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Decision of 12 October 2006 laying down rules implementing various provisions of Chapter 5.4 of the Financial Supervision Act (Decision on Market Abuse 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 20 April 2006, No FM 2006-00969 M;
Having regard to Directive No 2003 /6/EC of the European Parliament and of the Council of the European Union of 28 January 2003 on insider dealing and market manipulation (PbEU L 96), Directive No 2003 /124/EC of the European Commission of 22 December 2003 implementing Directive No 2003 /6/EC of the European Parliament and of the Council with regard to the definition and disclosure of inside information and the definition of market manipulation (PbEU L 339), Directive No 2003 /125/EC of the Commission of the European Communities of 22 December 2003 implementing Directive 2003 /6/EC of the European Parliament and of the Council as regards the correct representation of investment recommendations and the disclosure of conflicts of interest (PbEU L 339), Directive No 2004 /72/EC of the Commission of the European Communities of 29 April 2004 implementing Directive No 2003 /6/EC of the European Parliament and of the Council as regards normal market practices, the definition of pre-science in respect of instruments derived from raw materials, the drawing up of lists of persons with inside information, the notification of transactions of Senior staff and reporting of suspicious transactions (PbEU L 162), and Directive No 2004 /109/EC of the European Parliament and of the Council of the European Union of 15 December 2004 on the harmonisation of transparency requirements applicable to information about issuers whose securities are admitted to trading on a regulated market and to change Directive 2001 /34/EC (PbEU L 390), as well as the Articles 5:56, 6th paragraph , 5:57, third member , 5:58, third member , 5:59, fourth and eighth member , 5:60, first paragraph, introductory sentence and part d, third, fifth and sixth member , 5:62, third member , 5:64, 1st Member , 5:65 p.m. and 5:68, 1st member, of the Financial Supervision Act ;
The Council of State heard (opinion of 3 July 2006, No W06.0135/IV);
Having regard to the further report of our Minister of Finance dated 9 October 2006, No FM 2006-01695U;
Have found good and understand:
For the purposes of this Decision and the provisions based thereon, the following definitions shall apply:
a. Act: Law on financial supervision ;
b. Exchange-sensitive information: information as referred to in Article 5:53, 1st member, of the law ;
(c) private transaction: transaction in a financial instrument on its own account or for the benefit of a third party whose investment affects the person concerned, other than by virtue of the provision of an investment service.
This Decision shall be based on the Articles 3:10, 2nd paragraph , 3:17, 2nd Member , 4:11, second and third members , and 4:14, second member, of the law , Article 143, second paragraph, of the Pension Act and Article 138, second paragraph, of the compulsory occupational pension scheme Act .
Art. 5:56, 1st and 3rd member, of the law shall not apply to the following categories of transactions:
a. It is the subject of a personnel scheme to persons referred to in the Article 5:60, first paragraph, parts a and b, of the law , or assign to workers financial instruments, where a stable line of conduct is applied to the conditions and the periodicity of the scheme;
(b) the transfer of convertible bonds or issued warrants or similar rights to shares or certificates of securities issued under a personnel scheme as referred to in subparagraph (a) of the Staff Regulations; shares, at the expiry date of the relevant law, or within a five business day period prior to that date, as well as to sell any shares or certificates of shares acquired with the exercise of those rights this period, if the rightholder in the latter case for a period of at least four months before the have notified the issuer in writing to sell or have issued an irrevocable proxy for sale to the issuer;
c. a transaction the performance or effect of which is necessary in order to comply with an obligation to supply shares or certificates of shares;
d. the conclusion of an agreement which irrevocably requires a financial instrument holder to be irrevocably committed to a bidder for the purpose of a public bid, as prepared or in preparation, financial instruments to which it is intended to offer a public bid to the bidder, if that beneficiary establishes the number of financial instruments covered by the contract in a written declaration to the offeror;
e. the conclusion of an agreement whereby a rightholder on financial instruments or a potential rightholder on financial instruments irrevocably commits themselves to an issue or a transfer of such financial instruments; on the purchase of one or more of those financial instruments, where the rightholder or the potential rightholder relates the number of financial instruments or the amount to which the contract relates in a written declaration to the issuer establishment of the issuing or relocation of the financial instruments;
f. issue it as a dividend payment or, other than in the form of choice dividend, acquire shares or certificates of shares;
g. having only information on insider trading, acting in good faith for the operation of principals by an intermediary;
(h) by employees of a legal person who is involved in the provision of information or of a transaction where such workers have only available exchange-sensitive information in relation to trade;
i. under a buy-back programme or stabilisation, as referred to in Chapter II, Chapter III of Regulation (EC) No 148/EC 2273/2003 of the Commission of the European Communities of 22 December 2003 implementing Directive 2003 /6/EC of the European Parliament and of the Council with regard to the derogation regime for buy-back programmes and for the stabilisation of financial instruments (PbEU L 336), to carry out or to effect transactions in financial instruments in a market in financial instruments other than a regulated market, the holder of which is recognised as intended to be Article 5:26, first paragraph, of the law In so far as those transactions comply with the conditions laid down in the Regulation, it being understood that the term 'regulated market' includes the following: market in financial instruments, other than regulated markets, market, of which the holder has a recognition as intended in Article 5:26, first paragraph, of the law ;
(j) selling, as part of a staff scheme as referred to in subparagraph (a), shares or similar securities issued immediately after sale under the terms of the award; where the person concerned immediately turns the proceeds from the sale to the satisfaction of a tax liability resulting from the award.
Of communication in the framework of the normal exercise of employment, occupation or function as referred to in Article 5:57, first paragraph, part a, of the law In any case, the following shall apply:
a. The person intending to make a public bid for financial instruments, to rightholders on those financial instruments, of which their willingness to offer their financial instruments to him reasonably reasonably needs to be made available necessary for the decision to release the public bid, provide information that they need to express their willingness to speak out; or
(b) the person intending to issue or reposition financial instruments to beneficiaries of financial instruments or potential beneficiaries of financial instruments, of which they are aware of their willingness to implement financial instruments it is reasonably necessary for the decision to issue or replace financial instruments, to provide information that they need in order to be able to express themselves about their willingness to speak.
1 The Financial Markets Authority examines regularly whether certain categories of transactions or trading orders should be excluded from the prohibitions referred to in Article 2 of the Treaty. Article 5:58, first paragraph, introductory wording and parts a and b, of the law She will deliver her advice to our Minister. In the course of its examination, it shall at least take into account the following factors:
a. The degree of transparency of the category of transactions or trading orders for the relevant regulated markets and other relevant public-authorised markets in financial instruments;
b. the need to ensure the functioning of market forces and the proper interaction between supply and demand in the relevant regulated markets and other relevant public-admitted markets in financial instruments;
c. the effect of carrying out or effecting the relevant category of transactions or trading orders on the market liquidity and market efficiency of the relevant regulated markets and other relevant state-approved markets in financial instruments;
The extent to which the provision or effect of the relevant category of transactions or trading orders is consistent with the trade mechanism of the relevant regulated markets and other relevant public-authorised markets in to enable financial instruments and investors to respond appropriately and in a timely way to the new market situation created by this category of transactions or trading orders;
e. the risk arising from the provision or effect of the relevant category of transactions or trading orders for the integrity of directly or indirectly related regulated markets and other direct or indirect affiliates relevant public-authorised markets in financial instruments for the type of financial instrument concerned within the European Union;
f. the result of any investigation of the relevant category of transactions or trade sores by a competent authority within the meaning of Directive No 2003 /6/EC of the European Parliament and of the Council of the European Union of 12 April 2003 on insider dealing and market manipulation (PbEU L 96);
g. the structural features of the relevant regulated markets and other relevant publicly authorised markets in financial instruments.
2 The Financial Markets Authority shall ensure that:
(a) prior to the adoption of its opinion, consult the representative organizations of interested parties and other competent authorities within the meaning of Directive No 2003 /6/EC of the European Parliament and of the Council of the European Union of 12 April 2003 on insider dealing and market manipulation (PbEU L 96);
b. publish its opinion, including a description of the relevant category of transactions or commercial orders and the factors taken into account in its opinion;
(c) inform the Committee of European Securities Regulators of its opinion as soon as possible of its opinion, set up by Decision No 2001 /527/EC of the European Commission of 6 June 2001 (PbEG L191).
3 Where certain categories of transactions or trading orders under ministerial order of the prohibitions referred to in Article 5:58, first paragraph, introductory wording and parts a and b, of the law The Authority shall regularly examine whether the exception is still justified, except as far as the Authority is concerned. In so doing, it shall respect the factors referred to in paragraph 1 and the procedures referred to in the second paragraph. If it considers that its opinion should be amended or amended, it shall accordingly deliver its opinion to our Minister.
4 The categories of transactions or commercial orders to which Article 5:58, first paragraph, introductory wording and parts a and b, of the law Do not apply, subject to the opinion of the Authority, Financial Markets, referred to in paragraph 1, shall be designated by ministerial arrangement.
The Article 5:60, first paragraph, part d, of the law the categories of persons referred to are:
a. spouses, registered partners or life associates of the Article 5:60, first paragraph, parts a to c, of the law Persons referred to, or other persons living in a similar way with the persons in question Article 5:60, first paragraph, parts a to c, of the law persons referred to;
b. Children of the Article 5:60, first paragraph, parts a to c, of the law persons covered by their authority or who have been placed under receivership and for which these persons have been appointed as liquidators;
c. Other blood-or relatives of the Article 5:60, first paragraph, parts a to c, of the law persons referred to as persons who, at the date of the transaction in question, have conducted a common household with those persons for at least one year; and
d. Legal persons, trusts as referred to in Article 1 (c) of the Trust Offices Supervision Act , or partnerships:
1 °. of which the management of responsibility rests with a person referred to in the Article 5:60, first paragraph, part a, b or c, of the law , or with a person as referred to in subparagraphs (a), (b) or (c);
2 °. which are controlled by a person within the meaning of 1 °;
3 °. which were set up in favour of a person referred to under 1 °; or
4 °. The economic interests of which are essentially equivalent to those of a person referred to below 1 °.
1 A notification as referred to in Article 5:60, first paragraph, of the law Contains the following information:
a. The name of the obliged agent;
b. The address of the obliged agent;
c. the name of the issuer concerned;
d. the reason for the notification;
e. a description of the financial instruments involved in the transaction in question;
f. the nature of the transaction;
g. the date and place of execution of the transaction;
h. the price and the size of the transaction.
2 The notification shall be made using the notification forms established by the Authority's Financial Markets.
To the notification obligation, in accordance with Article 5:60, first paragraph, of the law , is satisfied if on the basis of Article 5:38, first or second member , or 5:48, 6th member, of the law The Authority has reported to the Financial Markets Authority a change made by the transaction in question as referred to in the relevant paragraph.
Article 5:60, 1st paragraph, of the Act , does not apply to transactions effected or secured by a financial undertaking under a written contract of taxation to which it is subject to a written agreement. Part Market access financial undertakings or the Part Prudential Supervision Financial Undertakings of the Act shall be permitted to manage individual capabilities, where that agreement provides that the proxy is not an influence on transactions effected or secured by the financial undertaking as an authorised agent.
1 A notification as referred to in Article 5:62, first paragraph, of the law Contains the following information:
a. a description of the transaction or assignment, the type of order, and the type of trading platform;
b. the reasons for reasonable suspicion that the transaction or assignment is in violation of Article 5:56, first or third member , or 5:58, 1st member, of the law ;
c. information showing the identity of the persons on whose behalf the transaction was carried out or who commissioned it, as well as of the other persons involved in this transaction or contract, as well as information showing, if possibly, it appears that the person who ordered the transaction has done so for his own account or on behalf of a third party;
(d) the capacity in which the investment firm acts;
e. any other information that could reasonably be significant for the research by the Financial Markets Authority.
2 If the information referred to in paragraph 1 is not available at the time of the notification, the investment firm shall, in any case, indicate the reasons set out in paragraph 1 (b). The investment firm shall immediately provide all other information as soon as it has the information available.
3 The notification shall be made by mail, by electronic mail, by fax or by telephone, provided that the notification is confirmed in writing in the latter case if the Authority so requests.
1 The list of persons referred to in Article 5:59, 1st paragraph, of the Act , the following information shall contain:
a. Name of all persons who may, on a regular or occasional basis, have knowledge of course-sensitive information;
(b) the reason for listing these persons on the list;
c. the date on which the list was drawn up and updated.
2 The person who is obliged to keep a list as referred to in paragraph 1 shall update the following list without delay if:
a. the reason why a person on the list has been mentioned has been modified;
b. A person should be added to the list;
c. a person who is on the list has no access to exchange sensitive information.
3 The person required to keep a list as referred to in paragraph 1 shall state the fact that and the time when a person has no access to pre-science on the list without delay.
4 The person required to keep a list as referred to in paragraph 1 shall keep the obsolete data at least five years after the establishment or update of the list.
A Regulation as referred to in Article 5:65 of the Act contain rules as regards:
a. the tasks and powers of the person, referred to in Article 5:60, 4th paragraph, of the Act , if the relevant issuer as referred to in Article 5:65 of the Act shall be the subject of a designation of such person;
b. the obligations of employees and of the persons referred to in Article 5:60, first paragraph, parts a and b, of the law , with regard to the possession of and transactions in financial instruments relating to the issuer;
c. where applicable, the period of time in which the persons referred to in Article 5:60, first paragraph, parts a, b and c, of the law , no transactions in any financial instrument related to the issuer may be engaged or effecting.
Any such investment recommendation shall clearly and clearly indicate in the investment recommendation:
a. The name and function of the natural person who drafted the investment recommendation; and
b. The name of the person responsible for issuing the investment recommendation.
1 An investor's recommendation shall take reasonable measures to ensure that the investment recommendation:
a. Notification is made from the fact that the investment recommendation is based on reliable sources or, where applicable, that it is doubtful whether a source is reliable;
b. facts can be clearly distinguished from information which is not based on facts; and
(c) It is clear that the projections, forecasts and guide rates are defined as such and indicate the key assumptions underlying these projections.
2 Without prejudice to paragraph 1, an investment recommendation shall be issued if such an investment recommendation is to be taken into account in Article 5:64, second paragraph, part a, of the law person is, or a legal person affiliated with the investment firm, reasonable measures to ensure that the investment recommendation:
a. All substantial sources of substance shall be disclosed, including the issuer concerned, as referred to in Article 4 (2). Article 5:53, fifth paragraph, part a, below 3 °, of the Act , as well as the fact of whether the investment recommendation has been disclosed to that issuer and amended to that effect before it is distributed;
The meaning of the investment recommendation shall be explained in an appropriate manner, and shall state the manner in which the investment recommendation is based on the important assumptions;
c. bases or methods for the assessment of a financial instrument or an issuer as referred to in Article 5:53, fifth paragraph, part a, below 3 °, of the Act whether the setting of a guide price for a financial instrument is indicated in a suitable and concise manner;
d. Notification shall be made of the planned frequency of any revisions of the investment recommendation and of any major changes to the published publication policy;
the date on which the investment recommendation has been issued for the first time and the date and time at which each stated price of a financial instrument relates; and
f. where applicable, clear and conspicuous mention is made of the fact that the advice included in the investment recommendation deviates from the advice contained in the most recent investment recommendation in relation to the same financial instrument, Intended in Article 5:53, sixth paragraph, part a, of the law or the same issuer, referred to in that part, drawn up by the same natural person and immediately prior to it in a 12-month period, and of the date on which such issuer was Investment recommendation has been issued.
1 An investment recommendation shall clearly and promintively indicate in the investment recommendation the interests or conflicts of interest which may reasonably be assumed to impair the objectivity of the investment fund. investment recommendation.
2 Where an investment recommendation is a legal person, the obligation laid down in paragraph 1 shall apply mutatis mutandis to any natural or legal person working within the framework of a contract of employment or otherwise. legal person involved in the provision of the investment recommendation.
3 Impac the objectivity of the investment recommendation may in any event be affected if a Article 5:64, second paragraph, part a, of the law the person or a legal person affiliated to the investment firm, before or during the issuing of the investment recommendation:
a. A significant investment in the issuer specified in: Article 5:53, fifth paragraph, part a, below 3 °, of the Act , or where that issuer has a significant investment in the persons or undertakings referred to in the introductory sentence of this paragraph;
(b) any other materially financial interest in the issuer specified in: Article 5:53, fifth paragraph, part a, below 3 °, of the Act ;
c. occurs as marketer or as a liquidity provider with respect to the financial instruments of the issuer, specified in Article 5:53, fifth paragraph, part a, below 3 °, of the Act ;
d. Party is in an agreement with the Issuer, referred to in Article 5:53, fifth paragraph, part a, below 3 °, of the Act , with regard to the issuing of the investment recommendation;
e. Party is in any other agreement with the issuer, specified in Article 5:53, fifth paragraph, part a, below 3 °, of the Act ; or
f. during the prior 12 months professional or business financial instruments of the issuer, intended in Article 5:53, fifth paragraph, part a, below 3 °, of the Act , when it is issued, has taken over or placed.
4 The first paragraph, part (e), shall not apply where the disclosure of interests or conflicts of interest referred to in that paragraph would result in disclosure by the transferor of an investment recommendation or a related legal person to that person. of confidential commercial information and the agreement referred to in the third paragraph, part e, during the preceding 12 months of force or during this period has resulted in a remuneration to those undertakings of an investment recommendation or a legal person affiliated with it or a commitment to that effect.
5 If the bringer of an investment recommendation is a legal person, it shall disclose its interests or conflicts of interest or the interests or conflicts of interest of legal entities related to it which are relevant to the investment recommendation:
a. which were known or which may reasonably be assumed to be known to the persons involved in the establishment of the investment recommendation; or
b. which were known or which may reasonably be assumed to be known to persons other than those referred to in subparagraph (a) prior to the disclosure of the investment recommendation to clients or publicly available to the public.
6 An investment firm as intended Article 5:64, second paragraph, part a, of the law Publish, in every three months, which part of the investment recommendations issued during that period, an advice to 'purchase', 'to be held', 'to sell', or an equivalent wording, and to which part of the issuer settings specified in Article 5:53, sixth paragraph, part a, below 3 °, of the Act such advice has been given to whom the investment firm has provided significant business banking services during the previous 12 months.
1 A natural or legal person who, under a contract of employment or otherwise, for an investment firm as referred to in Article 5:64, second paragraph, part a, of the law to be involved in the preparation of an investment recommendation, shall inform the investment firm whether its remuneration is linked to the investment firm or of a related legal person, business banking transactions, to the extent that the investment firm is not already aware of this.
2 If the natural person referred to in the first member, shares of an issuer as referred to in Article 5:53, sixth paragraph, part a, below 3 °, of the Act Receives or acquires before these shares are offered to the public, he shall also share the price at which these shares have been acquired and the acquisition date also to the investment firm as intended Article 5:64, second paragraph, part a, of the law In so far as the investment firm is not already aware of this.
3 An investment firm as intended Article 5:64, second paragraph, part a, of the law specify the information contained in the first and second paragraph in the investment recommendation.
4 A natural person who, under an employment contract or otherwise, for an investment firm as intended Article 5:64, second paragraph, part a, of the law works and makes a third-party investment recommendation, clearly and prominaltimes in this investment recommendation, the name of the supervisory authority responsible for the investment undertaking.
1 If the investment recommendation, referred to in Article 16 or 17, first, second or third members , if it is not disclosed in writing, the investment recommendation may specify which public access to this required information is given directly and easily accessible to the public.
2 If the information to be disclosed is intended to be published in Article 16, second paragraph, part a, b or c , disproportionately long in relation to the length of the investment recommendation and no change has occurred in the method or basis of assessment used, the investment recommendation may refer to a public direct and direct service. readily accessible check area shall be used where this required information is accessible.
3 If the information to be disclosed is intended to be published in Article 17, first, second, third, fifth or sixth member , or 18, first or second Member , disproportionately long as it is in relation to the length of the investment recommendation, this investment recommendation may refer to a search site directly and easily accessible to the public, where the required information is accessible.
An undertaking as referred to in Article 5:68, 1st paragraph, of the Act , shall take adequate measures to control conflicts of interest in relation to transactions in financial instruments.
An undertaking as referred to in Article 5:68, 1st paragraph, of the Act , shall take appropriate measures in order to:
a. to avoid the knowledge of exchange-sensitive information outside the circle of persons who are to be known by reason of the exercise of employment, occupation or function;
(b) ensure that persons who are connected to the undertaking exercise the utmost care in the handling of information which they know or reasonably must suspect that such information is to be considered for exchange rate.
1 An undertaking as referred to in Article 5:68, 1st paragraph, of the Act , other than a clearing house, it shall take adequate measures to avoid that:
(a) carry out or run operations for the purpose of acquiring or offering a financial instrument issued by an undertaking providing cluster munitions as referred to in Article 2 of the Convention established in Dublin on 30 May 2008. on cluster munitions (Trb. 2009, 45), or crucial parts of it, produces, sells or distributes;
b. loans granted to an undertaking as referred to in subparagraph (a);
(c) non-negotiable holdings in the capital of an undertaking as referred to in subparagraph (a) of this Regulation.
2 The first paragraph shall apply mutatis mutandis to the execution or execution of transactions for the purpose of acquiring or offering a financial instrument issued by a company that is more than half of the share capital in an undertaking referred to in paragraph 1 (a), and on loans to or non-marketable equity in such an undertaking.
3 The first paragraph shall not apply to:
a. transactions based on an index that is less than five percent of the companies referred to in the first paragraph, part a;
b. transactions in investment vehicles managed by third parties which are less than 5% of the undertakings referred to in paragraph 1 (a); and
(c) investments in precisely defined projects of an undertaking as referred to in paragraph 1 (a), in so far as the financing is not used for the production, sale or distribution of cluster munitions.
4 Without prejudice to paragraph 1, undertakings which own financial instruments, loans or non-negotiable holdings referred to in the first paragraph shall, within a reasonable period of time, be required to do so or to terminate them.
An undertaking as referred to in Article 5:68, 1st paragraph, of the Act , designate a person responsible for the internal monitoring of compliance with the provisions laid down in this Chapter and shall lay down rules governing the exercise of that surveillance.
An undertaking as referred to in Article 5:68, 1st paragraph, of the Act , the financial instruments which it has carried out on its own account shall keep records of the following information:
a. transactions carried out per day;
b. the financial instruments to which each transaction relates;
c. the date and time at which each transaction was executed;
(d) where applicable, the identity of the third party which carried out the transaction;
e. the price or exchange rates at which the transactions were carried out.
1 A company as referred to in the second paragraph shall have a code of conduct for private transactions by persons connected to the undertaking which are directly or indirectly involved in the operations of the undertaking in financial instruments or have or are otherwise provided, regularly, in the field of work, profession or function, in the field of science, unless the undertaking is subject to the application of Article 25, third paragraph , do not appoint persons to appoint an insider as referred to in Article 25. It shall ensure that the Code of Conduct is known to all who concerns and ensures compliance with it.
2 The first paragraph shall apply to:
a. Clearing institutions;
(b) banks which are not authorised to provide investment services or to carry out investment activities, managers of investment vehicles, UCITS managers, investment companies, financial institutions which provide a statement of the supervisory position have obtained collective investment undertaking in transferable securities, corporate savings funds, pension funds and insurers, which have a qualifying holding in an issuer or the transactions of which are in financial instruments during the previous calendar year € 20 million or more amounts.
3 To transactions in financial instruments referred to in paragraph 2 (b), the following shall not be included:
(a) transactions of a branch outside the Netherlands or a subsidiary of the undertaking; and
b. The transactions of an undertaking established outside the Netherlands of which the undertaking is a branch.
For the purposes of paragraph 2 (b), the following transactions shall not be taken into account:
a. Transactions in bonds issued by the State of the Netherlands, other public authorities and public bodies, international treaty organisations and supranational public sector entities;
b. transactions in financial instruments the management of which has been transferred to a third party, on such terms that the company has no influence on the fund selection or on separate transactions;
(c) transactions in index funds or in units in investment vehicles which are open only to professional market participants.
1 Code of conduct referred to in Article 24, first paragraph , contains rules that apply to all persons referred to in that paragraph, and additional rules for insiders.
2 A company points out as insider:
a. persons determining or co-determination of the day-to-day policy of the undertaking;
(b) persons whose activities consist of the provision or effect of transactions in financial instruments, or from the provision, provision, winding or checking of services in the field of intermediation in financial instruments; instruments or in the field of asset management;
(c) other persons who, by reason of their connection to the undertaking, have, or are likely to have, information in the field of science.
3 An undertaking may decide not to appoint a person referred to in paragraph 2 (a) or (b) as insider if it does not have, or is in a position to have, a regular knowledge of inside information.
4 An undertaking shall provide for procedures for the appointment of insiders and for the purposes of paragraph 3, and shall keep a list of those persons who have been designated as insider.
The Code of Conduct, referred to in Article 24, first paragraph ' The person referred to in that paragraph shall avoid any confusion between commercial and private interests or the reasonably foreseeable appearance of transactions in financial instruments, respectively.
1 Code of conduct referred to in Article 24, first paragraph , determines that an insider as intended in Article 25, second paragraph :
a. Personal transactions carried out by him shall report on the rules laid down in the Code of Conduct and in accordance with the rules laid down in the Code of Conduct;
b. To his best ability, promote that third party, on whose investments he exerts or can exercise influence, the internal supervisor, intended Article 22 , at the latter's request, provide all information concerning any private transaction which has been made or effected by them.
2 The Code of Conduct may stipulate that notification of transactions in certain categories of financial instruments, of which notification does not contribute to the purpose of the code of conduct, may be omitted.
Article 24, first paragraph , until the first day of the seventh month after the date of entry into force, does not apply to undertakings referred to in Article 1 (2). Article 24, second paragraph, part b , acting on the date of entry into force of this Decision, and Chapter IVA of the Safeguarding Arrangements Law on Stock Exchange Act 1995 were exempted from Article 18a of the Securities Control Act 1995 .
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.
This decision is cited as: Decision on Market Abuse Wft.
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
Issued the thirty-first October 2006The Minister of Justice,
E. M. H. Hirsch Ballin
