 2 °. its legal form;

      • 3 °. if he is a legal person: its registered office, statutory name and trade name or trade name;

      • 4 °. if he is registered in the Commercial Register: the number of the tender.

  • 2 The holder of a waiver does not implement the intention, referred to in paragraph 1 (c), before the Authority has established Financial Markets that the reliability of the person concerned is beyond doubt, and if Article 2a to the holder applies, this person is suitable. The Financial Market Authority shall decide on the reliability and suitability of the financial markets:

    • a. Within six weeks of receipt of the notification; or

    • If the Authority requested further information within a period of two weeks after receipt of the notification, within four weeks of receipt of such information, but no later than 13 weeks from the receipt of the notification.

  • 3 If the Authority requests a third party to submit further information as referred to in paragraph 2 (b), it shall communicate it to the holder.

  • 4 In the notification referred to in paragraph 1 (c), the holder shall submit the following information to the person concerned:

    • a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number, curriculum vitae, list of relevant valid diplomas and function;

    • b. A copy of a valid identity document;

    • c. data relating to the antecedents specified in Article 13 ; and

    • d. An indication of referents.

  • 5 The fourth paragraph, parts b, c and d, does not apply if the change concerns a person whose reliability for the application of Article 2 has already been established by a supervisor.


Article 4

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The legal person referred to in Article 4:5, second paragraph, of the Act At the notification referred to in that paragraph to the Authority, Financial Markets shall provide the following information concerning the undertaking concerned:

  • a. An indication of the name and address;

  • b. An indication of the legal form;

  • (c) if the undertaking is a legal person: an indication of the registered office, the statutory name and the trade name or trade name; and

  • (d) where the undertaking is entered on the commercial register, an indication of the registration number.

Chapter 2. Professional competence of staff

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§ 2.1. Evidence of professional competence

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Article 5

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For the purposes of this paragraph:


Article 6

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A financial service provider complies with Article 4:9, second paragraph, of the Act , if:

  • a. he has established his business operations in such a way that a skilled financial service to consumers or, in the case of insurance, clients is sufficiently guaranteed;

  • (b) workers and other natural persons who, under his or her responsibility, are directly involved in the work referred to in the Article 7 , to that end:

  • c. The persons referred to in subparagraph (b) comply with the requirements of Article 11 requirements.


Article 7

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Workers and other natural persons who, under the responsibility of a financial service provider, are involved in consultancy activities in respect of a subject mentioned in Table 1 shall have the necessary information on the subject matter of that table. diploma.

Subject:

Required diploma:

Modules:

Table 1. Required diplomas in consultancy services

Base

Consultant Base

-Basic

Consumer credit

Consumer Credit Adviser

-Basic

-Consumer credit

Non-life insurance

Non-life insurance adviser

-Basic

-Non-life insurance for private

Non-life insurance

Non-life insurance adviser

-Basic

-Non-life insurance for private

-Non-life insurance business

Health insurance

Health insurance adviser

-Health insurance

Power

Consultant power

-Basic

-Ability

Income insurance

Income Adviser

-Basic

-Income

Mortgage credit

Adviser on mortgage credit

-Basic

-Ability

-Mortgage credit

Pension

Pension Adviser

-Basic

-Ability

-Pension insurance


Article 8 [ Expired by 01-01-2014]

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Article 9

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  • 1 A diploma as referred to in Article 7 shall be issued if the modules underlying it under Table 1 have been completed in full, all the results of which are the result of a successful completion of the certificate.

  • 2 The examinations of the modules referred to in paragraph 1 shall be conducted on the basis of: Article 11a Recognized examination institute.

  • 3 The examinations of the modules referred to in paragraph 1 may also be made by our Minister if our Minister provides an opportunity to do so.

  • 4 The terms and terms of reference for the modules referred to in paragraph 1 shall be determined by ministerial arrangement.


Article 10

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Persons who have a diploma in Table 2 are also competent to advise on the subject mentioned in the table, if the opinion on this subject is combined with advice on the subject at which the diploma is to be discussed. diploma relates.

Diploma:

Subject:

Table 2. Allowed additional subjects

Consumer Credit Adviser

Payment protectors if combined with consumer credit

Consultant power

Incapacity for work or unemployment insurance, if combined with capacity

Adviser on mortgage credit

Payment protectors, opstal or in-book insurance, if combined with mortgage credit

Income Adviser

Accident insurance, if combined with income insurance


Article 11

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  • 1 The holder of a diploma or recognition as referred to in Article 6 (b) , shall be solely responsible for activities as referred to in Article 7 if, in any PE period other than the PE period in which the diploma or recognition has been achieved, he takes an examination in the framework of continuing education and results in a good consequence. The first PE period shall run from 1 April 2017 until 31 March 2019. The following PE periods shall be three years each, the next PE period of which shall begin on 1 April 2019.

  • 2 By way of derogation from the first paragraph, the holder of a diploma or approval with a certificate issued by Our Minister, shall be required to show that he has been subject, during a given PE period, to the content of the certificate development of examination questions in relation to the final terms and key to continuing education, relevant to their professional qualification, shall not be subject to examination in the framework of continuing education in that PE period.

  • 3 In the case of ministerial arrangements, detailed rules may be laid down in respect of the second paragraph.

  • 4 If the holder of a diploma or recognition no longer has jurisdiction under the first paragraph, the Article 7 He shall be able to take a special examination. If such examination is carried out successfully, the power to carry out the work referred to in Article 7 shall be re-established. Thereafter, the next periodic examination shall be taken not later than 36 months after the end of the special examination.

  • 5 Examinations as referred to in paragraphs 1 and 4 shall comply with final terms and key terms to be adopted by ministerial arrangement and shall be made by a reference to a Article 11a Recognized examination institute. If our Minister provides an opportunity to do so, these exams can also be passed by our Minister.


§ 2.2. Examination institutes

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Article 11a

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  • 1 Our Minister acknowledges an examination institute on request, if the applicant demonstrates that it will be fulfilled Article 11b .

  • 2 Our Minister shall decide on an application for recognition within four months after the application has been made. The decision-making period may be extended at most twice by two months.

  • 3 Our Minister may attach to a recognition rules or a specified period of time.

  • 4 Our Minister may withdraw recognition:

    • a. at the request of the approved examination institute;

    • (b) if the particulars and documents provided for the purpose of obtaining the approval are found to be incorrect or incomplete after recognition that the approval would have been refused or that it would not have been granted without rules, if the correct information had been fully disclosed in the examination of the application,

    • c. if the examination institute no longer complies with Article 11b ;

    • d. if the examination institute Article 11d whether the rules related to the recognition are not complied with.

  • 5 After revocation of a recognition, the examination institute shall transfer the administration of certificates and diplomas to our Minister. The preceding sentence shall apply mutatis mutandis if the time limit for recognition ends.


Article 11b

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  • 1 A recognised examination institute shall take the measures reasonably necessary to ensure that examinations are conducted in a correct and fair manner, as regards the manner in which examination is made.

  • 2 An approved examination institute shall dispose of and act in accordance with an examination procedure which shall include at least the following subjects adequately:

    • a. Method of notifying candidates;

    • b. the number of times a year given the opportunity to complete the individual examinations;

    • c. the method of notification of the place, date and time of commencement of examinations;

    • d. the identification of the identity of the candidates;

    • e. the duration and manner of the examination;

    • f. the measures if irregularities are found;

    • g. the period within which the examination reports shall be published, and the period within which the certificates and diplomas are awarded;

    • h. the internal complaints procedure.

  • 3 In the case of ministerial arrangements, detailed rules may be laid down regarding examination rules as referred to in the second paragraph.


Article 11c

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  • 1 A candidate who, with good consequence, is the exam for a module as intended in Article 9, first paragraph , has been made, shall receive a certificate of this kind.

  • 2 A candidate who has obtained all the certificates necessary for a diploma shall receive a diploma in support of that diploma.


Article 11ca

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  • 1 The certificate is issued because of Our Minister and awarded or sent by the examination institute which is the exam, intended in Article 11c, first paragraph -It took off.

  • 2 The diploma is issued because of our Minister and awarded or sent by the examination institute which has taken the final examination required for the achievement of the diploma.

  • 3 Duplicates of certificates and diplomas are provided exclusively by Our Minister. Delivery shall be made at cost of the cost.

  • 4 In the case of ministerial arrangements, detailed rules may be laid down for the issue of certificates and diplomas or the provision of duplicates thereof.


Article 11d

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  • 1 A recognized examination institute shall, upon request, communicate to our Minister all the information required for the performance of his or her duties. Our Minister may request access to all business records and records where it is reasonably necessary for the performance of his or her duties.

  • 2 An approved examination institute shall agree to a check designated by Our Minister.


§ 2.3. Central examination bench

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Article 11th

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  • 3 The second paragraph shall not apply if the examination of the examinations of the modules is carried out by means of an EVC procedure.

  • 4 The arrangements for the establishment and administration of the central examination bank may be laid down in the case of ministerial arrangements.


§ 2.4. Information system on professional qualifications

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Article 4:9a, fifth paragraph, of the Act

Article 11f

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  • 2 As regards the persons referred to in paragraph 1 (a) and (b), in addition to: Article 4:9a, third member, of the law , the said civil service number, or in the absence thereof assigned to the candidate, includes the following information:

    • a. generic name, fornames and initials;

    • b. Date of birth;

    • Place of birth;

    • d. Sex;

    • e. examinations of the examinations;

    • f. the results of examinations carried out;

    • g. the date on which the person concerned has a diploma as referred to in Article 6 (b) (1) , has obtained;

    • (h) the date on which the person concerned was granted a recognition of professional qualifications as intended Article 6 (b) (2) , obtains;

    • i. the date on which an examination was made as intended in Article 9, second paragraph , or 11, first or fourth member ;

    • j. the date of the last day of the period, specified in Article 11, second paragraph ;

    • k. the name of the examination institute, where the exam was made.


Article 11g

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  • 1 An approved examination institute shall provide to the administrator of the information system on professional qualifications of its own initiative, or upon request, all data referred to in Article 11f, second paragraph , which are necessary for the maintenance or collection of the information contained in the information system.

  • 2 Personal data contained in the information system on professional qualifications are made available only to approved examination institutes and to our Minister. The data shall not be used for any purpose other than the execution of the Article 4:9, third and fourth member -The rules set.


Article 11h

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  • 1 Data included in the information system, as referred to in Article 11f , to be removed:

    • a. After ten years, or

    • (b) if the person concerned has died.

  • 2 The period referred to in paragraph 1 (a) shall begin on the day on which the last change in the Article 11f, second paragraph , the information contained in the information system has been carried out.


Article 11i

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  • 1 With regard to the information system on professional qualifications, our Minister is the responsible person in the sense of Personal data protection law .

  • 2 The first paragraph shall apply mutatis mutandis to the temporary data processing in the central examination bank for examination purposes.


Article 11j

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Rules governing the establishment and management of the information system on professional qualifications may be laid down under a ministerial arrangement.


§ 2.5. Cost overflow

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:9, 4th paragraph, of the Act

Article 11k

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  • 1 Our Minister brings the costs associated with the implementation of the under Article 4:9, third paragraph, of the Act , rules laid down in the examination institutes referred to in Rule 4:9, third paragraph, of the Act.

  • 2 The costs referred to in paragraph 1 shall be as follows:

    • a. Costs associated with the development and management of the central examination bank;

    • b. Costs associated with the development and management of the examination questions;

    • c. expenses related to the development and management of the information system, intended in Article 4:9a, first paragraph, of the Act ;

    • d. costs associated with the development and management of the end terms and key terms referred to in the Article 9 (5) , and Article 11, fifth and sixth paragraphs ;

    • e. costs relating to the control of the orderly conduct of the reduction of examinations;

    • f. costs relating to facilitating access to examinations made;

    • g. expenses relating to the handling of complaints relating to the content of the examinations.

  • 3 By ministerial arrangement, the rate to be charged per examination for the costs referred to in the first paragraph shall be fixed. Furthermore, detailed rules may be laid down under a ministerial arrangement as regards the manner in which the costs referred to in paragraph 1 are to be charged or set out.

  • 4 The applicant for a recognition as intended Article 11a, first paragraph , for the purposes of the examination of an application for the approval of the examination institute or for the notification of an additional examination site, a tariff shall be fixed at ministerial level.

  • 5 By ministerial arrangement, a tariff may be set for the control of an examination institute which is recognised for the purpose of implementing an EVC procedure.

Chapter 3. Reliability

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Article 12

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The Financial Market Authority determines whether a person ' s reliability is as intended. Article 4:10, first paragraph, of the law is beyond doubt on the basis of its intentions, acts and antecedents.


Article 13

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The Authority takes into account the financial markets in the determination of the Article 12 , in any event, the following antecedents:


Article 14

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  • 1 The Financial Markets Authority obtains an understanding of the Article 12 Intended to act, acts and antecedents on the basis of:

    • data and intelligence provided by the person concerned;

    • b. Police data provided by the National Prosecutor;

    • c. Data from the registration provided in Article 1 (b) of the Law Monitoring of Legal Persons ;

    • d. Data and intelligence obtained from the Tax Office;

    • e. information and intelligence obtained from either Dutch or foreign governmental authorities or bodies designated by the Netherlands or foreign authorities, entrusted with the supervision of financial markets or persons who are responsible for the supervision of financial markets; operate markets;

    • f. post office notices of the Public Prosecutor's Office;

    • g. information obtained from references specified by data subjects;

    • h. data from public sources;

    • i. information obtained from curators or directors relating to bankruptcies, sursurances, shouts, wind-liners or emergency arrangements in which the funds are to be used. Article 12 has been involved;

    • Information obtained from organisations of current or former professional persons of the person concerned; or

    • k. information and intelligence obtained from other sources to be indicated by ministerial arrangement.

  • 2 If the data and intelligence, obtained in accordance with the first paragraph, give the Authority Financial Markets a further investigation, the Financial Markets Authority may also collect information and request data from other persons or bodies other than those mentioned in that paragraph. In that case, the Financial Market Authority shall notify in writing to the person concerned of:

    • a. the reason for the further investigation;

    • (b) the persons or bodies to whom further information or information will be sought; and

    • c. the nature of the details or information.


Article 15

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  • 1 The reliability of a person as intended in Article 12 shall not be questioned if:

    • a. This is irrevocably convicted of a crime, listed in Part 1 of Annex C , where, since the final decision has been taken, less than eight years have elapsed;

    • b. this one convicted of a crime, listed in Part 1 of Annex C , where the Award is not yet irrevocable or where eight or more years have elapsed since the irrevocable of the Award;

    • (c) has been convicted of a breach of Article 69 of the General Law on State Taxation or Article 65 of the Act of Invorting , where the person concerned is sentenced to imprisonment or fine; or

    • d. has been awarded an offence of more than € 62,500 in respect of a fact mentioned in Section 5 of Annex C , and the decision imposing the penalty on the offence has become irretrievable, or at least the judge has delivered judgment at first instance.

  • 2 The Financial Markets Authority may, on the basis of the circumstances or interests mentioned in the Article 16 , different from the first paragraph, in respect of parts b, c and d.


Article 16

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The Authority takes into account the financial markets in the determination of the Article 12 , eligible:

  • (a) the relationship between the conduct or behaviour underlying an antecedent and the other circumstances of the case;

  • (b) the interests which the law seeks to protect; and

  • c. the other interests of the administrator, investment company, investment firm, depositary or financial services provider, and the person concerned.

Chapter 4. The integrity of the holding

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§ 4.1. Investment vehicles, UCITS, their managers, their depositaries, and pension depositaries

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:11, 3rd and 4th Member , and 4:14, second paragraph, introductory sentence and part b, of the law

Article 17

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  • 2 The manager of a UCITS, depositary of a UCITS, a UCITS or a pension depositary shall ensure that the policies referred to in the Article 4:11, first paragraph, of the Act , precipitation is reflected in procedures and measures.

  • 3 The manager of a UCITS, depositary of a UCITS, a UCITS or a pension depositary shall inform all the relevant business parts of the policy and procedures and measures.

  • 4 The manager of a UCITS, depositary of a UCITS, UCITS or a pension depositary shall ensure the implementation and systematic review of the policies and procedures and measures.

  • 5 The manager of a UCITS, depositary of a UCITS, UCITS or a pension depositary shall ensure independent supervision of the implementation of the policies and procedures and measures.

  • 6 The manager of a UCITS, depositary of a UCITS, a UCITS or a pension depositary shall have procedures which provide for an assessment of deficiencies or shortcomings with respect to the integrity of the holding and an appropriate adjustment. lead.


Article 18

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An administrator of a UCITS, depositary of a UCITS, UCITS or a pension depositary as referred to in Article 4:14, 1st paragraph, of the Act has procedures and measures in relation to countering the private interests of persons who determine the policy of the financial undertaking, persons who are part of a body entrusted with the supervision of the policies and general practice of the financial undertaking, other workers, or other persons employed by the undertaking concerned on a structural basis with its interests or those of its participants, on a structural basis.


Article 19

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  • 1 An administrator of a UCITS, depositary of a UCITS, UCITS or a pension depositary as referred to in Article 4:14, 1st paragraph, of the Act have procedures and measures in relation to the handling and recording of incidents.

  • 2 The manager of a UCITS, a depositary of a UCITS, a UCITS or a pension depositary shall, in response to an incident, take measures aimed at controlling the risks that have occurred and preventing recurrence.

  • 3 The manager of a UCITS, depositary of a UCITS, a UCITS or a pension depositary shall without delay inform the Financial Markets Authority of any incident.


Article 20

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  • 1 An administrator of a UCITS, a depositary of a UCITS, a collective investment undertaking in transferable securities or a pension depositary as referred to in Article 4:14, 1st paragraph, of the Act Makes a substantiated assessment of the reliability of individuals whom he wishes to appoint in an integrity-sensitive function.

  • 2 The manager of a UCITS, a depositary of a UCITS, a company for collective investment in transferable securities or a pension depositary shall be responsible for assessing the reliability of those who, other than under an employment contract, perform work in an integrity-sensitive function.


Article 21

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  • 1 An investment enterprise or a UCITS referred to in Article 4:14, 1st paragraph, of the Act Has the integrity of the company's integrity on procedures and measures with regard to the acceptance of participants.

  • 2 Without prejudice to the provisions of the Law for the prevention of money laundering and financing of terrorism the investment enterprise or UCITS shall have in place procedures and measures relating to the identification of participants and their verification. The investment body or UCITS shall not accept a participant if it has not established the identity in accordance with the policy established for that purposes.

  • 3 The investment enterprise or UCITS shall have the protection of the integrity of the company on organisational and administrative procedures and measures relating to risk classifications in respect of customers, products or services.

  • 4 The investment enterprise or UCITS shall have procedures and measures relating to the analysis of data of participants, including in relation to products taken by the participant, and the detection of different transaction patterns. On the basis of these procedures and measures, the investment enterprise or UCITS shall also determine the risks of certain customers, products or services for the integrity of its business.

  • 5 The investment enterprise or UCITS shall ensure the documentation and commitment relating to the acceptance and classification of client risk, the identification and verification of data of clients and the monitoring of transactions of Clients. Such data shall be kept up to five years after the service or termination of the relationship.

  • 6 The first to fifth paragraphs shall not apply in so far as the investment enterprise or UCITS decides not to accept participants prior to the entry or exit of unit-holders or units of the investment enterprise or UCITS.


Article 22

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  • 1 An investment enterprise or a UCITS referred to in Article 4:14, 1st paragraph, of the Act examine, at the request of the Financial Markets Authority, or in its administration, certain persons or institutions which, in the judgment of Our Minister, prevent, in connection with any suspected terrorist activity or related thereto, activities, may harm the integrity of the financial sector.

  • 2 The investment body or UCITS shall provide the Authority with the outcome of the investigation referred to in paragraph 1 within a period to be determined by the Authority, Financial Markets.


§ 4.2. Investment firms

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:11, 3rd and 4th Member , and 4:14, second paragraph, introductory sentence and part b, of the law

Article 23

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  • 1 An investment firm shall assume, in order to ensure the integrity of its business, that the policy is intended to be Article 4:11, first paragraph, of the Act , precipitation is reflected in procedures and measures.

  • 2 The investment firm shall ensure independent supervision of the implementation of the policies and procedures and measures referred to in the first paragraph and shall have procedures in place to provide for an alert to be identified or deficiencies identified. shall be reported to the persons in charge of the task, referred to in Article 31c .

  • 3 The investment firm shall have in place procedures which provide for an alert to be identified or defective in relation to the integrity of the holding, under the supervision of the persons responsible for the task, as referred to in Article 3 (2). Article 31c , lead to an appropriate adjustment.


Article 24

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  • 2 The investment firm shall, in the event of an incident, take measures aimed at controlling the risks that have occurred and preventing recurrence.

  • 3 The investment firm shall inform the Financial Markets Authority of any incident without delay.


Article 25

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  • 1 An investment firm as intended Article 4:14, 1st paragraph, of the Act Makes a substantiated assessment of the reliability of a staff member who wishes to name it in an integrity-sensitive function.

  • 2 The investment firm shall ensure that the reliability of those who work in an integrity-sensitive function, other than on the basis of a contract of employment, is assessed


Article 26

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  • 1 An investment firm as intended Article 4:14, 1st paragraph, of the Act has procedures and measures in relation to customer acceptance. These procedures and measures shall apply to risk classifications in respect of clients, products or services.

  • 2 Without prejudice to the provisions of the Law for the prevention of money laundering and financing of terrorism the investment firm shall have in place procedures and measures relating to the identification of clients and their verification. The investment firm shall not accept a client if it has not established the identity in accordance with the policy established for that reason.

  • 3 The investment firm shall have procedures relating to the analysis of data from clients, including in relation to products and services taken by the client, and the detection of different transaction patterns. These procedures and measures shall also determine the risks to certain clients or products.

  • 4 The investment firm shall provide documentation and commitment in respect of customer acceptance and classification towards risk and the monitoring of client actions. Such data shall be kept up to five years after the service or termination of the relationship.


Article 27

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  • 1 An investment firm as intended Article 4:14, 1st paragraph, of the Act examine, at the request of the Financial Markets Authority, or in its administration, certain persons or institutions which, in the judgment of Our Minister, prevent, in connection with any suspected terrorist activity or related thereto, activities, may harm the integrity of the financial sector.

  • 2 The investment firm shall provide the Authority with the outcome of the examination referred to in paragraph 1 to the Financial Markets Authority within a period to be determined by that Member State.


§ 4.3. Financial service providers

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:11, 2nd and 3rd members , and 4:15, second paragraph, introductory sentence and part a, of the law

Article 28

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  • 1 A financial services provider as referred to in Article 4:11, second paragraph, of the Act shall ensure that the reliability of workers and other natural persons who are directly involved in the provision of financial services is beyond doubt.


Article 29

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  • 2 The financial services provider shall take appropriate action in response to an incident. These measures shall be aimed at controlling the risks that have occurred and preventing a recurrence.

  • 3 The financial services provider shall inform the Financial Markets Authority of any incident without delay.

Chapter 5. Controlled exercise of the holding

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§ 5.1. General aspects of operations

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:9b, second paragraph , and 4:14, second paragraph, introductory sentence and part a, of the law

Article 29a

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The management of a Dutch manager of an investment enterprise complies with the requirements set out in Article 18 of the Management Committee of Alternative Investment Institutions.


Article 30

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  • 1 The business of an administrator of a UCITS, UCITS, investment firm, depositary or pension depositary, as referred to in Article 3 (2), Article 4:14, 1st paragraph, of the Act provides:

    • (a) clear decision-making procedures and a clear, balanced and adequate organisational structure;

    • b. a clear, balanced and adequate distribution of tasks, powers and responsibilities;

    • c. Unambiguous reporting lines;

    • d. An adequate system of information provision and communication; and

    • e. adequate internal control procedures to ensure that decisions and procedures are complied with at all levels.

  • 2 The business operations are tailored to the nature, size, risk and complexity of the financial undertaking and the activities of the financial undertaking.

  • 3 The business operations are recorded in an insightful manner.

  • 4 The financial undertaking shall have procedures and measures to ensure the confidentiality and integrity of information and the continuous availability and security of automated data processing.

  • 5 The effectiveness of the organisation establishment and of the procedures and measures referred to in the first paragraph shall be reviewed by the financial undertaking at least annually.

    The financial undertaking shall provide for the removal of an alert for an alert.

  • 6 The effectiveness of the organisation establishment and of the procedures and measures shall be independently reviewed by an administrator of an undertaking for collective investment in transferable securities or an investment firm. For this purpose, the administrator or an investment firm shall have an organisational part that exercises an internal control function.


Article 31

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  • 1 Employees of an investment firm or manager of a UCITS and other persons entrusted by the relevant financial undertaking to manage UCITS, the provision of investment services or the provision of investment services investment activities shall have the necessary skills and expertise to exercise their entrusted responsibility.

  • 2 An administrator of a UCITS or an investment firm shall ensure that employees exercising a variety of functions are not or may be prevented from exercising any of these functions in a sound, fair and professional manner.

  • 3 For the application of paragraphs 1 and 2, account shall be taken of the nature, extent and risks of the financial undertaking and of the activities of the manager and of the investment firm, respectively.


Article 31a

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The organization part, intended in Article 30, sixth paragraph , as a job:

  • establish and execute a control plan to investigate and assess the soundness and effectiveness of the systems, internal control procedures and rules of the financial undertaking;

  • (b) making recommendations based on the results of the work referred to in subparagraph (a);

  • c. verifying that these recommendations are taken into account; and

  • d. report at least annually to those who determine the day-to-day policy of the financial undertaking and to the body, if any, that is in charge of supervision of the policy and general course of business of the financial undertaking on matters relating to internal control and the measures taken in the event of an alert identified.


Article 31b [ Expired-by 22-07-2011]

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Article 31c

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  • 1 An investment firm or an administrator of a UCITS shall have an organisational component that is independent and effective in carrying out a compliance function.

  • 2 The following shall be the task of the organisational part referred to in the first paragraph:

    • verifying compliance with legal rules and internal rules established by the administrator or the investment firm itself;

    • advise the persons responsible for managing UCITS, the provision of investment services or the provision of investment activities in compliance with legal rules and internal rules;

    • c. to monitor the soundness and effectiveness of the internal rules and procedures;

    • (d) assessing the effectiveness of the procedures drawn up and measures taken to eliminate identified deficiencies in compliance with legal rules and internal rules; and

    • (e) at least annually report to the persons who determine the day-to-day policy of the administrator or the investment firm and to the body, if any, that is in charge of supervision of the policy and general state of affairs of the manager or investment firm in matters relating to compliance with legal rules and internal rules. The annual report shall indicate in particular whether measures have been taken in the case of identified deficiencies.

  • 3 The organisational part of the compliance function shall have the necessary authority, resources, expertise and access to all necessary information in order to be able to carry out its tasks independently and effectively.


Article 31d

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  • 1 An administrator of a UCITS shall ensure that the persons who determine the daily policy of the administrator:

    • a. Responsible for the implementation of the general investment policy for any UCITS managed by the administrator as defined in the prospectus, fund rules or instruments of incorporation of the administrator;

    • Oversee the approval of investment strategies for each managed UCITS;

    • c. Ensure that the administrator has an effective compliance function as referred to in the Article 31c, first paragraph , even though this function is exercised by a third party,

    • d. ensure and periodically ensure that the general investment policy, investment strategies and risk limits are implemented and respected for any UCITS managed by the administrator, and also in a reasonable and effective manner; the risk management function is exercised by a third party;

    • e. adopt and evaluate periodically the soundness of the internal procedures for taking investment decisions for each managed UCITS managed to ensure that these decisions are compatible with the approved investment strategies are; and

    • Adopt and evaluate periodically the risk management policy and the procedures and measures for the implementation of the risk management policy, including the risk-limits system for each managed UCITS.

  • 2 The administrator shall ensure that at least every year the person who determines the day-to-day policy of the administrator on the implementation of the investment strategies and internal procedures for taking investment decisions shall be reported, Referred to in paragraph 1 (b) to (e).


Article 31e

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  • 1 An investment firm within the meaning of the capital requirements regulation shall have internal arrangements and procedures designed to ensure the efficient and prudent management of the undertaking, which shall comply with the requirements of Article 88, first paragraph, of the of the Capital Requirements Directive.

  • 2 An investment firm within the meaning of the Capital Requirements Regulation, which is significant due to Article 31f , has an appointment committee whose duties and powers meet the requirements of Article 88, second paragraph, of the Capital Requirements Directive.


Article 31f

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An investment firm shall be responsible for the application of Article 4:9b, 1st member, of the law , significant if it is regarded as significant by the Authority, having regard to its size, internal organisation and the nature, scope and complexity of its activities.


Article 31g

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An investment firm within the meaning of the Regulation capital requirements on a website shall provide an explanation of how it complies with the requirements of governance, remuneration and publication of data in the Article 31e , the at or under Article 23e of the Prudential Rules Decision rules laid down, the Decision implementing publication obligations Directive capital requirements and Article 4:9b of the Act .


Article 31h

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An administrator of a UCITS or a depositary shall have procedures in place to enable its employees to report any possible or actual breach of the internal law established by, or under this law, certain internal laws. Those procedures shall comply with the requirements set out in Article 99d (b), (c), (c) and (d) of the Directive for collective investment undertakings in transferable securities.


§ 5.2. Conduct of business conduct

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:14, second paragraph, introductory wording and part c , and 4:15, second paragraph, introductory sentence and section b, below 2 °, of the law

Article 32

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  • 1 A financial undertaking as referred to in Article 4:14 or 4:15 of the law which offers or puts forward financial products and makes available on the market, has adequate procedures and measures which ensure that the development of the financial product takes into account, in a balanced way, the interests of the consumer, client and, where applicable, the beneficiary of the financial product, and that the financial product is demonstrably the result of this balancing of interests.

  • 2 The procedures and measures referred to in paragraph 1 shall be laid down and, in any event, shall ensure that:

    • (a) the target group of the financial product has been delineated, analysing and defining the intended target of the target group;

    • (b) to carry out analyses in which the operation of the financial product as a whole and its individual parts is determined in different scenarios and shows that, in view of the nature of the product, the financial product is not Prejudice the objective referred to in subparagraph (a);

    • c. the product information and, where it is reasonable to expect, the distribution of the financial product shall be aligned with the target group referred to in subparagraph (a); and

    • (d) regular monitoring and, where necessary, an appropriate adjustment of the procedures and measures referred to in paragraph 1.

  • 3 The financial undertaking shall periodically apply the procedures and measures referred to in the first paragraph to the financial products offered by it, at the times or if appropriate, to the financial products offered by it, or to the are placed in the market.

  • 4 If a financial product detracts from the interests of the consumer, client or beneficiary for whom the product is developed, the financial undertaking shall as soon as possible adapt the product or cease offering or composing it, and make available the financial product available on the market.

  • 5 In the case of ministerial arrangements, detailed rules may be laid down in respect of the provisions of the first paragraph.

  • 6 The fourth paragraph does not apply to the management or execution of agreements referred to in parts a, b and c of the offer definition. Article 1: 1 of the Act .

  • 7 This Article shall not apply to managers of an investment enterprise offering units in an investment enterprise to professional investors, managers of an institution for collective investment in transferable securities and investment firms.


Article 32a

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  • 2 A consultant as referred to in Article 4:15, first or third paragraph, of the Act which advises a consumer or, in the case of insurance, client, and the recommended financial product does not also offer to the consumer or client, or to the recommended financial product, does not also mediate or act as agent or agent authorised agent, keep the information which he/she conserves in accordance with Article 4:23, first paragraph, part a, of the law has recovered, as well as the data concerning the recommended financial product, for at least five years from the time of the advisory.

  • 3 A conciliator, agent or agent of the agent referred to in the Article 4:15, first or third paragraph, of the Act that keeps a consumer or, in the case of insurance, client advice, if the advice leads to the conclusion of an agreement with the consumer to the client on the recommended product, the information he/she gives in accordance with Article 4:23, first paragraph, part a, of the law has recovered, as well as the data concerning the recommended financial product, for at least five years from the time of the advisory.

  • 4 The first, second and third paragraphs shall not apply to financial undertakings which, in the course of the advice, are exclusively acting in accordance with a standardised and systematised procedure which is verifiable by the Financial Markets Authority, and, on the basis of this procedure, to demonstrate to the Financial Markets Authority what information they have taken in accordance with Article 4:23, first paragraph, part a, of the law On the basis of the information obtained from the consumer on the basis of the information thus obtained, consumers are gaining customer base and the advice of consumers on the basis of the information so sought.

  • 5 A provider, mediator, agent or agent under an agent referred to in Article 4:15, first or third paragraph, of the Act which, in the context of an opinion which it provides with a consumer or, in the case of insurance, is subject to a contractual agreement between the client and the client in the establishment of an agreement on a financial product other than that of the European Union. which he has recommended to the consumer by the consumer has been able, for at least five years after the conclusion of the contract, to demonstrate to the Authority, Financial Markets, that the consumer is the client who is the client has, in spite of the opinion of the opinion, made the choice of entry into that agreement.


Article 33

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A provider of credit as intended Article 4:15, first or third paragraph, of the Act keep the information he/she is required to Articles 4:34, 1st paragraph, of the Act and 113 and 114 shall, if that agreement has been concluded, have obtained, as well as the agreement on credit offered by it, at least five years from the date on which the agreement is completed.


Article 33a

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  • 2 The administrator shall have procedures and measures to ensure that the conditions laid down in Article 15, first, second, third and fifth paragraphs of the Directive are satisfied with the conditions laid down in Article 15 (2) of the Directive. the interests referred to in paragraph 1 shall be placed in the light of the above.


Article 34

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  • 1 The operations of an administrator of a UCITS or a UCITS referred to in Article 4:14, 1st paragraph, of the Act shall include at least procedures and measures ensuring that:

    • (a) any transaction in which the UCITS is involved may be reconstructed;

    • b. the managed assets of the UCITS are invested in accordance with the investment policy and the rules laid down in or under the law;

    • c. a function separation exists between the conduct of operations relating to the ability of the UCITS and the control and administration of those acts;

    • (d) a reliable, correct and consistent asset value of the UCITS is determined;

    • e. the process of intrinsic value assessment within the manager of a UCITS or the collective investment undertaking in securities is separated from the other activities of the manager of a UCITS or of the company for collective investment investment in securities;

    • (f) the calculation of the UCITS ' net asset value is in line with the financial records;

    • g. the risks associated with the investment process are controlled and analyzed in a systematic manner; and

    • h. If possible, there shall be a systematic, accessible and up-to-date administration of unit-holders in the UCITS, in which, where appropriate, the arrangements made with the participants shall be made incomprehensible.

  • 2 The measures and procedures referred to in the first paragraph, introductory wording and part (f) shall in any event provide for the sub-administrations used for the net asset valuation to be connected at least once a month to the balance sheet and that the resulting differences are analysed and corrected.

  • 3 The procedures and measures referred to in paragraph 1 (g) of a UCITS shall, in any event, include a procedure for the valuation of financial derivatives not in a regulated market or other market in financial terms, instruments are traded.

  • 4 An administrator of a UCITS shall operate separately for each UCITS it manages, as referred to in the first paragraph.


Article 34a

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  • 1 A UCITS manager shall adopt and apply procedures and arrangements so that it is able to provide the Authority with financial reports as soon as possible to the Financial Markets Authority, giving a true and fair view of its financial resources. position and that meet all applicable accounting standards and accounting rules.

  • 2 Without prejudice Article 34 the administration of a UCITS shall be conducted in such a way that the assets and liabilities of the UCITS can be directly identified at any time.

  • 3 An administrator of a UCITS shall subject the value-fixing of financial derivatives as set out in Article 34, third paragraph , to an adequate, accurate and independent review.

  • 4 The procedure relating to value-fixing of financial derivatives, Article 34, third paragraph , is adequate and proportionate in view of the nature and complexity of the relevant financial derivatives.

  • 5 The procedure referred to in paragraph 4 shall be established in an appropriate manner.


Article 34b

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  • 1 An administrator of a UCITS shall take measures to ensure that data for the purposes of the reconstruction of each transaction shall be: Article 34, first paragraph, part a , they are kept.

  • 2 The information referred to in paragraph 1 shall, in any event, include:

    • a. the name or other description of the UCITS and of the person acting on behalf of the UCITS;

    • (b) the details necessary to identify the financial instrument;

    • c. the number of orders or transactions;

    • d. the type of order or transaction;

    • e. unit price;

    • f. in relation to orders, the date and time when the order was passed, and the name or other description of the person to whom the order was passed;

    • g. in relation to transactions, the date and time at which the commercial decision was taken and the transaction was executed;

    • h. the name of the person who will pass the order or carry out the transaction;

    • i. where applicable, the reasons for withdrawing an order; and

    • j. for executed transactions, the counterparty and the place of execution.


Article 34c

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  • 1 An administrator of a UCITS shall take reasonable steps to ensure that the information on the orders received for the registration or redemption of units in respect of the UCITS after receipt of such a contract is received are administered centrally immediately.

  • 2 The data referred to in the first paragraph shall include information on the following aspects:

    • (a) the UCITS concerned;

    • (b) the person who has given or transferred the contract of registration or repayment of units;

    • c. the person who received the contract;

    • d. the date and time of the contract received;

    • e. the payment terms and means of payment;

    • f. type of contract;

    • g. the date of performance of the contract;

    • (h) the number of units subscribed to or redeemed;

    • (i) the price of the tender or reimbursement for each entitlement;

    • (j) the total value of the registration or redemption of the units; and

    • k. the gross value of the contract, including the cost of registration or the net amount after deduction of the cost of reimbursement.


Article 34d

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  • 2 An administrator of a UCITS shall keep the data on a durable medium in such form and in such a way that:

    • a. The Authority may easily have access to the data and to reconstruct any stage of the processing of a transaction;

    • b. any changes, as well as the content of the data before any changes have been made, can be easily identified; and

    • c. the data cannot otherwise be manipulated or modified.

  • 3 If the administrator transfers his responsibilities to another administrator in respect of the UCITS, measures shall be taken to ensure that the data relating to the previous five years is accessible to the other administrator.


Article 34e

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The management of a depositary shall include systems, resources and procedures in order to ensure continuity and regularity in the exercise of its storage tasks.


Article 34f

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The management of a pension depositary as referred to in Article 4:14, 1st paragraph, of the Act shall include at least procedures and measures ensuring that:

  • a. Any transaction related to the transferred pension assets may be reconstructed;

  • b. the transferred pension assets in accordance with the investment policy provided for by the premium pension institution and the rules laid down in or under the law are invested;

  • c. the risks associated with the investment process are systematically controlled and analysed;

  • d. there is a separation of functions between the provision of legal acts in respect of the transferred pension assets and the control and administration of these acts;

  • e. all rights and obligations of the pension depositary are properly, timely and fully committed in a dedicated administration; and

  • f. the administration of the transferred pension funds shall be connected to the balance sheet at least once a month, and the resulting differences shall be analysed and corrected;


Article 34g

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The management of a contributory pension institution as referred to in Article 4:14, 1st paragraph, of the Act shall include at least procedures and measures ensuring that:

  • a. There is a systematic, accessible and up-to-date administration of pension participants and pension beneficiaries, where, where applicable, the rights and obligations of those participants and beneficiaries, and the related agreements to be made incomprehensible;

  • (b) the administration referred to in subparagraph (a) is such that it does not constitute an obstacle or may constitute an obstacle to the application of the scheme of Article 4:71a of the Act .


Article 35

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  • 1 An investment firm shall keep records of all investment services, ancillary services and investment activities that it provides, in order to monitor compliance with the implementation of the Financial Market for Financial Regulation (FIP). instruments pursuant to the Law is determined to be made possible.

  • 2 The investment firm shall keep the data referred to in paragraph 1 for a period of at least five years.

  • 4 An investment firm shall keep the data referred to in paragraphs 1 and 3 on a durable medium in such a form and in such a way as to:

    • a. The Authority may easily have access to the data and to reconstruct any stage of the processing of a transaction;

    • b. any changes, as well as the content of the data before any changes have been made, can be easily identified;

    • c. the data cannot otherwise be manipulated or modified.

  • 5 The Financial Markets Authority draws up a list of data that an investment firm under the terms of the Directive markets for financial instruments pursuant to the Law is determined, must be kept at least.


Article 35a

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  • 1 An administrator of a UCITS or investment firm as referred to in Article 4:14, 1st paragraph, of the Act have procedures and measures to prevent and deal with conflicts of interest between the administrator of a UCITS or investment firm and its clients or between its clients.

  • 2 The procedures and measures referred to in paragraph 1 shall be designed to ensure that relevant persons involved in different business activities where there is a risk of a conflict of interest as referred to in the first paragraph, engage in a degree of independence that is proportionate to the size and activities of the administrator of a UCITS or investment firm and the group of which it is a part, and to the size of the risk that the interests of a Client is harmed.

  • 3 The procedures and measures referred to in paragraph 1 shall, where necessary and appropriate, to ensure the degree of independence referred to in the second paragraph:

    • a. procedures for the prevention or control of the exchange of information between relevant persons performing different activities where there is a risk of conflict of interest when the exchange of that information is the interests of to harm a client;

    • Control the activities of relevant persons whose main tasks are to carry out activities in the name of, or the provision of services to, clients whose interests may conflict;

    • c. the exclusion of any direct link between the remuneration of relevant persons principally engaged in the one activity and the remuneration of or revenue generated by other relevant persons principally engaged in the activities of another activity, where this activity may result in a conflict of interest;

    • d. measures to prevent or reduce the risk of a person exerting influence in such a way as to enable a relevant person to carry out activities related to the management of a UCITS with regard to investment services, investment activities or ancillary services, which may create or create a conflict of interest;

    • (e) measures to prevent or control the simultaneous or successive involvement of a relevant person in various activities relating to the management of a UCITS, mutual investment services, investment activities or ancillary services where such involvement may result in the emergence of conflicts of interest.

  • 4 If, when establishing or applying procedures or measures referred to in paragraph 1, the degree of independence referred to in the second paragraph cannot be ensured, the manager of a UCITS or investment firm shall ensure that alternative or additional procedures or measures.


Article 35b

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  • 1 An investment firm as intended Article 4:14, 1st paragraph, of the Act Records the data relating to the types of investment services, investment activities or ancillary services provided by or in the name of the undertaking, where a conflict of interest has arisen or may arise that poses a substantial risk that the interests of one or more of the clients shall be adversely affected.

  • 2 An administrator of a UCITS shall record the information relating to the types of operations carried out by or on behalf of the administrator in connection with the management of investments in which a conflict of interest has arisen or may arise. risks an integral part of the risk that the interests of one or more UCITS or of the participants are affected.

  • 3 The administrator shall ensure that the persons who determine the daily policy of the administrator are informed immediately when the measures taken for the prevention and management of conflicts of interest are not sufficient to provide reasonable to ensure that risks affecting the interests of the UCITS or its participants will be avoided so that they can take all necessary decisions to ensure that the administrator acts in the interests of the interests of the UCITS in any case UCITS and its participants.

  • 4 The administrator shall inform the participants of a UCITS that he manages, via a durable medium, of the situations referred to in the third paragraph, giving reasons for the decision which the persons who determine the daily policy shall have on the subject. ed.


Article 35c

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  • 2 The procedures and measures referred to in paragraph 1 shall be aimed at the involvement of a relevant person in the provision of activities that may create a conflict of interest, or if a relevant person is a relevant person an activity that he provides in the name of the administrator or investment firm has access to information as referred to in Article 5:53, 1st member, of the law or to other confidential information about clients or transactions with or for clients:

    • a. no personal transaction by or in the name of that relevant person is performed in violation of Article 5:56 or 5:58 Wft ;

    • b. no personal transaction is carried out by, or in the name of, that relevant person which is associated with misuse or improper disclosure of confidential information referred to in the introductory sentence;

    • c. no personal transaction by or in the name of that relevant person shall be carried out otherwise in violation or in conflict with whatever implementing the Revised Directive or the Financial Market for Financial Services Directive instruments pursuant to the Law is determined;

    • d. The relevant person does not, other than in the normal pursuit of his profession or business, advise another person to enter into a transaction in a financial instrument which, when this is a personal transaction of the relevant person would be, would not have been allowed under section a, b or c, or under Article 35h, part a or b or Article 164, third paragraph Would be covered; and

    • e. the relevant person does not disclose any information or advice to any other person other than in the normal exercise of his profession or business, if the relevant person knows or reasonably should know that the other person is a transaction will be, or could be, in a financial instrument that, if this is a personal transaction of the relevant person, would not be permitted under subparagraphs (a), (b) or (c), or Article 35h, part a or b or Article 164, third paragraph Would fall;

    • f. the relevant person does not disclose any information or advice to any other person other than in the normal exercise of his profession or business if the relevant person knows or reasonably should know that the other person will be a third party or could advise to engage in a transaction in a financial instrument that, when it would be a personal transaction of the relevant person, would not be allowed.


Article 35d

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An administrator of a UCITS or investment firm as referred to in Article 4:14, 1st paragraph, of the Act ensure that relevant persons are aware of the measures and procedures adopted by it, as specified in Article 35c, first paragraph .


Article 35e

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  • 1 The procedures and measures referred to in Article 35c, first paragraph , the investment firm or manager of a UCITS shall be notified without delay of any personal transaction.

  • 2 The investment firm or servicer of a UCITS shall keep records of its reported personal transactions or the personal transactions it has reported, including, where appropriate, whether the transaction in question is authorised.

  • 3 In the case of subcontracting, the investment firm or manager of a UCITS shall provide for registration by the undertaking to which the activity is outsourced from personal transactions. Such information shall be provided immediately to the investment firm or manager of a UCITS upon request.

  • 4 The first to and including the third paragraph shall not apply to consecutive personal transactions, except the first personal transaction, to be conducted on behalf of a relevant person in accordance with prior notice of the Relevant person instructions given, when the instructions remain in effect unchanged.


Article 35f

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The Articles 35c , 35d and 35th, first to third Member , do not apply to:

  • a. Personal transactions shall be carried out in the context of the management of an individual assets or collective management of an investment portfolio, where the assets are managed, respectively, on a discretionary basis, and on the basis of transaction no prior communication has occurred between the asset manager and the relevant person or other person as referred to in the definition of personal transaction , below 3 ° or 4 °, in Article 1 , for whose account the transaction is carried out;

  • (b) personal transactions in units in UCITS, if neither the relevant person nor a person as defined in the definition of UCITS has personal transaction , below 3 ° or 4 °, in Article 1 , for whose account the transactions are carried out, is involved in the management of the institution concerned.


Article 35g

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  • (1) Where an investment firm carries out or allows the carrying out of investment research, the purpose of which is or may be assumed to be, thereafter, under its own responsibility or under the responsibility of a legal person, which is part of the same group if the investment firm is distributed among clients or among the public, Article 35a, second to fourth paragraphs , mutatis mutandis, with respect to the financial analysts involved in the conduct of investment research, and other relevant persons whose responsibilities or business interests may be in conflict with the interests of those whose research is disseminated in the field of investment.

  • 2 The Financial Market Authority may, on application, waive the provisions applicable under paragraph 1 if the investment firm intends to be by a third party, which is not part of the group to which the investment firm shall distribute investment research, and the investment firm shall:

    • a. No major changes are made to the recommendations in the survey;

    • b. present the research not as an investigation which it has itself carried out; and

    • (c) ensure that the person performing the examination of obligations with regard to the conduct of the examination equivalent to that laid down in this Decision concerning the conduct of the investigation is satisfied investment research.


Article 35h

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An investment firm that carries out or leaves out research in the field of investment and intends to distribute research among clients or the public, shall ensure that:

  • a. Financial analysts or other relevant persons involved in the investigation, do not engage in transactions on behalf of the investment firm or other persons, in financial instruments covered by the investment research; well, in related financial instruments, except as a markmaker, if they are aware of the timing of distribution or the content of investment research and this knowledge is not public, until the recipients of the investment. have had a reasonable opportunity to act;

  • b. Financial analysts involved in the investigation, or other relevant persons involved in the conduct of investment research, do not carry out personal transactions in financial form contrary to the current recommendations instruments to which the investment research relates, or in related financial instruments, except in exceptional cases and in those cases with the prior consent of the organisational component that the investment research compliance function, specified in Article 31c , exerts;

  • c. themselves, financial analysts and other relevant persons involved in the conduct of the investigation, do not accept any remuneration of those who have an essential interest in the subject matter of the investigation;

  • d. themselves, the financial analysts and other relevant persons involved in the conduct of investment research, to issuers as intended in the field of investment. Article 5:53, 4th paragraph, of the Act , do not promise favorable treatment in their research; and

  • e. Issuers as referred to in Article 5:53, 4th paragraph, of the Act , relevant persons who are not financial analyst, and other persons before the dissemination of the investigation do not have access to the concept investigation to verify the accuracy of the actual claims made in this investigation or for other purposes purposes, with the exception of any verification of compliance with the legal obligations of the issuer, if the draft examination contains a recommendation or target price.


Article 35i [ Expired by 07-02-2015]

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Chapter 6. Outsourcing of activities

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:16, 2nd and 3rd member, of the Act

Article 36

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This Chapter shall not apply to:

  • (a) UCITS having a seat in another Member State, UCITS having a seat in another Member State and the depositaries of UCITS, where applicable, and which may be associated with such institutions; and

  • b. managers of investment vehicles with a seat in a designated state, investment vehicles with a registered office in a designated state and any custodians connected to such investment vehicles.


Article 37

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A financial undertaking shall not deal with the outsourcing of work if that is an obstacle to adequate monitoring of compliance with the Part Conduct Supervision Financial Companies of the Law .


Article 37a

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Outsourcing of work carried out by an administrator or a third party managed by a Dutch manager or a third party is subject to compliance with the alternative managers of alternative operators pursuant to Article 20 of the Directive. investment vehicles requirements.


Article 37b

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  • 1 A depositary shall, when subcontracting a third of the tasks assigned to an investment enterprise by virtue of Article 21, 11th and seventeenth paragraph, of the Directive of Alternative Investment Institutions, rules in eight.

  • 2 A depositary shall, when subcontracting a third party of tasks relating to a UCITS, take into account the undertakings for collective investment in transferable securities (c) to (e) of the Directive, pursuant to Articles 22a and 26b (c) to (e) of the Directive rules in eight.


Article 38

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  • (1) If an administrator of a UCITS spends one or more operations in the context of the management of a UCITS:

    • (a) is the third party to be able to account for the work carried out by the manager of the UCITS, the collective investment undertaking managed by the manager in securities, and the manager of the UCITS, which is responsible for the management of the UCITS. a. UCITS, the collective investment undertaking managed by the manager in securities to offer an insight;

    • b. may at any time give instructions to the UCITS manager about the execution of the work to the third party and may terminate the outsourcing with immediate effect if this is in the interests of investors; and

    • c. is the third, having regard to the nature of the contract, demonstrably to be able to fulfill the contract in accordance with the law.

  • 2 An administrator of a UCITS shall not issue the determination of the investment policy of a UCITS.

  • 3 Any agreement to an administrator of a UCITS in the context of the outsourcing of the management of a UCITS shall be documented in writing.


Article 38a

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  • 1 If an administrator of a UCITS intends to contract work, it shall inform the Financial Markets Authority accordingly. The Financial Market Authority shall promptly forward this information to the supervisory authority of the Member State of the seat of the UCITS.

  • 2 An administrator of a UCITS which outperforms the management of a UCITS shall ensure that:

    • a. outsourcing of the management of investments is carried out by a third party to which the management of investment institutions or the management of individual assets is authorised or recognised and which is subject to prudential supervision;

    • b. when outsourcing the management of investments to a third party with a seat in a State that is not a Member State or a designated State, the cooperation of supervisors with the State ' s supervisory authorities from the seat of the third party on the basis of an agreement is guaranteed;

    • (c) the interests of the third party do not conflict with those of the manager himself, the depositary or the participants of the UCITS;

    • d. Do not prevent the outsourcing from acting in the best interests of the participants; and

    • (e) he reserves the necessary expertise to carry out effective control of the outsourced work; and

    • It shall have the necessary expertise and ensure due care and vigilance when entering, managing or terminating any agreement with third parties.

  • 3 The administrator shall ensure that the third party has the necessary expertise and capacity to carry out the outsourced work in a reliable, professional and effective manner. The administrator shall establish methods for the continuous assessment of the performance level of the third party concerned.


Article 38b

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  • 1 An investment firm shall not be involved in the outsourcing of operations if it is detrimental to the quality of its independent internal review as referred to in Article 4 (1) of the Treaty. Article 31 (6) .

  • 2 The first paragraph shall not apply to banks authorised to act in the same way as Article 2:11 of the Act and in the Netherlands may provide investment services or carry out investment activities.


Article 38c

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  • 1 An investment firm that subcontracts business to a third party shall ensure that it has the necessary expertise to do so and respect it with due care and vigilance.

  • 2 The first paragraph shall not apply to banks authorised to act in the same way as Article 2:11 of the Act and in the Netherlands may provide investment services or carry out investment activities.


Article 38d

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  • 1 An investment firm that subcontracts activities to a third party shall ensure that:

    • a. outsourcing shall be without prejudice to the responsibility of the persons who determine the daily policy;

    • b. through the outsourcing the relationship and obligations of the investment firm to its clients under the provisions of the Directive on the implementation of the Directive on the markets for financial instruments Law shall not be modified;

    • c. the conditions to which the investment firm must comply to obtain a permit as intended Article 2:96 of the Act to obtain and to preserve them will not be undermined; and

    • d. by the outsourcing is without prejudice to compliance of regulations attached to the permit as intended Article 2:96 of the Act .

  • 2 The first paragraph, introductory wording and part (a), shall not apply to banks which are authorised as intended Article 2:11 of the Act and in the Netherlands may provide investment services or carry out investment activities.


Article 38e

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  • 1 An investment firm that subcontracts business to a third party shall lay down mutual rights and obligations in a written agreement.

  • 2 The investment firm shall ensure that:

    • a. The third on the expertise, capacity and any permit required by law to carry out the outsourced work in a reliable and professional manner;

    • (b) the third party shall carry out the work outsourced efficiently and shall set out methods for assessing the performance of the third party;

    • (c) the third party shall adequately monitor the execution of the outsourced work and adequately control the risks associated with it;

    • d. take appropriate action if it is found that the third party does not carry out operations efficiently and with due regard to legal requirements;

    • (e) it reserves the necessary expertise to carry out an effective monitoring of the outsourced work;

    • (f) the third party shall inform it of any development which may have a material impact on its ability to carry out the outsourced work efficiently and with due regard to its legal requirements;

    • g. it can terminate the outsourcing agreement, if necessary, without adversely affecting the continuity or quality of its service to clients;

    • (h) cooperate with the supervisors of the third party in respect of the outsourced work;

    • i. they shall have access to the data on the outsourced work to its auditors and the supervisors, and that the supervisors of the third party may carry out or have carried out an investigation on the spot;

    • j. The third party shall protect all confidential information about her and her clients;

    • k. they and the third party have an emergency plan which provides for emergency management and periodic monitoring of emergency facilities where this is necessary to take account of the outsourced work.

  • 3 The Board of Supervisors shall only make use of the possibility referred to in paragraph 2 (i) to conduct or allow an on-the-spot examination of the third party, if it cannot otherwise be determined that sub-contracted operations shall be complied with in accordance with or pursuant to the law.

  • 4 The first, second and third subparagraphs (a), (b), (d), (e) and (g) shall not apply to those banks which are authorised to be authorised Article 2:11 of the Act and in the Netherlands may provide investment services or carry out investment activities.


Article 38f

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  • 1 An investment firm that devotes the management of an individual ability of a non-professional investor to a third party in a non-Member State shall bear it without prejudice to the Articles 38c and 38d , please make sure that:

    • a. The third party in the State of origin for the management of individual assets holds a licence or is registered in a registry and is subject to prudential supervision; and

    • (b) a cooperation agreement has been concluded between the supervisory authorities and the supervisory authority of the State which is not a Member State.

  • 2 If the first member is not fulfilled, the investment firm may subcontract the work in question if it informs the Authority of the Financial Markets in advance of the outsourcing agreement and within a reasonable period of time it is No objection.

  • The Financial Market Authority shall lay down policy rules relating to cases where it will not raise objections within the meaning of the second paragraph.

  • 4 The Financial Market Authority shall publish a list of supervisory bodies in non-Member States with which it has concluded a cooperation agreement as provided for in paragraph 1 (b).


Article 38g

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A payment institution or an electronic money institution shall not spend the tasks and activities of persons determining daily policy, including the definition of policy and accountability of the policies pursued, and Off.


Article 38h

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A payment institution or an electronic money institution as referred to in Article 38g shall not be involved in the outsourcing of work if it is detrimental to the quality of the internal control of the payment institution or of the electronic money institution.


Article 38i

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Where a payment institution or an electronic money institution intends to outsource activities relating to the provision of payment services or the issuance of electronic money, it shall inform the supervisor thereof.


Article 38j

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In outsourcing work relating to the provision of payment services or the issuance of electronic money, the payment institution or the electronic money institution shall ensure that subcontracting is the obligation of the payment institution. payment institution, the electronic money institution, its clients and the rights of its clients under the Law or Title 7B of Book 7 of the Civil Code does not change.


Article 38k

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  • 1 The Articles 37 , 38g , 38h and 38j shall be applicable only to the outsourcing of work by payment institutions or electronic money institutions in so far as important activities are concerned.

  • 2 An efficacy shall be considered important if a defective or inadequate implementation of such an activity would be materially affected by compliance by the payment institution or the electronic money institution of the licensing requirements, as provided for in Article 4 (2) of the EC Treaty. Article 2:3b of the Act Respectively Article 2:10b of the Act , or other obligations under the Law or Title 7B of Book 7 of the Civil Code Either to its financial results or to the soundness or continuity of its payment services or to the issuance of electronic money.


Article 38l

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Where, in the context of the management of a pension fund, a contributory pension institution or a pension depositary, in the context of the retention of a pension fund, subcontracts one or more of the activities:

  • a. is the third party to be able to account for the work carried out by the contributory pension institution or pension depositary, and whether the contributory pension institution or the pension depositary should be informed of that provide;

  • b. may at any time give instructions concerning the performance of the work to the third party and may terminate the outsourcing with immediate effect if that is in the interest of the pension institution. pension participants; and

  • c. is the third, having regard to the nature of the contract, demonstrably to be able to fulfill the contract in accordance with the law.

Chapter 7. Complaint handling

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§ 7.1. Internal complaints procedure

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:17, third paragraph, of the Act

Article 39

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This paragraph applies to financial undertakings for which it is based on the Article 4:17, 1st paragraph, of the Act the obligation is to have an internal complaint procedure.


Article 40

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The financial firm proposes to all individuals involved in the handling of complaints from consumers, clients or participants about payment services, financial services or financial products of financial services. undertaking, a description of the procedure to be followed for the handling of those complaints.


Article 41

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  • 1 The financial undertaking shall have for the purpose of adequate treatment of complaints as referred to in Article 4 (2). Article 40 on a proper administration of complaints, in which at least it shall be recorded:

    • a. The name and address of the complainant;

    • (b) the complaint, including the relevant day's notification;

    • c. a description of the complaint;

    • d. a description of the manner in which it dealt with the complaint.

  • 2 The financial undertaking shall keep the information referred to in paragraph 1 for a period of at least one year after the complaint has been processed by it.


Article 42

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The financial undertaking informs the complainant of a total or partial rejection of its complaint about financial services or financial products on the possibility of submitting the complaint to the person under the control of the financial services. Article 16 of the Implementing Law out-of-court dispute settlement consumers designated dispute settlement body in which it is affiliated, specifying the time limits in force. It shall also state that a dispute may also be brought directly to a civil court.


Article 43

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  • 1 The financial undertaking shall ensure that complaints are dealt with within a reasonable period of time.

  • 2 The financial undertaking shall acknowledge receipt of the complaint and notify the complainant within two weeks of receipt of the complaint within what period of time the complaint will be handled.

  • 3 The complainant may, from six weeks after receiving the acknowledgement of receipt or eight weeks after lodging the complaint, directly submit the complaint to the person in Article 42 designated dispute settlement body in which the financial undertaking is connected.

  • 4 If the financial undertaking requires further information from the complainant for the purpose of the settlement of the complaint, it shall request that information from the complainant and give a time limit for the reply. The time limits referred to in paragraph 3 shall be extended by the time limit for reply, or with the period within which the information requested is received by the financial undertaking.


Article 44

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The financial undertaking provides for procedures and measures to ensure that complaints from complainants are carefully, verifiable, consistent and within the Article 43 shall be completed.


§ 7.2. Designated dispute settlement body

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Article 44a

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As far as a client or participant referred to in Article 4:17, 1st paragraph, of the Act is not also a consumer in the sense of the Implementation law out-of-court dispute settlement consumers , the settlement of disputes as referred to in Article 4:17 (b) of the Act with corresponding application of the provisions of the Implementing Law out-of-court dispute settlement consumers shall be the settlement of disputes. Furthermore, the settlement of disputes is also open to clients, consumers and participants who are resident or established outside the European Union.


Article 45

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  • 1 A dispute settlement body meets, in addition to the from Implementation of out-of-court dispute resolution the following requirements, including the following requirements:

    • (a) financial undertakings belonging to that dispute body shall constitute a group of sufficient meaning and polygality, or it may be assumed that this will be the case in the short term after recognition;

    • b. The Dispute Settlement Body shall, to a sufficient extent, contribute to the resolution of disputes that originate in complaints about financial products and services;

    • The Dispute Settlement Body shall have adequate financing arrangements and shall have an adequate capacity utilisation rate;

    • d. the Implementation of out-of-court dispute settlement consumers and the Articles 45 to 48f .

  • 2 The appointment of a dispute settlement body may be subject to rules by our Minister.

  • 3 Our Minister may make an exception to paragraph 1 when assessing an application to be designated, if the financial corporations group referred to in that section are the same financial product or financial services. offers and are not interwoven with other financial products or financial services.


Article 46

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  • 1 A dispute settlement body shall have an independent and duly constituted board.

  • 2 The independence of the board shall require at least that members have not been, or have been, or been held for, or held for, the acceptance of their duties prior to one year prior to the acceptance of their duties. have a financial undertaking or an occupational organisation thereof.

  • 3 The procedure to be followed for the appointment of board members shall be in writing. The procedure shall be submitted to our Minister for approval.


Article 47

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  • 1 The dispute settlement body shall ensure that persons in charge of out-of-court dispute settlement are not, or are not, effective from the acceptance of their duties and for one year prior to the acceptance of their duties. have been for, or have held, any office or profession in a financial undertaking or professional organisation of financial undertakings.

  • 2 The procedure to be followed for the appointment of a person referred to in paragraph 1 shall be written in writing. The procedure requires the approval of our Minister.


Article 48

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  • 1 A dispute settlement body shall dispose of and act in accordance with a dispute settlement rules that shall include at least:

    • a clear definition of the disputes which may be referred to the dispute settlement body for consideration;

    • (b) rules relating to the making of a dispute and a clear description of the parties which are likely to bring proceedings;

    • c. rules relating to the objection of a person in charge of out-of-court dispute resolution, on the basis of facts or circumstances which would complicate an impartial or independent judgment of that person;

    • d. rules relating to the treatment of a dispute by the Dispute Settlement Body;

    • e. rules relating to equal opportunities for parties to express their views to the dispute body orally and in writing, if they so wish, with assistance from third parties;

    • f. rules relating to the conditions under which an expert may be requested to deliver an opinion;

    • g. rules relating to the conditions under which witnesses and experts can be heard, or information from them may be sought;

    • h. rules on the ability of parties to take over and to hear and respond to all facts and statements made by them, as well as statements of witnesses and experts;

    • i. rules relating to the conditions under which a dispute may be called off by means of an abridged written procedure or a preliminary judgment;

    • j. rules on the basis of which the dispute settlement body bases its decisions;

    • k. rules relating to the possibility that the settlement of a dispute results in a non-binding opinion;

    • (l) the provision that the settlement of a dispute results in a binding opinion only if the financial undertaking has so expressly agreed to do so;

    • m. rules relating to the determination of the amount of the amount which, if it is due, is to be met in the event of the dispute;

    • n. rules relating to the possibility of condemning parties to the costs of the treatment of a dispute and fixing a maximum amount in this regard;

    • o. rules relating to the form, content and publication of the outcome of the opinion referred to in parts k and l, in which in any case it is determined that the outcome, reasoned, signed and given in writing to the parties informed; and

    • p. if appeals against a ruling are possible: rules relating to the communication of the possibility of appeal, the manner and time limit of the establishment, and the treatment of that profession.

  • 2 The dispute settlement body shall make available the rules of procedure provided for in paragraph 1 and shall provide it free of charge upon request to any interested party.


Article 48a

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A dispute settlement body may propose changes to the composition of the board, the persons in charge of out-of-court dispute resolution or the rules of procedure, Article 48 , please don't make it through after our Minister's consent. In the case of proposed changes to the composition of the Steering Board or persons in charge of out-of-court dispute resolution, the Dispute Settlement Body shall specify the age, training and professional background of the new members.


Article 48b [ Exp. by 09-07-2015]

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Article 48c [ Exp. by 09-07-2015]

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Article 48d

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A recognised body of disputes shall not be a condition for a financial undertaking which wishes to join it as a condition for affiliation to the effect that the financial undertaking complies with other rules than those relating to the creation of a financial undertaking. dispute with the dispute settlement body or the further treatment of a dispute by the dispute settlement body.


Article 48e

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A dispute settlement body shall publish the binding opinions referred to in Article 48, first paragraph, part 1 , and keep them electronically available and generally accessible.


Article 48f

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  • 1 A dispute settlement body shall provide to our Minister annually before 1 July an indication of the financial undertakings affiliated to the Dispute Settlement dispute office in the last calendar year.

  • 2 A dispute settlement body shall provide to our Minister, upon request, the information and intelligence required by our Minister for the performance of his duties as defined in this paragraph.

  • 3 A dispute settlement body shall provide the Authority with the information and information necessary for the performance of their tasks by the Financial Markets Authority and the Nederlandsche Bank.

  • 4 A body of dispute shall draw up a budget each year and forward it to the Minister before 1 December of the preceding year for the year preceding that year.

  • 5 A body of litigation shall draw up an annual administrative report and annual accounts. The annual accounts shall be accompanied by an attestation of fidelity issued by an auditor appointed by the Dispute Body.

  • 6 A dispute settlement body shall send the financial statements for 1 May of the following year for the financial year to the Minister for the approval of the Minister.

  • 8 Our minister may reduce the four-year term referred to in paragraph 7 and, at the expense of the dispute settlement body, take over the commissioning authority of the review investigation, referred to in the seventh paragraph.

Chapter 8. Careful services

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Section 8.1. Provision of information

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§ 8.1.1. Introductory provisions

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:22, 1st paragraph , 4:25a, first member , and 4:25b, 1st and 2nd member, of the law

Article 49

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  • 1 A financial undertaking shall provide the information required under this Section and the Articles 4:25a, first paragraph, part a , and 4:25b, 1st and 2nd member, of the law information to be provided to the consumer or client in writing, unless otherwise provided in this Section. The financial undertaking may provide the information through another durable medium, if it has satisfied itself that the consumer has the necessary means to obtain knowledge of the funds so as to provide it. information.

  • 2 The financial undertaking shall provide the information, referred to in paragraph 1, in the Dutch language. The information may be provided in another language:

    • a. if the consumer or client so requests and the financial undertaking consented to it;

    • b. if the parties have made a choice for the applicability of the law of another State to the agreement on a financial product; or

    • c. Where essential investor information is concerned and the use of the relevant language has been approved by the Financial Markets Authority.

  • 3 The first and second paragraphs shall not apply to the provision of information in respect of the provision of investment services.


Article 49a

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  • 2 An investment firm may, after consent of the client, be the Articles 58a to 58e and 59a to provide information that is not personally addressed to the client through its website, where:

    • a. the use of the website fits in with the context in which it does business with the client;

    • b. The client is informed electronically of the address of the website and the place on the website where the information can be obtained;

    • c. the information is current and, as long as it is important for the client, remains accessible on the website.

  • 3 The provision of information by the investment firm to the client through electronic communications shall fit into the context in which the investment firm is doing business with the client, if it is proved that the client has regular access to the Internet. In any case, the fact that the client gives an e-mail address in order to be able to do business is proof of this.


§ 8.1.1a. Client classification

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Article 49b

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A client who is qualified as a non-professional investor may be treated by an investment firm or manager of an investment firm upon written request as a professional investor if it is met. Article 4:18c of the Act Certain, and:

  • a. The investment firm or the manager of an investment firm warns the client in writing of the lower level of protection and does not apply to the investor compensation scheme; and

  • b. The client in a separate document confirms that he is aware of the consequences that are linked to the lower level of protection.


§ 8.1.2. General information on financial undertakings

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Article 50

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  • 1 An administrator of a UCITS shall keep the following information available on its website:

    • a. the data relating to himself, the UCITS it manages and the depositaries attached to the UCITS which are to be entered in the commercial register under any legal requirement;

    • (b) the Agreement, intended to Article 4:43, 1st paragraph, of the Act ;

    • c. its licence; and

    • Any decision taken by the Authority in Financial Markets to waive the provisions of this Act with respect to the UCITS, the UCITS it manages and any depositary associated with it.

    The servicer of a UCITS shall, upon request, provide such information at most at the cost price to any one.

  • 2 An administrator of a UCITS shall publish a monthly statement of information on its website for the benefit of the participants in a UCITS managed by it, and shall publish on its website at intervals of up to a period of time between the dates of establishment and the at least one week. The declaration shall, where applicable, be signed by the depositary of a UCITS and shall contain at least the following information:

    • a. the total value of the investments of the UCITS;

    • b. a statement of the composition of the investments;

    • c. the number of units outstanding; and

    • d. the most recent particular net asset value of the units, indicating the moment when the determination of the net asset value took place.

    The administrator of a UCITS shall, on request, provide this task with no more than the cost price to the unit-holders of the UCITS.

  • 3 An investment institution with a registered office in a designated State, whose units are directly or indirectly repurchased or redeemed the units at the request of the unit-holders, shall, on request, communicate the net asset value of the assets to be paid or refunded. the rights of participation. The net asset value shall be determined at the most recent moment of entry and exit of participants in the investment enterprise.

  • 4 The first to third paragraphs shall not apply to managers of UCITS having their registered office in another Member State in so far as it relates to the type of information to be provided to the participants.


Article 50a [ Expired by 07-02-2015]

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Article 51

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  • 1 An investment firm or a bank shares to any person having a legitimate interest, on request, to which systems as referred to in Article 1 Article 212a of the Bankruptcy Law the investment firm is participating in the bank by the bank.

  • 2 An investment firm or bank provides to any person who has a legitimate interest, upon request, information on the main rules applicable to the operation of the systems specified in Article 212a of the Bankruptcy Law In which the investment firm is participating in the bank by the bank.

  • 3 The first and second paragraphs shall not apply to investment firms whose registered office is in another Member State.


§ 8.1.2a. Information provided by investment firms and providers of mortgage credit

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Article 51a

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  • 1 Information provided by an investment firm to a non-professional investor:

    • a. includes the name of the investment firm;

    • b. is accurate and does not point to the potential benefits of an investment service or financial instrument without also providing a correct and clear indication of the potential risks;

    • c. is sufficient and, by understanding its presentation, for the average member of the group to whom it is addressed; and

    • d. does not hide or embody important cases, entries or warnings.

  • 2 Where, in the information, investment services, ancillary services, persons carrying out these services or financial instruments are compared with each other:

    • a. The comparison shall be meaningful and presented in a correct and balanced manner;

    • b. The information sources used for the comparison shall be listed; and

    • c. indicates the main facts and assumptions used for the comparison.

  • 3 If the information contains an indication of the results obtained in the past by means of a financial instrument, a financial index or an investment service:

    • a. This indication does not constitute the most striking feature of the communication;

    • b. provides the information with appropriate data on the results of the immediately preceding five years or over the entire period of the offer of the financial instrument, the financial index has been established or the investment service has been provided, if this period is less than five years, or a longer period chosen by the undertaking, taking into account full time periods of 12 months;

    • (c) the reference period and the source of information are clearly indicated;

    • d. is clearly warned in the information that it is a result of past results and that they are not a reliable indicator of future results;

    • e. if the indication is based on data in a currency other than that of the Member State in which the non-professional investor is resident, the relevant currency shall be clearly stated and shall be notified at the same time as to ensure that the return is by currency fluctuations may be higher or lower; and

    • f. if the indication is based on gross results, indicates the effect of commissions, fees and other charges.

  • 4 If the information includes or refers to fictitious, historical results, it relates to a financial instrument or a financial index, and:

    • a. Based on the fictitious results obtained in the past on actual results achieved in the past with one or more financial instruments or financial indices identical to or the underlying value of the financial instrument concerned;

    • b. shall be the third paragraph, part a, b, c, e and f of the corresponding application, as referred to in point (a), and shall apply mutatis mutandis to the previous results; and

    • c. is clearly warned in the information that the results achieved in the past are fictitious and that in the past the results obtained will not be a reliable indicator of future results.

  • 5 If the information contains data on future results:

    • a. does not assume or refer to notional results obtained in the past;

    • b. is based on reasonable assumptions supported by objective data;

    • c. shall indicate the effect of commissions, fees and other charges if the information is based on gross results; and

    • d. is clearly warned that such forecasts do not constitute a reliable indicator for future results.

  • 6 If the information refers to a particular tax treatment, it is clearly stated that this treatment depends on the individual circumstances of the client and may be subject to change in the future.

  • 7 In the information, the name of the supervisor shall not be used in such a way as to claim or suggest that it supports or recommends the products or services of the investment firm.


Article 51b

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A mortgage credit provider shall publish on its website the current fixed borrowing rate for mortgage credit at different interest rate periods and, if applicable, the variable borrowing rate.


§ 8.1.3. Advertising expressions and other non-compulsory pre-contractual information

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Article 52

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  • 1 If, unlike the television or radio, a financial undertaking provides information on a complex product, it shall provide information on the main financial risks of that product, including, inter alia, the information on the product concerned. are made visible by a risk indicator and, in the case of an investment object, the main other risks associated with that product.

  • 2 If a financial undertaking provides information on a complex product in an advertisement via television, it shall provide information on the main financial risks of that product by displaying a product Risk indicator and, in the case of an investment object, the main other risks associated with that product.

  • 3 If a financial undertaking provides information on a complex product in an advertisement via radio, it shall provide information on the main financial risks of that product and, if it concerns an investment object, the main other risks associated with that product.

  • 4 If prior to the conclusion of an agreement on a complex product, a financial undertaking provides information on that product, it shall refer to the financial package leaflet, or, if the units have been granted in a undertakings for collective investment in transferable securities, to the key investor information.

  • 5 If a financial undertaking prior to the conclusion of an agreement on a complex product, other than in an advertising express via television or radio, provides information on a return on historical or future basis, provide information on the main costs and the main financial risks of that product and, in the case of an investment object, on the main other risks associated with that product.

  • 6 If a financial firm provides information on a historical or future return of a complex product in an advertisement via television or radio, it shall provide, or at any other time prior to, the product the establishment of an agreement on that product information on the main costs of that product.

  • 7 If, prior to the conclusion of a complex product agreement, a financial undertaking provides information on a guaranteed return, it shall provide or, if the information is provided in a an expression of advertising, at any time prior to the conclusion of the agreement on that product, on the main terms and conditions of that guarantee.

  • 9 The first to eighth paragraphs shall not apply in the case of a complex product, other than a right of participation in an investment enterprise or a UCITS, in respect of which only financial services are granted to persons that act in the exercise of their business or profession.

  • 10 The first member, with the exception of the obligation to provide a risk indicator, and the third to seventh member, shall not apply to investment firms to the extent that they provide investment services or ancillary services with regard to participation rights in investment vehicles or UCITS.


Article 53

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  • 1 Where a financial undertaking mentions a borrowing rate or other information relating to the cost of a credit in an advertisement of credit, it shall also provide information on:

    • a. Fixed or variable borrowing rate and other costs that are part of the total cost of the credit;

    • b. the total amount of credit;

    • c. the annual percentage rate of charge; and, if applicable,

    • d. the duration of the credit agreement;

    • e. in the case of goods credit, the present value and cash payments, mentioned in the definition of credit amount in Article 1 ;

    • f. the total amount to be paid by the consumer; and

    • g. the forward amount.

  • 2 If the conclusion of an agreement for a ancillary service is required to obtain the credit on the terms specified in the advertisement, and the costs for that ancillary service cannot be determined in advance, the obligation to do so (i) conclude that agreement in a clear, concise and striking manner, together with the annual percentage rate of charge.

  • 3 The information referred to in paragraph 1 relates only to credits which are representative of the appropriations actually granted by the financial undertaking.

  • 4 A financial undertaking shall provide the information referred to in paragraph 1 and the indication, referred to in paragraph 2, if it is provided in an advertisement on credit, other than by means of a television or radio, combined in a table Where no other information is included.

  • 5 If a financial undertaking in an advertisement of credit makes an advertisement for goods or services to be purchased with credit, it shall provide the information referred to in the first paragraph.

  • 6 If an advertisement relates to a credit with a borrowing rate applicable for a limited duration or a limited part of the credit, the provision of the information referred to in paragraph 1 (a) shall be the highest in the case of the credit. The borrowing rate has been taken into account. In the case of a credit with a variable borrowing rate that deviates for a limited period or a limited part of the credit from the variable borrowing rate applicable at the time of advertising of credit agreements on equal terms and conditions of credit, the type, size and duration of the information referred to in paragraph 1 (a) of the first paragraph shall be referred to as the highest of the abovementioned variable borrowing rates.

  • 7 A financial undertaking shall record in an advertisement on credit a warning regarding the consequences attached to the credit, unless it is a commercial credit expression in relation to mortgage credit where no relation to another credit is concerned. The goal of spending is then the acquisition of one's own dwelling.

  • 8 A financial undertaking shall issue a warning on mortgage credit with a variable borrowing rate, in an advertisement on mortgage credit, with regard to the risks associated with such credit.

  • 9 A financial undertaking:

    • a. In an advertisement of credit, does not include any communications that are directed at the convenience or speed with which the credit is provided;

    • b. does not express in an advertisement on credit that current credit agreements in the assessment of a credit claim do not play a subordinate role or a subordinate role;

    • c. does not express, in an advertisement on credit, that a credit can be obtained with a negative outcome of the consultation of the system of credit registration or otherwise by way of derogation from the code of conduct in force; and

    • d. in an advertisement of credit, does not reflect the characteristics of the credit in which fiscal advantages have been processed.

  • 10 If a financial undertaking provides information on a credit in an advertising expression referred to in the first or second member or information about a specific product, it shall provide information on the availability of the information, Intended in Article 4:33, 1st paragraph, of the Act . The first sentence does not apply to advertising-expressions about credit, to the extent that the credit is part of a complex product.

  • 11 Where a financial undertaking provides information on the characteristics of the credit referred to in paragraph 1 and second paragraph, the fourth paragraph shall apply mutatis mutandis.

  • 13 If a financial undertaking mentions a borrowing rate or other information relating to the cost of a securities credit in an advertisement of securities credit, it shall also report:

    • a. that an ongoing credit is granted or committed against collateral of financial instruments, and the credit limit is dependent on its value;

    • b. The fixed rate or variable borrowing rate and the other costs that are part of the total cost of the securities credit; and

    • c. if a contract for a ancillary service is required to obtain the securities credit, where applicable on the terms advertised, and the cost of that service cannot be determined in advance, the obligation to close that service is agreement in a clear, concise and striking manner,

  • 14 Without prejudice to the first to twelfth member, a credit conciliator shall report in an advertisement on credit that he shall:

    • a. Advises on the basis of an objective analysis;

    • b. has a contractual obligation to mediate exclusively for one or more providers; or

    • c. does not have a contractual obligation to mediate exclusively for one or more providers and he does not advise on the basis of an objective analysis.


Article 54

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The Financial Markets Authority may lay down rules regarding the manner in which the information, intended in the Articles 52 and 53 , is presented or formulated, the manner of calculation of historical or future returns, costs and risks as referred to in Article 52, first, second, third, fifth and sixth members , and the method of calculating the cost of insurance and collateral rights as referred to in 53, first paragraph, part e, and second paragraph, part b, below 3 ° .


Article 55

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  • 1 In any advertisement relating to an operator of an investment enterprise, investment institution, an administrator of a UCITS or a UCITS, it shall, in any event, be mentioned:

    • (a) the name of the manager of an investment enterprise, investment institution, an administrator of a UCITS or a UCITS;

    • b. the fact that it is an administrator of an investment enterprise, investment institution, manager of a UCITS or UCITS;

    • c. that an administrator of an investment enterprise, investment institution, manager of a UCITS or UCITS is included in the register held by the Financial Markets Authority; and

    • (c) where a UCITS is concerned, where the prospectus is intended to be Article 4:49, first paragraph, of the Act -It's available.

  • 2 The first paragraph, parts c and d, shall not apply to advertisements on radio and television.

  • 3 Without prejudice Article 52 in an advertisement, other than through the television or radio on a UCITS, if applicable, shall clearly draw attention to the fact that:

    • a. UCITS invests primarily in financial derivative instruments;

    • b. the UCITS is following a stock or bond index;

    • c. a strong fluctuation of the value of the assets of the UCITS as a result of the investment policy; or

    • d. A waiver to the UCITS as provided for in Article 136, second paragraph , was granted under indication of the state, public body or international organisation covering the financial instruments intended in the Article 136, second paragraph , issues, or guarantees, in which the UCITS invests more than thirty-five per cent of the assets managed.


Article 56

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The Financial Market Authority may lay down detailed rules on the form of risk phrases in advertising statements of investment firms.


§ 8.1.4. Mandatory pre-contractual information

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:20, 1st and 2nd Member , 4:22, 1st Member and 2nd Member , 4:25a, first member , 4:25b, first and second member , and 4:90b, tenth member, of the law

Article 57

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  • 1 A financial service provider shall provide a consumer or, in the case of insurance, client, prior to the establishment of a financial product or financial service agreement, at least the following information:

    • (a) his name and address and, where the financial service provider is a legal person, the statutory name and trade name or trade name;

    • b. the nature of its financial services;

    • c. where Article 4:17 of the Act applies: its internal complaints procedure, specified in Article 4:17, first paragraph, part a, of the law , and the recognised dispute settlement body in which he is affiliated; and

    • d. His tender shall be in the register kept by the supervisor.


Article 58 [ Verfalls per 01-01-2013]

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Article 58a

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  • 1 An investment firm shall provide an investment service or ancillary service to a non-professional investor prior to the provision of an investment firm:

    • a. information on the mutual rights and obligations arising out of the agreement with regard to the investment or ancillary service;

    • b. the in Article 58b the information referred to in the agreement or the investment services or ancillary services;

    • c. the other on the basis of the Articles 58b to 58e required information.

  • 2 By way of derogation from the first paragraph, an investment firm may provide the information referred to in paragraph 1 immediately upon the commencement of the provision of an investment service or ancillary service, if:

    • a. It has not been able to meet the deadlines set out in paragraph 1 because the contract has been concluded at the request of the non-professional investor by means of a remote communication technique which prevents it from providing the information to deliver in accordance with the first paragraph; or

    • b. The investment firm in respect of the non-professional investor complies with Article 79, first paragraph , as if this investor would be a consumer and the investment firm a financial services provider.

  • 3 If an advertising expression of an investment firm includes an offer to enter into an agreement with respect to a financial instrument or an investment or ancillary service, or includes the invitation to do so and mention such offer. how it can be responded to, it also refers to the information relevant to the offer or the invitation as intended for the purpose of the Articles 58b to 58e Included.

  • 4 The third paragraph shall not apply if the offer or the invitation is addressed to a non-professional investor and it is referred to any other document or documents separately or together of this information for a response. they contain.


Article 58b

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  • 1 The information referred to in Article 58a, first paragraph, parts b and c , the following information shall include:

    • a. The name, address and contact details of the investment firm;

    • b. the languages in which the client can communicate with the investment firm and receive documents and other information from her;

    • c. methods of communication between the investment firm and the client, including those relating to the sending and receiving of orders;

    • d. a declaration stating that the investment firm has a licence and the name and contact address of the supervisor who has granted the authorisation;

    • e. a declaration that the investment firm grants investment services through a related agent and in which Member State this agent is registered in a register;

    • f. nature, frequency and time schedule of the reports on the operation of the service which is required to be carried out in accordance with the Articles 69 , 70 , 71 and 71a sent by the investment firm to the client;

    • g. if the investment firm holds client financial instruments or funds, a brief description of the measures it has taken to protect these financial instruments or funds, as well as summary data on the safety net operating system applicable to the undertaking;

    • h. a description, which may be provided in summary form, of the conflict of interest policy that the Company is based on in accordance with Article 35a ;

    • i. if requested by the client, details of conflicts of interest policy.

  • 2 An investment firm proposes to manage an individual ability based on client investment objectives and the types of financial instruments in the client portfolio, an appropriate evaluation and comparison methodology. fixed, so that the client can assess the performance of the company.

  • 3 An investment firm shall provide information to the client in the management of an individual ability of a non-professional investor, in addition to the information under the first paragraph, as appropriate, to the client:

    • a. The valuation method and frequency for the financial instruments in his portfolio;

    • b. the details of any transfer of the management on a discretionary basis from all or part of the financial instruments or funds in the client's portfolio;

    • c. any evaluation or comparison measure referred to in the second paragraph against which the results of the portfolio are deposited;

    • d. the types of financial instruments that may be included in the portfolio and the types of transactions that may be carried out in these instruments, as well as the limits;

    • e. the management objectives, the extent of the risk arising from the assessment area that the investment firm has, as well as any specific limitations in this assessment area.


Article 58c

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  • 1 The information referred to in Article 58a, first paragraph, part c , shall include a general description of the nature and risks of financial instruments detailed enough to enable the non-professional investor to take an investment decision.

  • 2 The description of the risks referred to in the first paragraph shall include, where appropriate, the following:

    • a. the risks associated with the relevant type of financial instrument, including an explanation of the leverage effect and its effects and the risk of loss of the entire investment;

    • b. the volatility of the price of the relevant type of financial instrument and any restrictions in the existing market for that price;

    • c. the fact that, in addition to the acquisition costs, the client with transactions in such instruments could incur additional financial and other obligations, including contingent liabilities;

    • d. Any margin or similar obligations applicable to the relevant type of financial instruments.

  • 3 An investment firm providing information to a non-professional investor on a financial instrument for which a prospectus has been published in accordance with the Prospectus Directive shall inform the client where this prospectus may be obtained a.

  • 4 If it may be assumed that the risks associated with a financial instrument composed of two or more different financial instruments are greater than the risks associated with each of the financial instruments separately, the investment firm shall provide an adequate description of the various financial instruments from which the instrument exists and the risk-related interaction between them.

  • 5 An investment firm provides a financial instrument that includes a guarantee of a third party, providing a non-professional investor with sufficient details of the guarantee and the guarantor.


Article 58d

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  • 1 The information referred to in Article 58a, first paragraph, part c , includes, if applicable, data on the fact that a third party on behalf of the investment firm may hold financial instruments or funds belonging to the non-professional investor, as well as data on its legal responsibility for the action or failure to act of the third party and for the consequences of insolvency of the third party for the client.

  • 2 If, on behalf of an investment firm, a third party, in so far as the applicable law so permits, may hold financial instruments belonging to a non-professional investor on an omnibus account, the investment firm shall bring the client to the credit institution. inform and warn in a clear manner for the risks arising therefrom.

  • 3 If, on the basis of the applicable law, it is not possible to

    on behalf of an investment firm, financial instruments belonging to a non-professional investor to be distinguished from the financial instruments belonging to this third party or the investment firm itself, shall bring the investment firm is informed and notifies the client in a clear manner for the risks arising from it.

  • 4 If, on an account held by financial instruments or funds belonging to a non-professional investor, the law applies to a State which is not a Member State, the investment firm shall inform the client thereof. the amount and points out that it may affect the rights attached to these financial instruments or funds.

  • 5 An investment firm that holds financial instruments or funds belonging to a non-professional investor shall inform him of the existence and conditions of any business security rights or privileges it has or may upon those financial instruments or funds, and of any right to be charged against those financial instruments or funds. Where applicable, it shall also inform the client that a depositary has or may have a commercial security right, a privilege or a right of reckoning on such instruments or funds.

  • 6 An investment firm that holds financial instruments belonging to a non-professional investor shall, for a period of time before it enters into securities financing transactions in respect of those financial instruments; or such financial instruments otherwise use for their own account or on behalf of another client, prior to the use of these instruments, clear, complete and accurate information about its obligations and responsibilities with regard to the use of this financial instruments, including the conditions for its refund, and on the risks arising from such use.

  • 7 An investment firm providing an investment service with regard to a financial instrument referred to in points (d) to (j) of the definition of financial instrument in the Article 1: 1 of the Act indicate, where applicable, in advance whether or not it acts as an intermediary within the meaning of Chapter 3b of the Commercial Securities Act (Wet giraal) , and the effects of this on the client. The Financial Market Authority may lay down detailed rules on the information to be provided.


Article 58e

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  • 1 The information referred to in Article 58a, first paragraph, part c , shall include information on costs and associated charges, which shall, where applicable, consist of the following elements:

    • a. the total price of the financial instrument, the investment service or ancillary service, including all associated costs and if no exact price can be given the basis for the calculation of the total price.

    • b. the commissions charged by the investment firm;

    • c. an indication of the foreign currency concerned and the applicable conversion rate and exchange charges, where a part of the total price is to be paid in or denominated in a foreign currency;

    • d. indication of the possibility that transactions related to the financial instrument or investment service may entail other costs, for the non-professional investor that is not paid through the investment firm or imposed by it;

    • e. the arrangements for payment or other performance relating to the execution of the investment or ancillary service.

  • 2 The key investor information is for the application of Article 4:20, 1st paragraph, of the Act as regards the right of participation in a UCITS, the appropriate information is to be considered as regards the costs and associated charges relating to the UCITS itself, including the entry and exit reports.


Article 58f

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  • 1 The investment firm shall provide a professional investor with a general description of the nature and risks of financial instruments detailed enough to enable it to make an investment decision.

  • 3 If, on an account held by financial instruments or funds belonging to a professional investor, the law applies to a State which is not a Member State, the investment firm shall inform the client thereof; altitude and points out that it may affect the rights attached to these financial instruments or funds.

  • 4 An investment firm that holds financial instruments or funds belonging to a professional investor shall inform him of the existence and conditions of any collateral rights or privileges that it has or may have privileges. on those financial instruments or funds, and of any right to be charged against those financial instruments or funds. Where applicable, it shall also inform the client that a depositary has or may have a commercial security right, a privilege or a right of reckoning on such instruments or funds.

  • 5 An investment firm shall provide the information referred to in this Article to a professional investor prior to the provision of an investment service or ancillary service.


Article 59

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An investment firm shall provide a non-professional investor prior to the execution of an order in respect of a financial instrument for the latter's account the following information about its order execution policy:

  • a. An explanation of the relative importance of the investment firm in accordance with Article 4:90a, 2nd paragraph, of the Act Grants to the Article 4:90a, first paragraph, of the Act the factors mentioned, or the way in which they determine the relative weight of these factors;

  • b. an overview of the places of execution on which the investment firm makes a significant appeal to fulfil its obligation to take all reasonable steps to ensure the best possible use in the execution of client orders; obtain a possible result;

  • c. a clear warning that a specific instruction of the client may prevent the investment firm from taking the measures adopted and included in its order execution policy to assist in the execution of the relevant order. to obtain the best possible result for the elements that this statement applies to.


Article 59a

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  • 1 A provider shall provide information on the total price of the product concerned prior to the conclusion of an agreement on a complex product or mortgage credit to the consumer, except for the consultancy costs and distribution costs, but including all associated costs.

  • 2 Without prejudice to the first paragraph, a provider shall provide the consumer, prior to the conclusion of an agreement with a consumer on a complex product, that extends to asset building, at least the following Information:

    • a. the amount of the total cost, with the exception of the consultancy costs and distribution costs;

    • (b) costs withheld at the time of inclusion or the premium, broken down by types of costs, as in any case, initial costs, revolting costs and costs and selling costs;

    • c. the cost of capital formation or distribution, broken down by types of costs, as in any case, initial costs, revolting costs and costs and selling costs;

    • d. the costs incurred annually by the manager of an investment enterprise or an administrator of a UCITS for the management of units of that investment enterprise or UCITS;

    • e. the influence of the average annual percentage of the costs referred to in points (b), (c) and (d), on the return and on the building or wealth-building or distribution related to the agreement; and

    • f. the manner in which the costs, referred to in points (b), (c) and (d), are distributed over the duration of the agreement.

  • 3 The first and second paragraphs shall not apply to:

    • a. Agreements relating to investment objects; and

    • b. Agreements with regard to the provision of an investment service or ancillary service.

  • 4 The second paragraph, introductory wording and parts b to f, shall not apply to a life insurer offering a life insurance scheme in which the benefit is expressed in units of an investment enterprise or a UCITS.

  • 5 The first and second members shall apply mutatis mutandis to financial undertakings which are a complex product as referred to in Article 2 (1). Article 1, part d, below 1 °, 4 ° or 11 ° put together and market that product for consumers or, in the case of a right of participation in an investment enterprise or a UCITS, to customers.


Article 59aa

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  • 1 A provider shall provide a consumer prior to the establishment of a mortgage credit agreement with a variable borrowing rate, at least information on:

    • a. The components from which the variable borrowing rate is constructed;

    • (b) whether these components constitute a fixed or variable component of the borrowing rate; and

    • c. the risks associated with a variable borrowing rate.

  • 2 By ministerial arrangement rules may be laid down concerning the indication to be used by a provider in the provision of information to the consumer of the components from which the variable borrowing rate is constructed.


Article 59b

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  • 1 A payment service provider shall establish a payment service user before it is bound by an agreement on a single payment transaction in an easily accessible manner the in Article 59c shall provide information and conditions.

  • 2 At the request of the payment service user, the payment service provider shall provide him with the information and conditions on paper or on any other durable medium.

  • 3 The payment service provider shall provide the information and conditions to the payment service user in easy-to-understand terms and in clear and comprehensible form. Where the payment service provider grants the payment service to a payment service user in a Member State, he shall provide the information and conditions referred to in the preceding sentence in an official language of that Member State or any other language that is between the Member States and the parties have been agreed.

  • (4) If the agreement on a one-off payment transaction has been concluded at the request of the payment service user using a remote communication technique which makes it impossible for the payment service provider to Member shall comply with his obligations under the said paragraph immediately after the execution of the payment transaction.

  • 5 The provision of a copy of the draft contract relating to a one-off payment transaction or the design payment order in which the third paragraph is first to the third paragraph may also be fulfilled. Article 59c shall be included in the information and conditions.


Article 59c

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  • 1 A payment service provider shall provide to a payment service user in the event of a one-off payment transaction the following information and conditions or make it available to it:

    • a. Detailed information or a unique identifier to be provided by the payment service user to ensure that a payment order can be executed correctly;

    • (b) the maximum execution time for the payment service offered;

    • c. all the costs incurred by the payment service user to the payment service provider and, where applicable, the splitting of the amounts of any charges; and

    • d. where applicable, the actual or reference exchange rate applicable to the payment transaction.

  • 2 To the extent applicable, the payment service provider shall make the other Article 59d provide information and conditions to the payment service user in an easily accessible manner.


Article 59d

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  • 1 A payment service provider shall provide a payment service user with a space before it is bound by a framework agreement for payment services on paper or on another durable medium. Article 59d information and conditions.

  • 2 The payment service provider shall provide the information and conditions in easy-to-understand terms and in clear and comprehensible form. Where the payment service provider grants the payment service to a payment service user in a Member State, he shall provide the information and conditions referred to in the preceding sentence in an official language of that Member State or any other language used by the payment service provider of that Member State. parties have been agreed.

  • 3 If the payment services framework agreement has been concluded at the request of the payment service user using a distance communication technique which makes it impossible for the payment service provider to comply with the first paragraph, immediately following the conclusion of the framework agreement to its obligations under that paragraph.

  • 4 The provision of a copy of the draft framework agreement to be applied to the first paragraph may also be fulfilled. Article 59d shall be included in the information and conditions.


Article 59e

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  • 1 The payment service provider shall provide the payment service user with the following information and conditions:

    • a. the name of the payment service provider, the address of the head office and, where applicable, the address of its payment service agent or branch in the Member State in which the payment service is offered, and any other address, including an e-mail address, that is relevant to the communication with the payment service provider;

    • b. the information relating to the relevant supervisors or supervisory authorities and regarding the Article 1:107 of the Act the register and the information enabling the registration of the register to be checked;

    • c. a description of the main characteristics of the payment service to be offered;

    • d. the detailed information or the unique identifier provided by the payment service provider to ensure that a payment order can be executed correctly;

    • e. the form in which and the procedure according to which consent to execution of a payment transaction is provided, shall be withdrawn, according to the Articles 522 and 534 of Book 7 of the Civil Code ;

    • f. a reference to the in Article 532 of Book 7 of the Civil Code the time of receipt of a payment order and any time limit to be given by the payment service provider;

    • g. the maximum execution time for the payment services offered; and

    • h. the indication of whether the possibility exists to limit the use of the payment instrument in accordance with Article 523, 1st paragraph, of Book 7 of the Civil Code to be agreed;

    • i. all the costs incurred by the payment service user to the payment service provider and, where applicable, the splitting of the amounts and any charges;

    • j. where applicable, the interest rate and exchange rate applicable, or, if the reference interest rate and exchange rate are to be used, the method of calculating the actual interest and the relevant date and the index or basis for the establishment of that reference interest rate or exchange rate;

    • k. if agreed, the immediate application of changes to the reference interest rate or exchange rate and the disclosure requirements in relation to the changes in accordance with Article 517, third and fourth member, of Book 7 of the Civil Code ;

    • l. to the extent applicable, communication techniques, including the technical requirements of the payment service user ' s equipment, such as between the parties for the disclosure of information and notifications under the Law and Title 7B of Book 7 of the Civil Code agreed;

    • m. the manner in which and the frequency with which information relating to payment services under the Law and Title 7B of Book 7 of the Civil Code is to be made available;

    • n. the language or languages in which the framework agreement for payment services is concluded and in which the communication takes place over the duration of the contractual relationship; and

    • o. an indication that the payment service user has the right to the contractual terms of the Framework Agreement for payment services and information and conditions in accordance with Article 516 of Book 7 of the Civil Code to be received;

    • p. to the extent applicable, a description of the measures to be taken by the payment service user to ensure the safe keeping of a payment instrument, as well as the manner in which the payment service provider must be informed for the application of Article 524, first paragraph, part b, of Book 7 of the Civil Code ;

    • q. if agreed, the terms and conditions under which the payment service provider reserves the right to block the use of a payment instrument in accordance with Article 523 of Book 7 of the Civil Code ;

    • r. information on the liability of the payer in accordance with Article 529 of Book 7 of the Civil Code , indicating the relevant amount;

    • s. by which manner and within what period the payment service user must notify the payment service provider of an unauthorised or incorrectly executed payment transaction pursuant to Article 526 of Book 7 of the Civil Code , indicating the liability of the payment service provider for unauthorised payment transactions in accordance with Article 528 of Book 7 of the Civil Code ;

    • t. information on the liability of the payment service provider for the execution of payment transactions according to the Articles 543 to 545 of Book 7 of the Civil Code ; and

    • you. the conditions for reimbursement in accordance with the Articles 530 and 531 of Book 7 of the Civil Code ;

    • v. if agreed, the information that the payment service user is deemed to be in accordance with Article 517 of Book 7 of the Civil Code have accepted amendments to the terms and conditions unless it has notified the payment service provider of the proposed date of entry into force of those amendments that it does not accept the amendments;

    • w. the duration of the Pay Services Framework Agreement; and

    • x. an indication that the payment service user may terminate a framework agreement for payment services and all agreements with respect to termination of the agreement in accordance with the Articles 517, first paragraph , and 518 of Book 7 of the Civil Code ;

    • y. the contractual provisions relating to the law applicable to the framework agreement for payment services or to the competent court; and

    • z. the complaints procedure and out-of-court dispute resolution resulting from Article 4:17 of the Act open to the payment service user.


Article 59f

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  • 1 A payment service provider shall, by way of derogation from the 59c Articles and 59d , with regard to payment instruments used exclusively for individual payment transactions of up to € 30, with a spending limit of € 150 or to which a maximum amount of € 30 is used, in accordance with a framework agreement on payment services 150 at the same time, the payer only information on the main features of the payment service, including the manner in which the payment instrument can be used, the liability, all charged to the payer. cost and other important information needed to make an informed decision also indicate where others are Article 59d have been made available in an easily accessible manner.

  • 2 For national payment transactions, the amounts referred to in paragraph 1 shall be doubled.

  • 3 For pre-paid payment instruments, intended for national payment transactions, the amounts referred to in paragraph 1 shall be increased to € 500.


Article 59g

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  • 1 A payment service provider shall not charge a payment service user for the due account of the Articles 59a to 59e information to be provided.

  • 2 A payment service provider and a payment service user may agree that charges are charged for additional information requested by the payment service user or for information that is more frequent or with other means of communication shall be provided in accordance with the framework agreement on payment services.

  • 3 Costs that the payment service provider may charge pursuant to the second paragraph shall be appropriate and in line with the costs actually incurred by the payment service provider.


Article 60

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  • 1 Without prejudice to: Articles 57 and 58 provide a life insurer with a client prior to the establishment of a life assurance agreement, where applicable, at least the following information:

    • a. Its legal form;

    • (b) the amount of the benefit or benefits to which he or she is obliged or, in so far as this amount cannot be accurately determined in advance, an exact description of that benefit or benefits, as well as of the factors of which the amount of the benefit or benefits the benefit or benefit is dependent;

    • c. a description of the options available to the client or the person entitled to benefit under the contract;

    • d. an accurate description of the currency in which the premium or benefit is expressed, if it is a currency other than the euro, or of the units, units or the amount in which the premium or benefit is otherwise expressed, or, if the amount of the premium is otherwise than the euro, the provision of benefits for the pursuit of other than pecunious benefits of that performance;

    • e. a precise definition of the transformation method if a payment conversion takes place in euro or any other currency;

    • f. the nature of the values, including shares or other types of units in an investment enterprise or a UCITS, if the benefit is expressed in that investment institution or UCITS;

    • g. the method of calculation and allocation of the profit sharing, if the agreement includes a right to profit sharing;

    • h. the duration of the agreement;

    • i. the premium payable in respect of the main cover and, where the contract provides for one or more side benefits, the premiums payable for each of the ancillary benefits and, where such premiums fluctuate over the period of maturity, the exact description of how they are to be calculated and the factors to determine their course;

    • (j) an indication of whether the premium is payable once or periodically;

    • k. the period during which premium is payable;

    • (l) if the benefit is expressed in units of an investment enterprise or a UCITS:

      • 1 °. the costs to be withheld from the premium referred to in subparagraph (i), broken down by initial costs, revolting costs and selling and selling costs;

      • 2 °. the costs deducted from the value of units, broken down by initial costs, revolting costs and selling and selling costs;

      • 3 °. the costs incurred by the manager of an investment body, a UCITS or an administrator of a UCITS, for the management of the units of that investment enterprise or UCITS;

      • 4. the influence of the average annual percentage of the costs, referred to at 2 °, 2 ° and 3 °, on the yield and benefit of the contract;

      • 5 °. the manner in which the costs, referred to under 1 °, 2 ° and 3 °, are to be distributed between the duration of the agreement with the client;

    • (m) a description of the effects of an increase or reduction of the premium, including premium freeing, and, where the agreement provides for that option, for sale, and an indication of the surrender value for at least the first 10 years of maturity, indicating the rate of return used for the calculation;

    • n. the manner in which the client can make use of his right, intended in Article 4:63 of the Act , in order to cancel the contract;

    • o. the manner in which the agreement may be terminated and the period of time in which it is to be complied with;

    • p. a global indication of the tax treatment of contracts of the type concerned, including the tax treatment of premiums, benefits and the tax consequences of the sale of the sale;

    • q. the law to be applied to the agreement or the choice of law proposed by the provider;

    • r. the costs to be charged in addition to the gross premium;

    • s. the financial risk associated with the agreement and the degree to which this risk is borne by the client; and

    • t. the other policy conditions.

  • 2 By way of derogation from the first paragraph, the information referred to in that paragraph may be provided immediately after the conclusion of the contract or at the same time as issuing the policy, if the client has the right to do without a penalty to be due and without giving reasons the agreement shall be wound up within 30 calendar days of the day on which he received the information, until the date of the conclusion of the contract, and the client is informed of the manner in which it may make use of that right.

  • 3 In so far as the financial risk arising from an agreement on a life assurance is borne by the client, the life insurer may agree with the client that any action taken after the conclusion of the contract has been taken. the increase in the value or the reduction of investments on behalf of the client, if the agreement, working back to the date of the conclusion of the agreement, is de-binding in accordance with the second paragraph.

  • 4 If a benefit under an agreement on a life insurance contract is expressed in units of an investment institution, the life insurer shall, at his request, inform the client of the investment policy investment policy, in which consideration is given to the following aspects:

    • a. the objective of the investment policy, as well as the management reference portfolio;

    • b. Restrictions made to the investment policy; and

    • c. the investment titles allowed as well as the derivative instruments that can be used.

  • 5 A life insurer, other than an insurer with limited risk size, informs the client where this knowledge can take on its solvency and financial position report intended in Article 3:73c, 1st paragraph, of the Act .

  • 6 The first paragraph, introductory sentence and part m, shall not apply where the client is an employer who concludes an agreement for the benefit of his employees in connection with a pension he has undertaken to pay.


Article 61

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  • 1 Without prejudice Article 57 provide a non-life insurer with a client prior to the conclusion of a non-life insurance contract, where applicable, at least the following information:

  • 2 By way of derogation from the first paragraph, the information referred to in that paragraph may be provided immediately after the conclusion of the contract, or at the latest at the same time as the policy is issued, if the client has the right to do without a fine within 14 calendar days of the day on which he has received the information and the client has been informed of the manner in which he may make use of that right, without giving any reason.


Article 62

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If, in the case of a contract for non-life insurance, a risk is situated in another Member State, the information to be provided to the customer shall be given in accordance with the rules for the implementation of the Articles laid down in that other Member State. 183 and 184 of the Solvency II Directive.


Article 63

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  • 1 Without prejudice Article 57 provide a kind of benefit provider prior to the establishment of a cash-out insurance contract or an agreement that extends to fund the care of the funeral of a natural resource. Person, where applicable, at least the following information:

    • a. Its legal form;

    • b. a description of the performance to which the cash-based insurer is required to perform;

    • c. a description of the options available to the client or the insured person under the contract;

    • d. An indication of whether the premium is payable once or periodically;

    • e. the period during which premium is payable;

    • f. an indication of the indexation applied to the insured performance or to the premium;

    • g. the other possibilities that the provider has to adjust the insured performance or the premium;

    • h. An indication or indication of the surrender or premium-free value or an indication of how those values are calculated;

    • i. the manner in which the client can make use of his right, intended in Article 4:63 of the Act , in order to cancel the contract;

    • j. the manner in which the agreement may be terminated and the period of time in which it is to be complied with;

    • k. the law to be applied to the agreement or the choice of law proposed by the cash-out insurer;

    • (l) an indication of the funeral undertaking which will take care of the funeral, or the manner in which the funeral undertaking will determine the funeral service;

    • m. the other policy conditions; and

    • n. if it is an agreement which seeks to create fund-making as intended Article 4:18, 2nd paragraph, of the Act : information on how the funds provided are invested.

  • 2 If the term of termination referred to in paragraph 1 (j) is longer than one year, the cash-out insurer shall make such express express notification to the client in a conspicuous manner, in the absence of a notice of one year's notice. shall apply regardless of the provisions of the Agreement.

  • 3 By way of derogation from the first paragraph, the information referred to in that paragraph may be provided immediately after the conclusion of the contract, or at the latest at the same time as the policy is issued, if the client has the right to do without a fine to be due and without giving reasons the agreement shall be wound up within 30 calendar days of the day on which he received the information, until the date of the conclusion of the contract, and the client is informed of the manner in which it may make use of that right.

  • 4 If a kind retirement insurer in the establishment of an agreement that extends to fund-making as intended 4:18, 2nd member, of the law by way of derogation from the first paragraph, the information referred to in that paragraph shall, immediately after the establishment of an agreement or at the latest at the same time as the issuing of the policy, be issued in accordance with the third paragraph, In the case of the customer, the customer shall, if the person concerned is the person who is responsible for the payment of his or her own funds, and, if the person concerned has the right to take part in the payment of the contract, the customer, if the person has not been able to agreement, working back to the date of the conclusion of the agreement, de-binds.


§ 8.1.5. Financial package leaflet and key investor information

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:22, 1st paragraph, of the Act

Article 64

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  • 1 This paragraph shall not apply to managers of collective investment undertakings in transferable securities having their registered office in another Member State.

  • This paragraph does not apply to financial undertakings to the extent that they manage or carry out contracts relating to complex products or to assist them in doing so.


Article 65

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  • 1 A provider of a complex product, other than units in an investment enterprise or a UCITS, proposes that product be provided with a financial package leaflet for that product.

  • 2 A provider of units in a UCITS shall draw up essential investor information for each UCITS in which it offers units of interest.

  • 3 The first paragraph shall not apply to complex products with respect to which only financial services are provided to others than consumers.

  • 4 The first and second members shall apply mutatis mutandis to financial undertakings which are a complex product as referred to in Article 4 (2). Article 1, below 1 °, 4 ° or 11 ° , assemble and generally make it available to consumers in the market or, in the case of a right of participation in an investment enterprise or a UCITS, to customers.


Article 65a

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  • 1 A provider of a complex product shall keep an updated version of the financial package leaflet, respectively, the essential investment information available on its website.

  • 2 The provider of a complex product other than units in an investment enterprise or UCITS shall without undue delay provide the financial package leaflet free of charge at the request of a consumer.

  • 3 If a complex product is not offered by an intermediary, agent or agent, a financial package leaflet shall be provided by the intermediary, agent or agent, if it is not being offered any rights to participate in an investment enterprise or UCITS. Agent, agent, agent, agent, agent or agent at the request of the consumer without delay, unless the supplier and the conciliator, agent with agent, are under the responsibility of the agent. It has been agreed that the provider complies with the obligation.

  • 4 A provider of units in a UCITS or the person providing investment services as referred to in Article 1 (a), (b) or (d) of the Act, with regard to units in a UCITS, shall provide for a period of time prior to any such participation in a UCITS. subscription rights of units in a UCITS shall provide essential investor information free of charge to the client. Key investor information shall be provided in writing, on a durable medium or through a website. Upon request, key investor information shall be provided to the client free of charge in writing.

  • 5 The first, second and fourth members shall apply mutatis mutandis to financial undertakings which are a complex product as referred to in Article 4 (1). Article 1, below 1 °, 4 ° or 11 ° , assemble and generally make it available to consumers in the market or, in the case of a right of participation in an investment enterprise or a UCITS, to customers.


Article 66

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  • 1 In a financial package leaflet, information on the following subjects is included:

    • a. the purpose of the financial package leaflet;

    • b. the nature and purpose of the complex product;

    • c. the financial risks of the complex product which are made more insightful, inter alia, by a risk indicator and, in the case of an investment object, the other risks associated with that product;

    • d. the obligations to the consumer;

    • e. the existence or otherwise of a contractual right to cancel the agreement on the complex product interim, the associated costs and the other consequences;

    • f. the consequences on the death of the consumer;

    • g. sample segments and the cost of the complex product; and

    • h. to designate other subjects under ministerial arrangements.

  • 2 A financial package leaflet does not contain information on subjects other than those referred to in the first paragraph.

  • The Financial Market Authority shall lay down rules on how the information on the subject matter referred to in paragraph 1 is included in the financial package leaflet, as well as in relation to the method of calculation of the returns, costs and risks referred to in the first paragraph, parts c and g.


Article 66a

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  • 1 In key investor information, the following information on the UCITS shall be included:

    • (a) the identification of the UCITS and the relevant supervisory authority;

    • b. A brief description of the investment objectives and investment policy;

    • c. the historical yield, or, where relevant, future scenarios;

    • d. the costs; and

    • e. the risk-yield profile of the right of participation, including sufficient explanations and warnings about the risks associated with the right of participation in the UCITS concerned;

    • f. a notice providing further details of the current remuneration policy, including a description of the method of calculation of pay, the identity of the persons responsible for awarding the reward, including the payment method. the composition of the remuneration committee, where such a remuneration committee is set up, is available through the website and can be obtained free of charge upon request.

  • 2 The essential investment information shall clearly state:

    • a. where and how additional information on the units and the prospectus offered can be obtained;

    • b. that the annual accounts and half-yearly figures are available on the administrator's website and that these documents can be obtained free of charge on request from the administrator at any time; and

    • c. in which language the information, referred to in parts a and b, is available to the participants.

  • 3 The essential investor information shall be established in such a way as to enable clients to understand the nature and risk associated with the units in a UCITS without reference to other documents.

  • 4 A translation of the key investor information does not contain any other modifications or additions to the translated document, than necessary because of the translation.

  • 5 With regard to key investor information, detailed rules are laid down in Regulation No European Commission of 1 July 2010 implementing Directive 2009 /65/EC of the European Parliament and of the Council of the European Union as regards key investor information and the conditions to be met if the European Commission is to comply with the provisions of the Directive of 1 July 2010 on the implementation of Directive 2009 /65/EC Key investor information or the prospectus in a durable medium other than paper or via a website is provided (PbEU L 176).


§ 8.1.6. Information during the term of an agreement

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:20, third paragraph, introductory wording and part b, fourth and fifth member , and 4:22, 2nd member, of the law and Article 549 of Book 7 of the Civil Code

Article 67

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  • 1 For the duration of an agreement on an investment object, the provider shall provide the consumer with at least the following information:

    • a. An accountant or an expert who is competent, under the law of the State where the provider has his seat, to examine the annual accounts, audited financial statements, the notes of which at least include a split up of the total selling, cost of production, management costs and administrative costs of the offeror, a division of these costs per unit of investment objects to which the investment object belongs, and the total of the costs incurred by consumers. applied funds in the portfolio of investment objects. The statement of accounts shall be drawn up by a supplier having a registered office in the Netherlands as far as possible, in accordance with Title 9 of Book 2 of the Civil Code or the International Accounting Standards. The statement of annual accounts of a supplier having a registered office in another Member State shall be drawn up in accordance with the rules laid down in the Directive and in the consolidated accounts of the Directive or in accordance with international law. annual accounting standards. For the other suppliers, the arrangements shall be made in an equivalent manner. The annual accounts shall be communicated in accordance with the arrangements for drawing up the accounts;

    • b. At least once a year, an evaluation of the portfolio of investment objects to which the investor object belongs, drawn up by an independent expert in that year; and

    • (c) other subjects to be addressed under ministerial arrangements.

  • 2 The provider shall keep the information referred to in the first paragraph, introductory sentence and parts a and b available on its website for at least three years.

  • The Financial Market Authority may lay down rules on the manner in which the information referred to in paragraph 1 is presented or formulated, as well as on the method of calculation of costs, referred to in the first paragraph. member, part (a).


Article 68

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  • 1 During the term of an agreement on credit, the supplier shall, upon request, provide the consumer with a specified overview of the outstanding balance. In doing so, he may charge a fee of up to the amount of the actual costs.

  • 2 To one year after the settlement of an agreement on credit, the provider of credit shall provide the consumer with a specified reckoning free of charge at his request.


Article 68a

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During the term of a mortgage credit agreement with a variable borrowing rate, the provider shall inform the consumer of any change in the borrowing rate, including informing the consumer of:

  • (a) the amended annual percentage rate of charge; and

  • b. The component or components that have changed the borrowing rate.


Article 68b

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  • 1 If the interest rate period of a mortgage credit agreement with a fixed borrowing rate expires after 1 April 2013, the supplier shall inform the consumer of the expiry of the interest rate period at least three months before the expiry of the interest rate period. that period and provide information on the maximum borrowing rate that will apply for the upcoming interest rate period, indicating the maximum borrowing rate for at least three interest rate periods, if offered.

  • 2 Simultaneous the offer referred to in paragraph 1 shall also provide the provider with information on the possibility of:

    • a. to close penalty row upon the expiry of the interest rate period; and

    • b. To obtain advice on transfer options to the provider or to another financial service provider.


Article 69

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  • 1 An investment firm that has executed for a client ' s account an order with respect to a financial instrument that does not provide for the execution of a decision related to the management of an individual asset the client immediately provides the most important information about the execution of this order.

  • 2 An investment firm that has carried out an order as referred to in the first member for a non-professional investor shall notify the client without delay and at the latest on the first business day after the execution of the order, without prejudice to the first member. of execution of the order. If the investment firm receives a confirmation of the execution of a third party, the investment firm shall notify the client of that fact no later than the first working day following receipt of the confirmation of that third party, unless that third party is the client of the client. has already been informed immediately.

  • 3 By way of derogation from the first and second paragraphs, an investment firm that has executed an order as referred to in the first paragraph in respect of bonds to finance mortgage credit informs the client who is this credit entered into on the execution of the order in the notification of the credit, but no later than one month after the execution of the order.

  • 4 If an investment firm periodically execs orders with respect to units in an investment enterprise or UCITS for a retail investor, an investment firm may notify it, referred to in the second paragraph, provide once every six months.

  • 5 An investment firm shall, on request, provide the client with information on the status of his order.

  • 6 The notification referred to in second paragraph shall, where applicable and where relevant in accordance with Table 1 of Annex 1 to the Implementing Regulation, contain markets for financial instruments:

    • a. The reporting data of the reporter;

    • b. The name or other description of the client;

    • c. the trading day;

    • d. the trading period;

    • e. the type of order;

    • f. The identification details of the place of performance;

    • g. The identification details of the financial instrument;

    • h. the purchase or sale;

    • (i) the nature of the order, if it is not a purchase or sale order;

    • j. the quantity;

    • k. the unit price;

    • (l) the total remuneration;

    • m. the total costs that have been charged, and a specification thereof, if the non-professional investor requests it;

    • n. Client ' s responsibilities relating to the settlement of the transaction, including the payment or delivery period and the investment account data insofar as these data and responsibilities are not previously addressed to the client. informed;

    • o. the fact that the counterparty of the client is the investment firm itself, a person belonging to the group to which the investment firm belongs or was another client of the investment firm, unless the order has been executed through a trading system that enables anonymous trading.

  • 7 If an investment firm carries out an order in respect of financial instruments in tranches, it may, for the purposes of the sixth paragraph, item k, inform the client of the price of each tranche separately or on the basis of the agreement. average price. Where the investment firm provides information on the average price, it shall provide the non-professional client with information on the price of each tranche upon request.

  • 8 An investment firm may provide the information referred to in paragraph 6 by means of standard codes if it gives an explanatory note to the codes used.


Article 70

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  • 1 An investment firm that manages an individual assets shall provide the client with a periodic review of the wealth management activities carried out on his behalf, unless that statement has already been provided by a third party.

  • 2 Where the periodic summary referred to in the first paragraph relates to the assets of a non-professional investor, it shall, where applicable, contain the following information:

    • a. the name of the investment firm;

    • (b) the name or other description of the investment account of the non-professional investor used for the purposes of the management;

    • c. an indication of the contents and valuation of the portfolio, including details of each financial instrument held, the market value or, if not available, its fair value and the cash balance at the beginning and the end of the reporting period, as well as the portfolio results over the reporting period;

    • d. total amount of costs over the reporting period with a separate specification of in each case the total management fees and total execution costs and, where applicable, with the indication that a more detailed level of specification is provided;

    • e. a comparison of the results of the portfolio over the overall period of summary with each evaluation or comparison measure agreed between the investment firm and the client;

    • f. the total amount of dividends, interest and other payments received over the reporting period in connection with the client ' s portfolio;

    • g. information on corporate actions, thereby obtaining rights related to financial instruments in the portfolio;

    • h. for each transaction carried out during the reporting period, as applicable, the information specified in the reporting period. Article 69, sixth paragraph, parts c to l , unless the client wishes to receive information by transaction in accordance with the fifth paragraph.

  • 3 The investment firm shall provide the periodic review referred to in the first paragraph in so far as it relates to the assets of a non-professional investor once every six months.

  • 4 By way of derogation from the third paragraph, an investment firm shall provide the periodic review referred to in the first paragraph relating to the assets of a non-professional investor:

    • a. Once a quarter, if the non-professional investor has made a request for that purpose;

    • (b) at least once a year, where the fifth paragraph applies, unless the periodic table relates to transactions in transferable securities as referred to in subparagraph (c) of the definition of effect in Article 1: 1 of the Act or in financial instruments referred to in parts (d) to (j) of the definition of financial instrument in that Article ; or

    • c. monthly, if it is an agreement that allows for a portfolio of leverage.

  • 5 The investment firm shall designate its clients who are non-professional investors that they have the right to submit a request as referred to in paragraph 4 (a).

  • 6 If the client wishes to receive information by way of transaction, the investment firm shall provide the most important information on the transaction immediately after execution of the transaction.

  • 7 If the client is a non-professional investor and wishes to receive information per executed transaction, the investment firm shall send the client a confirmation of the transaction in which the information is intended. Article 69, sixth paragraph , shall be recorded, no later than the first working day following the execution of that transaction or, if the investment firm receives a confirmation of the execution of a third party, at the latest on the first working day following receipt of the confirmation of that third party. The first sentence shall not apply when the third party immediately after performing the transaction sends a confirmation that contains the same information to the client.


Article 71

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  • 1 If, in the context of managing an individual ability for a non-professional investor, an investment firm manages or manages an investment account involving an unsecured open position due to an individual investor. the investment firm shall also notify the investment firm of losses exceeding a threshold agreed in advance between the investment firm and the client.

  • 2 The notification referred to in paragraph 1 shall be notified no later than the end of the working day on which the threshold is exceeded or if the threshold is exceeded on a day not working day by the end of the first working day following that period.


Article 71a

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  • 1 An investment firm shall transmit to a client for whom it holds financial instruments or funds at least once a year a statement of the financial instruments or funds. If the information is part of another periodic report provided to a client, the investment firm has met the first sentence.

  • 2 The first paragraph shall not apply to banks, in so far as they are deposits that they hold for clients.

  • 3 The summary of information referred to in paragraph 1 shall contain the following information:

    • a. information on any financial instrument or money that the investment firm holds for the client at the end of the reporting period;

    • b. the extent to which financial instruments or funds of the client have been used for securities financing transactions; and

    • c. the advantage that the client has achieved by virtue of his participation in securities financing transactions and the basis on which this advantage is obtained.

  • 4 If the portfolio of a client contains the proceeds from free-settled transactions, the information referred to in point (a) of paragraph 3 shall be based on either the trading date or the settlement date, if applicable to all such data the report is based on an identical basis in the survey.

  • 5 An investment firm that holds financial instruments or funds for a client and also administers an individual assets for that client may include the overview referred to in paragraph 1 in the Periodic Table of the Financial Instruments. asset management activities.


Article 71b

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  • 1 In the second member and Articles 71c and 71d 'one-off payment transactions' means a payment transaction to which a payment services framework agreement is not applicable.

  • 2 If a payment order for a single payment transaction is passed through a payment instrument covered by a payment services framework agreement, the payment service provider shall not be obliged to provide or make available information shall be made available to the payment service user under a framework agreement for payment services with another payment service provider, or shall be provided to him under the framework agreement.


Article 71c

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Immediately after the receipt of a payment order for a one-time payment transaction, the payer ' s payment service provider shall provide the same Article 59a, first to third paragraphs The payer shall provide the payer with the following information or shall make it available to the payer:

  • a. A reference enabling the payer to determine the payment transaction and, where applicable, the information relating to the payee;

  • b. the amount of the payment transaction in the currency used in the payment transaction;

  • (c) the amount of the charges payable by the payer for the payment transaction and, where applicable, the splitting of the amounts of such charges;

  • d. where applicable, the exchange rate used in the payment transaction, or any relevant reference, if different from the corresponding exchange rate Article 59b, first paragraph, part d , exchange rate offered, and the amount of the payment transaction after that currency exchange; and

  • e. the date of receipt of the payment order.


Article 71d

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A payment service provider shall, immediately after the execution of a one-off payment transaction, provide the following information to the payment payee in the same way as in: Article 59a, first to third paragraphs , is determined, or makes available to him:

  • (a) the reference enabling the payment beneficiary to determine the payment transaction and, where applicable, the payer, and any information attached to the payment transaction;

  • b. the amount of the payment transaction, in the currency in which the funds are made available to the payment payee;

  • (c) the amount of the costs due by the payment beneficiary for the payment transaction and, where applicable, the splitting of the amounts of such charges;

  • d. where applicable, the exchange rate applied by the payment payee's payment service provider to the payment transaction, and the amount of the payment transaction for that currency exchange; and

  • e. the credit value date of the credit.


Article 71e

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In the case of a separate payment transaction initiated by the payer under a framework agreement for payment services, a payment service provider shall, at the payer's request for this payment transaction, provide information on the maximum amount of the payment transaction. the execution period and the charges due by the payer and, where applicable, the splitting of the amounts of any charges.


Article 71f

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  • 1 After the amount of a separate payment transaction under a framework agreement for payment services of the payer ' s payment account is debited or, if the payer does not use a payment account, after receipt of the payment account from the payer payment order, provided the payer's payment service provider in the manner determined by Article 59c, first and second paragraphs , the payer shall without delay provide the following information:

    • a reference enabling the payer to identify the payment transaction and, where appropriate, information relating to the payment beneficiary;

    • b. the amount of the payment transaction in the currency in which the payer's payment account is debited or in the currency used for the payment order;

    • (c) the amount of the charges payable by the payer for the payment transaction and, where applicable, the division of the payment transaction, or the interest to be charged to the payer;

    • d. where applicable, the exchange rate applied by the payer's payment service provider to the payment transaction, and the amount of the payment transaction after that currency exchange; and

    • e. the value date of debiting or the date of receipt of the payment order.

  • 2 A framework agreement on payment services may, by way of derogation from paragraph 1, provide that the information referred to in paragraph 1 is to be provided or made available on a regular basis, at least once a month, on the basis of a framework agreement on the provision of information and services. agreed method that allows the payer to store and reproduce information without modification.


Article 71g

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  • 1 After the execution of a separate payment transaction, the payment service provider shall provide the payment payee ' s payment service as determined by: Article 59c, first and second paragraphs , the payment beneficiary shall without delay provide the following information:

    • (a) the reference enabling the payment beneficiary to determine the payment transaction and, where applicable, the payer, and any information attached to the payment transaction;

    • b. the amount of the payment transaction, in the currency in which the account of the payment payee is credited;

    • (c) the amount of the charges payable by the payer for the payment transaction and, where applicable, the division thereof, or the interest to be charged to the payment beneficiary;

    • d. where applicable, the exchange rate applied by the payment payee's payment service provider to the payment transaction, and the amount of the payment transaction for that currency exchange; and

    • e. the credit value date of the credit.

  • 2 In a framework agreement on payment services, the condition may be provided that the information referred to in paragraph 1 is to be provided at regular intervals and at least once a month or made available in an agreed form which allows the payment beneficiary to store and reproduce information without modification.


Article 71h

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  • 2 The first paragraph shall not apply in respect of payment service users to whom the information referred to in paragraph 1 is provided via the payment service provider's website, provided that the payment service user is wholly or substantially This payment service provider's website makes use of the payment services provided by the respective payment service provider.


Article 71i

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  • 1 With regard to payment instruments used exclusively for individual payment transactions of up to € 30, with a expenditure limit of € 150 or to which a maximum amount of € 30 is used, in accordance with a Framework Agreement on payment services 150 at the same time can be stored provided the payment service provider, by way of derogation from Article 71e , the payer only information about the main features of the payment service, including how to make use of the payment instrument, liability, all charged costs and other important assets. information necessary to make an informed decision;

  • 2 A payment service provider may, by way of derogation from the Articles 71f to 71h , with the payment service user agreeing that the payment service provider shall, after the execution of a payment transaction:

    • 1 °. only provides or makes available a reference by which the payment service user of the payment service may identify the payment transaction, its amount and its cost, or in the case of different similar transactions. payment transactions to the same payment beneficiary, information only on the total amount and the cost of such payment transactions;

    • 2. is not required to provide or make available the information referred to in point 1 if the payment instrument is used anonymously or is technically impossible for the payment service provider to be provided from a technical point of view, where the information required is not technically available. However, the payment service provider shall allow the payer to verify the stored amounts.

  • 2 For national payment transactions, the amounts referred to in paragraph 1 shall be doubled.

  • 3 For pre-paid payment instruments, intended for national payment transactions, the amounts referred to in paragraph 1 shall be increased to € 500.


Article 71j

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  • 1 If a payment beneficiary requires a fee or offers a discount for the use of a particular payment instrument, he shall inform the payer before the initiation of the payment transaction.

  • 2 If a payment service provider or a third party requires a payment for the use of a particular payment instrument, it shall inform the payment service user about it prior to the initiation of the payment transaction.


Article 71k

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Article 59f shall apply mutatis mutandis to the following Articles 71b to 71j information to be provided or made available.


Article 71l

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A payment institution or an electronic money institution shall ensure that payment service agents acting for its account are notified to the payment service user. It shall also ensure that its branches inform the payment service user of the fact that it is a branch of the paying agency of the paying agency, or the electronic money institution.


Article 72

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  • 1 An agent or agent attached to an insurer who has entered into an insurance for the account of an insurer shall indicate the name of the insurer in the policy or, in the case of co-insurance, the name of the insurer, in a annexed thereto. share that he has accepted on behalf of the insurer. In the case of non-life insurance, he shall also indicate any change to the share accepted by him in an appendix on behalf of the insurer.

  • 2, after the agent or deputy agent has entered into the insurance or, in the case of a non-life insurance, the share of the insurance accepted by the agent as the agent, as the agent, as the agent, as the agent or agent of the agent. has changed, did not have a policy or an attachment to the client without delay, the agent or agent agent shall communicate to the client the information referred to in paragraph 1 within four weeks of the conclusion of the contract, or the agent shall, without delay, communicate to the client the information or appendix. of insurance or after making the change. However, insurance shall belong to the portfolio of a conciliator, the agent or agent agent shall, within two weeks, provide the agent with such information to the agent under agent.

  • 3, after an insurance is concluded or, in the case of a non-life insurance, the share accepted by the insurer has been amended, not without delay or not issue to the client a policy or appendix containing the name of the An insurer and, in the case of co-insurance, its share or change made therein, the conciliator shall provide the portfolio with whose portfolio the insurance is to be insured within four weeks of the conclusion of the contract or after the agreement has been concluded between the insurer and the person concerned. application of the change to the client.

  • 4 The second and third paragraphs shall not apply where the insurance has been extingued within the period in question and no rights may be derived from it by the client or other interested parties.

  • 5 The agent or agent of the agent concerned or the conciliator concerned shall immediately inform the client of the name of the insurer and, in the case of co-insurance, of the shares which the insurers have received. accepted or made any changes thereto.


Article 73

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  • 1 For the duration of a life insurance contract, a life insurer shall provide the client, as appropriate, at least the following information:

    • a. Any change to its trade name or trade name, statutory name, legal form or address;

    • b. any change to the policy conditions;

    • (c) in so far as this is not apparent from a change in the policy conditions: any amendment to the agreement with regard to the Articles 57, 1st paragraph, part c , and Article 60, first paragraph, parts b to m, and o to s , covered topics, or the regulations applicable to those parts;

    • d. the annual profit sharing and, if the insurer has provided figures on the possible future development of the profit division, the possible deviation between the actual development of the profit division and the previously provided information;

    • e. if the benefit is expressed in units of an investment enterprise or a UCITS:

      an annual statement covering the previous year of:

    • f. if the benefit is expressed in units of an investment enterprise or a UCITS: an annual forecast of the level of the final capital based on a pessimistic prediction or return;

    • g. if the benefit is expressed in units of an investment enterprise or a UCITS: the management of the investment enterprise or UCITS;

    • h. if the client so requests, an indication of the premium-free value at the insurance end date, indicating the rate of return used for the calculation, or an indication of the costs due for purchase and the amount of the premium current purchase value.

  • 2 If the benefit is expressed in units of an investment enterprise or UCITS, the life insurer shall, without prejudice to the first paragraph, introductory sentence and subparagraph h, provide to the client who requests to increase or reduce his premium or make its policy contribution free: a declaration adapted to the new premium in accordance with Article 60, first paragraph, part l, below 1 °, 2 ° and 3 ° .

  • 3 The first paragraph, introductory wording and parts e, f and h, and the second paragraph shall not apply where the client is an employer who has concluded the contract for the benefit of his employees in connection with a pension that he has undertaken to provide.


Article 74

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During the term of an agreement on a kind of cash-out insurance or a contract to fund the care of the funeral of a natural person, a non-cash insurance provider shall provide the as applicable, at least the following information:

  • a. Any change to its trade name or trade name, statutory name, legal form or address;

  • b. any change to the policy conditions; and

  • (c) in so far as this is not apparent from a change in the policy conditions: any amendment to the agreement in respect of the conditions of Articles 57, 1st paragraph, part c , and 63, first paragraph, parts b to h, j and l of the subjects referred to or of the rules applicable to those elements.


Article 75

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During the term of a non-life insurance contract, a non-life insurer with a seat outside the Netherlands which carries out motor vehicle liability by way of the provision of services to the Netherlands is the client into knowledge within two weeks of any change in the name or address of the damage-off trader, intended to Article 4:71, first paragraph, part (e) of the law .


§ 8.1.7. Provision of information within the framework of a distance contract

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:20, first paragraph, second paragraph, third paragraph, introductory sentence and part b, fourth member, and fifth member, of the law

Article 76 [ Verfalls by 01-11-2007]

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Article 77

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  • 1 By way of derogation from Article 57 and without prejudice to Articles 60 to 63 provide a financial service provider with a consumer prior to the conclusion of a distance agreement, where applicable, at least the following information:

    • a. his name and address, the capacity in which he acts against the consumer and, if the financial service provider is a legal person, the statutory name and trade name or trade name;

    • b. the nature of its financial services;

    • c. where Article 4:17 of the Act applies: its internal complaints procedure, specified in Article 4:17, first paragraph, part a, of the law and the recognised dispute settlement body in which it is affiliated;

    • d. His tender shall be in the register kept by the supervisor;

    • e. the registration number in the commercial register;

    • f. the main features of the financial product;

    • g. the risks associated with the financial product;

    • h. the total cost or, where the exact cost cannot be named, the basis for calculating the costs, so that the consumer can verify the costs;

    • (i) the fact that the consumer may be owed other sums not paid or imposed by the financial services provider;

    • j. the additional costs of using a technique for remote communication;

    • k. the means of payment by the consumer and the manner of implementation of the distance contract;

    • l. limitations in the period of validity of the information provided;

    • m. the minimum duration of the distance contract;

    • n. the contractual right to interim termination of the distance contract and any penalty attached to the exercise of that right;

    • o. the fact that it is in Article 4:28, 1st and 2nd member, of the law shall or does not apply, the duration and conditions for the exercise of that right, including information on the amount which the consumer may be required to pay, the consequences of non-exercise of that right and of the the way in which that right may be exercised;

    • p. the existence of guarantee funds applicable to the distance contract or any other compensation schemes that do not fall under Directive No 1994 /19/EC of the European Parliament and the Council of the European Union of 30 May 1994 on deposit-guarantee schemes (PbEG L 135), and Directive No 1997 /9/EC of the European Parliament and of the Council of the European Union of 3 March 1997 on investor-compensation schemes (PbEG L 084);

    • q. the language or languages in which the terms of the distance contract and the information referred to in this Article are provided, as well as the language or languages in which the financial service provider will communicate during the term of the agreement remotely;

    • r. the law to be applied to the establishment of relations with the consumer prior to the conclusion of the agreement, the law applicable to that agreement and the competent court;

    • s. the other terms of the distance contract; and

    • If he makes use of another professional, the name and address of that practitioner and, if it is a legal person, its statutory name and trade name or trade name, and the capacity in which it is to be taken against the consumer occurs

  • 3 A financial services service provider providing financial services in respect of cash-out insurance complies with the first paragraph, introductory sentence and part n, by providing the information, intended in Article 63, first paragraph, parts h, i, and j .

  • 4 A financial services service provider that provides financial services in respect of consumer credit meets the first member by providing the information, referred to in Article 112, first and second paragraphs , or, if the credit is granted in the form of a lawful debit status whereby it is agreed that the consumer payment is made on request or within a period of one to three months, by providing it with of the information referred to in Article 112a, first paragraph .

  • 5 A financial services service provider that provides financial services with respect to securities credit meets the first member by providing the information as included in Annex F of this Decision.


Article 78

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  • 1 If a distance contract at the request of the consumer has been established using a remote communication technique that enables the consumer to be Article 77 the information referred to in the Annex is not in writing or via any other durable medium as intended Article 49, first paragraph Prior to the conclusion of the agreement, the financial services provider may provide the consumer with the information immediately after the conclusion of the agreement.

  • 2 By way of derogation from Article 77, first paragraph, introductory wording , the financial service provider shall provide a consumer with the information referred to in that Article:

    • (a) at the latest at the same time as a contract for non-life insurance, at the same time as the policy issuing the policy;

    • b. if it is a life insurance contract, in relation to a life insurance, in the case of a cash-out insurance or a distance contract that extends to fund formation for the purpose of providing care for the funeral of a natural person; At the latest at the time of issuing the policy. If it is a contract of distance between life insurance or a distance contract which extends to fund-forming to provide for the care of the funeral of a natural person whose value depends on the development in financial markets, the consumer has the right to be liable without a fine and without giving reasons the agreement, within 30 calendar days from the day on which he received the information, returned to the date of the contract, to be decomposed and consumers will be affected by the informed financial service provider of the manner in which it can make use of that right.

  • 3 In so far as the financial risk resulting from a waiver of a life insurance contract is for the consumer, the financial services provider may agree with the consumer that, following the conclusion of the contract, the the increase in the value or the reduction of the investments on behalf of the consumer continues to be effective if the latter reworked until the date of the conclusion of the agreement.

  • 4 Natura-leaving insurers who enter into distance contracts with the aim of forming funds for the purpose of providing care for the care of man and who, in accordance with paragraph 2 (b), does not comply with the information referred to in that paragraph At the same time as issuing the policy, the consumer agrees that the increase in the value or the reduction of the consumer's investment accounts after the conclusion of the agreement remains, if: this, pursuant to paragraph 2 (b), the contract shall be returned to the date of the The conclusion of the agreement is not binding.


Article 79

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  • 1 Shares a financial service provider shares to a consumer when using the phone for doing unsolicits calls to promote the creation of a distance contract, at the beginning of each call clearly the identity of the financial services provider, as well as the commercial purpose of the call. By way of derogation from Article 77 , if the consumer expressly agrees to such calls, the financial services provider may be sufficient to inform the consumer about:

    • a. The identity of the person who is in contact with the consumer and the relationship of this person with the financial services provider;

    • b. the main features of the financial product or the financial service;

    • c. the total cost, or, where the exact cost cannot be called, the basis for the calculation of costs, so that the consumer can verify the costs;

    • d. the fact that the consumer may be owed other sums not paid or imposed by the financial services provider;

    • e. the applicability of the Article 4:28, 1st and 2nd member, of the law shall be entitled, the duration and conditions for the exercise of that right, including information on the amount that the consumer may have to pay, the consequences of non-exercise of that right; and

    • f. the fact that other information is available at the request of the consumer, where the nature of that information is communicated to the consumer.

  • 2 With respect to consumer credit made available immediately at the request of the consumer, other than in the form of a lawful debit or debit agreement with an agreement to that effect on the payment of the goods to be paid on the subject The main features referred to in paragraph 1 (b) shall be as follows:

    • (a) the annual percentage rate of charge calculated for a representative sample;

    • b. the total amount to be paid by the consumer;

    • c. the total credit amount and the conditions for drawdown;

    • d. the duration of the credit agreement;

    • e. in the case of goods credit, the movable property or the service and the cash price thereof;

    • f. the borrowing rate, the conditions governing the application of this interest rate, and, where available, indices or reference rates relating to the initial borrowing rate, and the time limits, terms and conditions of the borrowing rate; change thereof; and

    • g. the amount, number and frequency of payments to be made by the consumer, and, where applicable, the order in which payments to the various outstanding balances at different borrowing rates are allocated by The eye on the redemption.

  • 3 With respect to consumer credit in the form of a lawful debit position in which it is agreed that the consumer pay due on request or within a period of one to three months takes place, the most important characteristics referred to in the first paragraph, part b, the in Article 112a, second paragraph, parts c, e, f and g , the data referred to.

  • 4 With regard to securities credit, the main features referred to in paragraph 1 (b) shall be the following:

    • a. the borrowing rate, the conditions governing the application of that interest rate, and, where available, indices or reference rates relating to the initial borrowing rate, and the time limits, terms and conditions of the borrowing rate; change thereof; and

    • b. that the credit is granted or committed against collateral of financial instruments and that the credit limit is contingent upon a certain percentage of the coverage and, where applicable, certain eligibility requirements; and

    • c. what percentage of coverage and what conditions of eligibility are applied with regard to the financial instruments provided for in collateral.

  • 5 If a distance contract is established through voice telephony, a financial service provider shall provide the Article 77, first paragraph , information referred to immediately after the conclusion of the distance contract to the consumer. To the extent that it concerns an agreement on life insurance, non-life insurance or non-life insurance, Article 78, second paragraph, introductory wording and part a , second paragraph, introductory wording and part b, or the third paragraph thereof, shall apply mutatis mutandis.


Article 80

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For the duration of a distance contract, a financial service provider shall, upon request, provide the consumer with the terms of the agreement. In addition, the consumer may require the use of another means of remote communication, unless it is not compatible with the agreement established at a distance.


Section 8.2. Other provisions relating to careful provision of services

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§ 8.2.1. Recovery of information by investment firms and financial service providers

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:23, third paragraph, parts a and b , 4:24, 1st member, 4th member, part e, and fifth member, of the law

Article 80a

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  • 1 The information referred to in Article 4:23, first paragraph, introductory sentence and part a, of the law , the investment firm shall be in a position to establish that a transaction to which its opinion or management of an individual assets relates:

    • a. satisfies the investment objectives of the client;

    • b. of such a nature that the client may financially bear the investment risks related to its investment objectives; and

    • c. having regard to his experience and knowledge, the client may understand which investment risks are linked to the transaction or to the management of his portfolio.

  • 2 The information referred to in the first paragraph, introductory wording and part (a) (a) shall contain information on the duration of the period during which the customer wishes to hold the investment, his risk appetite and investment objective.

  • 3 The information referred to in the first paragraph, introductory sentence and subparagraph (b) shall contain information on the source and the volume of the client's periodic income, assets and financial obligations.

  • 4 An investment firm that advises a professional investor on a financial instrument shall act in accordance with the first paragraph, part b, if it assumes that this client is related to its investment objectives Investment risk can be borne financially.

  • 5 An investment firm that provides advice on financial instruments or manages an individual ability for a professional investor shall act in accordance with the first paragraph, c, if it assumes that this client is over have the necessary experience and knowledge.


Article 80b

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  • 1 An investment firm which, without advising, provides a different investment service than the management of an individual assets, shall, in the assessment of the appropriateness, set out in the Article 4:24, 1st paragraph, of the Act , determine whether the client has the necessary experience and knowledge to understand the risks associated with the financial instrument concerned and of the investment service concerned.

  • 2 An investment firm as referred to in the first paragraph providing an investment service to a professional investor shall act in accordance with the first paragraph, c, if it assumes that this client has the necessary experience and has knowledge.

  • 3 If, before 1 November 2007, the client has carried out a series of financial instrument transactions or has taken an investment service several times prior to that date, the investment firm may assume that the client has in respect of that financial instrument, or that investment service, on the experience and knowledge referred to in the first paragraph.


Article 80c

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  • 1 The information about the client ' s knowledge and experience, intended in Article 4:23, first paragraph, part a, of the law , to the extent that it is reasonably relevant for an opinion on financial instruments or management of an individual ability, and the information referred to in Article 4:24, 1st paragraph, of the Act , the quantity shall be proportionate to the type of client, the nature and extent of the investment service and the type of financial instrument intended, its complexity and the risks associated with it, and shall contain information on:

    • a. The type of investment services and financial instruments with which the client is trusted;

    • b. the nature, volume, and frequency of transactions in financial instruments of the client and the period in which they were performed; and

    • c. the training and the profession or, where relevant, the former profession or the former occupations of the client.


Article 80d

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As a financial instrument in the sense of Article 4:24, fourth paragraph, part (e) of the law appropriate financial instruments, other than financial instruments, as referred to in part (c) of the definition of securities Article 1: 1 of the Act or financial instruments referred to in points (d) to (j) of the definition of financial instrument in Article 1: 1 of the Act In so far as:

  • (a) a regular opportunity to sell, monetize or otherwise make it possible against publicly available prices for market participants which are either market prices or prices which come from or from Validated by valuation systems that are independent of the issuer or investment institution;

  • b. do not impose any obligations for the client other than the payment of its acquisition costs; and

  • c. for the public information is available on its features which is well understood, so that clients, who are not a professional investor, with knowledge of cases can make a decision on any transaction in these financial instruments ed.


Article 80e

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  • 1 A financial services provider offering, without advising, a payment protector, a complex product, a mortgage credit, individual disability insurance or any other financial product to be notified under a ministerial arrangement; intermediary or acting as an agent of this financial product, shall, in the assessment of the appropriateness, propose the following: Article 4:24, 1st paragraph, of the Act , prior to the provision of services, whether the consumer or client has sufficient knowledge and experience to understand the risks associated with the financial product concerned and the provision of the financial service concerned.

  • 2 To gain information about the knowledge and experience of the consumer or client, intended in Article 4:24, 1st paragraph, of the Act , the quantity shall be proportional to the nature of the financial product, its complexity and the risks associated with it. In any case, information shall be collected on:

    • a. the financial products with which the consumer or client is known;

    • b. the understanding of the consumer or client in the properties and risks of the relevant financial product and the financial service;

    • c. the degree to which the consumer or client has an understanding of his own financial situation; and

    • d. The consumer's or client's need for advice on the relevant financial product.

  • 4 A financial service provider may rely on the information provided by the consumer or the client on the subjects referred to in paragraph 2, unless he knows, or can reasonably suspect, that this information is dated, inaccurate or is incomplete.

  • 5 If several financial service providers are involved in the provision of the financial service to the consumer or client, the information referred to in paragraph 1 shall be obtained by the financial services provider directly affected by the consumer. or client has been contacted for the provision of the financial service.

  • The Financial Market Authority may lay down detailed rules on how the information on knowledge and experience referred to in paragraph 1 is collected from the consumer or client, the information referred to in paragraph 2 of the second paragraph, as well as the wording of the warning referred to in the third paragraph.


§ 8.2.2. Provisions for the implementation of the Articles 4:25, 1st paragraph , 4:25a, first member , and 4:25b of the law

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Article 81

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  • 1 The use of automatic calling systems without human intervention, faxes or electronic messages for conveyance of unsolicable information to a consumer, to promote the creation of a distance contract, is Authorised only where the consumer has granted prior authorisation. There are no charges for the consumer in the granting of this authorisation.

  • 2 The use of remote communication techniques other than those referred to in paragraph 1 for the transmission of unsolicable information or the doing of unsolicdised communications to a consumer, in order to promote the creation of a Distance contract is permitted, unless the relevant consumer has indicated that it does not wish to receive information or communications using these techniques. There are no charges for the consumer of provisions preventing the transfer of information which is not requested to a consumer.

  • 3 A financial undertaking which has obtained electronic contact information for electronic messages in connection with the sale of a financial product or providing a financial service may use this data for transmission of information to promote the establishment of a distance contract with regard to its own similar financial products or financial services, where the procurement of contact details clearly and clearly indicates to the consumer expressly provides for the opportunity to apply free and free of charge signs against the use of that electronic contact information and, should the consumer have not made use of this contact, it is possible for him to draw up, under the same conditions, the possibility of drawing up any communication of any kind against the further use of its electronic contact information. Article 41, second paragraph, of the Personal Data Protection Act shall apply mutatis mutandis.

  • When electronic messages are used to promote the establishment of a distance contract, the following information must be given each time:

    • a. the actual identity of the person on whose behalf the communication is transferred; and

    • b. A valid postal address or number to which the recipient may address a request for termination of such communication.


Article 81a

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A mortgage credit provider is offsetting for a consumer who intends to enter into a mortgage credit agreement the same borrowing rate for the same interest rate period as for a consumer to whom at that time offer is made for the coming interest rate period in the case of a similar risk profile.


Article 81b

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  • 1 A life insurer is committed to clients with life insurance that includes an investment component and concluded before 1 January 2013, demonstrably in order to make them a deliberate choice to continue, change or stop. That insurance. To that end, he shall ensure that such clients are:

    • a. possess adequate information in relation to:

      • 1 °. the characteristics, as well as the current and expected future financial consequences of the insurance in relation to the client's purpose at the time of insurance;

      • 2. the possibilities of changing the insurance so that it is more consistent with the client's purpose as referred to in subparagraph (a);

    • b. expressly the choice and consequences of that choice, to the continuation, modification or termination of the insurance referred to in the first paragraph.

  • 2 The life insurer shall also provide the customer with the information received from the client, information and the choice made by the client.

  • The Financial Market Authority may lay down rules relating to the provisions of the first and second paragraphs, with respect to the rules to be laid down in respect of the exercise obligation referred to in the first paragraph, both to the efforts required in the relationship with individual clients of a life insurer, as at minimum level of effort in relation to the total group of clients with insurance referred to in the first member.

  • 4 The life insurer shall make public, by group of clients within a given category of life assurance with an investment component, the results of the efforts referred to in the first paragraph. In this respect, the Financial Markets Authority may lay down detailed rules.


Article 82

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  • 1 A collective investment company in transferable securities, investment firm or manager of a UCITS approaches persons who are not a professional investor, who are not a participant in the UCITS or to whom the investment firm has not yet been Has provided investment service, directly or indirectly in person, other than through a remote communication technique as intended by Article 81 Unless:

    • (a) the person concerned has expressly agreed in writing or by electronic means in advance; or

    • b. The person concerned shall be offered information material in contact with the person concerned.

  • 2 The first paragraph shall not apply to managers of UCITS having a seat in another Member State, UCITS having a seat in another Member State and depositaries, if any, to those institutions.


Article 83

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  • 1 An administrator of a UCITS, a company for collective investment in transferable securities or depositary of a UCITS shall act in the interest of the participants in the UCITS.

  • 2 An administrator of a UCITS or a company for collective investment in securities shall treat participants equally in similar circumstances.

  • 3 By or on behalf of a UCITS, no transactions shall be carried out for its account at such a frequency or size that, in view of the circumstances, it is clearly intended only to give an advantage to the management of the UCITS, the UCITS or the UCITS manager, undertaking collective investment undertaking in transferable securities or depositary of the UCITS.

  • 4 The first to third paragraphs shall not apply to managers of UCITS having a registered office in another Member State which does not manage UCITS having a registered office in the Netherlands, UCITS having a seat in another Member State and any associated office in that Member State custodians.


Article 83a

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  • 1 A Dutch manager of an investment enterprise shall take the interest of the participants in the investment undertaking as referred to in Article 12 (b), (d), (e), (f) and the last sentence of Article 12 (b) and (a) of the first paragraph, Directive managers of alternative investment vehicles have been subject to rules.

  • 2 The Authority shall comply with the criteria set out in Article 12 (3) of the Directive on Alternative Investment Fund Managers when monitoring compliance with rules referred to in the first paragraph.


Article 83b [ Expated by 15 -03-2016]

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Article 83c [ Expaed by 15 -03-2016]

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Article 84

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An investment firm shall refrain from carrying out transactions on behalf of clients of such frequency or size that, in view of the circumstances, it is clearly intended only to provide a favourable view of the transactions in question. investment firm, unless there is a transaction for which the client has expressly requested to do so on its own initiative.


Article 85

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An investment firm shall not carry out a transaction on behalf of a client if the cash balances present in the name of the client are insufficient to meet the obligations arising out of that transaction.


Article 86

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  • 1 An investment firm shall ensure that clients who have positions in financial instruments from which obligations may arise have sufficient balances to meet the current liabilities arising from those positions. to comply.

  • 2 If a client as referred to in the first paragraph does not have sufficient balances to meet the current liabilities arising from positions in financial instruments, the investment firm shall ensure that this client is collateral States that these obligations can be fulfilled. If the client is unable to provide collateral, the investment firm shall close the positions as soon as possible, but at the latest within five working days, unless special circumstances arise.


Article 86a [ Expired by 07-02-2015]

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Article 86b

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Article 86c shall only apply to agreements entered into on or after the entry into force of that Article.


Article 86c

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  • 1 A financial services provider provides or receives, directly or indirectly, no charge for the funds or advice of a payment protector, complex product, mortgage credit, individual disability insurance, any survivor's risk insurance, contributory pension, funeral insurance or other financial product to be referred to in the case of a ministerial arrangement.

  • 2 The first paragraph shall not apply to:

    • a. commissions which are provided directly by the consumer or, in so far as insurance is concerned, the client or the person acting on his behalf, unless the amount of these fees is manifestly unreasonable in view of the nature and scope of the provision Services;

    • b. commissions which are provided directly by the sponsoring undertaking in so far as they are a contributory pension, unless the amount of these fees is clearly unreasonable in view of the nature and scope of the provision of services;

    • c. commissions provided by the provider or received by the conciliator or consultant for the mediating or advising of a consumer who has defaulting or foreseeable late payment on a mortgage credit; provided that the commission does not affect the quality of the service provided and the obligation of the conciliator or consultant to work for the interests of the consumer;

    • d. commissions necessary for the provision of the relevant financial service or the financial service concerned;

    • e. commissions provided by a conciliator or consultant, other than a provider or agent, to any other intermediary or adviser;

    • f. Relative gifts, in so far as their combined value does not exceed € 100 on an annual basis.

  • 3 The conciliator or adviser shall, in a comprehensible manner, communicate the existence and amount of the fee referred to in paragraph 2 (b) before the financial service in question is granted unless the amount of the fee is fixed on the basis of the agreement. That moment is not known.

  • 4 The first and second paragraphs shall apply mutatis mutandis to persons who are Article 2:104, 1st paragraph, of the Act are exempt from Article 2:96, first paragraph, of the law to the extent that those persons may provide investment services in the Netherlands:

    • a. As referred to in part (a) of the definition of the provision of an investment service in Article 1: 1 of the Act , with regard to units in an investment enterprise or a UCITS in so far as those persons in the Netherlands are allowed to pass orders to investment vehicles or UCITS which are entitled to offer units of interest in the Netherlands and to banks and investment firms authorised to provide investment services in the Netherlands;

    • b. As referred to in part d of the definition of grant of an investment service in Article 1: 1 of the Act , with regard to units in an investment enterprise or a UCITS.

  • This Article shall not apply to premium pension claims concluded before 1 January 2016, with the exception that the non-applicability to such agreements ends on 31 December 2020.


Article 86d

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  • 1 A provider, a mediator or a consultant provides or receives for the funds or advice on non-life insurance, other than a payment protector, individual disability insurance or an excess mortality risk, no other fees, other than:

    • a. commissions that are provided by or to the client or the person acting on his behalf, unless the amount of these fees is clearly unreasonable in view of the nature and scope of the financial services;

    • b. closing provisions or commissions, provided that the intermediary or consultant makes available, free of charge, at the request of the client, to the existence, nature and amount, or, if the amount cannot be superseded, the method of calculation of the remuneration or, in the case of a fee in kind, the value of the economic traffic before the financial service in question is granted;

    • c. commissions necessary for the provision of the financial service or the provision of the relevant service; or

    • d. Relative gifts, in so far as their combined value does not exceed € 100 on an annual basis.

  • 2 For the purpose of applying the first paragraph, 'consumer' shall be defined in the definitions of lockup commission and continuous commission; Article 1 , also means a client, not a consumer.

  • This Article shall apply to claims insurance agreements entered into on or after 1 January 2012.


Article 86e

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  • 1 A provider, agent, agent or authorised agent shall provide or receive for the action as agent or deputy agent, either directly or indirectly, no committee which is not necessary for the provision of the information service, or make it possible.

  • 2 The first paragraph shall not apply to:

    • (a) commissions to be provided by, or to, a third party or the person acting on his behalf, if the provision of the commission does not affect the obligation of the provider, agent or agent authorised to comply with the law; set for the interests of the client; and

    • b. Relationship gifts, insofar as they do not exceed the value of € 100 on an annual basis.

  • Article 3 This Article shall apply to agreements entered into on or after 1 January 2012.


Article 86ea

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  • 1 An insurer receives, directly or indirectly, no remuneration or compensation, in whatever form, of an investment institution manager or an administrator of a UCITS for the provision of life insurance whose benefit is payable shall be expressed in terms of units in an investment enterprise or a UCITS.

  • 2 The first paragraph shall not apply to promotional gifts, provided that their combined value does not exceed € 100 on an annual basis.

  • 3 The first paragraph shall not apply to:

    • a. Life Insurance Agreements, other than pension insurance, concluded before 1 July 2016;

    • b. Pension insurance agreements concluded before 1 July 2016, with the exception that the non-applicability for those agreements ends on 31 December 2020.


Article 86f

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  • 1 A financial services provider shall provide prior to the provision of a financial service for a financial product as referred to in Article 86c, first paragraph , a service document to the consumer or, in the case of insurance, the client, which relates to the service requested.

  • 2 The service document contains the following information about the financial services provider and its service:

    • a. Whether he advises, and if so, whether this is done on the basis of an objective analysis;

    • (b) whether he has a contractual obligation to mediate exclusively for one or more specified providers, in which case he or the client shall inform the consumer or the client of the names of those providers;

    • (c) whether it has no contractual obligation to mediate exclusively for one or more providers, and does not advise on the basis of an objective analysis, in which case he shall also inform the consumer or client of the names of the suppliers. which he can mediate or mediate;

    • (d) whether, in addition to providing advice, he shall also mediate, in which case he shall indicate the amount of the costs to be charged for this purpose in the total cost of the service provided for in parts i and j;

    • e. whether he can provide other services for the consumer or client after the conclusion of the agreement, in which case he informs the manner in which he communicable the costs charged for these services;

    • f. whether he advises on own products only, or also on products from other providers;

    • g. whether he holds a qualifying holding in a particular provider or a parent company of a particular provider;

    • h. whether a particular provider or a parent company of a particular provider holds a qualifying holding in him;

    • i. if he is a mediator or adviser who does not also offer: the nominal amount of the reward charged by him on average for the financial service, as well as the way in which such remuneration is to the consumer or client in be taken into account;

    • j. if he is a provider: the nominal costs charged by him on average to the consumer or client for the advice and distribution of a financial product that meets the service demand, as well as the manner in which those costs will be charged; and

    • k. other information provided by ministerial arrangement.

  • 3 If, pursuant to paragraph 2 (f), (g) and (h), the financial services provider also has other interests in the provision of a financial service than the interest of the consumer or client, it shall indicate to the consumer or client that it is interests may result in advice being given to certain financial products.

  • 4 An objective analysis as referred to in paragraph 2 (a) is an analysis of a sufficient number of comparable financial products available on the market which enables the consultant or mediator to recommend a financial product. that the consumer service question or, in the case of insurance, the client is in conformity with the service demand.

  • 5 The financial services provider shall publish the service document on its website, if it has a website.

  • 6 The service document shall be provided by the financial services provider directly approached by the consumer or client for the provision of the financial service.

  • The Financial Market Authority may lay down detailed rules for the provision of services referred to in the first paragraph, the information referred to in the second and third paragraphs, and the design and method of delivery of the financial market. service document.


Article 86g

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  • 1 A provider to provide a service document shall establish a cost price model. This cost model is used for the calculation of the advisory costs and distribution costs aimed at establishing an agreement on products as intended for the purpose of the project. Article 86c with a consumer or, in the case of insurance, client.

  • 2 The provider shall ensure that the accuracy of the cost price model is verified by an auditor. An auditor shall also check annually whether the budgeted consultancy costs and distribution costs have been correctly and fully allocated to the financial products referred to in the first paragraph.


Article 86h

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  • 1 A direct provider brings the advisory costs and distribution costs aimed at establishing an agreement with respect to a payment protector, complex product, mortgage credit, individual disability insurance, etc. death risk insurance, funeral insurance, or other financial product to be notified by ministerial order to the consumer or, in the case of insurance, the client.

  • 2 The provider shall charge no other than the consultancy costs and distribution costs on behalf of the consumer to the customer for the work aimed at establishing an agreement with regard to the financial products, Referred to in the first paragraph.

  • 3 The first paragraph shall not apply to advising a consumer who has defaulted on a mortgage credit or foreseeable late payment.


Article 86i

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  • 1 A consultant who does not also offer the recommended non-life assurance shall inform the client at the latest of his advice on non-life insurance other than a payment protector, individual incapacity for work or insurance, or death risk insurance, on the following topics:

    • a. If he advises on the basis of an objective analysis;

    • (b) whether he has a contractual obligation to advise only one or more providers, in which case he shall also inform the client of the names of those providers;

    • (c) whether he has no contractual obligation to advise against one or more providers only and does not advise him on the basis of an objective analysis, in which case he shall also inform the client of the names of the providers for which he/she is advise or advise;

    • d. the manner in which he is rewarded;

    • e. whether he holds a qualifying holding in a particular provider; and

    • f. whether a particular provider or a particular parent company of a provider holds a qualifying holding in him.

  • 2 A mediator shall inform the client prior to the conclusion of a non-life insurance contract, with the exception of a payment protector, individual disability insurance or a death risk insurance, on the subjects referred to in the first paragraph.

  • 3 An objective analysis as referred to in the first paragraph shall be an analysis of a sufficient number of comparable non-life insurance policies available on the market to enable the consultant or arbitrator to recommend a non-life insurance scheme to the effect of the customer's needs.


§ 8.2.3. Commissions on payment protectors, complex products, mortgage credit and funeral insurance entered into before the entry into force of the agreement Article 86c

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Article 86j

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  • 1 Article 86k shall apply to agreements on payment protectors and funeral arrangements entered into from 1 January 2010 until the entry into force of the Article 86c .

  • 2 Article 86k shall apply to contracts relating to complex products and mortgage credits entered into from 1 January 2007 until the entry into force of the Agreement. Article 86c .


Article 86k

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  • 1 A provider, intermediary or adviser provides or receives for mediating or advising on a payment protector, complex product, mortgage credit or funeral insurance, whether directly or indirectly not a commission that is not necessary for the provision of the relevant service or makes it possible.

  • 2 The first paragraph shall not apply to:

    • a. commissions that are provided by or to the client or the person acting on his behalf; or

    • b. commissions provided by the offeror or received by the conciliator or consultant for the mediating or advising of a consumer who has defaulting or foreseeable late payment on a mortgage credit; provided that the commission does not affect the quality of the service provided and the obligation of the conciliator or consultant to work for the interests of the consumer;

    • c. Exit commissions or revolting commissions provided by or on behalf of the third party or the person acting on his behalf, if:

      • 1. the intermediary or adviser shall inform the client in a detailed, accurate and comprehensible manner of the existence, nature and amount, or, if the amount cannot be superseded, the method of calculation of the commission or in the case of: remuneration in kind, the value in the economic traffic before the service in question is granted; and

      • 2. to provide the quality of the service in question and shall not affect the obligation of the provider, a mediator or an adviser to engage in the interests of the client;

    • d. Relative gifts, in so far as their combined value does not exceed € 100 on an annual basis.

  • 3 For purposes of application of paragraph 2 (c), "consumer" shall be defined in the definitions of the closing commission and the comprehensive commission, as referred to in Article 3 (1). Article 1 , also means a client, not a consumer.

  • 4 The conciliator or adviser shall make comprehensible notification of the existence and amount of the fee referred to in paragraph 2 (b) before the financial service in question is given, unless the amount of the fee is fixed on the basis of the agreement. That moment is not known.


Article 86l

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  • 1 A provider shall not pay a closure fee which exceeds half the total amount of that closure fee and the total continuous commission on the basis of the contract.

  • 2 A provider shall pay the continuous commission proportionately for at least 10 years following the establishment of the agreement in question. If the duration of the contract is shorter than 10 years, the provider shall pay the revolting commission proportionately during that period.

  • 3 The second paragraph shall not apply to contracts relating to complex products to the extent that, through the intermediary of the supplier and the consumer, through the intermediary of the same intermediary, at least three months prior to its conclusion, the the agreement has been concluded on a financial product which is part of the complex product concerned.

  • 4 This Article shall not apply to contracts relating to a payment protector, a mortgage credit, a non-life insurance or to a funeral insurance.


Article 86m

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  • 1 If an agreement with a consumer on a complex product or mortgage credit is terminated prematurely during the first five years after it was established, other than by the death of the insured or other than by the sale of the property on which the complex product or mortgage credit relates, the exit commission or commission is reduced proportionately.

  • 2 The first paragraph shall not apply to contracts relating to complex products to the extent that between the supplier and the consumer, through the intermediary of the same conciliator, at least three months prior to the conclusion of the contract, the agreement has been concluded on a financial product which is part of the complex product concerned.

Chapter 9. Notification lamps

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Section 9.1. Changes notified by financial undertakings

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§ 9.1.0. Settlement companies

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Article 87a

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  • 1 A settlement undertaking authorised by the Nederlandsche Bank to exercise the business of clearing the settlement company shall notify the Authority in writing to the Financial Markets Authority of its intention to make a substantial contribution to the settlement of the settlement of the settlement of the settlement. Change of:

    • a. the manner in which it provides fair and free access to its services and systems based on objective, risk-based and publicly disclosed participation criteria;

    • b. the manner in which it is responsible for the timely and efficient provision of its services;

    • c. the mechanisms for periodically assessing the cost level, price level and service level and the efficiency of the services it provides;

    • d. the internationally accepted communication procedures and standards that it uses to support efficient service provision or the way in which it promotes its use; and

    • e. the way in which it provides payment service providers with which it has entered into an agreement, offers insight into the financial risks and costs associated with the settlement services.

  • 2 With respect to the intention, the settlement undertaking shall transfer:

    • a description of the proposed amendment referred to in the first paragraph;

    • b. Data on the basis of which the Authority can reasonably assess Financial Markets or meet the requirements of the 4:76a to 4:76d of the law .

  • 3 The settlement undertaking shall not implement the plan before the Authority has given its consent to the amendment. The Financial Market Authority shall take a decision on consent:

    • a. Within six weeks of receipt of the notification; or

    • b. if the Authority has requested further information within a period of two weeks from receipt of the notification, within four weeks of receipt of such information, but no later than 13 weeks from the receipt of the notification.


§ 9.1.1. Managers of UCITS investment institutions and managers

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Article 87

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This paragraph shall not apply to managers of UCITS having their registered office in another Member State and to managers of investment vehicles or UCITS having a seat in a designated State.


Article 88

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  • 1 An administrator of a UCITS shall report to the Financial Markets Authority a change in the data previously provided to a supervisor by himself or by another financial undertaking for the purpose of assessing the assets under the UCITS Directive. Law requirements relating to the reliability of:

    • (a) any person who determines or co-determines the policy of the managing body of a UCITS for collective investment in transferable securities or of a depositary associated with a UCITS managed; or

    • (b) persons who are part of a body responsible for the supervision of the policies and general practice of the manager of a UCITS, of a collective investment undertaking in transferable securities or of a depositary managed by it that it is connected to a UCITS that it manages.

  • 2 The administrator of a UCITS shall report the amendment in writing and without delay after having taken note of it in the course of normal business operations.


Article 88a

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  • 1 A Dutch manager of an investment enterprise informs the Authority Financial Markets that it intends to make a significant change to the information provided in the context of the application.

  • 2 The procedure for the amendments referred to in paragraph 1 shall comply with the requirements of Article 10 (2) of the Directive on Alternative Investment Fund Managers.


Article 88b

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  • 1 A Dutch manager of an investment enterprise reports proposed changes to the data referred to in the Article 4:37c, 6th paragraph, of the Act in writing to the Financial Markets Authority, in writing, at least one month prior to the amendment.

  • 2 By way of derogation from the first paragraph, the administrator shall report any amendments which it has not been able to provide without delay after the amendment has been made to the Financial Markets Authority.

  • 3 If, as a result of the proposed change, the administrator would no longer meet the rules laid down by the law, the Authority will inform the Financial Markets Authority that the proposed change cannot be implemented.

  • 4 The notification referred to in paragraph 1 shall comply with the requirements of Article 31 (5) (b) of the Alternative Investment Fund Managers Directive.


Article 89

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  • 1 An administrator of a UCITS shall notify the Authority in writing to the Financial Markets Authority that it intends to amend the registration document provided for in Article 4:48, first paragraph, of the Act In so far as it concerns data on:

    • a. the activities of the administrator and the types of UCITS which it manages or intends to manage, as referred to in point 1.b. Of Annex H ;

    • (b) the persons who determine the day-to-day policy of the administrator or of a depositary associated with a UCITS managed by him, as referred to in subparagraph 2.1.a of this Regulation; Annex H ;

    • (c) any person who determines or co-determines the policy of the administrator or a depositary associated with a UCITS it manages, as referred to in subparagraph 2.1.b. Of Annex H ;

    • (d) persons who are part of a body responsible for the supervision of the policy and general procedure of the manager or of a depositary attached to a UCITS it manages, as referred to in section 2.1.c of this Regulation; Annex H ; or

    • e. the general data concerning the administrator and the depositaries, as referred to in Part 3 of this Regulation. Annex H .

  • 2 The administrator shall not give effect to the intention referred to in the first paragraph, introductory sentence and subparagraph a, before the Financial Markets Authority has agreed to the amendment. The Financial Market Authority shall take a decision on the agreement within four weeks of receipt of the notification.

  • 3 The administrator shall not give effect to the intention referred to in the first paragraph, introductory wording and part b, c or d, before the Financial Markets Authority has agreed to the amendment. The Financial Market Authority shall take a decision on the agreement:

    • a. Within six weeks of receipt of the notification; or

    • If, within two weeks of receipt of the notification, the Authority has requested the administrator or a third party to submit further information within four weeks of receipt of such information, but no later than 13 weeks after the receipt of the information, the Authority or the Commission, notification.

  • 4 If the Authority requests a third party to submit further information as referred to in paragraph 3 (b), it shall communicate it to the administrator.

  • 5 At the time of the notification referred to in the first paragraph, introductory wording and part b, the administrator shall present the following information on persons to be appointed who shall determine the daily policy:

    • a. An indication of the name, the private address and the function;

    • b. A curriculum vitae;

    • c. An indication of the valid relevant diplomas;

    • d. A copy of a valid identity document; and

    • e. a statement of referents.

  • 6 In the notification referred to in the first paragraph, introductory wording and parts c and d, the administrator shall refer to persons to be appointed who will determine the policy or determine whether they will be part of a body responsible for the supervision of the policy and general state of affairs of the following information:

    • a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number and function;

    • b. A copy of a valid identity document;

    • c. data relating to the antecedents specified in Article 13 ; and

    • d. An indication of referents.

  • 7 The sixth paragraph, points (b), (c) and (d), shall not apply where the proposed amendment concerns a person whose reliability has already been established by a supervisor for the application of the law.


Article 90

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An administrator of a UCITS shall transmit a copy of any agreement concluded with a depositary of a UCITS and of amendments to a contract concluded with a depositary of a UCITS within two weeks of the signature or amendment of the UCITS. Agreement to the Financial Markets Authority.


Article 91

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  • 2 An administrator of a UCITS shall report a change to the fund rules or instruments of incorporation of a UCITS it manages to the Authority, Financial Markets, in writing at least one month prior to the change.

  • 3 An administrator of a UCITS shall report in writing to the Financial Markets Authority, in writing, the replacement of the servicer or the depositary associated with the UCITS at least one month in advance.

  • 4 The administrator shall not implement the intention referred to in the second and third paragraphs before the Authority has given its consent to the Financial Markets Authority.


Article 92

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  • 1 An administrator of a UCITS which manages, from a branch located in another Member State, a UCITS or offers units of UCITS managed by it in that Member State, shall report to the Authority, Financial Markets and the supervisory authority place of the other Member State in writing at least one month in advance:

    • a. A change in the address in the Member State where documents may be requested;

    • b. a change in the identity of the persons who determine the daily policy of the branch; or

    • (c) the intention to discontinue the offering of units of UCITS managed by it from the branch situated in the other Member State.

  • 2 An administrator of a UCITS which manages a UCITS from a branch situated in another Member State or offers units of UCITS it manages in that Member State, reports to the Financial Markets Authority and the supervisory authority of a UCITS in that Member State. place of the other Member State in writing at least one month in advance of the intention to amend the financial services it provides from the branch, the organisational structure of the branch, the risk management procedure and the handling of complaints.

  • 3 The manager of a UCITS shall not implement the intention referred to in the second paragraph before the Authority has accepted the amendment. The Financial Markets Authority shall take a decision on consent within two months of receipt of the notification and shall agree to the amendment unless the management or financial position of the managing authority of a UCITS is in the light of the intended purpose of the operation. The change is not adequate.


Article 92a

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An administrator of a UCITS which, through the provision of services, manages a UCITS with a seat in another Member State or offers units in a UCITS managed by it in another Member State, shall report an amendment to the financial services he provides in the other Member State, the risk management procedure and the handling of complaints at least two weeks prior to the amendment in writing to the Financial Markets Authority and the supervisory authority of the other Member State.


§ 9.1.2. Investment firms

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Article 93

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This paragraph shall not apply to investment firms whose registered office is in another Member State.


Article 94

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  • 1 An investment firm shall report to the Financial Markets Authority a change in the data previously provided to a supervisor by itself or by another financial undertaking for the purpose of the assessment of the information provided by the investment firm. Law requirements relating to the reliability of:

    • a. Those determining or co-determination of the policies of the investment firm; or

    • (b) persons who are part of a body responsible for supervising the policies and general practice of the investment firm.

  • The investment firm shall notify the amendment in writing and without delay after it has taken note of it in the course of normal business operations.

  • 3 The first paragraph shall not apply to:

    • (a) investment firms which, for the exercise of the holding of a bank, have a licence granted by the Netherlands Bank or for the exercise of the holding of the financial institution, issued by the Netherlands Bank of the European Communities; have a supervisory position; and

    • b. Investment firms which have a licence granted by the Authority for the management of a collective investment undertaking in securities.


Article 95

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  • 1 An investment firm shall notify the Authority in writing to the Financial Markets Authority that it intends to amend:

    • a. The persons determining the daily policy of the investment firm;

    • b. the persons determining or co-determining the policies of the investment firm; or

    • (c) persons who are part of a body responsible for supervising the policies and general practice of the investment firm.

  • 2 An investment firm shall not give effect to the intention referred to in paragraph 1 before the Authority has given its consent to the amendment. The Financial Market Authority shall take a decision on the agreement:

    • a. Within six weeks of receipt of the notification; or

    • (b) if, within two weeks of receipt of the notification, the Authority has requested the investment firm or a third party to submit further information within four weeks of receipt of such information, but no later than 13 weeks after the date of receipt of such information. receipt of the notification.

  • 3 If the Authority requests a third party to submit further information as referred to in paragraph 2 (b), it shall inform the investment firm.

  • 4 In the notification referred to in paragraph 1 (a) (a), the investment firm shall, in respect of persons to be appointed who shall determine the daily policy, provide the following information:

    • a. An indication of the name, the private address and the function;

    • b. A curriculum vitae;

    • c. An indication of the relevant valid diplomatic certificates;

    • d. A copy of a valid identity document; and

    • e. a statement of referents.

  • 5 In the notification referred to in points (b) and (c) of the first paragraph, the investment firm shall refer to persons to be appointed who will determine the policy or determine whether they will be part of a body entrusted with the supervision of the policy and general state of affairs of the following information:

    • a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number and function;

    • b. A copy of a valid identity document;

    • c. data relating to the antecedents specified in Article 13 ; and

    • d. An indication of referents.

  • 6 The fifth paragraph, points (b), (c) and (d) shall not apply where the amendment concerns a person whose reliability has already been established by a supervisor for the application of the law.

  • 7 The first to fifth paragraphs shall not apply to:

    • (a) investment firms which, for the exercise of the holding of a bank, have a licence granted by the Netherlands Bank or for the exercise of the holding of the financial institution, issued by the Netherlands Bank of the European Communities; have a supervisory position; and

    • b. Investment firms which have a licence granted by the Authority for the management of a collective investment undertaking in securities.


Article 96

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  • 2 The first paragraph, with the exception of parts b and d, shall not apply to:

    • (a) investment firms which, for the exercise of the holding of a bank, have a licence granted by the Netherlands Bank or for the exercise of the holding of the financial institution, issued by the Netherlands Bank of the European Communities; have a supervisory position; and

    • b. Investment firms which have a licence granted by the Authority for the management of a collective investment undertaking in securities.


Article 97

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  • 1 An investment firm with a seat in the Netherlands providing investment services from a branch located in another Member State shall report in writing to the Financial Markets Authority and the supervisory authority of the other Member State; At least one month beforehand:

    • a. a change in the financial services it provides from the branch;

    • b. a change in the address in the Member State where documents may be requested;

    • c. a change in the identity of the persons who determine the daily policy of the branch; or

    • d. the intention to discontinue the provision of investment services from the branch.

  • 2 The first paragraph, introductory wording and parts b and c, shall not apply to investment firms which have complied with Article 92 .


Article 98

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An investment firm with a seat in the Netherlands providing investment services through the provision of services to another Member State shall report to the Financial Markets Authority and the supervisory authority of the other Member State. in writing at least one month in advance:

  • a. a change in the financial services provided by the investment firm in the other Member State; and

  • b. the intention to discontinue the provision of investment services by means of the provision of services to the other Member State.


Article 99

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  • 1 An investment firm with a seat in the Netherlands providing investment services from a branch situated in a State which is not a Member State shall notify the Authority of Financial Markets at least one month in writing to the Financial Markets Authority:

    • a. a change in the address of the branch;

    • b. a change in the identity of the persons who determine the daily policy of the branch; or

    • c. the intention to discontinue the provision of investment services from the branch.

  • 2 An investment firm with a seat in the Netherlands providing investment services from a branch situated in a State which is not a Member State shall notify the Authority in writing to the Financial Markets Authority of its intention to amend the following:

    • a. Financial services it provides from the branch; or

    • b. the measures aimed at promoting and maintaining an integrity of business.

  • 3 The investment firm shall not implement the intention referred to in paragraph 2 before the Financial Markets Authority has agreed to the amendment. The Financial Markets Authority shall take a decision on consent within two months of receipt of the notification and shall agree to the amendment unless the management or financial position of the investment firm is in accordance with the intended purpose of the proposed change in the financial market. The change is not adequate.

  • 4 As soon as the investment firm implements the plan referred to in paragraph 1 (c), it shall immediately notify the Authority of Financial Markets.

  • 5 The notification referred to in paragraphs 1 and 2 shall be accompanied by a translation of the relevant information, provided that the Authority requires Financial Markets to do so.


§ 9.1.3. Collective authorisation holders

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Article 100

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A legal person as defined in Article 2:105, first paragraph, of the Act Report to the Financial Markets Authority in writing within 2 weeks a change in:

  • a. The name and address of an affiliated undertaking;

  • (b) the legal form of an affiliated undertaking;

  • (c) where a member undertaking is a legal person: its registered office, its registered name and trade name or trade name; or

  • d. if an affiliated company is registered in the Commercial Register: the number of the registration.


§ 9.1.4. Financial service providers

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Article 101

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This paragraph does not apply to:

  • a. Facilitators in insurance with a seat in another Member State;

  • (b) financial service providers which have a licence granted by the Bank of Nederlandsche Bank for the exercise of the holding of a bank or insurer or for the exercise of the holding of a financial institution by the Netherlands Bank have issued a statement of oversight issued;

  • c. financial service providers with a seat in another Member State or a designated State carrying on the holding of a financial institution, a bank or an insurer; and

  • d. reinsurance conciliators with a seat in another Member State.


Article 102

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  • 1 A financial services provider shall report to the Financial Markets Authority a change in the data previously provided to a supervisor by either himself or another financial undertaking for the purpose of assessing the product under the financial market. Law requirements relating to the reliability of:

    • a. Those determining or co-determination of the policies of the financial service provider; or

    • (b) persons who are part of a body responsible for supervising the policies and general practice of the financial services provider.

  • 2 The financial service provider shall report the amendment in writing and without delay after having taken note of it in the course of normal business operations.

  • 3 The first and second paragraphs shall not apply to financial service providers which are also investment firms, the manager of an investment enterprise or the manager of a UCITS.


Article 103

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  • 1 A financial service provider shall report to the Authority Financial Markets in writing the intention to appoint:

    • a. A person who determines or co-decides the policy of the financial service provider; or

    • b. a person who is part of a body responsible for supervising the policies and general practice of the financial services provider.

  • 2 A financial service provider shall not implement the intention referred to in the first paragraph before the Authority has established Financial Markets that the reliability of the person concerned is beyond doubt and that person is fit. The Financial Market Authority shall decide on the reliability and suitability of the financial markets:

    • a. Within six weeks of receipt of the notification; or

    • (b) if, within two weeks of receipt of the notification, the Authority has requested the financial service provider or a third party to submit further information within four weeks of receipt of such information, but no later than 13 weeks after the date of receipt of such information. receipt of the notification.

  • 3 If the Authority requests a third party to submit further information as referred to in paragraph 2 (b), it shall communicate it to the financial services provider.

  • 4 In reporting to the person concerned, the financial service provider shall provide the following information:

    • a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number, curriculum vitae, list of relevant valid diplomas and function;

    • b. A copy of a valid identity document;

    • c. data relating to the antecedents specified in Article 13 ; and

    • d. An indication of referents.

  • 5 The fourth paragraph, points (b), (c) and (d) shall not apply where the proposed appointment concerns a person whose reliability has already been established for the purposes of the Act.


Article 104

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A financial service provider shall report to the Financial Markets Authority in writing within two weeks of a change in:

  • a. Its name and address;

  • b. its legal form;

  • c. if he is a legal person: its registered office, statutory name and trade name or trade name;

  • (d) if he is entered on the commercial register: the number of the tender;

  • e. the financial services he provides or the financial products to which those services relate;

  • f. if he is a mediator in insurance: the natural persons who determine his policies; or

  • g. if he is an agent or agent with an agent: the insurer for whom its power of attorney applies or the natural persons who determine his policy.


§ 9.1.5. Insurers

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Article 105

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A non-life insurer with a seat in the Netherlands which carries out motor vehicle liability or a non-life insurer with a seat in a State which is not a Member State which carries out the motor vehicle liability of motor vehicles from one in the Netherlands located branch, shall report a change in the name or address of a claims representative appointed by him in another Member State, as referred to in Article 4:70, 2nd paragraph, of the Act in writing, within two weeks, to the Financial Markets Authority.


Article 106

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A non-life insurer with a registered office outside the Netherlands which carries out the liability of motor vehicles through the provision of services to the Netherlands shall report an amendment to the instrument of appointment of the injury dealer referred to in the Annex. Article 4:71, third paragraph, of the Act in writing, within two weeks, to the Financial Markets Authority.


Section 9.2. Reporting Obligation

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Article 107

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  • 1 The statutory auditor as referred to in Article 4:27, second paragraph, of the Act data to be provided pursuant to Article 4:27 (4) of the Act are:

    • (a) the audit report to the directors and the supervisory board;

    • b. Board letters; and

    • c. correspondence between the auditor and the financial undertaking which directly relates to the statement of the loyalty of the financial undertaking's financial statements.

  • 2 The boarders referred to in paragraph 1 (b) relating to a UCITS and an administrator of a UCITS shall, in any event, contain a statement from the auditor or, if so, to what extent it has the establishment of the management of the UCITS. rated.


Article 108

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  • 1 An accountant who intends to provide data as intended Article 107 the financial undertaking shall be informed accordingly.

  • 2 If the financial undertaking wishes to do so, it may itself provide the information to the Financial Markets Authority. In that case, it shall inform the auditor thereof. The auditor shall ensure that the Authority has received the information and that the content of the data does not give it any reason to submit data to the Financial Markets Authority.

  • 3 If the auditor provides written information to the Financial Markets Authority, he shall without delay forward to the financial undertaking a copy of the data and, if applicable, of the accompanying letter.


Section 9.3. Reconciliation Requirement Central Counterparty

Compare Versions Save Relationships (...) (External Link) Permanent Link Provision for the execution of Article 4:27a, 2nd paragraph, of the Act

Article 108a

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  • 1 With respect to the intended purpose of Article 4:27a, first paragraph, of the Act the central counterparty shall transfer:

    • a description of the proposed amendment referred to in the first paragraph;

    • (b) data on the basis of which the Authority can reasonably assess Financial Markets or fulfil the requirements of Articles 36 to 39 of the Regulation referred to in the first paragraph.

  • 2 The central counterparty shall not implement the plan before the Authority has agreed to the amendment. The Financial Market Authority shall take a decision on consent:

    • a. Within six weeks of receipt of the notification; or

    • b. if the Authority has requested further information within a period of two weeks from receipt of the notification, within four weeks of receipt of such information, but no later than 13 weeks from the receipt of the notification.

Chapter 10. Additional rules on offer

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Section 10.1. Investment Objects

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Article 109

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In this section and the provisions based thereon, by derogation from Article 1 , 'affiliated party' means:

  • a. Person who is connected with a provider of investment objects in a formal or actual control structure;

  • b. person who can exercise, directly or indirectly, the right to vote or otherwise exercise certain rights in a provider of investment objects that can influence the influence of meaning on their business or financial policy;

  • c. natural person who is in a family-related relationship or has a personal relationship with a driver of a provider of investment objects or with a natural person as referred to in subparagraph (a) or (b) on the basis of which relationship it may affect the action of the driver or natural person in relation to the provider of investment objects; or

  • d. legal person in which a driver of an investment object provider or a natural person as referred to in part c may exercise, directly or indirectly, the right to vote or otherwise exercise certain rights affecting the existence of an influence on the market of significance in the business or financial policy of that legal person.


Article 110

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  • 1 In the investment object prospectus referred to in Article 4:30a, 1st member, of the law where applicable, the following information shall be included:

    • a. the name, legal form, date of establishment, seat and place of the provider ' s head office;

    • b. a description of the formal or actual control structure in which the provider is connected with other persons and the parties related to it;

    • c. conditions, as well as how these conditions may be changed and the method of publication of a change to the consumer;

    • d. a description of the key features of the series of investment objects of which the investment object is part, including in any case the nature, duration and risks, which are made more insightful, inter alia, by an investment object risk indicator, as well as the effects of those risks on the return on the consumer,

    • e. a description of the provider's activities in respect of the series of investment objects of which the investment object is part, as far as possible, to be distinguished in:

      • 1 °. operational activities, indicating the place where they take place;

      • 2 °. financing activities, as far as possible, to be distinguished in the conclusion of credit agreements and the decommitment of funds as a creditor; and

      • 3 °. outsourcing activities, indicating the policy on the outsourcing of activities, including at least a description of the work outsourced, the name and location of the seat of the third party to which the work is to be carried out. have been outsourced, and the indication, if any, that the third party is a related party;

    • f. a description of how it is determined whether the revenue is distributed by the supplier to the consumer;

    • g. a description of the warranties to be provided by the offeror to be offered to the consumer;

    • h. a description of the transactions carried out with related parties, including the following:

      • 1. the indication of whether a transaction takes place under market conditions, or, if that is not the case, as the reason for it; and

      • 2 °. if a transaction does not take place on a regulated market or other market in financial instruments: the indication of whether an independent valuation is based on the transaction or that the value may be determined by a or more parties involved in the transaction;

    • (i) the annual cost per series of investment objects of which the investment object forms part, and the relevant assumptions underlying them; and

    • j. Annual data per portfolio of investment objects of which the investment object is part, relating to gross value, financing, performance fees, and interest income, including those used in the investment object. valuation principles, based on the assumption that the gross value is based on the free sell-value per series of portfolio investment objects.

  • 2 Article 49 shall apply mutatis mutandis to the provision of the investment object prospectus by the provider of the investment object, as the intermediary.

  • The Financial Market Authority may lay down rules on how the data referred to in the first paragraph are to be included in the investment object prospectus and as regards the method of calculation of the costs, risks and risks of the risk of such a and proceeds, referred to in paragraph 1.


Section 10.1a. Electronic Money [ Expired per 01-01-2012]

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Article 110a [ Expat per 01-01-2012]

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Article 110b [ Expired by 01-01-2012]

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Section 10.2. Credit

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§ 10.2.1. Pre-contractual information on credit

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:33, 2nd to 4th paragraph, of the Act

Article 111

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Article 4:33, 1st member, of the Act shall not apply to:

  • a. mortgage providers;

  • b. Credit providers, in so far as the credit is part of a complex product; and

  • c. Credit providers to the extent that they manage or carry out credit agreements.


Article 112

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  • 2 The information referred to in paragraph 1 shall be based on the preference and information provided by the consumer.

  • 3 Information in addition to the information referred to in the first paragraph shall be provided in a separate document.

  • 4 If the contract has been established at the request of the consumer using a remote communication technique which does not inform the information referred to in paragraph 1 in the manner prescribed in that paragraph prior to the date of application of the agreement, the agreement may be provided, the provider shall provide the information to the consumer immediately upon completion of the agreement.

  • 5 The provider shall provide the consumer with a free copy of the draft credit agreement upon request, unless at the time of the request the provider does not intend to enter into the agreement with the consumer.

  • 6 With respect to an agreement on credit where payments by the consumer do not lead to a direct corresponding repayment of the total amount of credit, but serve to, during periods and under the conditions specified in the the agreement on credit or an ancillary agreement has been established, capital to be built up, the information to be provided under paragraph 1 shall contain a clear and concise indication that the credit agreement does not provide for a credit agreement on capital and guarantee of the repayment of the total amount of credit provided under the Agreement, unless that guarantee is given.

  • 7 The provider shall provide the consumer with the consumer, in order to enable it to assess whether the proposed agreement on credit meets its needs and financial situation:

    • a. An appropriate explanation of the information referred to in the first paragraph;

    • b. the main features of the proposed credit,

    • c. if applicable, information on the good or service, intended in Annex D, Part 2 , from this Decision and from the insurance or account provided for in Part 3 of that Annex;

    • d. the specific impact of the credit on the consumer, including the consequences if the consumer does not pay.

  • 8 If information as referred to in paragraph 1 cannot be determined prior to the conclusion of the agreement in the manner referred to in that paragraph, it shall be determined by applying the relevant hypothesis, which is to be carried out in accordance with Annex A, Part II .


Article 112a

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  • 1 The information referred to in Article 4:33, 1st paragraph, of the Act in the case of credit in the form of a lawful debit or debit status in respect of which it is agreed that the consumer pay due on request or within a period of one to three months is made, shall be made in writing or at a time of payment; Other durable medium provided.

  • 2 The information shall contain the following information:

    • a. the type of credit;

    • b. the name and address and, if the provider of credit or the intermediary in credit is a legal person, the statutory name and trade name or trade names;

    • c. the total credit amount;

    • d. the duration of the credit agreement;

    • e. the borrowing rate, the terms and conditions governing the application of this interest rate, and indices or reference feet related to the initial borrowing rate;

    • f. the costs to be charged from the conclusion of the agreement on credit, as well as, where appropriate, the conditions under which they may be amended;

    • g. the annual percentage rate of charge, on the basis of representative examples and indicating all the assumptions used for the calculation of that percentage;

    • h. the conditions and the procedure for termination of the agreement on credit;

    • (i) the interest rate in force in case the consumer does not pay in good time, as well as the details of the change and, where appropriate, the costs of non-fulfilment of the obligations;

    • j. the right of the consumer on the basis of Article 4:32 of the Act to be informed without delay and free of charge of the outcome of the consultation of a database for the purpose of assessing its creditworthiness;

    • Information about the costs to be charged, as from the moment of the agreement, and, where applicable, the conditions under which those costs may be changed; and

    • l. to the extent applicable, the period during which the provider of the credit is bound by the pre-contractual information.

  • 3 The information can be provided by using the form, incorporated in Annex E of this Decision. All information is displayed as promininly.

  • 4 The supplier shall provide the consumer with a copy of the draft credit agreement, free of charge, upon request, unless the provider does not intend to enter into the contract with the consumer at the time of the request.

  • 5 If the contract has been established at the request of the consumer using a remote communication technique which does not provide the information referred to in paragraph 1 in the manner prescribed in that paragraph prior to the date of application of the agreement, the agreement may be provided, the provider shall, by way of derogation from the first paragraph, provide the information specified in the contract. Article 7:61 of the Civil Code , immediately after the conclusion of the agreement to the consumer.

  • 6 If information as referred to in paragraph 1 cannot be determined prior to the conclusion of the agreement in the manner referred to in that paragraph, it shall be determined by applying the relevant hypothesis, which is to be carried out in accordance with Annex A, Part II .


Article 112b

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The information referred to in Article 4:33, 1st paragraph, of the Act , with respect to securities credit may be provided by using the form, incorporated in Annex F of this Decision. The information shall contain the information set out in that Annex. All information is displayed as promininly.


Article 112c

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The information referred to in Article 4:33, 1st paragraph, of the Act In the case of credit in the form of a lawful debit state agreed to the payment of the consumer's due payment within a period of one month, it shall contain the following: Article 112a, second paragraph, parts c, e, f and g , the information referred to in relation to the characteristics of the credit.


§ 10.2.2. Obligation to seek information and to provide for a maximum credit fee

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:32, 2nd paragraph , 4:34, third member , and 4:35 of the Act

Article 113

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  • 1 A credit provider shall not enter into an agreement on credit with a consumer whose total amount of credit is more than € 1000 if he does not have sufficient written or other durable medium information on the financial position of the consumer in order to be able to assess whether the contract is justified in order to avoid any overmaking.

  • 2 The first paragraph shall not apply to providers of credit insofar as they offer credit against collateral of transferable securities referred to in subparagraph (a) or part (b) of the definition of security Article 1: 1 of the Act , which shall provide for the repayment of the credit to a consumer who is already at the moment of the agreement on credit of the securities to be paused as referred to in subparagraph (a) or (b) of the definition of effect in Article 1: 1 of the Act , from which credit the total amount of credit during the term of the credit agreement does not exceed 70 percent of the value of the securities to be securities, if they affect securities as referred to in part a of the definition of effect in Article 1: 1 of the Act , or not higher than 80 percent of the value of the securities to be securities, if they concern securities as referred to in subparagraph (b) of the definition of effect in Article 1: 1 of the Act , and:

    • 1 °. those securities referred to in subparagraph (a) or (b) of the definition of effect in Article 1: 1 of the Act , are admitted to trading on a regulated market; or

    • 2 °. the value of those securities referred to in subparagraph (a) or (b) of the definition of effect in Article 1: 1 of the Act , by means of a public price indication for each of them.

  • 3 The first paragraph shall not apply to credit service providers to the extent that they offer credit in the form of a lawful debit position that must be redeemed within three months and which is not higher than the amount which is monthly on the credit card. to be paid into account.


Article 114

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Before entering into an agreement on credit with a consumer whose total credit amount exceeds € 250, a credit provider consults the data registered under the credit registration system to which it participates. on loans already granted to the consumer.


Article 115

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  • 1 In order to prevent the transfer of credit, a provider of credit shall lay down the criteria for the assessment of a consumer credit application and shall apply those criteria in the assessment of a credit application.

  • 2 The first paragraph shall not apply to credit service providers to the extent that they offer credit in the form of a lawful debit position which must be redeemed within three months and which is not higher than the amount which is monthly on the credit card. to be paid into account.

  • 3 By ministerial arrangement, the income criteria are fixed and the maximum level of mortgage credit in relation to the value of the property.

  • 4 In addition to the first paragraph, a mortgage credit provider shall apply the income criteria laid down by ministerial arrangement in the assessment of a request for a mortgage credit.

  • 5 A mortgage credit provider shall take into account, in the assessment of the credit application, the maximum mortgage credit laid down in the ministerial arrangement in relation to the value of the property.

  • 6 The value of the property is:

    • 1 °. the amount of purchase of the property as evidenced by a purchase contract, signed by the consumer and the seller, an instrument of delivery or an auction deed where the property is purchased at auction;

    • 2 °. the purchase price or probability of the expenditure in accordance with the budget of a construction company, plus the cost of the construction, including the cost of construction, including the cost of multiemployment, construction interest and interest rates during the construction period; and the connection to utilities; or

    • 3 °. the market value of the property according to a valuation made by an expert valuer, which at the moment of the mortgage credit is not older than one year, after conversion, where appropriate.

  • 7 By way of derogation from the sixth paragraph, at 3 °, the value of the dwelling as last determined on the basis of the following may also be assumed. Property Valuation Act , if there is an application for a mortgage credit in respect of a property that is already wholly or partially owned by the consumer or with respect to a dwelling wholly or partly by the consumer by inheritance. shall be obtained.


Article 115a

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A credit provider does not charge a higher credit fee than under the Loan Fee Decision Maximum credit fee.


Section 10.3. Units in an investment enterprise or a UCITS

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§ 10.3.1. Rules for managers of investment institutions and investment vehicles

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:37c, 9th paragraph , 4:37th, third member , 4:37k, 6th member , 4:37l, 4th member , 4:37m, second member , 4:37n , 4:37o, 6th Member , 4:37t, 1st member, of the law

Article 115b

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The information referred to in Article 4:37c, 6th paragraph, of the Act , which should be provided prior to the provision of units to the Financial Markets Authority, complies with the standards adopted pursuant to Article 31 of the Alternative Investment Fund Managers Directive.


Article 115c

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  • 1 A Dutch manager of an investment enterprise shall have procedures and measures to ensure that the rules governing the management of alternative investment vehicles pursuant to Article 14 of the Directive are complied with. prevent and deal with conflicts of interest.

  • 2 Where services are provided to an administrator of an investment enterprise by a prime broker, the administrator shall comply with the rules of alternative investment fund managers referred to in Article 14 (3) of the Directive.


Article 115d [ Exfell by 15 -03-2016]

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Article 115e [ Expired by 15 -03-2016]

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Article 115f [ Expired by 15 -03-2016]

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Article 115g [ Exfell by 15 -03-2016]

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Article 115h [ Expired by 15 -03-2016]

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Article 115i

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The valuation of the assets and the calculation of the net asset value per unit of interest of a Dutch manager of an investment enterprise complies with the provisions of Article 19 of the Management Committee of Alternative investment vehicles requirements.


Article 115j

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The prospectus referred to in Article 4:37l, 1st member, of the law , at least the information referred to in the first sentence of Article 23 and the first sentence of Article 23 of the Directive shall contain alternative investment fund managers.


Article 115k

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  • 1 The information referred to in Article 4:37m, 1st paragraph, of the Act shall include at least the information referred to in the second sentence of Article 23 (2), second sentence, fourth and fifth paragraph, of the Directive managers of alternative investment vehicles.

  • 2 The manager of an investment enterprise shall, in the provision of the information referred to in paragraph 1 the sixth paragraph of Article 23 of the Management Committee of Alternative Investment Institutions by the European Commission, rules in eight.


Article 115l

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  • 1 The manager of an investment enterprise shall provide the information referred to in Article 24, first, second and fourth paragraphs, of the managing alternative investment fund managers, to the extent that they apply to them. In addition, the manager of an investment enterprise shall, to the extent that the Authority requests Financial Markets, provide all the information referred to in Article 24, third and fifth paragraph, of the Alternative Investment Fund Managers Directive. Such information shall comply with the requirements laid down by the European Commission pursuant to Article 24 (6) of this Directive.

  • 2 By way of derogation from the first sentence of the first sentence, the data referred to in that sentence which have already been submitted to the Netherlands Bank shall not be provided to the Financial Markets Authority, unless the Authority requests Financial Markets.


Article 115m

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  • 1 The management report referred to in Article 4:37o, 1st and 2nd member, of the Act The information referred to in Article 22 (2) of the Directive shall contain at least the information referred to in Article 22 (2) of the Directive on Alternative Investment Institutions and the information set out in Article 29 (2) of this Directive.

  • 2 The management report complies with the requirements of Article 22 (4) of the Management Committee of Alternative Investment Institutions.


Article 115n

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The notification, referred to in Article 4:37t, first paragraph, of the Act , at least the data referred to in Article 27 (3) of the Directive shall contain alternative investment fund managers.


Article 115o

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The administrative report referred to in Article 4:37u, first paragraph, part a, of the law , the data referred to in Article 29 (2) of the Directive shall contain alternative investment fund managers.


§ 10.3.1.1. Additional rules for managers of investment institutions on the provision of units of interest to non-professional investors

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:37p of the Act

Article 115p

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This paragraph applies to the extent that an investment body operator offers units of interest to non-professional investors in the Netherlands.


Article 115q

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  • 1 An administrator shall conduct an adequate policy that ensures the integrity of his business. The following definitions shall apply:

    • a. Conflict of interest shall be countable;

    • b. to counteract that the administrator or her employees commit criminal offences or other legal offences that may harm the trust in the administrator or in the financial markets;

    • c. is opposed to any risk of confidence in the administrator or in the financial markets because of its clients; and

    • d. to prevent other acts from being carried out by the administrator or its employees, who are acting in such a way as to contradict what it considers to be the unwritten right of social movement, that this gives rise to confidence in the An administrator or a serious injury to the financial markets.


Article 115r

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  • 1 Employees of an administrator and other persons entrusted by the relevant administrator to manage investment institutions shall have the necessary skills and expertise to perform the entrusted responsibility. exercise.

  • 2 For the application of paragraph 1, account shall be taken of the nature, extent and risks of the administrator and of his activities.


Article 115s

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  • 1 The management of an administrator shall include at least procedures and measures which ensure that:

    • a. A function separation exists between the provision of legal acts with regard to the ability of the investment enterprise and the control and administration of these operations;

    • (b) the calculation of the net asset value of the investment enterprise shall be consistent with the financial administration;

    • c. is a systematic, accessible and up-to-date administration of investment enterprise participants, as far as possible, in which, where applicable, the arrangements made with the participants are made incomprehensible.

  • 2 The measures and procedures referred to in the first paragraph, introductory wording and part b shall in any event provide for the sub-administrations used for the net asset valuation to be connected at least once a month to the balance sheet and that the resulting differences are analysed and corrected.

  • 3 An administrator shall set up a business operation as referred to in the first member for any investment enterprise it manages separately.


Article 115t

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  • 1 An administrator shall ensure adequate treatment of complaints from non-professional investors about its financial services or financial products. To:

    • a. The administrator has an internal complaints procedure, aimed at an early and careful handling of complaints; and

    • b. is the manager affiliated to a litigation body approved by Our Minister who deals with disputes relating to its financial services or financial products unless there is no such dispute body.


Article 115u

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An administrator shall treat participants equally in similar circumstances.


Article 115v

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  • 1 An administrator has a website.

  • 3 Whenever an investment enterprise offers, sells, purchases or repayments units of units, the administrator shall publish the net asset value of the units without delay on its website, indicating the moment where the determination of the net asset value took place.


Article 115w

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  • 1 An administrator shall have available on his website the terms and conditions applicable between a investment institution that he manages and the participants.


Article 115x

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  • 1 Without prejudice Article 115j the prospectus shall also include:

    • a. the data, mentioned in Annex I , with the exception of parts 1.3, 1.5, 1.6, 1.7, 1.8, 1.10, 3.1, 3.2, 3.3, 3.5, 4.7, 5.1, 5.3, 5.12, 5.15 -5.18, 5.20, 7.1, 7.4 and 11.1.

    • b. the data mentioned in Annex I , sections 3.2, 4.7 and 5.12, except that publication is only on the administrator's website.

    • c. the data necessary for investors to form an opinion on the investment institution and its associated costs and risks;

    • d. A statement from the administrator that he himself, the investment institution and the depositary, if any, comply with the aid Law rules and that the prospectus complies with the rules laid down in or pursuant to the law;

    • e. an auditor ' s notice, quoting his name and office address, that the prospectus is the following Law prescribed information.

  • 2 The Financial Markets Authority may require the prospectus to be referred to in the Article 4:37l of the Act An administrator shall be made available in one or more languages to be determined by it if, having regard to the intended distribution of the prospectus, it is necessary to provide adequate information to the public.

  • This Article shall not apply in respect of investment vehicles whose units of interest are negotiable and not repurchased or redeemed directly or indirectly, at the request of the participants, from the assets.


Article 115y

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  • 3 The administrator shall publish the annual accounts, the administrative report and the other data referred to in paragraph 1 within six months of the end of the financial year by publication on the website of the administrator.

  • 4 The administrator shall make a financial statement and an administrative report of the investment institutions it manages, within six months of the end of the financial year, as referred to in Article 4 (1). Article 4:37o, 1st paragraph, of the Act , publicly available by publication on its website.

  • 5 The management report of an investment enterprise, intended to Article 4:37o, of the Act , contains a statement from the administrator that he has for the investment institution a description of the organisation of operations that complies with the requirements of the Articles 3:17, 2nd paragraph (c) , and 4:14, 1st member, of the law , and that the business conduct of the investment enterprise functions effectively and in accordance with the description.

  • 6 The administrator shall provide the annual half-year figures and the half-year figures of the investment institutions which it manages to the Financial Markets Authority within nine weeks of the end of the first half of the accounting year.

  • 7 The administrator shall publish the half-year figures provided for in paragraph 5 by publication on the administrator's website within nine weeks of the end of the first half of the accounting year.

  • 8 The administrator shall keep the information referred to in the third, fourth and seventh Member States available on its website for at least three years.

  • 10 The first to the ninth paragraph shall not apply to managers managing investment vehicles whose units of interest are admitted to trading on a regulated market situated or functioning in the Netherlands, and not are, at the request of the unit-holders, purchased or redeemed, directly or indirectly, from the assets.

  • 11 Without prejudice to the provisions of Title 9 of Book 2 of the Civil Code the Authority may grant an exemption from the first to the ninth member on request, whether in whole or in part, whether or not for some time, if the applicant demonstrates that it cannot reasonably be satisfied and that it is not possible to do so by the Member State in question. otherwise achieve the purposes for which this Article is intended to achieve.


Article 115z

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Where the name of an administrator or an investment institution which it manages is liable to cause confusion or misdirection, the Authority may require Financial Markets to ensure that the manager is responsible for the maintenance of the risk of a change in the name of the manager. Investment enterprise:

  • a. Change the name; or

  • b. adds an explanatory statement to the name.


Article 115aa

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If an administrator suspends the repurchase or redemption of units in an investment institution that it manages, it shall immediately inform the Financial Markets Authority accordingly.


Article 115bb

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  • 1 An administrator shall propose to each investment firm, with units which are not negotiable or which are, at the request of the unit-holders, purchased or redeemed, directly or indirectly, of which he or she shall be entitled to participation shall be presented with a document containing the key investor information.

  • 2 An administrator shall keep an updated version of the essential investment information available on its website.

  • 3 An administrator or the person providing investment services referred to in Article 1 (a), (b) or (d) of the Act, with regard to units in an investment position, provided for a period of time prior to a registration of the rights of participation in an investment enterprise, free of charge, the key investor information to the client. Key investor information shall be provided in writing, on a durable medium or through a website. Upon request, key investor information shall be provided to the client free of charge in writing.

  • 4 The key investor information is provided in the Dutch language. The information may be provided in a different language if the use of the relevant language has been approved by the Financial Markets Authority.

  • 6 Article 66a shall apply mutatis mutandis, except that the Regulation referred to in Article 66a, fifth paragraph, shall apply mutatis mutandis to the extent that the nature of the investment undertaking is not opposed to it.


Article 115cc

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An administrator approaches individuals who are not a professional investor, or who are not a participant in the investment enterprise, directly or indirectly in person, other than through a remote communication technique as intended. Article 81 Unless:

  • (a) the person concerned has expressly agreed in writing or by electronic means in advance; or

  • b. The person concerned shall be offered information material in contact with the person concerned.


Article 115dd

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By or on behalf of an investment enterprise, no transactions shall be carried out for its account at such a frequency or size that, given the circumstances, it is clearly intended only to benefit the operator, the investment institution, or with the manager, or depositary parties.


§ 10.3.2. Rules applicable to managers of UCITS and UCITS

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:47, 2nd paragraph , 4:48, second member , 4:49, second paragraph, introductory sentence and part e , 4:51, fifth member and 4:52, third member , 4:59a, third member , 4:59th, second member , 4:60, 1st Member and 4:61 of the law

Article 116 [ Expaed by 15 -03-2016]

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Article 116a [ Exposition by 15 -03-2016]

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Article 116b

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The advertisement and communication on the website of the manager of a UCITS intended to be used Article 4:47, 1st paragraph, of the Act , at least:

  • a. A description of the proposed change of condition;

  • b. a description of the impact on the rights and obligations of the participants of the proposed change of condition;

  • c. where applicable: the manner and date on which participants can exercise participation in the proposed change of condition;

  • d. the date on which the proposed change of condition will enter into force;

  • e. an indication of the fact that an amendment to the proposed change without modification will not be disclosed separately, but will be available on the website as part of the amended terms and conditions as well as the date on which the change to the proposed change is amended terms and conditions on the website will be available;

  • f. where applicable: the applicability of Article 4:47, fourth paragraph, of the Act as well as the date on which the time limit referred to in that paragraph begins and ends.


Article 117

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The registration document provided for in Article 4:48, first paragraph, of the Act , at least the data mentioned in: Annex H .


Article 118

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  • 2 In the prospectus, separate sections contain the information on:

    • a. the costs of the UCITS and the manner in which they are charged to the result of the UCITS shall be deducted from the assets managed or otherwise directly or indirectly charged to the participants in the UCITS; and

    • b. The risks associated with the UCITS.

  • 3 The Financial Markets Authority may lay down detailed rules regarding the manner in which the data referred to in Annex I , shall be included in the prospectus.


Article 119

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An administrator of a UCITS or a UCITS shall provide the financial statements, the administrative report and the other data referred to in Article 2 (1) of this Regulation. Article 4:51, 1st paragraph, of the Act , in terms of classification and content, without prejudice to the Articles 121 to 124 and 146 , in the form in which they are drawn up pursuant to Title 9 of Book 2 of the Civil Code or the International Accounting Standards.


Article 120

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  • 1 An administrator of a UCITS shall draw up the revenue and expenditure account, the administrative report and the other data referred to in Article 4:52, 1st paragraph, of the Act and the half-year figures provided for in Article 4:52, second paragraph, available free of charge for unit-holders.

  • 2 The disclosure of the annual accounts, management report and other data, Article 4:52, 1st paragraph, of the Act , it shall be published on the UCITS website of the UCITS website. At the same time as the publication on the website, the administrator shares in a nationally distributed Dutch daily newspaper or at the address of each participant, that, on request of the administrator, a copy of the financial statements, the the management report and the other data of the manager, UCITS or the depositary of a UCITS are available free of charge for the participants in the UCITS.

  • 4 The administrator of a UCITS shall keep the information referred to in the second and third paragraphs available on its website for a period of at least three years.


Article 121

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  • 2 The management report of a UCITS shall contain at least the information on remuneration referred to in Article 69 (3) of the Directive for collective investment undertakings in transferable securities.


Article 122

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  • 1 The statement on the balance sheet and the profit and loss account of a UCITS shall contain at least the following information:

    • a closing summary of the conduct during the accounting year of investments in which the investments are distinguished by type;

    • a summary of the composition of the assets at the end of the accounting year;

    • c. a comparative overview over the last three years of the UCITS ' net asset value, the number of shares outstanding and the net asset value per unit of interest, at the end of the financial year;

    • d. a notice to what extent assets that are not financial instruments admitted to trading on a regulated market or another market in financial instruments have been valued by an independent expert, according to which the valuation has taken place, as well as the regularity with which this valuation takes place;

    • (e) the amount of the obligations, as distinct from species at the end of the financial year, arising from the borrowing and exchange rate risk related transactions, to the extent that such liabilities are not already in the context of the is understood to be a balance sheet and profit and loss account;

    • f. a specified statement of the assets of the UCITS which are participations in the meaning of Article 389, 1st paragraph, of Book 2 of the Civil Code ; and

    • g. if the UCITS invests 85% or more of the assets managed directly or indirectly in another investment enterprise or UCITS: the data referred to in points (a), (b), (c), (d) and (e) in respect of the other investment enterprise or UCITS.


Article 123

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  • 1 The statement on the balance sheet and the profit and loss account of a UCITS shall contain the following information:

    • (a) where applicable, the costs of formation of the UCITS, the manner in which those costs have been borne by the result, have been deducted from the assets managed or otherwise dependant on the unit-holders of the UCITS; and the part which has benefited the servicer of a UCITS, the depositary of a UCITS, the managers of the manager of a UCITS, a company for collective investment in transferable securities or depositary of a UCITS, or of the manager of a UCITS. a. UCITS, a company for collective investment in transferable securities or depositary of a UCITS;

    • (b) the types of different costs involved in the management of the UCITS, the retention of assets of the UCITS, the auditor, the supervision of the UCITS and the marketing, including the basis for calculating the calculation and the manner in which those costs are borne come from the result, have been deducted from the assets managed or otherwise dependant on the unit-holders of the UCITS;

    • c. the transaction costs that can be identified and quantified, and the manner in which those costs have been charged to the result, have been deducted from the assets managed or otherwise dependant on the participants in the UCITS;

    • d. where applicable, the costs incurred or allowances requested in connection with the borrowing and lending of financial instruments and the manner in which those costs have been charged to the result, have been deducted from the costs the assets managed or otherwise depended on the participants in the UCITS to whom those fees have benefited, respectively;

    • (e) Where applicable, the costs for the outsourcing of operations in the context of the management of the UCITS or the preservation of the assets of the UCITS and the manner in which those costs have been charged to the result, have been deducted have been charged to the unit-holders of the UCITS or otherwise dependant on the assets under management;

    • f. the total amount of allowances paid for the application of participants if this amount exceeds one tenth per cent of the average managed assets of the UCITS, the manner in which that amount has been charged to the result, has been deducted from the assets managed or otherwise dependant of the participants in the UCITS and, where applicable, the names of the company for collective investment in transferable securities, the manager of a UCITS or the depositary parties affiliated to a UCITS to whom such commissions have benefited from the purchase fees;

    • g. All other costs other than those referred to in subparagraphs (a) to (f) above that are higher than 10% of the total cost, including the basis for calculation, and the manner in which those costs have been charged to the result, to have been deducted from the assets managed or otherwise dependant on the unit-holders of the UCITS;

    • h. the calculation of the results of the set-off, to whom the benefits have benefited, and, where applicable, the way in which they are processed in the annual accounts;

    • i. the other one-off costs paid by participants in the UCITS when entering and leaving the UCITS, including the calculation basis;

    • j. a comparative overview of the species to be distinguished according to the prospectus, as referred to in Article 4:49, first paragraph, of the Act , costs to be incurred and the costs actually incurred;

    • k. the types of different costs arising as a result of direct or indirect investments in other investment vehicles or UCITS or UCITS;

    • (l) the level of the costs of the UCITS related to its average net asset value, indicating the costs excluded; where the UCITS average, directly or indirectly, 10% or more of its assets, where other investment undertakings or UCITS invests, the costs of the other investment undertakings or UCITS or UCITS shall be taken into account in determining the level of the costs of the UCITS or shall be stated as and why it is not possible to to take charge of another investment enterprise or UCITS, and that the costs of the be impacting on the outcome of the UCITS with regard to other investment undertakings or UCITS;

    • (m) where the UCITS invests 85% or more of the assets managed directly or indirectly in another investment enterprise or UCITS: the level of the costs of the other investment enterprise or UCITS related to the average net asset value of the UCITS the other investment unit or a UCITS, indicating the costs which have been disregarded in the context of such investment;

    • (n) where applicable, the return commissions which have not benefited the UCITS and to whom those return commissions have benefited;

    • o. where applicable: the UCITS, the managers of a UCITS, the managers of the investment company, the manager of a UCITS or the values of the UCITS, the depositary of the UCITS, the UCITS manager, a collective undertaking for collective investment in the UCITS, and the management of UCITS, the UCITS, the UCITS, the UCITS, the UCITS, the UCITS, the UCITS, any investment in securities or depositary of the UCITS or any third party in respect of the performance of contracts to be received or expected to be made for the UCITS; and

    • p. the conversion rate of the investments and a comparison with the conversion rate of investments achieved in the previous financial year.

  • 2 The first paragraph, part p, does not apply to UCITS that invest exclusively or virtually exclusively in immovable property.

  • The Financial Market Authority shall lay down rules governing the manner in which an understanding is provided at the level of the costs of the UCITS referred to in the first paragraph, parts l and m, and the calculation and manner of the calculation. of calculation of the conversion rate of the assets referred to in the first paragraph, part p.

  • 4 The statement on the balance sheet and the profit and loss account of an administrator shall contain at least the following information:

    • a. Where applicable, the return fees received by the manager of a UCITS or its directors;

    • (b) where appropriate, the receipt, or receipt, of investment vehicles or UCITS managed by the manager of a UCITS or of its directors for the purposes of the manager of a UCITS or the investment undertakings or UCITS managed by the manager of a UCITS Prospect of goods; and

    • (c) the fees received in connection with the borrowing and lending of financial instruments of the investment vehicles or UCITS managed by the manager of a UCITS.

  • 5 The data referred to in paragraphs 1 and 4 shall be set out in numerical and textual terms.

  • 6 In the notes on the balance sheet and the profit and loss account of the servicer of a UCITS and the UCITS, the information referred to in the fourth or the first paragraph shall be entered in a single paragraph.


Article 124

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  • 1 A UCITS shall indicate in the notes on the balance sheet and in the profit and loss account:

    • a. Where applicable, agreements entered into with the parties to the collective investment undertaking, the manager of a UCITS or the depositary of a UCITS, and a description of the main lines of those contracts; matches;

    • b. which percentage of the total transaction amount of the investment enterprise has been carried out through the parties associated with the collective investment undertaking, the manager of a UCITS or the depositary of a UCITS;

    • (c) where applicable: a list of the types of transactions carried out through the parties to the undertaking for collective investment in transferable securities, the manager of a UCITS or the depositary of a UCITS and the conditions under which they are those transactions are taking place. If a transaction with a related party has not taken place on market terms, the name of the related party, the price, the relevant conditions, the value valued and the reason for non-conformity shall also be considered. indicate;

    • Where applicable, the total amount of transactions involving transactions with the collective investment undertaking in transferable securities, the manager of a UCITS or the depositary of a UCITS affiliated to a UCITS which is not on a regulated market or a any other market in financial instruments shall be carried out;

    • e. where applicable: that the UCITS invests, directly or indirectly, in another undertaking for collective investment in securities or investment company which is a collective investment undertaking of the UCITS, or a collective investment undertaking in transferable securities; or being a affiliated party or another UCITS or an investment enterprise managed by a collective investment undertaking of the UCITS, a company for collective investment in transferable securities, or a depositary of the UCITS and under which the other sale or purchase of, and reimbursement of, units of interest in the other a. UCITS or an investment enterprise;

    • (f) where applicable: investments in the company for collective investment in transferable securities, servicer of a UCITS or a depositary of a UCITS, other than investment vehicles or UCITS, representing more than 10% of the assets a statement of the relationship with the related parties and the country of establishment of the related parties, if this is not the Netherlands, of the assets of the affiliated lot or the assets of the UCITS that are linked to it;

    • (g) if the manager of a UCITS or a depositary of a UCITS has subcontracted the retention of the assets of the UCITS in the context of the management of the UCITS: the name of the person to whom work has been outsourced and a description of the work that has been spent;

    • h. where financial instruments are lent or lent:

      • 1 °. the value of the financial instruments borrowed and lent; this information shall be disclosed in the notes on the balance sheet item on the balance sheet item financial instruments; and

      • 2 °. the collateral obtained by the UCITS;

    • (i) if the UCITS invests, directly or indirectly, 20% or more of the assets managed in another investment enterprise or UCITS:

      • 1 °. where the most recent financial statements and the most recent management report of the other investment enterprise or UCITS are available;

      • 2 °. or, and, if so, where the other investment enterprise or UCITS is under surveillance;

      • 3 °. the relative importance of the UCITS in the other investment enterprise or UCITS at the beginning and the end of the accounting year of the UCITS;

      • 4 °. the net asset value of the units of the other investment enterprise or UCITS at the end of the most recent financial year of that other investment enterprise or UCITS;

      • 5 °. the composition of the investment portfolio of the other investment enterprise or UCITS at the beginning and the end of the most recent financial year of that other investment enterprise or UCITS;

      • 6 °. a description of the investment income of the other investment enterprise or UCITS in the light of the most recent financial statements of that other investment undertaking or UCITS; and

      • 7 °. where applicable: the arrangements between the UCITS and the other investment enterprise or UCITS on the sharing of costs and to whom the benefit is to benefit; and

    • (j) if the UCITS invests 85% or more of the assets managed directly or indirectly in another investment enterprise or UCITS: the investment policy of the other investment enterprise or UCITS.

  • 2 The Financial Market Authority may lay down rules on the manner in which the information referred to in paragraph 1 is included in the annual accounts.


Article 125

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  • 1 The half-yearly figures of a UCITS shall contain at least the following information:

    • a. the balance sheet and profit and loss account, together with a statement of changes in the company's own funds for collective investment in transferable securities or the assets ' managed assets of the collective investment fund in accordance with, provided that the nature of those documents allows, from the provisions of Title 9 of Book 2 of the Civil Code or International Annual Account Standards;

    • a statement of the composition of the assets of the UCITS;

    • c. an indication of the UCITS ' intrinsic value and the number of units outstanding and the net asset value per unit of interest;

    • (d) where applicable: the indication, in accordance with the provisions of Article 122, second paragraph ; and

    • e. where applicable: a communication that the UCITS has paid or intends to pay an interim dividend.

  • 2 The half-yearly figures of an administrator of a UCITS shall include at least the balance sheet and profit and loss account, together with a statement of changes in equity, subject to compliance with the nature of those documents, of the provisions of the Title 9 of Book 2 of the Civil Code , with the exception of Article 403 , or the International Accounting Standards.

  • 3 If the half-year figures of the servicer of a UCITS or of the UCITS have been examined by an auditor, his declaration shall be attached to the documents which are to be taken Article 4:51, 2nd paragraph, of the Act Financial Markets shall be provided to the Authority.


Article 125a [ Expired by 01-01-2009]

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Article 126 [ Expaed by 15 -03-2016]

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Article 126a

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  • 1 Policy on the prevention of conflicts of interest, referred to in Article 4:59a, 1st member, of the law , is aimed at recognizing, in any case, the following situations where an administrator of a UCITS, a relevant person or a person connected to the administrator by a control tyre:

    • (a) may obtain financial gain or avoid a financial loss at the expense of the UCITS;

    • b. has an interest in the outcome of a service or activity performed for the benefit of the UCITS or of a client, or of a transaction executed on behalf of the UCITS or client, which is different from the UCITS ' interest in this result;

    • c. has a financial or other incentive to have the interest of another client or group of clients above the relevance of the UCITS;

    • (d) carries out the same activities for the UCITS and for a client which is not a UCITS; or

    • e. receives a commission from a person other than the client for the benefit of the client, in connection with the management of UCITS, which is different from the usual commission for this service, or receives a commission of such fees.

  • 2 The administrator shall take into account the types of conflicts of interest, taking into account:

    • a. its own interest, including the interests arising from the fact that it is part of a group or from the provision of services and activities, the interests of clients and the obligations of the administrator in relation to the UCITS; and

    • (b) the interests of the UCITS it manages.


Article 126b

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  • 1 An administrator of a UCITS shall lay down the policy referred to in Article 4:59a, 1st member, of the law I am sure that it will be possible to implement and maintain this policy. The policy is tailored to the nature, scale and complexity of its business.

  • 2 If the administrator is part of a group, the policy also relates to conflicts of interest that may arise as a result of the structure and business activities of other companies that are part of the group.

  • 3 The policy shall define, with reference to the activities relating to the management of UCITS carried out by, or in the name of, the manager, the circumstances constituting or being able to create a conflict of interest arising from a substantial risk entails an injury to the interests of the UCITS or of one or more clients, and the procedures to be followed and measures to be taken for dealing with such a conflict.


Article 126c

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  • 1 An administrator of a UCITS shall have an adequate and effective strategy and policies which demonstrate when and in what way the voting rights attached to financial instruments in which the UCITS invests will be used. exercise of the exclusive benefit of the UCITS concerned.

  • 2 The strategy includes measures and procedures for:

    • a. Monitoring of relevant events within the undertaking;

    • (b) ensuring that the exercise of voting rights is carried out in accordance with the investment objectives and the investment policy of the UCITS concerned; and

    • (c) the prevention or control of any conflicts of interest arising from the exercise of voting rights.

  • 3 The administrator shall make a summary of the strategy available to the participants of the UCITS it manages.

  • 4 The administrator shall provide information, free of charge, upon request, on details of the measures taken on the basis of the strategy to the participants of the UCITS it manages.


Article 126d

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  • 1 An administrator of a UCITS carrying out a contract of a participant to subscribe or refund of units shall notify the participant without delay and at the latest on the first working day following the execution of the contract. on a durable medium.

  • 2 If the administrator receives a confirmation of the execution of the assignment from a third party, the administrator shall inform the participant thereof no later than the first working day following receipt of the third party's confirmation, unless the third party has received a confirmation of the third party. has already been informed immediately.

  • 3 Once an administrator performs periodically for a participant to issue orders for subscription or repayment of units in a UCITS, an administrator may provide the notification, referred to in the first and second paragraph, once every six months.

  • 4 An administrator shall provide the participant, on request, with information about the status of its tender to tender or reimbursement.

  • 5 The notification referred to in paragraphs 1 and 2 shall contain, where applicable, the following information:

    • a. The administrator's identification details:

    • b. The name or other description of the participant;

    • c. the date and time of the tender order or refund and the method of payment;

    • d. the date of implementation;

    • e. the UCITS ' identification data;

    • f. the nature of the contract;

    • g. the number of units to which the contract relates;

    • (h) the unit price at which the units were subscribed or to which they were refunded;

    • i. the reference alutadatum;

    • j. the gross value of the contract including registration cost or the net amount after the deduction of the redemption charges; and

    • k. the total costs that have been charged and, if requested by the participant, a specification thereof.


Article 126th

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  • 1 An administrator of a UCITS carrying out orders from UCITS:

    • a. records orders executed in the name of UCITS immediately and correctly, and immediately and correctly assigns these orders; and

    • b. conducts comparable orders from UCITS in order of receipt and immediately, unless the nature of the order or the prevailing market conditions make it impossible or otherwise should be acted upon in the interests of the UCITS.

  • 2 An administrator of a UCITS responsible for the control or settlement of an executed order shall take all reasonable steps to ensure that all financial instruments or funds used in the execution of the execution of the operation the UCITS shall be credited immediately to the account of the UCITS.

  • 3 An administrator of a UCITS shall not misuse information on current orders of UCITS and shall take all reasonable measures to prevent any misuse of such information by its employees.


Article 126f

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  • 1 An administrator of a UCITS shall not execute an order in the name of a UCITS or a transaction on its own account with any other order of a UCITS or client, unless:

    • a. It is unlikely that the merging of the orders and transactions is detrimental to the UCITS or client concerned; and

    • b. he has established and implemented an order allocation policy that adequately accurately provides for a fair allocation of aggregate orders and transactions and that, among other things, dictating how the volume and price of orders are decisive for the allocations and the treatment of partial executions.

  • 2 If an administrator of a UCITS joins an order with other orders from UCITS or clients and the aggregate order is only partially executed, it shall allocate the corresponding transactions in accordance with its order allocation policy.


Article 126g

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  • 1 An administrator of a UCITS which joins a transaction for its own account with an order from a UCITS or a client shall not assign the transaction in question to a UCITS or client adversely affected by the transaction.

  • 2 If an administrator of a UCITS joins an order of a UCITS or client with a transaction for its own account and the merged order is only partially executed, he shall give the order of the UCITS or client in the allocation of the UCITS. the transaction shall take precedence over its own transaction. It shall be permissible for the administrator of a UCITS to allocate a transaction as referred to in the preceding sentence according to its order implementing policy, as referred to in the preceding sentence. Article 126f, first paragraph, part b , if it can prove that the order of the UCITS or client could not or did not have the same favourable conditions if it had not been merged.


Article 126h

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  • 1 An administrator of a UCITS shall provide or receive, for the management of investments or administration for a UCITS, no remuneration or remuneration, in any form, which is not necessary for the management of investments or administration or making this possible.

  • 2 The first paragraph shall not apply to:

    • a. rewards or fees that are provided by or to the UCITS or the person acting on behalf of the UCITS; and

    • b. rewards or fees provided by, or to a third party, or the person acting on behalf of the third party, if:

      • 1. UCITS shall be informed of the existence, nature and amount or, if the amount cannot be identified, the method of calculation, of the remuneration or of the compensation, in a detailed, accurate and comprehensible manner, before the date of the entry into force of this Regulation, is to be made in full, the nature and the amount or, if the management of investments or administration for the UCITS; and

      • 2. the provision of remuneration or remuneration shall benefit the quality of management of investments or administration for the benefit of the UCITS, and shall not affect the obligation of the administrator to commit to the interests of the UCITS. UCITS.

  • 3 The administrator fulfils the condition referred to in the second paragraph, introductory sentence and part b, below 1 °, if he communicates in summary form the essential requirements of the rewards or allowances schemes and he shall inform the participants informs about the possibility of obtaining further information and provided it at the request of the participant.


Article 126i

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  • 1 An administrator of a UCITS shall pay due diligence in the selection and continuous monitoring of investments.

  • 2 An administrator of a UCITS shall have sufficient knowledge and understanding of the assets in which the UCITS it manages is investing.


Article 126j

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  • 1 An administrator of a UCITS shall ensure that fair, correct and transparent pricing models and valuation systems are used.

  • 2 An administrator of a UCITS must be able to demonstrate that the participations in the UCITS it manages are valued correctly.


Article 127 [ Expaed by 15 -03-2016]

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Article 128

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The statutes or the fund rules of a UCITS as referred to in Article 4:61, 1st paragraph, of the Act specify:

  • the manner in which the provision takes place of the price at the time of offering, selling or buying price, and the amount of redemption of the value of the units; and

  • (b) the nature of the costs to be borne by the result, to be deducted from the assets managed or otherwise dependant on the participants in the investment enterprise.


Article 129

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A UCITS referred to in Article 4:61, 1st paragraph, of the Act which invests in units of other investment vehicles managed by its administrator or managed by an administrator with which its manager is linked in a formal or actual control structure, does not charges in respect of subscription or redemption in respect of units of interest in those other investment vehicles.


Article 130

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The managed assets of a UCITS as referred to in Article 4:61, 1st paragraph, of the Act is invested exclusively in:

  • a. securities and money market instruments admitted to listing or being traded on a regulated market or multilateral trading facility;

  • (b) securities and money market instruments admitted to listing or traded on a system comparable to a regulated market or a multilateral trading facility from a non-Member State, in so far as the statutes or articles of association the UCITS fund rules provide for investment in these financial instruments;

  • (c) securities which are likely to be admitted to listing or marketing within one year of the issue of issue on a regulated market, a multilateral trading facility or a trading facility with a regulated market or a multilateral trading facility similar to a system from a State that is not a Member State in so far as the UCITS ' statutes or fund rules provide for investment in these financial instruments;

  • c. UCITS rights for the provision of which, on the basis of Article 2:65 of the Act a licence has been granted or in UCITS which has been authorised in accordance with the Directive for collective investment undertakings in transferable securities in another Member State, if the UCITS in question does not exceed 10 according to their Statute or Fund Regulations a per cent of their assets invested in units in other investment vehicles;

  • e. The rights of participation in investment vehicles with their registered office in a designated State or in UCITS which are the equivalent of the supervision of supervisory authorities in other Member States to the Directive for collective bodies investment in securities and in respect of which the cooperation between the supervisory authorities and the supervisory authorities is sufficiently ensured, where:

    • 1 °. the units of investment undertakings or UCITS shall be repurchased or redeemed, directly or indirectly, at the request of the unit-holders,

    • 2. the regulatory or statutory purpose of the investment undertakings or UCITS is to invest only in securities, money market instruments, deposits or financial derivative instruments, applying the principle of risk-spreading;

    • 3 ° the rules applicable to investment undertakings or UCITS on the separation of assets, borrowing and selling of securities and money market instruments from an uncovered position shall be equivalent to those applicable to the investment institutions. rules of the Directive for collective investment undertakings in transferable securities; and

    • 4 °. the investment undertakings or UCITS, in accordance with their Statute or Fund Regulations, do not invest more than 10% of their assets in units of units in other investment vehicles or UCITS;

  • f. depositories;

  • g. Financial derivatives which are admitted to listing or traded on a regulated market, a multilateral trading facility or a system comparable to a regulated market or a multilateral trading facility from a State which is not a Member State, in so far as the value depends on the financial instruments and deposits referred to in this Article, financial indices, interest rates, exchange rates or currencies in which the UCITS may, pursuant to its Statute or regulations, invest;

  • Financial derivatives not on a regulated market, a multilateral trading facility, or a system comparable to a regulated market or a multilateral trading facility from a non-member state, if:

    • 1 °. the value depends on the financial instruments and deposits referred to in this Article, financial indices, interest rates, exchange rates or currencies in which UCITS may invest under its statutes or regulations;

    • 2. the counterparty is an institution subject to prudential supervision and is one of the categories recognised by the Financial Markets Authority or a supervisory body in another Member State; and

    • 3 °. they are subject to reliable and verifiable daily valuation and can at all times be sold, to be sold or closed by a compensatory amount at any time at the initiative of the UCITS. transaction; or

  • a. Money market instruments which are not traded on a regulated market, a multilateral trading facility, or a system comparable to a regulated market or a multilateral trading facility from a State that is not a Member State; where the issue or issuer of such instruments is itself regulated for the purpose of protecting investors and savings, and these instruments:

    • 1 °. shall be issued or guaranteed by a central, regional or local authority, the central bank of a Member State, the European Central Bank, the European Union or the European Investment Bank, a State which is not a Member State, a Land of which a federal state or an international public law institution in which one or more Member States participate;

    • 2. to be issued by a company whose securities are traded on a regulated market, a multilateral trading facility, or a system comparable to a regulated market or a multilateral trading facility, from a system of a kind used in a regulated market or a trading facility. is not a Member State;

    • 3 °. shall be issued or guaranteed by an institution which is subject to prudential supervision in a Member State or by an institution subject to prudential supervision which is in any case equivalent to that of the institution Community law applicable prudential supervision; or

    • 4 °. issued by other institutions subject to equivalent investor protection as laid down in this paragraph, introductory wording and below 1 °, 2 ° and 3 °, if the issuer is an undertaking whose capital and the capital is reserves total at least € 10,000,000 and which presents and publishes its annual accounts in accordance with the Directive, or is a legal person within a group to which one or more undertakings of which the shares are admitted to listing on a regulated market, a multilateral trading facility whether a system comparable to a regulated market or a multilateral trading facility from a non-Member State is specifically targeted to the financing of the group, or a legal person is specifically targeted at the financing of securitisation instruments for which a banking system exists.


Article 131

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  • 1 By way of derogation from Article 130 the managed power of a UCITS may:

    • a. A maximum of 10% shall be invested in securities and money market instruments which are not admitted to or traded on a regulated market or other market in financial instruments;

    • (b) if it concerns a company for collective investment in transferable securities, which are invested in cases which are directly necessary for the pursuit of its activity; or

    • c. are held in ancillary liquid assets.

  • 2 By way of derogation from Article 130 The managed assets of a feeder UCITS may not exceed 15%:

    • a. Invested in financial derivative instruments, specified in Article 130, parts g and h , which may be used only for the purpose of covering risk;

    • (b) if it concerns a company for collective investment in transferable securities, which are invested in cases which are directly necessary for the pursuit of its activity; or

    • c. are held in ancillary liquid assets.


Article 132

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The managed assets of a UCITS as referred to in Article 4:61, 1st paragraph, of the Act It shall not be invested in precious metals or in certificates representing those metals.


Article 133

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  • 1 The UCITS referred to in Article 4:61, 1st paragraph, of the Act The Financial Markets Authority shall communicate at least annually the types of financial derivatives included in its assets, the underlying risks, the quantitative limits and the methods chosen for the transactions in these assets. Estimate financial instruments related risks.

  • 2 The Financial Market Authority shall review the accuracy and completeness of the information referred to in the first paragraph.

  • 3 The total risk of a UCITS is calculated on a daily basis.

  • 4 For the purpose of calculating the total risk in financial derivatives of a feeder UCITS, its own direct risk in financial derivative instruments shall be: Article 131, second paragraph, part a , of the feeder UCITS combined with:

    • a. The real risk in financial derivative instruments of the master UCITS in proportion to the investment of the feeder UCITS in the master icbe; or

    • b. The potential total maximum risk in financial derivative instruments that the master UCITS may incur in the form of units in the master UCITS according to its fund rules or instruments of incorporation in proportion to the investment of the feeder UCITS.

  • 5 The total risk of the UCITS shall be no more than twice the total net asset value of the assets. The total risk of an investment enterprise is increased by no more than ten percent of the total net value of its portfolio by engaging in short-term loans, in which case the total risk of the UCITS does not exceed 210 percent shall be of the total net value of its portfolio.

  • 6 The total risk of the UCITS in financial derivatives does not exceed the total net asset value of the assets. For the calculation of the risk, the day value of the underlying assets, counterparty risk, future market movements and the time available for the liquidation of the positions shall be taken into account.

  • 7 The managed power of the UCITS may be within the framework of the investment policy and within the Article 137 the limits imposed shall be invested in financial derivatives insofar as the risk in respect of the underlying assets is not in total the assets in question. Articles 134 , 135 , 136, first paragraph , and 137 limits set above. If the managed assets of the UCITS are invested in index-based financial derivatives, those investments shall not be capped for the purposes of the application of the limits set out in paragraphs 134, 135, 136, first paragraph and 137. aggregated.

  • 8 The Financial Markets Authority may lay down rules relating to the calculation of risk, the method of determining the day value of the underlying assets, the types of liabilities resulting in a counterparty risk, the co-operation of future market movements in the determination and methods that may be used for the calculation of the risks, depending on the nature of the financial instrument in which it is invested.


Article 134

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  • 1 The managed power of a UCITS as defined by Article 4:61, 1st paragraph, of the Act shall be invested up to a maximum of 10% in transferable securities and money market instruments issued by the same institution. A UCITS does not invest more than 20% of the assets managed in deposits with one bank.

  • The counterparty risk of the UCITS in a transaction in financial derivatives that are not traded on a regulated market or other market in financial instruments shall not exceed:

    • a. Ten per cent of its capacity when the counterparty is a bank; or

    • b. Five percent of her ability, in other cases.

  • 3 The total value of the securities and the money market instruments that the UCITS holds in issuers in which it invests by institution for more than five per cent shall not exceed 40% of the managed assets of the UCITS. This limit shall not apply to deposits and transactions in financial derivative instruments which are not traded on a regulated market or other market in financial instruments, under the same conditions as those to be used by institutions or institutions. be subject to prudential supervision.

  • 4 Without prejudice to the individual limits set out in paragraphs 1 and 2, the managed assets of the UCITS shall be invested up to a maximum of 20% in one institution in a combination of:

    • a. securities and money market instruments issued by that institution;

    • b. Deposits with that institution; or

    • c. risks arising from transactions in financial derivatives that are not traded on a regulated market or other market in financial instruments, in relation to that institution.

  • 5 When calculating the UCITS risk exposures referred to in the first to fourth paragraphs, the risk shall be determined on the basis of the maximum loss for the UCITS when a counterparty default. The Financial Market Authority may lay down detailed rules regarding the calculation of counterparty risk and the collateral to be taken into account as a limitation of the counterparty risk of a counterparty.


Article 135

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  • 1 By way of derogation from Article 134 the managed assets of a UCITS may be invested up to a maximum of 25% in registered covered bonds of a given issuing bank.

  • 2 If the managed power of a UCITS is invested by more than 5% in bonds as referred to in the first paragraph issued by one institution, the total value of these investments shall not exceed 80% of the total value of such investments. assets of that issuer.


Article 136

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  • 1 By way of derogation from Article 134, first paragraph , the managed assets of a UCITS may be invested up to a maximum of thirty-five percent in transferable securities and money market instruments issued or guaranteed by a Member State, a public body with a regulatory authority in a Member State, a is not a Member State, or an international organisation in which one or more Member States participate.

  • 2 The Financial Market Authority may grant an application for a UCITS to grant exemption from the first member if:

    • a. It has securities and money market instruments of at least six different issues of an issuer, public body or international organisation referred to in the first paragraph;

    • (b) the financial instruments of the same issue shall not exceed 30% of the managed assets of the UCITS;

    • c. The issuer, public body, or international organisation is mentioned in the UCITS ' statutes or fund rules; and

    • d. UCITS participants enjoy protection equivalent to the protection provided by the first member and the Articles 134 , 135 and 137 .


Article 137

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  • 2 The corresponding Articles 134 , 135 , and 136, first paragraph In no case amounts to more than thirty-five per cent of the assets managed, and the investments carried out in securities and money market instruments issued by one institution or in deposits with or financial derivatives of that institution. UCITS.

  • 3 For the calculation of the Articles 134 , 135 , and 136, first paragraph , defined limits are undertakings which are included in a group for the purposes of the preparation of consolidated accounts, consolidated accounts or other recognised international financial statements in accordance with the Directive reporting rules, taken together as an institution, except that the investments referred to in point Article 134, first paragraph, first sentence , in the individual undertakings belonging to that group, a maximum of 20% of the assets managed may be of the UCITS.

  • 4 The assets of investment vehicles in whose units the UCITS invests for the purposes of determining the assets of the UCITS Articles 134 , 135 , 136, first paragraph , and 137 the UCITS shall not be counted on the investments referred to in the above.


Article 138

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  • 1 By way of derogation from Article 134, first paragraph , the managed power of a UCITS may be invested up to a maximum of 20% in shares and bonds of the same issuer, if the UCITS ' fund rules or instruments of incorporation provide that the investment policy of the UCITS is determined it aims to track the composition of a given equity or bond index, and this index meets the following conditions:

    • a. the composition of the index is diversified;

    • b. the index is representative of the market to which it relates; and

    • c. The index shall be advertised in an appropriate manner.

  • 3 The Financial Market Authority may waive the first paragraph upon application if exceptional market conditions give rise to it. In such a case, the managed assets of the UCITS may be invested up to a maximum of thirty-five percent in shares and bonds of the same issuer.


Article 139

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  • 2 Investments in units of investment undertakings or UCITS as referred to in Article 2 Article 130, part e In total, no more than 30% of the managed assets of the UCITS are managed.


Article 140

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  • 1 An administrator of a UCITS acquires, for the UCITS it manages, as intended Article 4:61, 1st paragraph, of the Act jointly, not more than 20 percent of the shares with voting rights in the same issuer.

  • 2 The managed power of a UCITS as defined by Article 4:61, 1st paragraph, of the Act is not invested in more than:

    • a. Ten per cent of the shares with no voting rights of the same issuer;

    • (b) 10% of the bonds of the same issuer;

    • (c) 25% of the units in an investment enterprise or UCITS the units of which, at the request of the unit-holders, are directly or indirectly repurchased or refunded from the same assets in the same way investment institution or UCITS; or

    • d. ten percent of money market instruments of the same issuer.

  • 3 The limits referred to in paragraph 2 (b), (c) and (d) are not to be complied with if the gross value of the bonds or money market instruments or the net value of the units in a Member State of investment institution or UCITS at the time of acquisition cannot be calculated.


Article 141

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Article 140, first and second paragraphs , does not apply to the acquisition of, or the acquisition of, the following:

  • a. Securities and money market instruments issued or guaranteed by a Member State, a public body with a regulatory authority in a Member State, a State which is not a Member State or an international organisation in which one or more of the Member States;

  • (b) shares in the capital of a legal person established in a non-Member State which, subject to the limits set out in the Annex, Articles 134 , 135 , 136, first paragraph , 137 , 139 and 140 its ability to invest primarily in securities of issuers established in that State, where, under the law of that State, such participation for the UCITS is the only option to be used in securities of issuers in that State to invest; or

  • c. Shares in the capital of a subsidiary of the Company for collective investment in transferable securities which are solely for the benefit of the undertaking for collective investment in securities of certain management, advice or (i) acting in the State in which the subsidiary is established, with a view to purchasing rights of participation at the request of participants.


Article 142

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  • 1 The Articles 134 to 139 shall not be applicable for six months from the first offer of units in a UCITS. The UCITS shall respect the principles of risk-sharing in its investments during that period.

  • 2 The Articles 134 to 139 shall not be applicable to a receiving UCITS for six months following a merger. The receiving UCITS shall, during that period, assume the principles of risk-sharing in its investments.


Article 143

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  • 1 The limits set out in this paragraph do not apply in the exercise of preferential rights linked to transferable securities and money market instruments that are part of the assets of the UCITS.

  • 2 Where the limits laid down in this paragraph are exceeded outside the will of the UCITS or as a result of the exercise of preferential rights, the UCITS shall, taking into account the interests of the participants, take the necessary measures to ensure that the latter is It will be rolled back as soon as possible.


Article 144

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A UCITS referred to in Article 4:61, 1st paragraph, of the Act within four weeks of a request from the Authority, Financial Markets, or within four weeks of the end of the financial year, submit a statement by an auditor to the Financial Markets Authority which indicates that the UCITS is to be has acted with the Articles 130 to 143 .


Article 145

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  • 2 The administrator of a UCITS shall send key investor information changes to the Financial Markets Authority.


Article 146

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  • 1 A UCITS ' balance sheet and profit and loss account or the notes thereon shall contain the following information:

    • a. Balances with banks;

    • b. A distinction in the statements of the investments, as referred to in Article 122, first paragraph, points (a) and (b) , to:

      • 1 °. financial instruments which are admitted to listing on a regulated market;

      • 2. financial instruments which are traded in financial instruments on a regulated market or other market;

      • 3 °. effects as referred to in Article 130 (c) ; and

      • 4 °. financial instruments as referred to in Article 131, part a ;

    • c. a closing account of the netted changes in the reporting period in the company's own funds for collective investment in transferable securities or the managed assets of the collective investment fund in securities due to and broken down into:

      • 1 °. income from investments;

      • 2 °. other revenue;

      • 3 °. taxes;

      • 4 °. the destination, or proposed destination, of the net result;

      • 5 °. the increase or reduction of the undertaking's own funds for collective investment in transferable securities or of the assets managed by the collective investment undertaking in transferable securities;

      • 6 °. More and less value on investments; and

      • 7 °. other changes in the assets and liabilities; and

    • The amount of the liabilities shall be distinguished by type at the end of the accounting year resulting from operations relating to financial derivative instruments and to the extent that they are not already in the balance sheet and the profit and loss account.

  • 2 Without prejudice Article 125, first paragraph , in the half-year figures, a UCITS shall record the data referred to in paragraph 1 (a) and (b), such as the latter at the end of the first half of the accounting year.


Article 147

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  • 1 A UCITS referred to in Article 4:61, 1st paragraph, of the Act publish, sell or buy back the course, sale or purchase price and the amount of the reimbursement on the website of its administrator whenever it offers, sells, purchases or purchases units of interest. The Financial Market Authority may, upon request, decide that the UCITS should make such publication once a month, if the interests of the participants are not adversely affected.

  • 3 Without prejudice Article 4:46a of the Act Establishes a UCITS referred to in Article 126 the net asset value of the units is notified to the Financial Markets Authority at least twice a week, and publishes the net asset value of the units twice a month on the website of its administrator where, between each of the dates of publication, a period of at least one week is situated.

  • 4 A UCITS referred to in Article 4:61, 1st paragraph, of the Act where requested to a participant, provides data on quantitative limits applicable to risk management, the methods chosen for this purpose, and the recent evolution of the risks and returns of the main category financial instruments.


§ 10.3.2.1. Additional rules for master UCITS and feeder UCITS and agreement between the relevant auditors

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:57c, fifth paragraph , 4:61, 1st Member , 4:61a, fifth member , and 4:61b, 4th member, of the law

Article 147a

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  • 1 By way of derogation from Article 139, first paragraph , the managed power of a UCITS may be invested in a particular master UCITS for more than 20% if the Authority has agreed to the Financial Markets Authority. The Financial Market Authority shall take a decision on consent within 15 working days of receipt of the application for consent.

  • 2 The Financial Market Authority shall agree to the application if the administrator demonstrates that the feeder UCITS, its depositary, its auditor and the master UCITS will comply with the provisions of the 4:57a to 4:57c , 4:61a and 4:61b of the law and the provisions of this paragraph.

  • 3 The application for assent shall be made in accordance with the following information:

    • a. The fund rules or instruments of incorporation of the feeder UCITS and the master icbe;

    • b. The prospectus and the essential investor information of the feeder UCITS and the master icbe;

    • (c) the agreement for the exchange of information between the feeder UCITS and the master UCITS, as referred to in Article 147b, first paragraph , or the internal rules of operation referred to in Article 147b, fourth paragraph;

    • d. if applicable, the information to be provided to participants, intended to be provided in Article 147f, first paragraph ;

    • e. where applicable, the agreement to exchange information, intended in Article 4:57b of the Act between the depositary of the feeder UCITS and the depositary of the master-icbe;

    • f. where applicable, the agreement to exchange information, intended in Article 4:57c of the Act between the auditors of the feeder UCITS and the master-icbe; and the auditor of the master UCITS; and

    • (g) if it is a master UCITS with a registered office in another Member State: a statement by the supervisory authority of the Member State of the master UCITS ' s seat that it is a UCITS and complies with the requirements of (b) and (c) in the definition of the UCITS. master UCITS in Article 1 of the Act.

  • 4 The data referred to in paragraph 3 shall be communicated in English or in a language approved by the Authority Financial Markets.


Article 147b

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  • 1 A feeder UCITS shall conclude an agreement for the exchange of information with the master UCITS.

  • 2 The agreement provides that the master UCITS should provide all information to the feeder UCITS that the feeder UCITS needs in order to comply with the rules imposed on it under the law.

  • 3 The agreement shall be available free of charge to the participants of the feeder UCITS upon request.

  • 4 If the feeder UCITS and the master UCITS are managed by the same administrator, by way of derogation from the first paragraph, the management rules of the administrator shall be sufficient to ensure that the exchange of information between the master UCITS and the master UCITS is provided. Feeder UCITS and the master UCITS. The second paragraph shall apply mutatis mutandis to the internal operating rules.

  • 5 Without prejudice to paragraph 2, the agreement referred to in paragraph 1 shall provide for the operating rules referred to in paragraph 4, as specified in paragraph 4, in the case of the following: Annex J .


Article 147c

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The agreement on the exchange of information between auditors intended to Article 4:57c, 1st member, of the law , contains the data mentioned in Annex J .


Article 147d

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  • 1 If a feeder UCITS and its master UCITS have both their registered office in the Netherlands, only Dutch law shall apply to the agreement for the exchange of information, which is to be found in the Article 147b, first paragraph .

  • (2) If the feeder UCITS or the master UCITS has its seat in another Member State, the agreement on the exchange of information shall determine: Article 147b, first paragraph , that only Dutch law or the law of that other Member State is applicable to that agreement.

  • 3 The law of the Member State which, under the first or second paragraph, applies to an agreement for the exchange of information shall also apply to an agreement between the depositaries of the feeder UCITS and the master UCITS as such Intended in Article 4:57b, 1st member, of the law and an agreement between the auditors of the feeder UCITS and master UCITS as intended Article 4:57c, 1st member, of the law .


Article 147th [ Expaed by 15 -03-2016]

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Article 147f

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  • 1 If a UCITS intends to invest at least 85% of its power in units of a master UCITS or a feeder UCITS intends to invest its units in another master UCITS, it shall provide the following: information to its participants:

    • a statement that the Authority has consented to Financial Markets with the proposed investment in the master UCITS;

    • b. The key investor information of the feeder UCITS and the master icbe;

    • (c) the date on which the UCITS will implement its intention; and

    • d. a statement that participants may require within 30 days of the disclosure of information that their units are repurchased or refunded.

  • (2) If the administrator of a UCITS has notified as intended: Article 2:123, 1st paragraph, of the Act provide the UCITS with the information referred to in the first paragraph, in the official language, or one of the official languages of the Member State in which it offers units of participation, or in a language which is the responsibility of the supervisory authority of the Member State in question. has been approved.

  • 3 The information referred to in paragraph 1 shall be issued at least 30 days before the date referred to in paragraph 1 (c).

  • 4 The UCITS shall not be responsible for an investment of more than 20% of its managed assets in units in the master UCITS before the expiry of the period referred to in paragraph 3.

  • 5 In the case of repurchase or redemption of units referred to in paragraph 1 (d), the UCITS shall not charge any costs other than the investment costs.

  • 6 The UCITS may provide the information referred to in the first paragraph, rather than in writing on another durable medium, after the participant's consent and if appropriate in the context in which it, or, where appropriate, the administrator, shall communicate with the participant Doing business.

  • 7 The provision of information by the UCITS to the participant by electronic communications shall be appropriate in the context in which the UCITS or its manager shall, or will, submit to the participant, where it has been proved that the Participant regularly has access to it. has the internet. The fact that the participant gives an e-mail address to be able to do business applies to it in any case.


Article 147g

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A feeder UCITS shall indicate in all relevant information provided or made available by or on its behalf that it invests at least 85% of its managed assets in units in a master UCITS.


Article 147h

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  • 1 A feeder UCITS shall transmit a copy of the prospectus, the key investor information and any changes thereto, the administrative report and the half-year figures of the master UCITS in which it invests in the Financial Markets Authority.

  • 2 A feeder UCITS shall provide its participants, upon request, free of charge, a copy of the prospectus, the administrative report and the half-year figures of the master UCITS in which it invests.


Article 147i

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  • 1 The management report of a feeder UCITS shall contain a statement of the total costs of the feeder UCITS and the master UCITS.

  • 2 The management report and the half-yearly figures of a feeder UCITS shall indicate the place where the management report and the half-year figures of the master UCITS in which the feeder UCITS invests can be obtained.


Article 147j

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A feeder UCITS and the master UCITS in which it invests shall prevent their participants from being informed at different times about the intrinsic value of the holdings by taking measures to calculate the timing of the calculation and the to coordinate the publication of the intrinsic value.


Article 147k

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A feeder UCITS shall monitor the work of the master UCITS. It shall base itself on the information provided by the master UCITS or its administrator, depositary or auditor, unless the feeder UCITS has reason to doubt the accuracy of this information.


Article 147l

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A remuneration or remuneration that a feeder UCITS, its administrator, or a third party acting on behalf of the feeder UCITS or its administrator receives in relation to the investment in units of a master UCITS, comes in favour of the assets of the UCITS. feeder UCITS.


Article 147m

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  • 1 A master UCITS shall without delay provide the Financial Markets Authority with the name of each feeder UCITS investing in its units of interest.

  • (2) If the feeder UCITS has a seat in another Member State, the Authority shall inform the supervisory authority of the Member State of the seat of the feeder UCITS of the investment referred to in the first paragraph.


Article 147n

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A master UCITS shall keep all information available to it under the law, fund rules or instruments of incorporation, available to the feeder UCITS or, where applicable, its administrator, and to the Financial Markets Authority, the depositary and the chartered accountant of the feeder UCITS.


Article 147o

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A master UCITS shall not charge enrolment fees or purchase charges for the participation of a feeder UCITS in its units or for the disposal of a master UCITS.


Article 147p

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  • 1 Not later than two months after the date of the publication of a plan to liquidate the master UCITS as referred to in Article 4 (2). Article 4:61a, first paragraph, of the Act , the feeder UCITS shall transmit the following information to the Authority Financial Markets:

    • (a) if the feeder UCITS intends to invest at least 85% of its managed assets in units of another master UCITS:

      • 1 °. an application for consent to invest in units in another master-ication;

      • 2 °. an application for consent to the proposed amendments to the fund rules or statutes;

      • 3 °. the amendments to the prospectus and key investor information; and

      • 4 °. the documents referred to in Article 147a, third paragraph, parts c to g ;

    • (b) if the feeder UCITS intends to transform itself into a UCITS, other than a feeder UCITS:

      • 1 °. an application for consent to the proposed amendments to the fund rules or the statutes; and

      • 2 °. amendments to the prospectus and key investor information;

    • c. if the feeder UCITS intends to go into liquidation, a notification of that intention.

  • 2 By way of derogation from paragraph 1, the feeder UCITS shall transmit to the Authority Financial Markets the data referred to in paragraph 1 within three months prior to the start of the intended liquidation of the master UCITS, if the Master UCITS has disclosed the publication of the intention to liquidate more than five months before the date of the start of the liquidation to the feeder UCITS.

  • 3 The feeder UCITS shall immediately inform its participants of any intention to liquidate the feeder UCITS.


Article 147q

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  • The Financial Markets Authority shall, within 15 working days of receipt of all information, take a decision on an application for consent as referred to in Article 4 (1) of the EC Treaty. Article 147p, first paragraph, part a or b .

  • 2 The feeder UCITS shall inform the master UCITS of a decision of the Authority Financial Markets as referred to in paragraph 1.

  • 4 Payment of the master UCITS ' s liquidation proceeds to the feeder UCITS which occurs prior to the date on which the feeder UCITS pursues its investment policy in accordance with Article 147p, first paragraph, part a or b , modifies the agreement of the Financial Markets Authority. The Financial Market Authority shall agree to pay if:

    • a. The feeder UCITS receives the payment of the liquidation proceeds:

      • 1 °. in cash; or

      • 2 °. in the form of a total or partial transfer of assets in kind, if the feeder UCITS so wishes and in so far as the agreement on the exchange of information is intended to be carried out in the form of an exchange of information. Article 147b, first paragraph , as provided for in Article 147b, paragraph 4, and the winding-up decision provided for in Article 147b; and

    • b. the feeder UCITS reinvested the cash solely for the purpose of providing efficient cash management.

  • 5 The feeder UCITS shall have the right to cashing in whole or in part the transferred assets in kind.


Article 147r

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  • 1 Within one month of a feeder UCITS providing information relating to a proposed merger or division of the master UCITS as intended Article 4:61b, third member, of the Act The feeder UCITS shall transmit the following information to the Authority Financial Markets:

    • (a) if the feeder UCITS intends to invest at least 85% of its assets in units of the same master UCITS:

      • 1 °. an application for consent to investing in units of the same master-ic;

      • 2 °. if applicable, an application of consent to the proposed amendments to the fund rules or statutes; and

      • 3 °. where applicable, the amendments to the prospectus and key investor information;

    • (b) if the feeder UCITS intends to invest at least 85% of its assets in units of another master UCITS:

      • 1 °. an application for consent to the investment in units of the master-icbe;

      • 2 °. an application for consent to the proposed amendments to the fund rules or statutes;

      • 3 °. the amendments to the prospectus and key investor information; and

      • 4 °. the documents referred to in Article 147a, third paragraph, parts c to g ;

    • c. if the feeder UCITS intends to transform itself into a UCITS, other than a feeder UCITS:

      • 1 °. an application for consent to the proposed amendments to the fund rules or the statutes; and

      • 2 °. amendments to the prospectus and key investor information;

    • d. if the feeder UCITS intends to go into liquidation on a notification of that intention.

  • 2 The first paragraph, introductory phrase and subparagraph a, shall apply if:

    • a. the master UCITS is the acquiring master UCITS in the case of a proposed merger; and

    • b. The feeder UCITS becomes a participant of a UCITS that is the subject of a splitting operation which is not materially different from the master UCITS.

  • 3 The entry under the first paragraph, introductory wording and part b, shall apply if:

    • a. the master UCITS is the vanishing UCITS and the feeder UCITS becomes a participant of the acquiring UCITS by the proposed merger; and

    • b. The feeder UCITS becomes a participant of a UCITS that departs from the master UCITS.

  • 4 By way of derogation from the first paragraph, the feeder UCITS shall send the data referred to in paragraph 1 to the Authority Financial Markets no later than three months before the intended date of commencement of the merger or division of the master UCITS, if the master UCITS is the information referred to in Article 4:61b, third member, of the Act , has provided for more than four months before the proposed effective date of the merger or division to the feeder UCITS.

  • 5 The feeder UCITS shall immediately inform its participants and the master UCITS of its intention to liquidate.


Article 147s

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  • 2 The feeder UCITS shall inform the master UCITS of a decision of the Authority Financial Markets as referred to in paragraph 1.

  • 4 If the Authority has not yet taken a decision on an application for assent as referred to in Article 4 (2), Article 147r, first paragraph, part b or c , the feeder UCITS shall offer its units in the master UCITS for repurchase or redemption on the basis of the Articles 4:61b, second paragraph , and 4:62h of the Act , on the business day preceding the last day on which the feeder UCITS is able to offer its units in the master UCITS for repurchase or redemption.

  • 5 The feeder UCITS shall also offer its master UCITS units under paragraph 4 to ensure that the rights of its participants are not affected by the rights of the master UCITS. Article 147f, first paragraph, part d .

  • 6 Before the feeder UCITS offers its units in a master UCITS under the fourth member for repurchase or redemption, it shall examine alternative solutions that may contribute to transaction costs or other negative effects for avoid or reduce its own participants.

  • 7 The feeder UCITS shall receive proceeds from the repurchase or redemption of its units in the master UCITS:

    • a. In cash; or

    • b. In the form of a total or partial transfer of assets in kind, if the feeder UCITS so wishes and the agreement to exchange information, intended to be carried out in Article 147b, first paragraph The following shall be provided for in the fourth paragraph of Article 147b (4).

  • 8 The feeder UCITS has the right to cashing all or part of the transferred assets in kind.

  • 9 The Financial Markets Authority agrees to reinvest cash as referred to in the seventh paragraph prior to the date on which the feeder UCITS is in the new master UCITS or in accordance with its new investment objectives and investment policy will start to invest, if the feeder UCITS is reinvested solely for the purpose of efficient cash management.


§ 10.3.2.2. Mergers between UCITS

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:62b, third paragraph , 4:62th, second member , and 4:62g, 4th member, of the law

Article 147t

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  • 1 The information to be provided in the notification of the proposed merger, Article 4:62b, third member, of the Act are:

    • (a) the joint merger proposal approved by the UCITS concerned;

    • b. an up-to-date version of the prospectus and key investor information of the acquiring UCITS if it has its seat in another Member State;

    • (c) a declaration by each of the depositaries concerned of the UCITS confirming that the Article 147u, parts a, f and g , the data referred to in accordance with the fund rules or instruments of incorporation of the UCITS concerned; and

    • d. the information on the proposed merger which the UCITS concerned intends to provide to their participants.

  • 2 The information referred to in paragraph 1 shall be provided in the Dutch language and, where applicable, the official language of the Member State of the registered office of the acquiring UCITS or in any other language used by the Authority Financial Markets and the the regulatory authority of the Member State concerned has been approved.


Article 147u

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The joint merger proposal, intended to Article 4:62e, first paragraph, of the Act , in any case, contain the following information:

  • (a) the type of merger and the relevant CIUs;

  • b. the background and reasons for the proposed merger;

  • c. the expected impact of the proposed merger on the participants of both the dislocated UCITS and the receiving UCITS;

  • d. the criteria established for the valuation of the assets, and where applicable, the liabilities;

  • e. the calculation method for the exchange ratio;

  • f. the intended effective date of the merger;

  • g. the rules applicable to the transfer of assets or the exchange of units of the disused UCITS against units of the acquiring UCITS; and

  • h. in the case of a new UCITS to be set up, the fund rules or instruments of incorporation of that UCITS.


Article 147v

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A depositary of a dislocated UCITS and the depositary of a receiving UCITS shall check that the data contained in the joint merger proposal, as set out in Annex II, Article 147u, parts a, f and g , comply with the provisions laid down in the Act and with the fund rules or instruments of incorporation of the UCITS concerned.


Article 147w

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  • 1 The information to be provided on the proposed merger to the participants of the UCITS concerned, as referred to in Article 4 (2). Article 4:62g, 4th paragraph, of the Act is drafted in a concise manner and in non-technical language and shall in any case include:

    • a. the background and reasons of the proposed merger;

    • b. the expected impact of the proposed merger for the participants, including in each case the substantial differences in investment policies and investment strategy, the cost, the expected results, periodic reporting and possible dilution of the results;

    • c. any fiscal consequences of the merger;

    • d. the special rights of the participants, including in any case the right to additional information, the right to a copy of the auditor's report if requested, the right to buy or have to be refunded from to convert the units or, if possible, to convert their units into a different UCITS and to which date the special rights may be exercised;

    • e. the relevant procedural aspects and the intended effective date of the merger; and

    • f. A copy of the current essential investor information of the receiving UCITS.

  • 2 The key investor information referred to in the first paragraph, part f, shall be provided to the participants of the dislocated UCITS and shall also be provided to the participants of the acquiring UCITS if the key investor information is modified for the purpose of the proposed merger.

  • 3 If a summary of the main points of the merger proposal is provided at the beginning of the document with information on the proposed merger, reference shall be made to the parts of the document where further information on those main points is provided. Included.


Article 147x

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  • 1 Information to be provided, specified in Article 147w, first paragraph, part b , to the participants of the dismissing UCITS includes:

    • a. Any differences in the rights of the participants of the dismissing UCITS before and after the proposed merger takes effect;

    • b. A comparison of the differences in risk indicators if the essential investor information of the dislocated UCITS and the receiving UCITS describe risk indicators in different categories or in the accompanying description: reference to different material risks;

    • c. A comparison of the costs for both UCITS on the basis of the amounts disclosed in the key investor information;

    • d. if the disappearing UCITS applies a performance fee, an explanation of how it will be applied until the merger goes into effect;

    • e. if the receiving UCITS applies a performance fee, a description in which it will be applied in order to ensure fair treatment of participants who previously possessed units of the dismissing UCITS;

    • f. where costs may be charged to the dislocated or acquiring UCITS or to one of its participants in connection with the preparation and completion of the merger, a description of how these costs are allocated; and

    • g. an explanation or the manager of the dislocated UCITS intends to carry out a rescheduling of the portfolio before the merger takes effect.

  • 2 The information to be provided to the participants of the receiving UCITS, Article 147w, first paragraph, part b , it also includes an explanation of whether the manager of the receiving UCITS expects the merger to have any material effect on the portfolio of the acquiring UCITS and whether it intends to rebalance the portfolio. before or after the merger goes into effect.


Article 147y

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  • 2 Where the common merger proposal includes a provision on a side payment as referred to in Article 4:62a, part a or b , information shall be provided on the surcharge and, inter alia, when and in what manner participants of the dislocated UCITS will receive the advance payment.


Article 147z

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  • 1 The information to be provided to the participants, referred to in Article 147w, first paragraph, part e , including:

    • a. Where applicable, the procedure under which the general meeting will be requested to take a decision to merge and the manner in which the participants will be informed of the outcome;

    • Further information on a proposed suspension of the marketing of units of interest; and

    • c. information about when the merger will take effect.

  • 2 If on the basis of Article 317 or 330 of Book 2 of the Civil Code A decision to merge shall be taken by the general meeting, the information shall include a recommendation from the administrator or of those who determine the daily policy of the company for collective investment in transferable securities without separate administrator.


Article 147aa

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Without prejudice to Articles 147w , 147x, 1st Member , 147y and 147z include the information to be provided on the proposed merger to the participants of the dismissing UCITS at the same time:

  • (a) the period within which the enrolling or requesting the redemption of units in the dismissing UCITS is possible;

  • b. the period within which the participants, who did not make use of their rights on the basis of the Article 4:62h, of the Act , exercise their rights as a participant of the acquiring UCITS; and

  • (c) an explanation that, if a decision to merge is to be taken by the general meeting of the dislocated UCITS on the basis of Article 317 or 330of Book 2 of the Civil Code and the merger decision with the required majority was taken, the participants who did not vote, voted against the merger proposal, or did not make use of their rights under the terms of the Article 4:62h, of the Act , participants become members of the acquiring UCITS.


Article 147bb

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  • 1 The information on the proposed merger to be provided to the participants of the dislocated UCITS shall meet the needs of the participants who do not have prior knowledge of the characteristics and operations of the acquiring UCITS. The vanishing UCITS shall designate its participants in the key investor information of the acquiring UCITS and shall emphasise the desirability of reading them.

  • 2 The information to be provided to the participants of the receiving UCITS shall be focused on the proposed merger and its potential impact on the receiving UCITS.

  • 3 In the case of a proposed cross-border merger, the UCITS with a registered office in the Netherlands shall, in an intelligible language, explain all the terms and procedures relating to the other UCITS which differ from those used in the Netherlands.


Article 147cc

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If the information relating to the proposed merger is to be found in Article 147w The same information shall be provided to the participants of the UCITS concerned until the date on which the merger takes effect on any person purchasing or writing on or enters into force in the dislocated or acquiring UCITS. calls on the fund rules or instruments of incorporation, prospectus or key investor information of any of the UCITS concerned.


Article 147dd

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If the manager of a vanishing UCITS or a acquiring UCITS is based on the Articles 2:123 and 2:124a of the law rights of participation in a UCITS that it manages to offer in another Member State the relevant UCITS shall provide the information referred to in Article 147w , to its participants in the official language of that other Member State, or in a language approved by the supervisory authority of that other Member State.


§ 10.3.2.3. Rules for Custodians

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Article 147ee

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A prime broker acting as a counterparty for an investment enterprise may not act as custodian of that investment institution unless he has separate its storage functions functionally and hierarchically from his functions as prime Broker and the potential conflicts of interest shall be adequately identified, managed, controlled, or communicated to participants in the investment enterprise.


Article 147ff

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  • 1 The tasks of the depositary of an investment firm as intended Article 4:62m, 4th paragraph, of the Act , in any event, include the implementation of the tasks referred to in Article 21, seventh, eighth, ninth and seventeenth paragraph (c) of the managing alternative investment fund managers.

  • 2 The tasks of the depositary of a UCITS as referred to in Article 4:62m, 4th paragraph, of the Act include, in any event, the implementation of the tasks referred to in Article 22, third to fifth paragraph, of the Directive on collective investment undertakings in transferable securities.


Article 147gg

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  • 1 A detention agreement as referred to in Article 4:62m, 2nd paragraph, of the Act between a Dutch manager of an investment enterprise and a depositary satisfies the provisions of Article 21, second, twelfth, thirteenth, fourteenth, fifteenth and seventeenth paragraph of the Directive investment vehicles requirements.

  • 2 A detention agreement as referred to in Article 4:62m, 2nd paragraph, of the Act between an administrator of a UCITS and a depositary fulfils the requirements of Article 22 (2) and Article 26b (a) of the Directive for collective investment undertakings in transferable securities.

  • 3 Obligations to confidentiality that are applicable to the administrator and the depositary of the detention agreement do not restrict the access of the supervisory authority or the supervisory authority of the Member State of the seat of the investment institution or UCITS up to relevant information.


Article 147hh

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An entity that does not comply with the particular Article 4:62n, first paragraph, of the Act may act only as depositary of the investment vehicles referred to in Article 4:62n, second paragraph, of the Act if that entity:

  • a. To perform the duties as a depositary in the context of its professional or business practice; and

  • (b) under the professional or business exercise referred to in subparagraph (a), be required to register in a statutory professional register or comply with regulations governing the professional oral use.


Article 147ii

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  • 1 Where the depositary of a Dutch investment institution excludes liability in whole or in part as intended Article 4:62q, 1st paragraph, of the Act The depositary shall comply with Article 21, thirteenth paragraph of the Directive, of the managers of alternative investment vehicles.

  • 2 Where financial instruments are referred to in Article 1: 1 of the Act be taken into custody in a State which is not a Member State as intended for the purpose of Article 4:62q, 2nd paragraph, of the Act , the depositary shall not be liable for loss of financial instruments, if the conditions laid down in Article 21, fourteenth paragraph, of the managing alternative investment vehicles directive are met.


Article 147yy

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A depositary shall provide the financial statements, the administrative report and the other data referred to in Article 4:62r, 1st paragraph, of the Act , in terms of classification and content, in the form in which they are drawn up pursuant to Title 9 of Book 2 of the Civil Code or International Annual Account Standards to the Financial Markets Authority.


Article 147kk

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A depositary of a master UCITS reports to the Financial Markets Authority in any event the following irregularities: Article 4:62v, 1st paragraph, of the Act :

  • a. errors in the calculation of the intrinsic value of the master-icbe;

  • b. Errors in transactions for the settlement of the purchase of, registration on, the request for repurchase or redemption of units in the master UCITS by the feeder UCITS;

  • c. errors caused by the master UCITS in the payment or capitalisation of income, or errors in the calculation of the withholding tax;

  • d. Infringements of the investment objectives, investment policy or investment strategy of the master UCITS, as described in its fund rules or instruments of incorporation, prospectus or key investor information; and

  • e. Infringements pursuant to the Act, the fund rules, the statutes, prospectus or key investor information on investments or borrowing.


Article 147ll

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Agreement on the exchange of information between the depositaries, Article 4:62w, 1st paragraph, of the Act , contains the data mentioned in Annex J .


Section 10.4. Insurance

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Article 148

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  • 2 The damage insurer shall notify the termination of the appointment of the injury-trader to the Authority within a period of two weeks, on presentation of the instrument of appointment of the seller's successor, from which his name is based, address and powers.


Article 149

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  • 1 The dealer shall be free of any damage to the dealer from the date of the application of the debt restructuring scheme, natural persons, the granting of payment of payment, the declaration of bankruptcy, the dissolution, Intended in Article 19 of Book 2 of the Civil Code , the under-wind of one or more goods of the kind used in the Title 19 of Book 1 of the Civil Code Or the undercuration theorem.

  • 2 The damage insurer reports the death, the applicability of the debt restructuring scheme, natural persons, the surséance of payment, the bankruptcy declaration, the dissolution, as referred to in Article 4 (1). Article 19 of Book 2 of the Civil Code , the underdevelopment of one or more of the goods specified in: Title 19 of Book 1 of the Civil Code , or undercuration of the damage-off trader within two weeks to the Financial Markets Authority, on presentation of the deed of appointment of the property damage dealer with effect from the day of death, the property. application of the debt restructuring scheme, natural persons, the surséance of payment, the declaration of bankruptcy, the dissolution, intended to be used Article 19 of Book 2 of the Civil Code , the underdevelopment of one or more of the goods specified in: Title 19 of Book 1 of the Civil Code Or the undercuration theorem. The name, address and powers of the successor to the damage dealer shall be the name, address and powers of the act of appointment.

Chapter 11. Additional rules on mediate

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Section 11.1. Credit

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:74, 2nd and 3rd member, of the Act

Article 149a [ Expat per 01-01-2013]

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Article 149b [ Expired by 01-07-2013]

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Article 150 [ Verfall by 01-01-2013]

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Article 151 [ Verfall by 01-01-2013]

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Article 152

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Article 4:74, 1st paragraph, of the Act , does not apply to:

  • (a) agreements on credit for which a mortgage is granted or on credit for which it is already subject to mortgage security, if the credit is provided at a mortgage credit of the relevant normal annual percentage rate of charge;

  • b. Credit agreements insofar as the credit is offered against collateral of securities referred to in subparagraph (a) or part (b) of the definition of security in Article 1: 1 of the Act , which shall provide for the repayment of the credit to a consumer who is already at the moment of the agreement on credit of the securities to be paused as referred to in subparagraph (a) or (b) of the definition of effect in Article 1: 1 of the Act , from which credit the total amount of credit during the term of the credit agreement does not exceed 70 percent of the value of the securities to be securities, if they affect securities as referred to in part a of the definition of effect in Article 1: 1 of the Act , or not higher than 80 percent of the value of the securities to be securities, if they concern securities as referred to in subparagraph (b) of the definition of effect in Article 1: 1 of the Act , and:

    • 1 °. those securities referred to in subparagraph (a) or (b) of the definition of effect in Article 1: 1 of the Act , are admitted to trading on a regulated market; or

    • 2 °. the value of those securities referred to in subparagraph (a) or (b) of the definition of effect in Article 1: 1 of the Act , by means of a public price indication for each of them.


Article 153

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  • 1 The Articles 154 to 158 shall be exclusively applicable to the provision of financial services in respect of consumer credit.

  • 2 As regards the relationship between a provider and a mediator, this section shall apply mutatis mutandis to the relationship between a mediator and an underagent.


Article 154

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A conciliator shall have only a claim on contracts concluded on the basis of contracts concluded.


Article 155

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  • 1 A mediator shall be entitled only a month during the term of an agreement on credit resulting from its mediation on a fee of a percentage of the outstanding balance in respect of that agreement, as that balance is on the last day of the relevant month.

  • 2 The provider and the conciliator may amend the fee agreed to the conciliation on the basis of the conciliation, excluding the rate of credit for the credit agreements which have already been reached on credit, other than on an ongoing basis, with the exception of the It is understood that:

    • a. A percentage shall be agreed each time for a continuous period of at least one month; and

    • (b) in respect of contracts already established, the percentage may be changed only after 24 months only in the proportion between the supplier and the intermediary for new contracts to be concluded at the time of the agreement on which the change takes place.


Article 156

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A mediator shall have no claim to commission on the period during which a consumer is at least two months past due in the payment of an expired instalment.


Article 157

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Article 158

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  • 1 A conciliator shall not be paid any commission if he is not entitled to commission by virtue of this Decision.

  • 2. Provision is paid only in book-entry money.


Section 11.2. Insurance

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of: Article 4:75, 2nd paragraph, of the Act

Article 159

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  • 1 The professional indemnity insurance referred to in Article 4:75, 1st paragraph, of the Act It shall cover the liability of the conciliator for errors, omissions or omissions in the exercise of his/her action and cases in the territory of which the Agreement on the European Economic Area applies.

  • 2 The professional indemnity insurance shall be closed to:

    • a. a financial undertaking which has a licence issued by the Netherlands Bank for the General Liability Line for the conduct of the business of the non-life insurer; or

    • (b) a financial undertaking with a registered office in another Member State which is entitled to operate as a non-life insurer from a branch located in the Netherlands or through the provision of services to the Netherlands.


Article 160

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  • 1 Under a similar device as referred to in Article 4:75, 1st paragraph, of the Act -an unconditional guarantee of all obligations arising out of the liability of the conciliator for errors, omissions or omissions, committed in the exercise of his/her occupation and cases in the territory of the institution to which the Agreement on the European Economic Area applies.

  • 2 The unconditional guarantee shall be provided by:

    • (a) a financial undertaking which holds a licence granted by the Netherlands Bank for the holding of the holding of the bank;

    • b. a financial undertaking with a registered office in another Member State which is authorised to operate as a bank from a branch located in the Netherlands or through the provision of services to the Netherlands; or

    • c. A bank with a seat in the United States of America, Japan, Australia, Canada or Switzerland, which is supervised in the State of its seat.

Chapter 12. Additional rules concerning reinsurance agents

Compare Versions Save Relationships (...) (External Link) Permanent Link Provision for the execution of Article 4:76, second paragraph, of the Act

Article 161

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The Articles 159 and 160 shall apply mutatis mutandis to professional indemnity insurance and similar provision, as referred to in Article 3 (2). Article 4:76, first paragraph, of the law .

Chapter 12a. Additional rules on clearing and settlement undertakings

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:76a, second member , 4:76b, third member , 4:76c, second member , and 4:76d, 2nd member of the law

Article 161a

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  • 1 The eligibility criteria of a settlement company shall be designed to ensure the security and efficiency of the settlement undertaking and its participants.

  • 2 A settlement undertaking shall ensure on a permanent basis the fulfilment of its criteria for participation.

  • 3 A settlement undertaking shall have open procedures on the basis of which participation may be suspended or terminated if the participation criteria are no longer met.


Article 161b

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For the purpose of providing timely and efficient provision of services, Article 4:76b of the Act , a settlement company has clearly defined goals that are measurable and achievable with respect to a minimum service level, risk control expectations and business priorities.


Article 161c

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The settlement company shall use communication procedures that allow effective communication of information from the settlement company and its participants using standardised message transmission.


Article 161d

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The insight, meant in Article 4:76d, 1st member, of the we t that a settlement undertaking offers in the financial risks and the costs associated with settlement services, refers to rates and basic data on transaction volumes and values and includes a description of the system used.


Article 161e

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The Financial Markets Authority may lay down detailed rules for the implementation of internationally accepted standards with regard to access and criteria for participation on the basis of risk-related requirements, communication procedures, objectives set out in the Treaty, has a settlement undertaking in order to provide a timely and efficient provision of services, the communication procedures and the understanding that a settlement undertaking offers in the financial risks and costs associated with settlement services.

Chapter 13. Additional rules on action as a clearing house

Compare Versions Save Relationships (...) (External Link) Permanent Link Provision for the execution of Article 4:78, first paragraph, of the Act

Article 162

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  • 1 A clearing house shall inform a client in writing or by electronic means after the end of each trading day of the numbers and values of the financial instruments that are on its behalf.

  • 2 If the value of liabilities are calculated according to parameters agreed between the clearing institution and a client, and the value of client financial instruments do not provide adequate coverage compared to the The clearing institution shall immediately inform the client of the obligations entered into.

Chapter 14. Additional rules concerning the provision of investment services and the provision of investment activities

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§ 14.1. General

Compare Versions Save Relationships (...) (External Link) Permanent Link Provisions for the implementation of the Articles 4:85, 3rd paragraph , 4:86 , 4:87, third member , 4:88, third member , and 4:89, third member , 4:90, 2nd member, of the law

Article 163

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  • 2 An investment firm with a seat in a State which is not a Member State shall provide the financial statements and the administrative report referred to in Article 2 Article 4:85, fourth paragraph , in terms of classification and content, in the form in which they are drawn up under the law of the State in which the investment firm has its registered office or the international accounting standards.


Article 164

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  • 1 An investment firm that execs orders of clients:

    • a. records orders executed in the name of clients immediately and correctly and assigns them immediately and correctly;

    • b. conducts comparable client orders in order of receipt and immediately, unless the nature of the order or the prevailing market conditions make this impossible or in the interest of the client otherwise should be acted upon; and

    • c. promptly informs a client who is a non-professional investor of a problem that seriously hampers the correct execution of his order, as soon as it is aware of that problem.

  • 2 An investment firm responsible for controlling or settling the settlement of an executed order shall take all reasonable measures to ensure that any financial instruments or funds of the client participating in the settlement. receive settlement of this executed order, immediately correctly credited to the account of the client.

  • 3 An investment firm shall not misuse information about current client orders and take all reasonable measures to prevent any misuse of such information by its relevant persons.


Article 164a

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  • 1 An investment firm shall not execute an order of a client or a transaction on its own account together with another order from a client, unless:

    • a. It is unlikely that the merging of the orders and transactions is detrimental to the client concerned;

    • b. she has informed the client concerned that the amalgamation may be detrimental to him;

    • c. it has established and implemented an order allocation policy that adequately provides for a fair allocation of aggregate orders and transactions and that, inter alia, specifies how the volume and the price of orders are decisive for the allocations and the treatment of partial executions.

  • 2 If an investment firm joins an order with other client orders and the merged order is executed only in part, it shall assign the relevant transactions in accordance with its order allocation policy.


Article 164b

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  • 1 An investment firm that joins a transaction for its own account with an order from a client shall not assign the transaction in question to a customer adversely affected by the transaction.

  • 2 If an investment firm joins an order from a client with a transaction for own account and the merged order is executed only in part, it shall issue the order of the client in the allocation of the transaction. priority over its own transaction.

    The investment firm shall be authorised only to allocate a transaction as referred to in the preceding sentence in proportion to its order implementation policy, as referred to in Article 4 (2) of the Treaty. Article 59 , if it can show that the client ' s order could not or could not have carried out on the same favorable terms if it had not been merged.

  • 3 An investment firm shall have in place in the context of the order allocation policy, Article 59 , on procedures that prevent transactions on own account being carried out along with client orders, to be reallocated on a client ' s disadvantage.


Article 165

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  • 1 An investment firm shall:

    • a. keeps track of all the data and accounts necessary to immediately enable it to distinguish, at any time, the financial instruments and funds held for a client from held for other clients financial instruments and funds and their own financial instruments and funds;

    • b. maintain the data and accounts referred to in point (a) in such a way that they are always accurate and, in any event, reflect the financial instruments and funds held for clients;

    • c. regularly verify that the data and accounts referred to in point (a) correspond to those of any third party by whom these financial instruments and funds are held;

    • d. carries out care for that financial instruments of clients that are Article 165a to distinguish between the accounts in the books of the third party or by other comparable measures which achieve the same level of protection from the third party, financial instruments belonging to the investment firm itself, and of the financial instruments belonging to the third party;

    • e. shall ensure that the funds of clients that are Article 165b be held on an account or account that may or may be distinguished from all accounts used for the holding of funds belonging to the investment firm itself;

    • f. shall take appropriate organisational measures to reduce the risk of loss or reduction of financial instruments and client funds, or of their rights, arising from the misuse of financial instruments and funds, fraud, maladministration, keeping up with insufficient data or negligence to a minimum.

  • 2 The Financial Market Authority shall lay down rules for:


Article 165a

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  • 1 An investment firm that holds financial instruments for a client in an account at a third party shall apply due skill, care and vigilance in the selection, designation and periodic assessment of the third and of the third parties. arrangements for the holding and retention of the financial instruments concerned. The investment firm shall take into account the expertise and market-marking of the third party concerned, as well as any legal obligations or market practices related to the holding of those financial instruments which are the subject of the rights of the client may be adversely affected.

  • 2 Where the retention of financial instruments on behalf of another person is subject to specific rules in a jurisdiction where an investment firm intends to hold clients ' financial instruments by a third party the investment firm does not comply with those financial instruments in that jurisdiction of a third party which is not subject to the supervision of the compliance of those rules.

  • 3 An investment firm shall not hold financial instruments for a client to a third party in a State that is not a Member State where the retention and retention of financial instruments on account of another person is not subject to rules, Unless:

    • a. The nature of the financial instruments or of the investment services related to those instruments requires them to be held by a third party in that State; or

    • (b) if it concerns financial instruments held for a professional investor, it has asked the investment firm in writing to keep them in that State by a third party.


Article 165b

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  • 1 An investment firm that receives funds from a client shall immediately return these funds to one or more accounts with:

    • a. A central bank;

    • b. A bank which has been granted a licence as provided for in the Capital Requirements Directive;

    • (c) a bank in which, in a State which is not a Member State, the holding of the holding of a bank is authorised;

    • d. A recognised money market fund.

  • 2 The first paragraph shall not apply to investment firms authorised to carry out the holding of the bank.

  • 3 For the purposes of applying the first paragraph, introductory sentence and subparagraph (d), a recognised money market fund shall mean a recognised money market fund within the meaning of Article 18 (2) of the Implementing Directive on markets in financial instruments.

  • 4 If the investment firm does not apply to a central bank, it shall apply the necessary competence, care and vigilance in the selection, designation and periodic assessment of the bank or money market fund where the funds are to be used pay up, and the arrangements for the holding of the funds in question. In any case, the investment firm shall take into account the bank ' s expertise and market position or the money market fund to protect the rights of customers, as well as any retention of client funds. legal obligations or market practices that may adversely affect the rights of the client.

  • 5 An investment firm that wishes to hold funds to an approved money market fund has an internal complaints procedure which provides for the possibility for customers to object.


Article 165c

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  • 1 An investment firm shall not deal with securities financing transactions in respect of financial instruments that it holds for a client nor otherwise use such financial instruments for any such financial instrument. own account or for the account of another client of the company, unless:

    • a. The client has expressly agreed to the use of the financial instruments subject to specified conditions, which is demonstrated by a non-professional investor through his signature; and

    • b. The financial instruments of this client are exclusively used under the specified conditions by which the client has consented.

  • 2 An investment firm does not address securities financing transactions in respect of financial instruments it holds on an omnibus account for a client and does not otherwise make use of any of its assets. such financial instruments on their own account or on behalf of another client, unless, without prejudice to the first paragraph:

    • a. The client has expressly given its consent in advance; or

    • b. The investment firm has systems and control mechanisms that ensure that the financial instruments concerned belong to clients who have expressly given their consent. The first paragraph, part (a), shall apply mutatis mutandis to the granting of consent.

  • 3 The data of the investment firm shall include details of the client with whose consent the financial instruments have been used, as well as the number of financial instruments used that belong to each client who has received his consent in order to allocate any losses correctly.


Article 165d

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An investment firm as defined in Article 4:87, 1st and 2nd member, of the law those financial instruments and funds for a client shall, once a year, submit to the Authority Financial Markets a report from an external auditor on the soundness of the measures taken in its management in order to to comply with the requirements of Articles 165 to 165c .


Article 166

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An asset manager who is also an administrator of a UCITS with a seat in the Netherlands shall not invest, in the context of the management of an individual capacity, the client's funds in whole or in part in investment vehicles or UCITS managed by it without the prior written consent of the client.


Article 167

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The policy, for the purpose of Article 4:88, 1st paragraph, of the Act , is aimed at recognizing in each case the following situations:

  • a. the investment firm, a relevant person or a person connected to the investment firm by a control relationship can obtain financial gain or avoid a financial loss at the expense of the client;

  • b. the Company, a relevant person or a person connected to the investment firm by a control band has an interest in the outcome of a service performed for the benefit of the client or a client executed on behalf of the client transaction, which is different from the client's interest in this result;

  • c. the Company, a relevant person or a person connected to the investment firm by a control band has a financial or other incentive to have the interest of another client or group of clients predominant above the interest of the client;

  • d. the undertaking, any relevant person or person connected to the investment firm by a control relationship shall exercise the same holding as the client;

  • e. the company, a relevant person or a person connected to the investment firm by a control relationship received from a person other than the client for an investment activity performed for the benefit of the client, investment service or ancillary service provided a commission in the form of funds, goods or services which is different from the usual commission or fee for this activity or service, or will receive such commission.


Article 167a

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  • 1 An investment firm shall lay down the policy referred to in Article 4:88, 1st paragraph, of the Act , in writing, and shall ensure that this policy is implemented and maintained. The policy shall be proportionate to the size and organisation of the investment firm, and to the nature, scale and complexity of its business.

  • 2 If the investment firm is part of a group, the policy shall also cover conflicts of interest that may arise as a result of the structure and business activities of other companies that are part of the group.

  • 3 The policy shall define, by reference to the specific investment services, investment activities and ancillary services provided by, or in the name of, the investment firm, under the same conditions as may be provided by the constitute or may create a conflict of interest which poses an essential risk to an injury to the interests of a client, as well as the procedures to be followed and measures to be taken for dealing with such conflict.

  • 4 The policy adopted in accordance with paragraph 1 shall state the procedures to be followed and measures to be taken to control a conflict of interest as referred to in Article 4 (2) of the Treaty. Article 4:88, 1st paragraph, of the Act .


Article 167b

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An investment firm as defined in Article 4:88, 2nd paragraph, of the Act , if a conflict of interest turns out to be unavoidable, the client is informed of this by means of a durable medium. The investment firm shall, taking into account the characteristics of the client, state sufficient detail to enable it to make informed decisions regarding the investment service, investment activity or ancillary service in connection with which the conflict of interest arises.


Article 168

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  • 1 In an agreement as referred to in Article 4:89, second paragraph, of the Act have been defined at least:

    • a. The types of services that the investment firm will make for the client under the agreement;

    • b. a specification of any restrictions on the markets on which transactions in financial instruments will be settled for the benefit of the client;

    • (c) the costs of a different kind, other than those relating to an offer of securities as referred to in Article 3 (1) of the Treaty; Chapter 5.1 of the Act , which are to be charged to the client as well as the calculation underlying those costs;

    • d. the manner in which instructions from the client and notices of the investment firm are provided and administered;

    • e. the manner in which funds or financial instruments of the client are set up, deposited and administered;

    • f. the manner in which the accounts of the client can be held;

    • g. the arrangement of the liability of the investment firm shall respectively be the client under the contract;

    • h. a statement by the client that he has taken note of the information that the investment firm is required to provide to him under this Decision, and is aware of the risks associated with the investment;

    • i. the applicable law and the means for the settlement of disputes; and

    • j. the circumstances under which the agreement between the investment firm and the client ceases, the circumstances under which the agreement may be dissolved, and the manner in which transactions are still pending on or after the date of termination shall be settled.

  • 2 Where the agreement relates to individual asset management, it shall also specify:

    • a. the composition of the managed assets by type of financial instrument and the value of the ability to be managed at the time of conclusion of the agreement;

    • b. the client's objectives in the field of wealth management;

    • c. a specification of any qualitative and quantitative restrictions on the financial instruments or categories of financial instruments in which it may be invested;

    • d. the manner in which the management is conducted as well as the involvement of the client, including a system of authorisation to the investment firm; and

    • e. the frequency of reporting to the client.


Article 168a

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  • 1 An investment firm shall not provide or receive, either directly or indirectly, a commission on the provision of an investment service or ancillary service.

  • 2 The first paragraph shall not apply to:

    • a. commissions that are provided directly by the client or the person acting on his behalf;

    • b. commissions necessary for the provision of the service or service concerned;

    • c. commissions on the provision of an investment service or ancillary service to a professional investor or eligible counterparty and commissions for the provision of an investment service as specified in the parts e and f of the definition of the provision of an investment service in Article 1: 1 of the Act , if:

      • 1. the client shall be informed in detail, accurate and intelligible means of the existence, nature and amount, or if the amount cannot be traced, the method of calculation thereof, of the commission prior to the relevant date of application. service is provided; and

      • 2. the commission shall benefit from the quality of the service in question and shall not prejudice the obligation of the investment firm to commit itself to the interests of the client;

    • Commissions which are provided by an investment firm to an investment firm, taking into account Article 2:97, fifth paragraph, of the law notified connected agent or commission of fees to be provided by that related agent to the investment firm concerned;

    • e. Relative gifts, in so far as their combined value does not exceed € 100 on an annual basis;

    • f. commissions for the provision of an investment service as specified in subparagraph (a) of the definition of the provision of an investment service in Article 1: 1 of the Act , if:

      • 1 °. the investment service relates to an effect referred to in the parts (a) or (b) of the definition of effect in Article 1: 1 of the Act , other than a right of participation in an investment enterprise or a UCITS, which has been issued in the context of a public investment;

      • 2 °. the effect, referred to in subparagraph (f) below, under 1 °, shall be offered to the public by an issuer;

      • 3 °. the compliance with the requirements of 1 ° and 2 ° of part c is fulfilled;

      • 4. as regards the effect, referred to under 1 °, no investment services shall be provided as referred to in parts b, c, and d of the definition of the provision of an investment service in Article 1: 1 of the Act ; and

      • 5 °. the investment firm informed the Financial Markets Authority of the intention to provide investment services as specified in this section.

  • 3 For the purposes of the second paragraph, public investment shall mean that it shall, otherwise than in the exercise of the holding of the bank, attract or receive retrievable funds from the public for a specific purpose for the purpose of which before the public has been informed, where:

    • a. The funds are raised or received in accordance with the application of the funds; Chapter 5.1 of the Act Certain; and

    • (b) the purpose of the spending purpose is not to finance current business operations where the funds are collected by undertakings other than small and medium-sized enterprises as referred to in Article 3 (1). Article 5:1, part f, of the law .


Article 168aa

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  • 1 Article 168a shall not apply to the provision of investment services or ancillary services in respect of transactions in financial instruments, other than those of an investment enterprise or a UCITS that are charged at the request of the Participants of the assets shall be repurchased or reimbursed directly or indirectly, carried out before 1 January 2014. In the said services, Article 168a continues to apply as of 31 December 2013.

  • 2 Article 168a shall not apply, until 31 December 2014, the provision of investment services or ancillary services in respect of transactions in units of an investment enterprise or UCITS which at the request of the participants shall be borne by the participants in the assets are repurchased or redeemed, directly or indirectly, if:

    • 1. the client shall be informed in detail, accurate and intelligible means of the existence, nature and amount, or if the amount cannot be traced, the method of calculation thereof, of the commission prior to the relevant date of application. service shall be provided;

    • 2. the commission shall benefit from the quality of the service in question and shall not prejudice the obligation of the investment firm to commit itself to the interests of the client;

    • 3 °. the commission in its entirety shall be paid to the client.

Chapter 14a. Premium pension institutions

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Article 168b

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An agreement as referred to in Article 4:71c, first paragraph, of the Act , as applicable, shall, in any event, determine:

  • (a) in respect of the premium payable:

    • 1 °. the amount of the premium payable;

    • 2 °. the manner in which and the time limits for which the premium payable is fulfilled;

    • (3) the procedures applicable to the non-compliance with premium payment obligations by the sponsoring undertaking;

  • b. In respect of the costs:

    • 1 °. the amount of total costs;

    • 2 °. Costs withheld at the premium, broken down by types of costs, as in any case, the initial costs, the revolting costs and the cost of selling and selling;

    • 3 °. the costs of building or distribution, broken down by types of costs, as in any case, the initial costs, the revolting costs and the cost of selling and selling;

    • 4 °. the influence of the average annual percentage of the costs, referred to below 2 ° and 3 °, on the yield, wealth-building or distribution, associated with the agreement; and

    • 5 °. the manner in which the costs, referred to in 2 ° and 3 °, are to be apported over the duration of the agreement;

  • c. the information provided by the sponsoring undertaking to the premium pension institution and the manner in which this information is provided;

  • d. the information provided by the contributory pension institution to the sponsoring undertaking, pension participants and pension beneficiaries and the manner in which such information is provided;

  • e. the investment principles and investment rules to be taken into account by the premium pension institution;

  • f. or, and under which conditions, pension participants are allowed to assume responsibility for investments;

  • g. the terms and conditions applicable to the transfer and transfer of values of accrued pension claims;

  • h. the manner in which mortality gains are allocated;

  • i. the criteria used by the contributory pension institution for the choice of a third party for the purchase of a pension benefit;

  • (j) whether the premium pension institution will cover biometric risks or guarantees from a third party and, where relevant, the criteria it will apply when choosing a third party;

  • k. the terms and conditions applicable upon termination of the contract; and

  • (l) the applicable law and the means of settlement of disputes.


Article 168c

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An agreement as referred to in Article 4:71c, second member, of the law , in any event, shall determine that:

  • a. The pension depositary is acting in the interests of pension participants and pension beneficiaries;

  • b. the pension funds institution and the pension depositary together provide for the amount of the pension assets to be kept in custody;

  • (c) the pension depositary shall issue the pension in custody only on receipt of a declaration from the pension institution certifying that issue is required in connection with the regular exercise of the pension fund; contributory pension institution; and

  • (d) the pension depositary under the law of the State in which the contributory pension institution has its registered office vis--vis the contributory pension institution, the pension participants and the pension beneficiaries is liable for damage suffered by them in so far as the damage to the pension scheme has been damaged. is the result of the reproach of non-compliance or failure to fulfil its obligations, even if the pension depositary has entrusted it to a third party, in whole or in part, in custody of his pension assets.

Chapter 15. Final provisions

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Article 169

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Article 3, first paragraph, introductory wording and part a , does not apply to holders of a waiver as intended Article 4:3, 4th paragraph, of the Act which was granted before 15 September 2004.


Article 170

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Until 1 October 2007 Article 6 does not apply to financial service providers who do not mediate in insurance, act as agent or act as agent as an agent, to the extent that they did not comply with the requirements of 1 January 2006 Article 17 of the Financial Services Decision and can establish that they will comply with the requirements of 1 October 2007. Article 6 .


Article 171

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  • 3 A financial services provider as referred to in the second paragraph providing for employees and other natural persons as referred to in Article 4 (2). Article 6 (b) , employed, for a period of 36 months, from the date on which it is Article I, Section E of the Financial Markets Amending Decision 2013 , entry into force does not comply with Article 6 (b), in so far as those persons had a valid diploma or valid recognition of professional qualifications on the day prior to the entry into force of that Article 1 (E).

  • 4 By ministerial arrangement rules may be laid down for the equivalence of diplomas already established with diplomas as referred to in Article 4 (2) of the EC Treaty. Article 7 .


Article 171a [ Expat per 01-01-2014]

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Article 172

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Article 28, second paragraph , does not apply to persons who are already under the responsibility of the financial services provider as of 1 January 2006, as referred to in Article 3 (1). First paragraph of that Article , directly involved in the provision of financial services.


Article 173 [ Exp. by 22-07-2013]

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Article 173a

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Article 32 shall not apply to financial products in respect of which no new agreements are entered into with a consumer after 31 December 2012 or, in the case of insurance, a client.


Article 174 [ Verfall by 01-01-2013]

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Article 175

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The Articles 153 to 157 shall not apply to contracts relating to credit, other than continuous credit, which have been concluded before 1 January 1992.


Article 176

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The Articles 122, first paragraph, introductory wording and part g , 123, first paragraph, introductory sentence and part m , and 124, first paragraph, introductory wording and part j , they shall apply from the financial year starting on or after the entry into force of this Decision.


Article 177

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The articles of this Decision shall enter into force on a date to be determined by royal decree, which may be determined differently for the various articles or parts thereof.


Article 178

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This decision is referred to as: Decision on the conduct of financial undertakings for financial undertakings.

Charges and orders that this Decision will be placed in the Official Journal by means of the note of explanatory note accompanying it.

' s-Gravenhage, 12 October 2006

Beatrix

The Minister of Finance

,

G. Zalm

Published the second of November 2006

The Minister of Justice

E. M. H. Hirsch Ballin


Annex A., taking into account the basic equation and additional hypotheses referred to in the definition of annual percentage rate of charge in the Article 1

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  • I. The basic equation which reflects the equivalence of drawdown loans, on the one hand, and the repayments and costs on the other hand.

    The basic equation for determining the annual percentage rate of charge (JKP) represents, on an annual basis, equality between the sum of the credit drawdown values at present values, and the sum of the updated values of the repayments and costs:

    Annex 248908.png

    where:

    X = the JKP;

    m = the sequence number of the last drawdown;

    k = the serial number of a drawdown, where 1 ≤ k ≤ m;

    Ck = the amount of drawdown number k;

    tk = the time interval, expressed in years and fractions of years, between the date of the first drawdown and the date of each subsequent drawdown, where t1 = 0;

    (b) m' = the serial number of the final redemption or payment;

    l = the order number of a redemption or payment;

    Dl = the amount of a redemption or payment;

    sl = the time interval, expressed in years and fractions of years, between the date of the first drawdown and the date of each repayment or payment.

    Notes:

    • (a) the amounts paid by both parties at various times are not necessarily identical and shall not necessarily be paid at equal intervals.

    • (b) the commencement date shall be that of the first drawdown.

    • (c) the difference between the dates used in the calculation methods shall be expressed in years or fractions of years. One year is considered to be 365 days (for leap years 366 days), 52 weeks or 12 equal months. An equal month is supposed to be 30,41666 days (that is, 365/12), both for ordinary years and leap years.

    • (d) the result of the calculation shall be expressed at least to the first decimal place. If the following decimal place is greater than or equal to 5, the first decimal place shall be increased by 1.

    • (e) the equation can be rewritten with only one summation using the concept of flux (Ak). The flux is positive or negative, that is to say, is paid or received during the periods of 1 to k respectively, and is expressed in years:

      Annex 248909.png

      S shall be the balance of the updated flux and shall be zero if the flux is equivalent.

  • II. Additional assumptions for the calculation of the annual percentage rate of charge:

    • (a) if the consumer can freely choose how much credit it takes under the credit agreement, the total amount of the credit shall be assumed to be fully absorbed immediately;

    • (b) if an agreement on credit generally provides the consumer with the freedom to choose how much credit he takes, but imposes on the different means of drawdown a limitation with respect to the amount and the period of credit, the assumed that the credit amount will be included in accordance with these withdrawal restrictions at the earliest date provided for in the Agreement;

    • (c) if an agreement on credit offers credit options with different costs or borrowing rates, it is assumed that the total amount of credit at the highest cost and borrowing rate is included, applied to the credit. Most common credit inclusion mechanism used in this type of credit agreement;

    • (d) in the case of a lawful debit on an account, it is assumed that the total amount of credit is fully and for the full duration of the agreement on credit. Where the duration of the permitted debit status is unknown, the calculation of the annual percentage rate of charge shall be based on the assumption that the duration of the appropriation is three months;

    • (e) in the case of an agreement on credit for an indefinite period of time than a lawful debit status, it shall be deemed to:

      • (i) the credit is granted from the date of the first drawdown for a period of one year and that the final payment by the consumer covers the balance of the capital, the interest and any other costs; and

      • (ii) the capital shall be repaid in equal monthly instalments from one month after the date of the first drawdown of the credit. In cases where capital is subject to full payment entirely in one payment within each payment period, successive drawbacks and repayments are considered by the consumer of the whole capital over the period of -to find a single year. Interest and other costs shall be applied in accordance with these drawbacks and repayments of capital as laid down in the agreement on credit.

      For the purposes of this paragraph, an agreement on credit for an indefinite period means an ongoing credit, including a credit that must be fully repaid within or after a certain period of time, but then, after repayment, is available to be included.

    • (f) in the case of contracts relating to credit other than permitted debit stocks and credits for an indefinite period of time, as referred to in the assumptions in parts d and e:

      • (i) where the date or the amount of a refund of capital to be made by the consumer cannot be determined, repayment shall be deemed to have been made at the earliest date and with the lowest amount in which the agreement on credit provides;

      • (ii) if the date on which the agreement on credit is concluded is not known, the date of the first drawdown shall be deemed to be the date of the shortest period of time between that date and the date when the consumer is to receive the first payment. to perform.

    • (g) where the date or amount of a payment to be made by the consumer on the basis of the credit agreement or on the basis of the assumptions set out in subparagraph (d), (e) or (f) cannot be determined, the payment shall be deemed to have been made according to the dates and conditions of the creditor and, if they are not known:

      • (i) interest shall be paid together with the repayments of capital;

      • (ii) any non-interest expense expressed in a single amount shall be paid on the date of the conclusion of the agreement on credit;

      • (iii) non-interest expenses incurred in different payments shall be paid in periodic instalments starting on the date of the first repayment of capital, and where the amount of such payments is unknown, they shall be deemed equivalent amounts to be; and

      • (iv) covers the final payment, the balance of the capital, the interest and any other costs;

    • (h) if the ceiling applicable to the credit has not yet been agreed upon, it shall be deemed to be € 1500;

    • (i) where different borrowing rates and costs are offered for a limited period or a limited amount, the highest interest rate and the highest costs shall be deemed to be the borrowing rate and the costs for the entire duration of the agreement relating to the sale of the interest; credit;

    • (j) in respect of contracts relating to credit for which a fixed borrowing rate has been agreed for the first period and for which a new borrowing rate is fixed at the end of that period, which is subsequently adjusted periodically according to an agreed indicator, when calculating the annual percentage rate of charge, the hypothesis that the borrowing rate is the same as at the time of the calculation of the borrowing rate will be assumed from the end of the period. the annual percentage rate of charge, based on the value of the agreed indicator At that moment.


Annex B. Associated with Article 5 [ Expired per 01-01-2014]

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Annex C. Associated with Article 13

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1. Criminal proceedings as referred to in Article 1 (2) Article 13 (a)


1.1. Convictions

In the case of a judgment, the person concerned was convicted in the Netherlands or abroad of an attempt to prepare, commit, engage in, engage in or engage in, or engage in, an accomplice of:


2. Other criminal records as referred to in Article 13 (a)


2.1. Convictions

In the case of a judgment, the person concerned was convicted in the Netherlands or abroad of attempted, preparing, committing, failed to engage in, condone, aiding, abetting, or committing:

Penal code:

General Law on State Taxation (AWR):

-Infringement of tax law ( Articles 68 and 69 ).

Opium Law:

Law on economic offences (WED):

By the WED criminalised conduct, in particular prohibitions in the financial supervisory legislation and infringement of the Articles 2 , 3, first paragraph , 4, first paragraph , 5, first and third members , 8 , 16, second paragraph , 23, first and second members , 33 and 34 of the Law on the Prevention of Laundering and Financing of Terrorism .

Law weapons and ammunition:

Road Traffic Act 1994:

General Customs Act

Act of recovery 1990

Foreign penal provisions

Convictions are also subject to convictions abroad for violation of one or more criminal proceedings in other countries, similar to those mentioned above.


2.2. Transactions

Person has a transaction as referred to in Article 74 of the WvSr , Article 76 of the AWR or Article 10:15 of the General Customs Act to do one or more of the offences listed above under 2.1. Transactions shall also include a similar agreement with regard to non-prosecution in respect of comparable criminal offences abroad, concluded with the competent authority to that effect.


2.3. (Conditional) sepot, acquittal or dismissal of legal proceedings

The person concerned shall not be prosecuted or further prosecuted, or has not been further prosecuted, or has been acquitted or dismissed from legal proceedings in respect of one or more of the offences listed in 2.1.

Whether or not conditional, no further prosecution, acquittal or dismissal of legal proceedings shall also be understood as meaning similar judgments and measures abroad in respect of the infringement of one or more of the punitive provisions of that law. similar to the one mentioned above.


2.4. Other facts or circumstances

Any other facts or circumstances that may reasonably be relevant to the Authority's assessment of the reliability of the data subject, as recognised by officials responsible for the detection of criminal offences, or circumstances which may reasonably be of interest to the Authority. cleared processes-verbally or reports which indicate that the person concerned has been involved in one or more of the offences listed under 2.1. Minutes or reports shall also be understood to mean similar documents of equal probative value, drawn up by officials responsible for the detection of criminal offences abroad in respect of criminal offences, comparable to that of criminal offences, and with the under-2.1.


3. Financial Resources as referred to in Article 13 (b)


3.1. Personal

  • -person has had significant personal financial problems and have led them to legal, recovery or debt procedures;

  • -has been requested or declared in respect of the person concerned with payment, bankruptcy, debt restructuring or debt agreement;

  • -the person is currently engaged in one or more legal proceedings in the Netherlands or elsewhere in the event of personal financial problems, or is expected to be involved in it; or

  • -the personal financial obligations of the person concerned are not, by general criteria, in a healthy relationship to his/her income or ability.


3.2. Business

  • -the current or one of the former employer (s) of the person concerned, or any company or legal person, in which the person concerned holds or holds a position as a policy-determining or co-decision-making person, control of the policy of the person concerned exercise or otherwise (including) being responsible or otherwise responsible for the policy, has had important financial problems and have led to legal proceedings in the Netherlands or elsewhere;

  • -in relation to the current or any of the former employers or any company or legal person, where a person holds or holds a position as a policy-determining or co-decision-making person, control of the policy exercise or otherwise (including) the responsibility or was for the policy, has been requested or declared to be receiverted or filed for bankruptcy; or

  • -the person has been ordered to comply with outstanding debts for the bankruptcy of a company or legal person under the applicable provisions of Book 2 of the Civil Code ( Articles 50a , 138 , 149 , 248 , 259 and 300a ).


3.3. Other facts or circumstances

Any other facts or circumstances that indicate the involvement of the person concerned in one or more financial conduct, to the extent that they may reasonably be of interest to the Authority for the assessment of its reliability.


4. Monitoring agents as specified in Article 13 (c)


4.1. Surveillance background

  • -incorrect or incomplete transmission of data to a supervisor or supervisory authority;

  • -the person concerned or a company or legal person in which the person concerned holds or holds a position as a policy-determining or co-decision-making person, exercises or exercises effective control of the board or otherwise (co-) responsible or was for the policy, is an admission, permit or waiver refused by a supervisor or supervisory authority;

  • -a person or a company or a legal person in which the person concerned holds or holds a position as a policy-determining or co-decision-making person, exercising effective control of the board, or otherwise exercising. (co) is responsible or was for the policy, granted admission, permit or waiver has been revoked by a supervisor or supervisory body;

  • -the person concerned, or his current or one of his former employers or a company or legal person, where a person holds or holds a position as a policy-determining or co-decision-making person, is effective in the administration exercise or otherwise (co--) responsibility or was for the policy, has been in conflict with a supervisor or supervisory authority and this conflict has led to any measure against the person concerned or the person concerned company or legal person where the person concerned has a function as a policy-determining or person who holds or holds, de facto control of, policies or is otherwise responsible or otherwise responsible for the policy;

  • -to the person concerned or to a company or legal person in which the person concerned holds or holds a position as a policy-determining or co-decision-making person, exercising, or otherwise exercising, the management of the board, (co) is responsible for, or was in charge of, the policy, a statement by the Minister for the establishment of or of the amendment of the Statute of a company refused on grounds in the Articles 68, second paragraph , 179, second paragraph , 125, second member , below 235, second member, of Book 2 of the Civil Code .


4.2. Other facts or circumstances

Any other facts or circumstances which indicate the involvement of the person concerned in one or more of the conduct in relation to which rules have been laid down in Dutch or foreign financial surveillance legislation, any conduct or conduct that is reasonably likely to be used For the Authority, Financial Markets may be of interest for the assessment of its reliability.


5. Fiscal administrative provisions as referred to in Article 13, part d


5.1. Personal

On the basis of the General Law on State Taxation impose an offence on one or more of the offences listed below:

  • -intentionally carry out an incorrect or incomplete tax return ( Article 67d );

  • -it is on purpose or gross debt of the taxpayer due to the fact that a tax attack has been fixed to a too low amount or otherwise has not been levied too little ( Article 67e ); or

  • -whether the taxable person or withholding tax is due to deliberate or gross misconduct, is not, in part or not, paid within the period (s) ( Article 67f ).


5.2. Business

The current or one of the former employers or any company or legal person, in which the person concerned holds or holds a position as a policy-determining or co-decision-making person, exercises effective control of the administration, or exercising or otherwise (including) being responsible or was for the policy, is on the basis of the General Law on State Taxation impose an offence on one or more of the offences listed below:

  • -intentionally carry out an incorrect or incomplete tax return ( Article 67d );

  • -it is on purpose or gross debt of the taxpayer due to the fact that a tax attack has been fixed to a too low amount or otherwise has not been levied too little ( Article 67e ); or

  • -it is either intentional or gross of the taxable person or withholding tax is that tax is not, in part or not, paid within the time limit ( Article 67f of the AWR ).


5.3. Other facts or circumstances

Any other facts or circumstances that indicate the involvement of the person concerned in one or more of the conduct in tax matters which could reasonably be of interest to the Authority for the assessment of its reliability.


6. Other antecedents as referred to in Article 13, part e

  • -the registration of the person concerned at the Dutch Securities Institute has been terminated by that institution;

  • -subject has been subject to, or subject to, disciplinary, disciplinary or other similar measures taken by, or by reason of, an organisation of his professional colleagues in or outside the Netherlands and this procedure has led to measures against the person concerned; or

  • -the person concerned has been involved or involved in any conflict with his current or a previous employer regarding the proper performance of his function or compliance with standards of conduct in relation to that mission and this conflict has led to it. to the imposition of an employment penalty sanction to the person concerned (such as in the form of a warning, reprimand, suspension or dismissal).


Appendix D. Standard information on consumer credit

Compare Versions Save Relationships (...) (External Link) Permanent Link 1. Identity and contact details of the provider of credit/mediator in credit

Provider of credit

Address

Telephone number

E-mail address (*)

Fax (*)

Web address (*)

[ Identity]

[ Geographical address for use by consumers]

If applicable:

Intermediary in credit

Address

Telephone number (*)

E-mail address (*)

Fax (*)

Web address (*)

[ Identity]

[ Geographical address for use by consumers]

(*) This information is optional for the provider of credit

Whenever "where applicable" is stated, the credit provider must fill in the box if the information is relevant to the credit product, or delete the relevant information or box if the information is not relevant to the type of credit in question.

The indications of square brackets are intended for the provider of credit and should be replaced by the relevant data.

2. Description of the main features of the credit product

The type of credit

The total amount of credit

It shall be the ceiling or sum of all amounts made available under a credit agreement.

Conditions for drawdown

Intended to be the time and manner in which you will receive the money.

The duration of the credit agreement

Time limits and, where applicable, the order in which the time limits are allocated

You will have to pay the following:

[ The amount, number, and periodicity of payments to be made by the consumer.]

Interest and/or expenses are payable as follows:

Total amount to be paid by you

It shall be the amount of the capital borrowed, together with the interest and any costs associated with your credit.

[ Sum of total credit amount and total credit cost]

If applicable

The credit is granted in the form of deferral of payment for a good or service or is linked to the delivery of a particular good or the offering of a service.

Name of good/service

Spot price

If applicable

Securities requested

[ Type of collateral]

A description of the collateral to be provided by you in connection with the credit agreement.

If applicable

Payments shall not give rise to direct repayment of the capital.

3. Cost of credit

The borrowing rate or, where applicable, the different borrowing rates applicable to the credit agreement

[%]

-fixed, or

-variable (with the index or reference rate applicable on the initial borrowing rate)

-periods]

Annual percentage rate of charge (JKP)

These are the total costs, expressed as an annual percentage of the total credit amount. Using the JKP, you can compare different offers between them.

[% A representative sample indicating all the assumptions used for the calculation of the percentage to be given here]

In order to obtain the credit, it is obligatory, if appropriate, on the terms advertised.

-to take out an insurance policy to guarantee the credit, or

Yes/no [ if yes, indicate insurance]

-to conclude a further contract for ancillary services?

If the cost of these services is not known to the provider of credit, they will not be included in the JKP.

Yes/no [ if yes, indicate the kind of ancillary service]

Cost associated with the credit

If applicable

The holding of one or more accounts is required for the booking of both payments and drawdown accounts

If applicable

Amount of the cost of using a specific means of payment (e.g. a credit card)

If applicable

Any other costs arising from the credit agreement

If applicable

Conditions under which the costs related to the credit agreement referred to above are subject to change

If applicable

Obligation to pay notaries

Costs in the case of late payment

Default can have serious consequences for you (for example forced sale) and make credit available more difficult.

In the event of late payment, you will be charged [ ... (applicable interest rate and arrangement for its adjustment and, where applicable, the costs of non-compliance)].

4. Other legal aspects that are of interest

Right of withdrawal

You have the right to revoke the credit agreement within a period of 14 calendar days.

Yes/No

Early amortisation

You have the right to pay the credit in full or in part early on at any time.

If applicable

The provider of credit has the right to charge for early repayment

[ Determination of the fee (calculation method) in accordance with the implementing rules laid down in Article 16 of Directive 2008 /48/EC]

Consultation of a database

The credit provider should inform you immediately and without charge of the result of a consultation of a database, if a credit claim has been rejected on the basis of such a consultation. The foregoing shall not apply where the provision of such information under Community law is prohibited or contrary to the objectives of public policy or public security.

Right to receive a draft credit agreement

You have the right to obtain, free of charge, a copy of the draft credit agreement free of charge upon request. This provision shall not apply if the provider of credit does not intend to enter into the agreement with you at the time of the request.

If applicable

The period of time during which the provider of credit is bound by the pre-contractual information.

The information is gelding from ....till ....

If applicable (a) relating to the provider of credit 5. Additional information in the case of distance sales of financial services

If applicable

Representative of the provider of credit in the Member State where the consumer lives

[ Identity]

Address

Telephone number (*)

E-mail address (*)

Fax (*)

Web address (*)

[ Geographical address for use by consumers]

If applicable

Registration

[ The commercial register in which the provider of credit is registered and his registration number or a similar means of identification in that register]

If applicable

The supervisory authority

(b) on the credit agreement

If applicable

Exercise of the right of withdrawal

[ Practical instructions for exercising the right of withdrawal, including the term within which it can be exercised, the address to which notification of the exercise of the right of withdrawal should be sent and the consequences of Non-exercise of that right]

If applicable

The legislation used by the provider of credit as the basis for establishing relations with you prior to the conclusion of the credit agreement.

If applicable

Clause on the law applicable to the credit agreement and/or the competent court

[ Include clause to be included here]

If applicable

Language regime

Information and contract terms are provided in the [ certain language]. If you agree, we will communicate for the duration of the credit agreement in the [ certain language/languages]

(c) on appeal procedures

Existence of and access to out-of-court complaints and redress procedures

[ Or for the consumer who is party to the distance contract extrajudicial complaints-and appeal proceedings open and, if so, how he can initiate those procedures]

(*) This information is optional for the provider of credit.


Appendix E. Consumer credit information for permitted debit status in an account

Compare Versions Save Relationships (...) (External Link) Permanent Link 1. Identity and contact details of the provider of credit/mediator in credit

Provider of credit

Address

Telephone number

E-mail address (*)

Fax (*)

Web address (*)

[ Identity]

[ Geographical address for use by consumers]

If applicable:

Intermediary in credit

Address

Telephone number (*)

E-mail address (*)

Fax (*)

Web address (*)

[ Identity]

[ Geographical address for use by consumers]

(*) This information is optional for the provider of credit

Whenever "where applicable" is stated, the credit provider must fill in the box if the information is relevant to the credit product, or delete the relevant information or box if the information is not relevant to the type of credit in question.

The indications of square brackets are intended for the provider of credit and should be replaced by the relevant data.

2. Description of the main features of the credit product

The type of credit

The total amount of credit

[ To be referred to, the ceiling or the sum of all amounts made available under a credit agreement.]

The duration of the credit agreement

If applicable

You may at any time be requested to pay back the credit amount in full

3. Cost of credit

The borrowing rate or, where applicable, the different borrowing rates applicable to the credit agreement.

[%]

-fixed, or

-variable (with the index or reference rate applied to the initial borrowing rate)]

If applicable

Annual percentage rate of charge (JKP)

These are the total costs, expressed as an annual percentage of the total credit amount. Using the JKP, you can compare different offers between them.

[% A representative sample indicating all the assumptions used for the calculation of the percentage to be given here]

If applicable

Costs

If applicable

The conditions under which these charges may be changed

[ The costs to be charged from the conclusion of the credit agreement.]

Costs in the case of late payment

In the event of late payment, you will be charged [ ... (applicable interest rate and arrangement for its adjustment and, where applicable, the costs of non-compliance)].

4. Other legal aspects that are of interest

Termination of the credit agreement

[ The terms and procedure for termination of the credit agreement]

Consultation of a database

The credit provider should inform you immediately and without charge of the result of a consultation of a database, if a credit claim has been rejected on the basis of such a consultation. The foregoing shall not apply where the provision of such information under Community law is prohibited or contrary to the objectives of public policy or public security.

If applicable

The period of time during which the provider of credit is bound by the pre-contractual information.

The information is gelding from ....till ....

If applicable 5. Additional information to be provided in the case of the distance sale of financial services
(a) relating to the provider of credit

If applicable

Representative of the provider of credit in the Member State where the consumer lives

[ Identity]

Address

Telephone number (*)

E-mail address (*)

Fax (*)

Web address (*)

[ Geographical address for use by consumers]

If applicable

Registration

[ The commercial register in which the provider of credit is registered and his registration number or a similar means of identification in that register]

If applicable

The supervisory authority

(b) on the credit agreement

Right of withdrawal

You have the right to revoke the credit agreement within a period of 14 calendar days.

If applicable

Exercise of the right of withdrawal

Yes/no

[ Practical instructions for exercising the right of withdrawal, among other things, to which address the notification of the exercise of the right of withdrawal must be sent and the consequences of failure to exercise that right]

If applicable

The legislation used by the provider of credit as the basis for establishing relations with you prior to the conclusion of the credit agreement.

If applicable

Clause on the law applicable to the credit agreement and/or the competent court

[ Include clause to be included here]

If applicable

Language regime

Information and contract terms are provided in the [ certain language]. If you agree, we will communicate for the duration of the credit agreement in the [ certain language/languages]

(c) on appeal procedures

Existence of and access to out-of-court complaints and redress procedures

[ Or for the consumer who is party to the distance contract extrajudicial complaints-and appeal proceedings open and, if so, how he can initiate those procedures]

(*) This information is optional for the provider of credit.


Annex F. Standard information on securities credit

Compare Versions Save Relationships (...) (External Link) Permanent Link 1. Identity and contact details of the provider of credit/mediator in credit

Provider of credit

Address

Telephone number

E-mail address (*)

Fax (*)

Web address (*)

[ Identity]

[ Geographical address for use by consumers]

If applicable:

Intermediary in credit

Address

Telephone number (*)

E-mail address (*)

Fax (*)

Web address (*)

[ Identity]

[ Geographical address for use by consumers]

(*) This information is optional for the provider in credit.

Whenever "where applicable" is stated, the credit provider must fill in the box if the information is relevant to the credit product, or delete the relevant information or box if the information is not relevant to the type of credit in question.

The indications of square brackets are intended for the provider of credit and should be replaced by the relevant data.

The type of credit

[ ongoing credit]

2. Description of the main features of the credit

Indicate that the credit is granted or committed against collateral of financial instruments and that the credit limit is contingent upon a certain percentage of the coverage and, where applicable, certain eligibility requirements.

What percentage of coverage and what eligibility requirements are applied in relation to the financial instruments given in collateral.

The decomposition rates by type of financial instrument and, where applicable, the requirements for the composition of the collateralised financial instruments.

Conditions for drawdown

Intended to be the time and manner in which you will receive the money.

Time limits and, where applicable, the order in which the time limits are allocated

Way in which interest and/or charges are charged [ for example, interest and/or charges are credited to the credit]

[ The periodicity of the payments to be made by the consumer.]

Securities requested

[ Type of collateral]

3. Cost of credit

The borrowing rate or, where applicable, the different borrowing rates applicable to the credit agreement

[%]

-fixed, or

-variable (with the index or reference rate applied to the initial borrowing rate)

-periods]

Four representative sample calculations of the total cost of securities credit based on different credit limits.

If applicable

Expenditure related to credit

If applicable

The holding of one or more accounts is required for the booking of both payments and drawdown accounts

Costs in the case of late payment

Default can have serious consequences for you (for example forced sale) and make credit available more difficult.

For default, you will be charged [ ... (applicable interest rate and arrangement for its adjustment and, where applicable, of the costs of non-compliance)].

Termination of the credit agreement

[ The terms and procedure for termination of the credit agreement]

4. Other legal aspects that are of interest

Right of withdrawal

No

Early amortisation

You have the right to pay the credit in full or in part early on at any time.

Consultation of a database

The credit provider should inform you immediately and without charge of the result of a consultation of a database, if a credit claim has been rejected on the basis of such a consultation. The foregoing shall not apply where the provision of such information under Community law is prohibited or contrary to the objectives of public policy or public security.

If applicable

The period of time during which the provider of credit is bound by the pre-contractual information.

The information is gelding from ....till ....

If applicable (a) relating to the provider of credit 5. Additional information in the case of distance sales of financial services

If applicable

Representative of the provider of credit in the Member State where the consumer lives

Address

Telephone number (*)

E-mail address (*)

Fax (*)

Web address (*)

[ Identity]

[ Geographical address for use by consumers]

If applicable

Registration

[ The commercial register in which the provider of credit is registered and his registration number or a similar means of identification in that register]

If applicable

The supervisory authority

(b) on the credit agreement

Right of withdrawal

No

If applicable

The legislation used by the provider of credit as the basis for establishing relations with you prior to the conclusion of the credit agreement.

If applicable

Clause on the law applicable to the credit agreement and/or the competent court

[ Include clause to be included here]

If applicable

Language regime

Information and contract terms are provided in the [ certain language]. If you agree, we will communicate for the duration of the credit agreement in the [ certain language/languages]

(c) on appeal procedures

Existence of and access to out-of-court complaints and redress procedures

[ Or for the consumer who is party to the distance contract extrajudicial complaints-and appeal proceedings open and, if so, how he can initiate those procedures]

(*) This information is optional for the provider of credit.


Annex G., Associated with Article 116a [ Expired by 15 -03-2016]

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Annex H. Associated to Article 117

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1. Data relating to the activities of the managing body of a UCITS

The activities of the manager of a UCITS shall be divided into:

  • a. the activities of the manager of a UCITS; and

  • b. The types of investment vehicles or UCITS that the manager of a UCITS manages or intends to manage.


2. Data on the persons who are the (daily) policy of the manager of a UCITS and each depositary of a UCITS (co-), or are part of a supervisory body of the managing body of a UCITS and each depositary of a UCITS

2.1. The names of:

  • (a) the persons determining the day-to-day policy of the administrator of a UCITS and of each depositary of a UCITS;

  • (b) persons identifying or co-determining the policy of the administrator of a UCITS and of each depositary of a UCITS; and

  • (c) persons who are part of a body responsible for the supervision of the policies and general practice of the manager of a UCITS and of each depositary of a UCITS.

2.2. Indication of the main persons referred to in point 2.1, outside the manager of a UCITS, the UCITS it manages and any depositary of a UCITS in so far as these activities are related to the activities of the UCITS the administrator of a UCITS, the UCITS it manages and each depositary of a UCITS.


3. General information on the manager of a UCITS and the depositary of a UCITS

3.1. The name and legal form of the servicer of a UCITS, its registered office and place of the head office of the managing body of a UCITS if that place differs from that of its registered office and the date of establishment and the time for which the UCITS has been established to fulfil the function of the manager of a UCITS if it has not been established for an indefinite period.

3.2. The registration number of the managing authority of a UCITS in the commercial register and the place of registration.

3.3. A description of the formal or actual control structure in which the manager of a UCITS is connected to other persons.

3.4. Where applicable: the name and the legal form of each depositary of a UCITS, its registered office and place of the head office of each depositary of a UCITS if that place differs from that of its registered office and the date of establishment and the establishment date and the time for which legal persons who fulfil the function of depositary of a UCITS if they have not been established for an indefinite period.

3.5. Where applicable: the registration number of each depositary of a UCITS in the commercial register and the place of registration.

3.6. Where appropriate, a description of the structure of control, either formal or actual, in which each depositary of a UCITS is connected to other persons.

3.7. Where applicable, the organisational structure of each depositary of a UCITS which holds the assets of more than one UCITS.


(4) Financial data relating to the manager of a UCITS and the depositary of a UCITS

4.1. A statement by an auditor that is subject to the provisions of the Articles 3:53 and 3:57 of the Act is satisfied.

4.2. If available: a statement from an auditor that the annual accounts of the managing authority of a UCITS and each depositary of a UCITS have been examined. If the declaration contains reservations or an abstention, the reasons for such withdrawal shall be indicated in the text of the statement.


5. Information on information provision

5.1. The manner in which the administrator of a UCITS periodically provides information.

5.2. The date on which the annual accounts and the half-year figures of the managing authority of a UCITS under its Statute or Title 9 of Book 2 of the Civil Code have to be closed.

5.3. The date on which the annual accounts of each depositary of a UCITS pursuant to its Statute or Title 9 of Book 2 of the Civil Code must be closed.

5.4. Indication of the availability of the statutes, accounts and administrative reports of the managing body of a UCITS and each depositary of a UCITS and the half-year figures of the manager of a UCITS on the website, and that these documents are available for the management of the UCITS. participants are available free of charge to the administrator of a UCITS.


6. Data concerning the replacement of the servicer of a UCITS or the depositary of a UCITS

6.1. The rules and conditions applicable to a replacement of the servicer of a UCITS or the depositary of a UCITS.

6.2. A statement requesting the Authority to submit to the Authority Financial Markets Article 1:104, first paragraph, part a, of the law publish, in a nationally distributed Dutch daily newspaper or at the address of each participant, as well as on the website of the administrator of a UCITS.


Annex I. Associated with the Articles 118, first paragraph and 115X, 1st Member

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1. General data on the UCITS

1.1. The legal form of the UCITS.

1.2. The name of the UCITS, the registered office and place of the head office of the UCITS, the date of establishment, the time for which the UCITS is set up if it has not been entered into for an indefinite period, and, where applicable, the registration number of the UCITS in the commercial register and the place of registration.

1.3. Where, in the context of the management or the preservation of the assets of the UCITS, operations are or are outsourced, at least the following information:

  • a. a description of the work that has been or will be subcontracted; and

  • b. the name of the third person (s).

1.4. The names of advisers and consultancy firms of whose services the UCITS uses in respect of its investments. The work of the advisers and advisory bodies, to the extent that the appeal to their services is established by agreement, and the manner in which the costs of operations are borne by the result of the UCITS, shall be deducted from the the ability to be owned or otherwise directly or indirectly charged to the participants in the UCITS, and may be relevant to the participants.

1.5. If applicable, the name and the office address of the auditor who has audited the UCITS ' annual accounts for the last financial year.

1.6. The name of the depositary that holds the assets of the UCITS and a description of its tasks, as well as of conflicts of interest that may arise.

1.7. A description of all the custody tasks that the depositary has contracted out, the list of third parties to whom tasks have been contracted out, and any conflicts of interest that may result from them.

1.8. A statement that the current information relating to sections 1.6. and 1.7. will be made available on request from investors.

1.9. A description of the main lines of the management and conservation agreement between the administrator and the depositary of the UCITS and a statement that a copy of the contract may be obtained on request at a maximum cost of the cost.

1.10. A description of the formal or actual control structure in which the undertaking for collective investment in transferable securities is linked to other persons.

1.11. The names of any other investment vehicles or UCITS that are managed by the UCITS manager.

1.12. The manner in which participants can lodge complaints about the UCITS with the administrator.


2. Data on the persons who determine the (daily) policy of the company for collective investment in transferable securities (co-) or be part of a supervisory organ of the company for collective investment in transferable securities

The names of the persons who determine, or also determine, the policies of the company for collective investment in transferable securities or are part of a body responsible for monitoring the policies and general practice of society. for collective investment in transferable securities, an indication of the principal activities carried out by those persons outside the company for collective investment in such securities, in so far as these activities are related to the activities of the undertaking for collective investment in transferable securities.


3. Details of changes to the terms and conditions

3.1. The manner in which the terms and conditions applicable between the UCITS and the participants may be modified.

3.2. Indication of the fact that a proposal to amend the conditions applicable between the UCITS and the participants is published in an advertisement in a nationally distributed Dutch daily newspaper or at the address of each participant, as well as on the administrator ' s website and that the proposal for change is explained on the website of the administrator.

3.3. Indication of the fact that a change in the conditions applicable between the UCITS and the participants is disclosed in an advertisement in a national broadcast of the Netherlands daily newspaper or at the address of each participant, as well as on the website of the administrator, and that the change is explained on the website of the administrator.

3.4. That a change in the terms and conditions that apply between the UCITS and the participants thereby reducing participants ' rights or collateral or imposing burdens on participants is not invoked before a month before the event has expired after publication of the change as referred to in 3.3 and that participants may enter under the usual conditions within this period.

3.5. Indication of the fact that an amendment to the conditions applicable between the UCITS and the participants which change the investment policy shall not be introduced until a month has elapsed after the publication of the amendment as referred to in Article 4 (2) of the EC Treaty 3.3 and that participants will be able to enter under the normal conditions within this period.


4. Information on information provision

4.1. The manner in which the UCITS periodically provides information.

4.2. The date on which the annual accounts and half-yearly figures of the UCITS are based on its terms and conditions, or Title 9 of Book 2 of the Civil Code must be closed, indication of the availability of these documents on the manager's website and that they are available free of charge to participants in the administrator.

4.3. The places where the UCITS manager's licence and the fund rules or instruments of incorporation of the UCITS are available.

4.4. An indication of the fact that a copy of the fund rules or the statutes is provided, free of charge on request, free of charge.

4.5. An indication of the fact that, on request, at most cost price, the data concerning the manager, the UCITS and, where applicable, the depositary to be included in the commercial register by virtue of any legal requirement shall be provided.

4.6. Indication of the fact that the unit-holders of the UCITS are subject to the following information on request at not more than the cost:

  • a. A copy of the administrator's licence;

  • b. a copy of a decision taken by the Authority to waive the provisions of this Act with regard to the administrator, the UCITS it manages and any depositary associated with it; or

  • c. a copy of the declaration specified in Article 50, second paragraph .

4.7. Indication of the fact that the payment of payments to unit-holders in the UCITS, the composition of benefits and the method of payment of payments are published by advertisement in a nationally distributed Dutch daily newspaper or at the address of each participant, as well as on the website of the administrator.


5. Data on the activities and the investment policy

5.1. A description of the investment purposes including the financial objectives, such as capital growth or revenue, investment portfolio and investment policy, broken down as far as possible by economic sector and geographical area distribution, the nature of the goods in which it is invested and the risks associated with the investment policy and the nature of the goods in which it is invested.

5.2. The method of determining whether the revenue from the UCITS is to be distributed or reinvested.

5.3. Any limits imposed on the investment activities and the means to which it may be amended.

5.4. If applicable: the power to contract loans or to borrow financial instruments as a debtor.

5.5. Where appropriate, a description of the broad lines of agreements with the parties to the manager, investment company or depositary.

5.6. Where transactions are carried out with the parties associated with the manager of a UCITS, the investment company or the depositary of a UCITS:

  • a. description of the transaction types concerned;

  • (b) indication whether transactions with the related parties are made under market conditions and if not, the reason for such disclosure; and

  • c. for transactions with related parties not taking place on a regulated market or other market in financial instruments: a statement that in all cases, an independent valuation is based on the transaction or that a a measure of value by one or more parties involved in the transaction is also possible.

5.7. If applicable: a statement that the UCITS may invest in a UCITS, the investment company or the depositary of a UCITS, as the manager of a UCITS.

5.8. If applicable: a statement that the UCITS may invest directly or indirectly into other investment vehicles or UCITS.

5.9. If the UCITS invests 20 per cent or more of the managed assets directly or indirectly into another investment enterprise or UCITS:

  • a. A description of the manner in which information is provided to the other investment enterprise or UCITS: and

  • (b) where applicable: the agreements between the UCITS and the other investment enterprise or UCITS on the distribution of costs and to whom the benefit is to benefit.

5.10. Where applicable: a statement that the UCITS invests in another investment company, undertaking for collective investment in transferable securities or which is a collective investment undertaking, a collective investment company, a company for collective investment in transferable securities or being a affiliated party or any other investment entity or UCITS managed by an operator, investment company, a collective investment undertaking in securities or in depositary and the conditions under which it is to be used sale or purchase of, and reimbursement of, units in the any other investment enterprise or UCITS is taking place.

5.11. If the UCITS invests 85% or more of the assets managed directly or indirectly in another investment enterprise or a UCITS: a description of the investment policy of the other investment enterprise or UCITS.

5.12. If the UCITS invests 85 per cent or more of the managed assets directly or indirectly into another investment enterprise or UCITS:

  • a. the fact that the manager of the other investment enterprise or UCITS is authorised as intended Article 2:65 of the Act has been supervised and supervised in the Netherlands;

  • (b) indication of the fact that the other investment enterprise or UCITS:

    • 1 °. in accordance with the revised Directive, investment vehicles in another Member State are permitted;

    • 2 °. is supervised in that Member State;

    • 3 °. where applicable: an application for consent as referred to in Article 2:72 of the Act has done so and in the register referred to in Article 1:108 of the Act of the law, is included; and

    • 4 °. is not under Dutch supervision;

  • c. the fact that the other investment enterprise or UCITS:

    • 1. seat shall have its seat in a designated State;

    • 2 °. whether or not in that State is licensed and supervised or controlled by an administrator who is licensed or not licensed in a third country and supervised by a supervisor in particular;

    • 3 °. where applicable: a communication as referred to in Article 2:73 of the Act has done so; and

    • 4 °. is not under Dutch supervision; or

  • d. the fact that the other investment enterprise or UCITS:

    • 1. its seat shall have its seat in a State which is not Article 2:66 of the Act designated;

    • 2 °. whether or not a foreign supervisor is authorised or controlled by an administrative authority or an administrator, with or without authorization, of a foreign national authority or an administrative authority which is subject to the supervision of a foreign authority or an administrative authority. Supervisor; and

    • 3 °. is not under Dutch supervision.

5.13. Where applicable: the regulated market and the other markets in financial instruments where the financial instruments in which the UCITS invests are traded.

5.14. Where applicable: the manner in which and the conditions under which third parties may, on the instructions of the undertaking for collective investment in transferable securities or on the instructions of its manager, maintain the market in units of participation.

5.15. The profile of the type of investor to whom the UCITS is addressed.

5.16. If applicable: the State, the public body with authority or the international organisation in which one or more Member States participate, issuing or guaranteeing securities or money market instruments in which the UCITS exceeds, for more than one year the Thirty-five per cent of managed assets are under siege, and from the exemption provided for Article 136, second paragraph .

5.17. The categories of transferable securities, money market instruments or financial derivative instruments in which the UCITS may invest; a statement whether the UCITS may carry out transactions relating to financial derivatives and if so, clearly indicate whether that use of the financial derivative instruments may be used. financial derivative instruments may be used for risk coverage or for the achievement of investment objectives, as well as the potential impact of the use of those securities, money market instruments or financial derivatives on the risk profile.

5.18. If applicable: indication of the fact that the UCITS invests primarily in financial derivatives or a stock or bond index as referred to in Article 3 (1) of the Article 138, first paragraph -I'm not.

5.19. If applicable: indication of the fact that the value of the assets may fluctuate significantly as a result of the investment policy.

5.20 If a feeder UCITS is concerned,

  • a statement that it is a feeder UCITS of a particular master UCITS and, as such, invests at least 85% of its managed assets in units of this master UCITS;

  • Indication of the fact that the investment objective and the investment policy of the feeder UCITS and the master UCITS are identical or to what extent and why they differ, including a description of the investments in accordance with Article 131, second paragraph ;

  • a concise description of the master UCITS, its structure and its investment objective and investment policy and an indication of how the prospectus of the master UCITS can be obtained;

  • d. A summary of the agreement between the feeder UCITS and the master UCITS specified in Article 147a, first paragraph , or of the rules governing the operation of the business, as referred to in Article 147a, paragraph 4;

  • e. the manner in which participants can obtain information about the master UCITS and the agreement, intended Article 147b, first paragraph ;

  • f. a description of all costs borne by the feeder UCITS on the basis of its investment in units in the master UCITS, as well as the total cost of the feeder UCITS and the master icbe; and

  • g. a description of the fiscal impact of the investment in the master UCITS.


6. Data on costs and fees

6.1. The costs of the establishment of the UCITS and the manner in which those costs are borne by the UCITS result shall be deducted from the assets managed or otherwise charged to the unit-holders of the UCITS and to which part of the UCITS. comes to the administrator, the depositary, the managers of the manager, a company for collective investment in securities or depositary, the depositary or the manager, the company for collective investment in securities or in depositary. parties.

6.2. The costs involved in the management of the UCITS, the retention of the assets of the UCITS, the auditor, the supervision and marketing, including the basis for calculation, and the manner in which those costs are borne by the result of the UCITS, in be deducted from the assets managed or otherwise dependant on the unit-holders of the UCITS.

6.3. The transaction costs that can be identified and quantified and the manner in which those costs are charged to the result of the UCITS is deducted from the assets managed or otherwise depended on the participants. in the UCITS.

6.4. Where appropriate, the costs incurred or allowances requested in connection with the borrowing and lending of financial instruments, and the manner in which those costs are charged to the result, are deducted from the the assets managed or otherwise charged to the participants in the UCITS, respectively, to whom these benefits are to be paid.

6.5. Where appropriate, the costs of issuing contracts to third parties to perform one or more activities in the context of the management of the UCITS or the preservation of the assets of the UCITS and the manner in which those costs are borne by the UCITS result, to be deducted from the assets managed or otherwise dependant on the participants in the UCITS.

6.6. A description of the current remuneration policy, including at least a description of the method of calculation of pay and benefits, the identity of the persons responsible for the award of remuneration and benefits, including the composition of the remuneration committee, where such a remuneration committee is set up or a summary of the remuneration policy and a communication that a description of the current remuneration policy is available through the website with an indication of the address of the website and that, upon request, a copy of the website can be obtained.

6.7. All costs, other than those referred to in points 6.1 to 6.5, referred to different costs exceeding 10% of the total cost, including the basis for calculation, and the manner in which those costs are to be borne by the result of the UCITS, in be deducted from the assets managed or otherwise dependant on the unit-holders of the UCITS.

6.8. If the amount of the costs referred to in 6.1 to 6.6 is not yet known: the maximum of these costs.

6.9. The sum of the costs referred to in 6.1. to 6.6.

6.10. The different types of costs arising from direct or indirect investments in other investment vehicles or UCITS.

6.11. The method of calculating the rates of entry and exit and to whom the benefits are granted and all other one-off amounts paid by the unit-holders of the UCITS on the date of their accession, including the calculation basis.

6.12. Where applicable: description of the agreement on return fees, indicating those to whom the return commissions are to the benefit of the return.

6.13. Where appropriate: description of agreements on goods which are the manager, the depositary, the managers of the manager, undertaking for collective investment in transferable securities or depositary, with the manager, company for collective investment receive or prospect in securities or depositary related parties or third parties for the purpose of performing assignments for the purpose of the administrator or the UCITS.


7. Information on units ' rights

7.1. The manner in which and conditions under which the offer of the units of participation takes place.

7.2. The nature and main characteristics of the units of the UCITS, including a description of the right to vote, if any, and the form in which and any restrictions under which they may be marketed Could be.

7.3. A statement on a possible listing of the UCITS in a regulated market or other market in financial instruments.

7.4. The manner in which and conditions under which the sale or purchase of, and reimbursement of, units of participation takes place.

7.5. Where applicable: the method of determining the price for the provision, sale or purchase price, and of the amount for repayment of the value of the units, in particular:

  • a. the manner and regularity by which these prices are calculated; and

  • b. how, where and with what regularity these prices are published.

This obligation shall not apply to UCITS the units of which are admitted to listing on a regulated market or other market in financial instruments designated by the Authority or which have been designated by the Authority, or it is likely that those units will be admitted to that participation without delay; this obligation shall not apply either to the Article 126, first paragraph , those companies for collective investment in transferable securities.

7.6. A description of the rules to which the determination and use of profits are subject, as well as the manner in which and the frequency at which profit distribution is to be made.

7.7. A declaration that each right of participation of the same type of law gives a proportionate share of the ability of the UCITS to the extent that it is addressed to the shareholders.

7.8. A statement that, except in the case of free distribution, units are offered only if the net price has been paid into the assets of the UCITS within the time limits laid down.

7.9. A statement that the UCITS is required to repurchase, at the request of the participants, its units of assets from the assets directly or indirectly, or to repay the value of the units. This obligation does not apply to the undertaking for collective investment in transferable securities referred to in Article 126, first paragraph .

7.10. The places in each Member State in which the UCITS market shares or does bring its units of business to the market.

7.11. In the case of a UCITS offering units with a different risk profile:

  • a. types of units of units of participation; and

  • b. manner in which a UCITS may convert an investment into a type of investee to another type of investment offered in the UCITS and the costs associated with it to that participant.

7.12. In the case of a UCITS the units of which, at the request of the unit-holders, are purchased or redeemed, directly or indirectly, to the extent that it is reasonably foreseeable, the cases in which the interest of the latter is reasonably foreseeable. participants may suspend the purchase of the units or the repayment of the value of the units, as well as the method of suspension of the purchase and redemption of shares.

7.13. In the case of a UCITS the units of which, at the request of the unit-holders, are purchased or redeemed, directly or indirectly, a declaration that sufficient guarantees exist to ensure that, except as provided for in this Regulation, the provisions and cases as referred to in 7.12, the obligation to purchase and pay back may be fulfilled.

7.14. If it is a company for collective investment in transferable securities as intended Article 126, second paragraph The regulated market or the other market in financial instruments in the State of trade where the quotation determines the price of the transactions which the undertaking for collective investment in transferable securities in that State is not to be able to obtain. regulated market or the market in financial instruments to be carried out.


8. Data on the risk profile of the UCITS

8.1. The communication that the value of investments can both rise and fall, and that investors may get less back than they have inlaid.

8.2. A description of any risk that investors may be able to run with their participation, to the extent that this risk is meaningful and relevant in the light of the impact and likelihood of such participation. This description shall include a brief and understandable explanation of any specific risk arising from a given investment policy or relating to specific markets or investments relevant to the UCITS, including:

  • a. The risk that the whole market or a category of investments is decreasing, thereby affecting the price and value of investments;

  • b. the risk of default of an issuer or a counterparty;

  • c. where applicable: the risk that a settlement through a payment system will not take place as expected, as the payment or delivery of the financial instruments by a counterparty is not, or is not, on time or as expected;

  • d. the risk that a position may not be liquidated in good time at a reasonable price;

  • e. the risk that the value of an investment is affected by exchange rate fluctuations;

  • f. where applicable: the risk of loss of assets given in custody as a result of insolvency, negligence, or fraudulent actions of the custodian or of a sub-custodian; and

  • g. the risk associated with a large concentration of investments in certain species or on certain markets.

8.3. The description referred to in 8.2 shall, where appropriate, also address the following factors which may affect the UCITS:

  • a. the risk of return, including the fact that the risk may vary according to the choices which may be made on the basis of the investment policy, as well as the existence or absence of, or the limitations to, any guarantees of third parties;

  • b. Equity risk, including the potential risk of erosion due to withdrawals of units and profit distributions higher than the investment return;

  • c. the reliance on the performance of a provider or a guarantor, if the investment in the product involves a direct investment with a provider instead of an investment held by the provider;

  • d. the inflexibility resulting from the product itself, including the risk of advance purchase and restrictions on switching to other providers;

  • e. The inflation risk;

  • f. the risk of uncertainty regarding external factors such as the applicable tax regime.

8.4. The information referred to in 8.1 to 8.3 shall be ordered according to its importance, which shall be determined on the basis of the magnitude and relevance of the risks.

8.5. If applicable: a separate and identifiable statement that an investment enterprise is subdivided into categories of participants, with a separate investment policy in respect of the categories and one or more the categories of investment policy participants run into financial risks that go beyond the assets invested by them for investment in the UCITS.

8.6. If the UCITS is lending or lending financial instruments:

  • a. The maximum percentage of borrowing or lending to which percentage of investment portfolio financial instruments may be granted;

  • Description of the collateral obtained by the UCITS;

  • c. Description of the types of institutions of which or to which financial instruments may be loaned in or out of the same number; and

  • d. the risks associated with the borrowing or lending of securities.

8.7. If the UCITS invests, on behalf or for the account and at the risk of the participants, money:

  • a. The risks associated with investing with money borrowed on behalf of or on behalf of, and the risk of, the participants in the UCITS;

  • b. an indication of any obligation on UCITS participants to purify possible UCITS deficits when the losses exceed the containment level; and

  • c. an indication of the maximum volume of investments that can be purchased with borrowed money. This maximum size can be defined as an absolute value or as a percentage of the managed power.


9. Data on the dissolution of the UCITS

A description of the manner and conditions under which a UCITS is to be wound up and liquidated, in particular as regards the rights of the unit-holders.


10. Details of the Meeting of Participants

10.1. The cases in which meetings of participants in the UCITS are held, the arrangements for calling these meetings and the manner in which the voting rights are arranged.

10.2. A statement that a summons for a meeting of participants in the UCITS at least 14 days before the beginning of that meeting, by advertisement in a nationally distributed Dutch daily newspaper or at the address of each participant, as well as on the website of the administrator.


11. Asset valuation data

11.1. A description of the UCITS 'intrinsic value determination, indicating the regularity of this valuation and the currency in which the UCITS' net asset value is calculated. The valuation of the assets and liabilities shall be carried out by measures which are considered acceptable in the form of social traffic.

11.2. Indication of the fact that the net asset value of the units of the UCITS is published on the website of the administrator.

11.3. Indication of the circumstances under which participants are compensated for an incorrectly calculated net asset value, in particular the possible maximum deviation percentage from the calculated net asset value. that will be compensated.


12. Data on the tax system

12.1. A brief description of the tax system applicable to the UCITS, including, where applicable, withholding withholding tax on income and capital gains made by the UCITS to holders of units of units paid.

12.2. Officially disclosed adjustments to the applicable tax system, which are established to enter into force unchanged in terms of form and content, in so far as they are of direct interest to the participants in the UCITS.


13. Data on the voting rights and behaviour policy

A description of the policy of voting rights and behaviour on shares in other undertakings by the UCITS.


Annex J, belonging to the Articles 147c and 147dl

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1. Contents of an Agreement as referred to in Article 147b, first paragraph


1.1. Information

An agreement for the exchange of information between a feeder UCITS and a master UCITS as referred to in Article 147b, first paragraph , with regard to access to the information in the following:

  • a. the manner and timing of which the master UCITS provides the feeder UCITS with a copy of its fund rules or instruments of incorporation, the prospectus, the essential investor information and any changes thereto;

  • b. the manner and timing of which the master UCITS informs the feeder UCITS of outsourcing business relating to management of investments or risk management to third parties in accordance with the following: Articles 3:18 and 4:16 of the Act Certain;

  • c. where applicable, the manner and timing of the transmission of internal operational documents to the feeder UCITS, such as risk management documents and compliance reports, to the feeder UCITS;

  • d. of the details relating to infringements by the master UCITS of the law, the fund rules or instruments of incorporation and the agreement between the master UCITS and the feeder UCITS, the master UCITS will inform the feeder UCITS and the manner of and the the timetable for the notification;

  • e. if the feeder UCITS uses financial derivatives for the purpose of covering risk, the manner and timing of which the master UCITS will provide information to the feeder UCITS on its actual risk in financial derivatives, in order to provide the to allow feeder UCITS to calculate its own overall risk as specified in Article 133, fourth paragraph, part a ; and

  • f. a statement that the master UCITS informs the feeder UCITS of any agreement on the exchange of information concluded with third parties and, where appropriate, how and at what point in time the master UCITS provides such other agreements on the exchange of information and makes provision for the exchange of information for the feeder UCITS.


1.2. Basis for an investment in and disposal of units by a feeder UCITS

An agreement as referred to in Article 147b, first paragraph , with regard to the basis for the investment and disposal of units of the feeder UCITS in the following:

  • a. which categories of units of the master UCITS for investment are available by the feeder UCITS;

  • b. the expenses and expenses to be incurred by the feeder UCITS, and details of all discounts or returns on charges or expenses by the master icbe; and

  • (c) where applicable, the conditions under which a first or subsequent transfer of assets in kind from the feeder UCITS may take place to the master UCITS.


1.3. Standard arrangements for marketing

An agreement as referred to in Article 147b, first paragraph , with regard to standard arrangements for marketing in the following cases:

  • (a) coordination of the frequency and timing of the calculation of the net asset value and the publication of the prices of units;

  • Coordination of the transmission of commercial orders by the feeder UCITS, including, where appropriate, the role of third parties;

  • (c) where appropriate, any arrangements necessary to take account of the fact that either or both UCITS are to be recorded or traded on a secondary market;

  • To the extent necessary, other appropriate measures to ensure compliance with Article 147j ensure;

  • (e) to the extent that the feeder UCITS and the master UCITS use a different currency, the basis for the conversion of trading orders;

  • f. settlement cycles and payment details for the purchase or repurchase or redemption of units of the master UCITS including, to the extent agreed between the parties, the conditions under which the master UCITS is a may settle a request for reimbursement by means of a transfer of assets in kind to the feeder UCITS, in particular in the cases specified in the Articles 4:61a and 4:61b of the law ;

  • g. procedures to ensure that requests for information and complaints from participants are handled in an appropriate manner; and

  • h. to the extent that the master UCITS derives from its fund rules or instruments of incorporation certain rights or powers relating to participants and decides on the exercise of those rights and powers in respect of the feeder UCITS in whole or partly to be restricted or to be issued, a statement relating to the relevant conditions.


1.4. Events affected by an act of influence

An agreement as referred to in Article 147b, first paragraph , with regard to events affecting transactions, provides for the following events:

  • a. the manner and timing of notification by either UCITS of the temporary suspension and the resumption of repurchase, redemption, purchase or subscription of units of that undertaking for collective investment in transferable securities; and

  • b. arrangements for notification and resolution of pricing errors in the master UCITS.


1.5. Standard accounting arrangements

An agreement as referred to in Article 147b, first paragraph , with regard to standard accounting arrangements, provision is made for the following:

  • a. where the feeder UCITS and the master UCITS maintain the same closing date for the accounting year, coordination or periodic reports; and

  • b. if the closing date of the feeder UCITS financial year deviates from the closing date of the master UCITS financial year, arrangements under which the feeder UCITS of the master UCITS obtains all the information necessary to meet its periodic table to prepare reports in good time and ensure that the auditors of the master UCITS are able to submit an ad hoc report on the closing date of the feeder UCITS financial year as referred to in Article 4 (2) of the EC Treaty. Article 4:57c, 2nd paragraph, of the Act to be set.


1.6. Amendments to continuous arrangements

An agreement as referred to in Article 147b, first paragraph , with regard to changes to continuous arrangements in the following cases:

  • a. the manner and timing of notification by the master UCITS of proposed and in force changes to its fund rules or instruments of incorporation, prospectus and key investor information, if these details differ from the standard arrangements for notification to participants in the fund rules, statutes or prospectus of the master icbe;

  • b. the manner and timing of notification by the master UCITS of a proposed winding-up, merger or division;

  • c. the manner and timing of notification by either UCITS that it ceases or will cease to comply with the terms of a feeder UCITS or a master UCITS, respectively;

  • d. the manner and timing of notification by either UCITS of its intention to outsource its servicer, its depositary, its auditor, or any third party to which tasks relating to investment management or risk management have been contracted out replace; and

  • e. the manner and timing of notification of any other changes to continuous schemes to which the master UCITS undertakes.


2. Content of the rules on operations, intended to be used in Article 147b, fourth paragraph


2.1. Conflicts of

Insofar as the measures taken by the administrator to comply with the Articles 3:17, second paragraph, introductory wording and part c , and 4:14 of the Act not provided for herein shall be subject to the rules governing the operation of the Article 147b, fourth paragraph , provided for in order to ensure that conflicts of interest between the feeder UCITS and the master UCITS or between the feeder UCITS and other participants of the master UCITS are limited.


2.2. Basis for an investment in and disposal of units by a feeder UCITS

The rules on operations intended to be carried out in accordance with Article 147b, fourth paragraph , with regard to the basis for the investment and disposal of units by the feeder UCITS in the following:

  • a. which categories of units of the master UCITS for investment are available by the feeder UCITS;

  • b. the expenses and expenses to be incurred by the feeder UCITS, and details of all discounts or returns on charges or expenses by the master icbe; and

  • (c) where applicable, the conditions under which a first or subsequent transfer of assets in kind from the feeder UCITS may take place to the master UCITS.


2.3. Standard arrangements for marketing

The rules on operations intended to be carried out in accordance with Article 147b, fourth paragraph , with regard to standard arrangements for marketing in the following:

  • (a) coordination of the frequency and timing of the calculation of the net asset value and the publication of the prices of units;

  • Coordination of the transmission of commercial orders by the feeder UCITS, including, where appropriate, the role of third parties;

  • (c) where applicable, any arrangements necessary to take account of the fact that either or both UCITS are listed or traded on a secondary market;

  • To the extent necessary, other appropriate measures to ensure compliance with Article 147j ensure;

  • (e) to the extent that the feeder UCITS and the master UCITS use a different currency, the basis for the conversion of trading orders;

  • f. settlement cycles and payment details for purchase and redemption of units of the master UCITS including, to the extent agreed between the parties, the conditions under which, the master UCITS may request repayment of the master UCITS. may settle a transfer of assets in kind to the feeder UCITS, in particular in the cases specified in the Articles 4:61b and 4:61c of the Act; and

  • g. to the extent that the master UCITS derives from its fund rules or instruments of incorporation certain rights or powers relating to participants and decides on the exercise of those rights and powers in respect of the feeder UCITS in whole or partly to be restricted or to be issued, a statement relating to the relevant conditions.


2.4. Events affected by an act of influence

The rules on operations intended to be carried out in accordance with Article 147b, fourth paragraph , with regard to events affecting transactions in the following cases:

  • a. the manner and timing of notification by either UCITS of the temporary suspension and the resumption of repurchase, redemption, purchase or subscription of units of that undertaking for collective investment in transferable securities; and

  • b. arrangements for notification and resolution of pricing errors in the master UCITS.


2.5. Standard accounting arrangements

The rules on operations intended to be carried out in accordance with Article 147b, fourth paragraph , with regard to standard accounting arrangements for the audit report in the following:

  • a. where the feeder UCITS and the master UCITS maintain the same closing date for the accounting year, coordination or periodic reports; and

  • b. if the closing date of the feeder UCITS financial year deviates from the closing date of the master UCITS financial year, arrangements under which the feeder UCITS of the master UCITS obtains all the information necessary to meet its periodic table to prepare reports in good time and ensure that the auditors of the master UCITS are able to submit an ad hoc report on the closing date of the feeder UCITS financial year as referred to in Article 4 (2) of the EC Treaty. Article 4:57c, 2nd paragraph, of the Act to be set.


3. Contents of an Agreement as referred to in Article 4:57c, 1st member, of the law


3.1. Accountants

An agreement for the exchange of information as referred to in Article 4:57c, 1st member, of the law provides the following:

  • a. the identification of the documents and type of information that are systematically exchanged between the auditor of the master UCITS and the auditors of the feeder UCITS; and whether the documents and information are provided by one auditor to the other shall be made available on request or made available upon request;

  • b. the manner and timing, including all applicable deadlines, for the provision of information by the auditor of the master UCITS to the chartered accountant of the feeder UCITS;

  • (c) coordination of the role of each auditor in the accounting activities at the close of the accounting year for the UCITS concerned;

  • (d) establishment of any matter identified as irregularities and included in the master UCITS audit report in order to enable the feeder UCITS auditor to comply with the rules Article 4:57c, third member, of the law ;

  • e. the manner and timing of the examination of ad hoc requests for assistance from one auditor to the other auditor, including requests for further information on the auditor's report of the master UCITS public. irregularities committed;

  • f. provisions on the drawing up of the audit reports, Article 4:57c, 2nd paragraph, of the Act and the manner and timing of the provision of the master UCITS ' audit report and the concepts of that auditor's report to the chartered accountant of the feeder UCITS; and

  • g. if the cut-off date of the master UCITS financial year deviates from the closing date of the feeder UCITS financial year, the manner of and the timing for drawing up the master UCITS ' s auditor of the ad hoc report. in Article 4:57c, 2nd paragraph, of the Act and, for the provision of the ad hoc report and drafts of that report.


4. Contents of an Agreement as referred to in Article 4:62w, 1st paragraph, of the Act


4.1. Custodians

An agreement for the exchange of information as referred to in Article 4:62w, 1st paragraph, of the Act provides the following:

  • a. the identification of the documents and type of information which are systematically exchanged between the depositary of the master UCITS and the depositary of the feeder UCITS; and whether the documents and information provided by one depositary to the other depositary of the feeder UCITS; shall be made available on request or made available upon request;

  • b. the manner and timing, including all applicable time limits, for the provision of information by the depositary of the master UCITS to the depositary of the feeder UCITS;

  • c. Coordination of the role of both depositaries to the extent appropriate given their obligations under the Law relating to operational matters, including:

    • 1 °. the procedure for the calculation of the net asset value of each UCITS, including any measures that prevent participants from being informed at different times about the net asset value of participating interests; and

    • 2 °. the processing of instructions by the feeder UCITS for the purchase of, tender, the request for repurchase or redemption of units in the master UCITS, and the settlement of those transactions, including all arrangements for Transfer in kind of assets;

  • (d) the coordination of accounting activities at the time of the closure of the accounting year;

  • e. the details relating to infringements by the master UCITS of the Act and the fund rules or instruments of incorporation shall provide the depositary of the master UCITS to the depositary of the feeder UCITS and the manner and timing of the provision;

  • f. the procedure for the treatment of ad hoc requests for assistance from one depositary to another; and

  • g. Determination of certain uncertain events which are notified by one depositary to the other ad hoc depositary, as well as the manner and timing of notification.


Annex K associated with Article 171 [ Expired per 01-01-2015]

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