Key Benefits:
Exemption scheme Wft
The Minister of Finance,
Having regard to the Articles 2:59, first paragraph , 2:64, first member , 2:74 , 2:79, 1st Member , 2:85, 1st Member , 2:91, 1st Member , 2:95, 1st Member , 2:104, first member , 3: 3 , 3:5, third member , 3:6, third member , 3:7, third member , 3:111, 1st Member , 4:3, third member , 4: 7 , 5: 5 , 5:68, 2nd Member and 5:87 of the Law on Financial Supervision;
Decision:
For the purposes of this Arrangement, the following definitions shall apply:
a. the decision: the Decision Behaviour Supervision Financial Corporations Wft ;
b. Credit manager: a mediator who assists in the management and implementation of those agreements in the context of the transfer of claims arising out of credit agreements;
c. the law: the Law on financial supervision .
1 Of Article 2:3a, 1st paragraph, of the Act are exempt payment service providers:
a. To the extent that they provide payment services in the Netherlands as referred to in points (1) to (5) and (7) of the Annex to the Payment Services Directive;
b. the average of the total amount of payment transactions which they have made during the preceding 12 months, including those of agents for which they are fully liable, does not exceed € 3,000,000 per month;
c. none of the persons determining or co-determining the policy are persons with antecedents as specified in Article 6 (a), (b) and (d) of the Prudential Rules Decision to the extent that they relate to money laundering, terrorist financing or property crimes or as misdemeanor criminal offences of financial surveillance legislation; and
d. which informed the Netherlands Bank of their intention to provide the payment services referred to.
2 The first paragraph shall apply only where the payment service provider makes sure that the funds are received from payment service users or are received from payment service users. The following Article 3:29a of the Act certain is applicable mutatis mutandis.
3 If a payment service provider as referred to in the first paragraph does not carry on its activities throughout the period of the preceding 12 months, the application of paragraph 1 (b) may be assumed to be a the programme of activities in which the judgment of the Netherlands Bank is based on a real budget of the total amount of payment transactions.
4 A payment service provider as referred to in paragraph 1 shall inform the Netherlands Bank of any change in its situation relevant to compliance with the rules laid down in the first paragraph.
An electronic money institution as referred to in Article 1c is exempt from Article 2:3a, 1st paragraph, of the Act for the part of its work that relates to the provision of payment services related to the issuance of electronic money.
From Article 2:3g, first paragraph , of the Act are exempted entities in so far as they:
(a) act as depositary of investment vehicles of which the participants are not entitled, for a period of five years from the date of first acquisition of the units, to the right of repurchase or redemption of rights of Participation may be exercised and investment institutions:
1 °. in accordance with their investment policy generally do not invest in assets to be retained in custody; or
2 °. Generally investing in issuers and unlisted issuers for control as intended for the purpose of Articles 4:37q and 4:37w of the Act obtain in these institutions;
b. perform the duties as depositaries in the context of their professional or business practice; and
(c) under the professional or business exercise referred to in subparagraph (b), be required to register in a statutory professional register or comply with regulations governing the professional oral use.
1 Of Article 2:10a, 1st member, of the law shall be exempt from electronic money institutions having legal personality, where:
a. the combined value of the financial liabilities of the company related to the issuance of electronic money does not mean above € 5,000,000 on average;
b. none of the persons determining or co-determination of the policy are persons with antecedents as intended in Article 6 (a), (b) or (d) of the Prudential Rules Decision , in so far as they relate to money laundering, terrorist financing or capital offences or misdemeaned infringements of financial surveillance legislation;
(c) the undertaking shall issue electronic money only through a payment instrument or electronic money account to which the maximum amount of € 150 can be stored at the same time; and
d. the company informed the Nederlandsche Bank of its intention to issue electronic money.
(2) If an electronic money institution referred to in paragraph 1 has not carried out its activities throughout the period of the preceding 12 months, the first subparagraph may be taken into account for the purposes of the first paragraph of Article 2 (1). Programme of activities in which, in the judgment of the Netherlands Bank, a real budget is included in the common value of the financial obligations relating to the issuance of electronic money.
3 An electronic money institution referred to in paragraph 1 shall immediately inform the Nederlandsche Bank of any change in its situation which is relevant to compliance with the rules laid down in paragraph 1.
1 Of Article 2:48, first paragraph, of the Act Are exempted from the kind of non-cash insurers:
a. Of which the annual gross premiums written shall not exceed EUR 2 million;
b. of which technical provisions, calculated in accordance with Title 9, Section 15, of Book 2 of the Civil Code , without deduction of the amounts recoverable from reinsurance contracts and risk acceptance entities, amounts to no more than EUR 10 million;
c. Not belonging to a group of which the total technical provisions, calculated in accordance with Title 9, Section 15, of Book 2 of the Civil Code , amounts to more than EUR 25 million or of which an insurer, other than an insurer with a reduced risk size, is a part;
d. The holding of which the holding does not include reinsurance activities which:
1 °. more than EUR 0,5 million of the gross premiums written, or more than EUR 2,5 million of the technical provisions calculated as a result of: Book 2 of the Civil Code , without deduction of the amounts recoverable from reinsurance contracts and risk acceptance entities, or
2 °. more than 10% of gross written premiums or more than 10% of the technical provisions, excluding deduction of the amounts which may be made on the basis of reinsurance contracts and risk acceptance entities overtaken;
e. which do not carry out any holding other than in kind, with the exception of commercial activities arising from the kind of benefits from kind and the holding of reinsurer's holding in the activity of the business Natura and non-cash-out insurance; and
f. Those who do not conclude insurance with an cover of more than 12,500 euros per death case.
2 The first paragraph shall not apply to any kind of benefit insurer chosen to carry out its work with a licence as referred to in Article 4 (2). Article 2:48, first paragraph, of the Act to be performed.
3 A cash-out insurer exempted under the first paragraph shall inform all policyholders of the fact that it is no longer subject to prudential supervision, within six months of the date of application of the exemption of the Nederlandsche Bank. In any offer for the conclusion of an insurance, in advertising expressions and documents in which the prospect is offered, in other pre-contractual information to prospective policyholders and in the insurance contract, the insurer shall indicate that it is not under the prudential supervision of the Netherlands Bank for the purpose of the conclusion of the non-cash insurance business.
4 A cash-out insurer exempted by the first paragraph shall inform the Netherlands Bank of any change in its situation which is relevant for the application of the exemption of the first paragraph.
5 If the amounts referred to in paragraph 1 (a) to (d) are exceeded by a percentage of three consecutive years, the exemption shall no longer apply as from the fourth year of application. The exemption shall apply again if the insurer has fulfilled the requirements of the first paragraph for three consecutive years.
1 Of Article 2:48, first paragraph, of the Act are exempt from non-life insurers
a. Of which the annual gross premiums written shall not exceed EUR 2 million;
b. of which technical provisions, calculated in accordance with Title 9, Section 15, of Book 2 of the Civil Code , with no deduction of the amounts recoverable from reinsurance contracts or risk acceptance entities, amounts not more than EUR 10 million;
c. Not belonging to a group of which the total technical provisions, calculated in accordance with Title 9, Section 15, of Book 2 of the Civil Code , amounts to more than EUR 25 million or of which an insurer, other than an insurer with a reduced risk size, is a part;
d. The holding of which the holding does not include reinsurance activities which:
1 °. more than EUR 0,5 million of the gross premiums written, or more than EUR 2,5 million of the technical provisions calculated as a result of: Book 2 of the Civil Code , without deduction of the amounts recoverable from reinsurance contracts and risk acceptance entities, or
2 °. more than 10% of gross written premiums or more than 10% of the technical provisions, excluding deduction of the amounts which may be made on the basis of reinsurance contracts and risk acceptance entities overtaken;
(e) other than non-life business other than the non-life business arising from the non-life business and the holding of reinsurer in the non-life reinsurance business;
f. Those who do not conclude insurance with a coverage exceeding EUR 12,500 per beneficiary per potential injury case; and
g. who do not insure claims caused by or arising out of armed conflict, civil war, insurrection, internal unrest, insurgency or mutiny occurring in the Netherlands, subject to the insure of risks of molest in general usual molestclauses in marine, transport, aviation and travel insurance, as long as the Nederlandsche Bank has not raised any reservations about it.
2 Article 1d, second to fifth paragraphs , shall apply mutatis mutandis.
1 Of Article 2:50, 1st member, of the law shall be exempt from any kind of non-cash insurers which comply with the requirements of the Article 1d, first paragraph, points (a) to (f) .
2 Of Article 2:50, 1st member, of the law are exempt non-life insurers which meet the requirements specified in Article 1st (1), first paragraph, points (a) to (g) .
3 The first and second paragraphs shall not apply to an insurer chosen to carry out its work with a licence as referred to in Article 3 (1). Article 2:50, 1st member, of the law to be performed.
4 Article 1d, third to fifth members , shall apply mutatis mutandis.
1 Of Article 2:54i, 1st member, of the law are exempt undertakings which operate the premises of the hotel and are registered as an accommodation service undertaking in a register kept by the Business and Catering Industry, in so far as it concerns the exchange of coins or banknotes and coins or banknotes to be paid on presentation of a credit card or against the inprovision of one or more cheques, with a equivalent value of up to € 500 per guest per night, for natural persons to whom the credit card is based hotel against payment lodging is provided.
2 The following rules shall be applicable to the exemption provided for in paragraph 1:
(a) advertising manifestations relating to the exempted activities shall be authorised only in so far as it concerns:
1 °. the display of price signs which are not legible from the public road;
2 °. entries in leaflets and brochures, which mainly concern the main activity;
3 °. an indication, whether or not with the help of pictograms, in hotel guides;
4 °. entry in the hotel's internal communications centre;
b. Foreign coins and banknotes used or acquired in the exempt works may only be involved or paid off by a financial undertaking competent in the Netherlands to the payment service agent's holding, perform a payment service provider or bank or at any exchange setting that has a licence, intended in Article 2:54i, first member, first member, of the law , a durable contract has been concluded with the relevant payment service agent, payment service provider, bank or currency exchange institution;
c. records show where and when foreign currencies and banknotes are involved and paid off, and which record of each exchange transaction: the date, the type of transaction, the currencies concerned, the size of the transaction, the name of the client and the room number of the client;
d. the data referred to in (c) shall remain kept for up to five years after the operation of the transaction.
From Article 2:54i, 1st member, of the law shall be exempt investment firms to which a licence as referred to in Article 2:96, first paragraph, of the law In so far as it relates to the payment of coins and banknotes against the delivery of one or more parts of the coupon sheet of a security for the purpose of which the interest on that security is recoverable.
1 Of Article 2:54o of the Act shall be exempt credit unions whose amount of funds to be collected is less than € 10,000,000.
2 A credit union as meaning in the first member mentions on its website, in advertising expressions and in documents relating to the company ' s business activities, that the company is not licensed for the exercise of its activities under the law and not supervised by the Nederlandsche Bank and the Financial Markets Authority.
1 Of Article 2:55, 1st member, of the law are exempt:
Providers of investment objects to the extent that those investment objects:
1 °. to less than a hundred consumers are offered;
2. is part of a series of investment objects as intended in Article 1 (bb) of the Decision which comprises less than 20 investment objects;
3 °. have a value which is not according to the rules of Article 110 of the Decision , if applicable, may be determined; or
4 °. to be offered for a nominal amount per investment object of at least € 100 000; and
b. providers of investment objects, to the extent that they provide financial services to:
1. consumers who are employed or otherwise covered by their responsibility;
2. consumers who are employed by, or otherwise, under the responsibility of other legal persons with whom they are linked in a formal or de facto control structure; or
3 °. consumers with whom they are linked in a formal or de facto control structure.
2 If an offer is not made exclusively to qualified investors, the first paragraph, introductory sentence and subparagraph (a) shall apply only to the extent that the offeror in the case of an offer of investment objects as referred to in the first paragraph, and in advertising expressions and documents presenting such an offer shall state that he is not subject to authorisation for the provision of the offer Law and is not under the supervision of the Financial Markets Authority.
Companies that obtain legal ownership of claims under credit agreements that they have not themselves entered into as a counterparty are exempt from Article 2:60, 1st member, of the law the management and implementation of those agreements under the agreement shall be carried out by a credit manager to whom it is subject to the following: Law Is allowed to offer funds in credit or credit and that credit manager the information, intended in Article 68 of the Decision , provided on the in that Article as prescribed.
From Article 2:60, 1st member, of the law shall be exempt from the institutions referred to in Article 5 (b), first paragraph, of the General Law on State Taxation , where:
a. They offer credit in order to bridge temporary liquidity shortages of natural persons who at the time of entering into the agreement on the credit for no or insufficient income to get into the necessary costs of existence of a benefit to be provided for benefit as referred to in the Article 1, part l, of the Act implementing organisation work and income ;
b. the annual percentage of the cost of the credit offered at the time of entry into the agreement on the loan does not exceed half the statutory interest rate as referred to in Article 4 (1) of the Agreement. Article 120, First paragraph, of Book 6 of the Civil Code ; and
c. they have informed the natural persons clearly and fully of their rights and obligations with regard to the agreement, if they so wish, before the agreement on the credit to be entered into.
From Article 2:60, 1st member, of the law are exempt:
a. Payment service providers engaged in the operation of the payment service provider's holding by the Netherlands Bank on the basis of Article 2:3b of the Act In so far as they offer exclusively credit in the Netherlands in respect of payment services referred to in points 4, 5 and 7 of the Annex to the Payment Services Directive provided that the conditions laid down in the Annex to this Directive have been fulfilled, the conditions of Article 40b of the Prudential Rules Decision ; and
b. The seat of payment service providers with a seat in another Member State which has a licence issued by the supervisory authority of that Member State for the performance of the business of payment service provider, provided that they are exclusively credit in the Netherlands to provide payment services referred to in points 4, 5 and 7 of the Annex to the Payment Services Directive from a branch located in the Netherlands or through the provision of services to the Netherlands subject to the fulfilment of the payment services provided for in the Annex to the Directive. conditions laid down in Article 16, third paragraph, of the Payment Services Directive.
1 Of Article 2:75, 1st member, of the law are exempt:
a. Counsellors in so far as they advise on investment objects as defined in Article 2, first paragraph, part a ;
b. Advisers to the extent that they advise on insurance to:
1. legal persons in which they participate;
2 °, companies of which they are a member of the company; or
3. legal persons or companies or companies in which or of which other legal persons or companies with which they are connected in a formal or actual control structure are members of the sub-member state or of which they are members;
c. [ Red: Expiring;]
Advisers to the extent that they also act as intermediaries with regard to the recommended financial product and are exempted as a mediator Article 6, first paragraph, introductory wording and part c ;
e. advisers in insurance insofar as they also act as a mediator with regard to the recommended insurance and are exempted as a mediator Article 7, introductory wording and part c or d ;
(f) advisers who have a principal professional activity other than the provision of financial services and who, by virtue of that main professional activity, have understood the financial situation of a consumer in so far as they are, without the provider's to receive commission advice and advice given by the consumer in the extension of their main professional activity;
g. the State of the Netherlands, in so far as it advises, in the context of public information, on health insurance or health insurance to supplement health insurance;
h. municipalities as referred to in Article 6, first paragraph, part f , in so far as they are also advising on the insurance in which they are provided;
Advisors to the extent that they also act as a mediator on the recommended financial product and are exempt as a mediator Article 6, first paragraph, introductory wording and part g ; and
j. advisors to the extent that they advise on financial products other than credit to:
1. consumers who are employed or otherwise covered by their responsibility;
2. consumers who are employed by, or otherwise, under the responsibility of other legal persons with whom they are linked in a formal or de facto control structure; or
3. consumers or, in the case of advice on insurance or reinsurance mediation, clients with whom they are linked in a formal or de facto control structure.
2 The first paragraph, introductory wording and part f, shall apply only if it is only a marginal part of the consultant's total activities and does not also offer the recommended financial product or to the recommended financial product does not also provide an investment service, mediate, act as agent agent or act as an agent under an underauthorised agent.
3 The first paragraph, introductory wording and part (a), shall apply only where the relevant adviser in advertising and other non-compulsory pre-contractual information on the investment object states that he is in favour of advising Investment object is not under the supervision of the Financial Markets Authority.
4 The first paragraph, introductory wording and part (d), shall apply only if the Article 6, first paragraph, part c , the other company referred to is fully responsible for advising.
1
From Article 2:75, 1st member, of the law shall be exempt from the institutions referred to in Article 5 (b), first paragraph, of the General Law on State Taxation , where:
a. They advise on credit which they also offer or in which they also mediate to bridge temporary liquidity shortfalls to natural persons who at the time of entering into the agreement on the credit on none or have insufficient income to cover the necessary cost of existence as a benefit as referred to in Article 4 (2). Article 1, part l, of the Act implementing organisation work and income ;
b. the annual percentage of the cost of the credit offered at the time of entry into the agreement on the loan does not exceed half the statutory interest rate as referred to in Article 4 (1) of the Agreement. Article 120, First paragraph, of Book 6 of the Civil Code ; and
c. they have informed the natural persons clearly and fully of their rights and obligations with regard to the agreement, if they so wish, before the agreement on the credit to be entered into.
2 Institutions exempted under paragraph 1 shall also be exempt from Article 2:75, 1st member, of the law , as regards advice on opening a payment account or savings account, including the payment, savings, or electronic money facilities attached to such account, to credit as referred to in the first paragraph.
1 Of Article 2:80, first paragraph, of the law are exempt:
a. mediators insofar as they mediate in investment objects as defined by Article 2, first paragraph, part a ;
b. intermediaries who are not a credit manager, in so far as their work relates only to the collection of claims arising under credit agreements;
c. intermediaries in so far as they provide funds in financial products for which it is another undertaking with which they are linked in a formal or de facto control structure due to the Law be permitted to offer or mediate them;
d. Intermediaries in goods credit that do not provide the benefit of investment objects or financial instruments to a consumer;
e. mediators, other than mediators, to the extent that they mediate for:
1. consumers who are employed or otherwise covered by their responsibility;
2. consumers who are employed by, or otherwise, under the responsibility of other legal persons with whom they are linked in a formal or de facto control structure; or
3. consumers or, if it concerns financial services in respect of insurance or reinsurance, clients with whom they are linked in a formal or actual control structure;
f. municipalities to the extent that they mediate in health insurance or health insurance to supplement health insurance policies between financial service providers and consumers whose income does not exceed 130% of the relevant standard of assistance as Intended in Chapter 3 of the Act of Participation shall be:
g. mediators who provide investment services on the basis of Article 2:96 of the Act have granted authorisation, in so far as they do not mediate in insurance or mortgage credit;
h. mediators who have a main professional activity than the provision of financial services and have data on the financial situation of the consumer by virtue of that main professional activity, as far as they are concerned, without to obtain a commission from the offeror, to provide the information to the supplier at the request of the employer of the consumer concerned.
i. directors referred to in Article 435, First paragraph, of Book 1 of the Civil Code , in so far as they are responsible for the exercise of their duties when opening payment accounts or savings accounts, including payment, savings, or electronic money facilities attached to such account; and
j. curators as intended Article 383, First paragraph, of Book 1 of the Civil Code , in so far as they are responsible for the purpose of opening payment accounts or savings accounts, including the payment, savings, or electronic money facilities attached to such account.
2 The first paragraph, introductory wording and part (a), shall apply only where the relevant intermediary shall indicate in advertising statements and other uncompulsory pre-contractual information relating to the investment object that he/she is responsible for the provision of the Investment object is not under the supervision of the Financial Markets Authority.
3 The first paragraph, introductory wording and part c, shall apply only if the relevant other undertaking is fully responsible for the resources.
4 The first paragraph, introductory wording and part (d), shall apply only if the duration of the goods credit is no longer than the expected economic life of the movable business, or the period of service and the period of service of the goods; Relevant mediator in goods credit:
a. The consumer does not advise on the financial product in which he is mediating; and
(b) having a main professional activity other than intermediation of goods credit and the goods to be used for the benefit of a movable business or the provision of a service.
1
From Article 2:80, first paragraph, of the law shall be exempt from the institutions referred to in Article 5 (b), first paragraph, of the General Law on State Taxation , where:
a. They mediate in credit to bridge temporary liquidity shortfalls for the benefit of natural persons who at the time of entering into the agreement on the credit for no or insufficient income to enter into the necessary cost of existence to be provided with a benefit of benefit as referred to in the Article 1, part l, of the Act implementing organisation work and income ;
b. the annual percentage of the cost of the credit offered at the time of entry into the agreement on the loan does not exceed half the statutory interest rate as referred to in Article 4 (1) of the Agreement. Article 120, First paragraph, of Book 6 of the Civil Code ; and
c. they have informed the natural persons clearly and fully of their rights and obligations with regard to the agreement, if they so wish, before the agreement on the credit to be entered into.
2 Institutions exempted under paragraph 1 shall also be exempt from Article 2:80, first paragraph, of the law , as regards resources in opening a payment account or savings account, including the payment, savings, or electronic money facilities attached to such account, to credit as referred to in the first paragraph.
3 Institutions exempted on the basis of Article 3a , are also exempt from Article 2:80, first paragraph, of the law , as regards resources in the opening of a payment account or savings account, including the payment, savings, or electronic money facilities attached to such account, for the purposes of credit referred to in Article 3a.
From Article 2:80, first paragraph, of the law shall be exempted by intermediaries in insurance, provided that:
(a) their activities relate only to injury treatment or to the collection of premiums;
b. They mediate for:
1. legal persons in which they participate;
2 °, companies of which they are a member of the company; or
3. legal persons or companies or companies in which or of which other legal persons or companies with which they are linked in a formal or actual control structure are members of the sub-member state or of any other legal person or companies which are affiliated to it;
c. They mediate in oat non-life insurance, horse and livestock insurance or glass insurance, with the exception of broeigs insurance;
d. they are travel agency or travel organisation and the insurance in which they are funds cancellation insurance or insurance to be concluded with a view to a trip or holiday, if at the relevant establishment of the travel agency or the travel organisation shall at least have an employee:
1 °. a valid diploma for the final terms, included in Section 4 of Annex B to the Decision ;
2 °. the diploma of competence for the travel agency, issued after 1 July 1992 by the Foundation Exams and Proams for the Travel Agency;
3 °. the 'travel insurance' certificate issued by the Foundation Exams and Proams for the Travel Agency;
4 °. the Diploma in Middle Classes Education, Department of Secondary Tourism and Recreational Education, issued under Article 29 of the Secondary Education Act;
5 °. the Diploma in Secondary Economic and Administrative Education, Department of Secondary Tourism and Recreational Education, issued after 1 January 1994 on the basis of Article 29 of the Law on Secondary Education ;
6 °. the Diploma of Secondary Vocational Education, Sector Economy, Department of Tourism and Recreation, issued on the basis of Article 29 of the Law on Secondary Education ;
7 °. the diploma of the Centre staff travelling, issued on the basis of Article 7.4.6 of the Education and Vocational Education Act ;
8 °. the diploma Independently employed person travelling, issued on the basis of Article 7.4.6 of the Education and Vocational Education Act ;
9 °. the diploma in the field of tourism information, issued on the basis of Article 7.4.6 of the Education and Vocational Education Act , if this diploma has been issued, including on the basis of the examination for the partial qualification of the Union's travels; or
10 °. the diploma Independently employed tourist information, issued on the basis of Article 7.4.6 of the Education and Vocational Education Act , if this diploma has been issued, including on the basis of the examination for the partial qualification of the trade union travel.
From Article 2:86, first paragraph, of the law shall be exempt reinsurance intermediaries to the extent that they provide financial services to clients with whom they are linked in a formal or actual control structure.
From Article 2:92, 1st member, of the law shall be exempt authorized or authorised agents to the extent that they conclude insurance with:
a. Consumers who work with them or otherwise fall under their responsibility;
b. consumers who are employed by, or otherwise, under the responsibility of other legal persons with whom they are linked in a formal or de facto control structure; or
Consumers or, in the case of insurance or reinsurance financial services, clients, with whom they are linked in a formal or actual control structure.
1 Of Article 2:96 of the Act are exempt investment firms with a seat in Australia, the United States of America or Switzerland, to the extent that on the provision of the relevant investment services or the provision of an occupation or business for their own business account is exercised by a supervisory authority in the State of their seat and if they have this prior to the provision of those investment services or investment activity in the Netherlands to the Authority Financial Markets Demonstration by means of:
a. A statement issued by the relevant supervisory authority; or
b. a written reference to the website of the relevant monitoring body, if the information referred to in the chapeau can be obtained in this way.
2 For the purposes of the first paragraph, a regulatory body shall be understood to mean an organisation which is not a supervisory body within the meaning of Article 1: 1 of the Act and acting as a self-regulating organisation, entrusted with the supervision of the provision of investment services has been designated or recognised by a supervisory authority.
3 If, in the State of their registered office, they are no longer supervised by the investment service which they provide in the Netherlands, investment firms referred to in paragraph 1 shall notify the Authority without delay of the fact that they are subject to the Authority's Financial Market.
1 Of Article 2:96 of the Act are exempt:
a. Persons holding a licence or waiver as intended Article 2:75 of the Act for advising on life insurance or mortgage credit;
b. persons to whom it is Article 2:76, second and fifth members, of the law is permitted to advise on life insurance or mortgage credit; and
c. persons at the time of entry into force of the Law implementing Directive Markets for Financial Instruments had a permit or exemption as referred to in Article 2:75 of the Act for advising on financial instruments, where such authorisation or waiver has not been withdrawn after that date.
2 The first paragraph shall apply mutatis mutandis to persons who have prior to the day of entry into force of the Law implementing Directive Markets for Financial Instruments a permit or a waiver as specified in Article 2:75 of the Act for advising on financial instruments, on which application had not yet been decided at the time of entry into force of that Act. Such persons shall be allowed to continue their work without authorisation or exemption until the final decision on the application is made.
3 The exemption provided for in paragraph 1 shall apply only in so far as the persons concerned:
a. Grant investment services in the Netherlands as referred to in part a or 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;
b. Do not hold any funds or securities belonging to their clients;
c. transmit orders in the Netherlands to investment vehicles or UCITS which are allowed to offer units of participation in the Netherlands and to banks and investment firms which may provide investment services in the Netherlands;
d. possess a professional indemnity insurance or a similar provision; and
e. the Authority has notified Financial Markets of their intention to provide investment services as referred to in subparagraph (a).
4 Persons other than those referred to in the first and second members shall be exempt from the provisions of paragraph 3, in so far as they comply with the third paragraph. Article 2:99, first paragraph, parts c, d and f to j, of the law . It is due to the Articles 4:9, 2nd paragraph , 4:11, second member and 4:15, 1st, 2nd and 4th member, of the law certain is applicable mutatis mutandis.
5 Article 4:75, 2nd and 3rd member, of the Act , shall apply mutatis mutandis, except that the professional indemnity insurance or the equivalent provision shall be liable to liability for errors, omissions or omissions arising out of the provisions of this Article investment services covers and cover at least € 500,000 per claim and at least € 750,000 per year for all claims is collectively;
From Article 2:96 of the Act they shall be exempt investment firms to the extent that they provide investment services as private participation companies in relation to shares in their own subscribed capital.
From Article 2:96 of the Act are exempt:
(a) managers of an individual assets whose shares can only be held by a circle of blood or kin insofar as they manage individual assets of the persons belonging to that circle; and
(b) managers of an individual capacity which is a foundation for the sole purpose of managing individual abilities of a circle of blood or relatives, to the extent that they manage individual abilities of the persons belonging to that circle.
1 Dutch managers of investment vehicles as referred to in Rule 2:66a, 1st and 2nd member, of the law are exempt from any of the following: Part Prudential Supervision Financial Undertakings , with the exception of the Article 3:7, of the Act is determined.
2 Depositors of investment vehicles as referred to in paragraph 1 shall be exempt from the provisions of the first paragraph. Part Prudential Supervision Financial Undertakings of the Act shall be determined in so far as they are responsible for the preservation of the assets of such investment vehicles.
Investment firms referred to in Article 10, first paragraph , those in the Netherlands alone provide investment services to eligible counterparties or professional investors or in the exercise of their profession or business acting on their own account, and investment firms as intended in the Articles 11 , 13 and 14 are exempt from any of the following: Part Prudential Supervision Financial Undertakings , except the Articles 3: 5 , 3: 6 and 3:7, of the law is determined.
1 Electronic money institutions as referred to in Article 1c are exempt from the provisions of the Part Prudential supervision financial undertakings, except for the Articles 3: 5 , 3: 6 , 3: 7 , 3:29a , 3:29b , 3:29c, fourth member , and 3:34 of the Act is determined.
2 The exemption provided for in paragraph 1 shall apply only on condition that, once a year, the electronic money institution provides States to the Dutch Bank in accordance with the conditions laid down in Article 2 of the Treaty. Article 130, third paragraph, (c) of the Prudential Rules Decision .
Non-cash insurers related to Article 1d, first paragraph , or 1f, 1st Member , are exempt from Article 2:48, first paragraph Respectively Article 2:50, 1st member, of the law and non-life insurers under Article 1st (1) or 1f, second member , are exempt from Article 2:48, paragraph 1 and 2:50, first paragraph respectively, of the Act are also exempt from what is required under the Part Prudential Supervision Financial Undertakings , except the Articles 3: 5 , 3: 6 , 3: 7 and 3:20, of the law -It's determined.
Credit unions are exempted from the Part Prudential supervision financial undertakings, except for the Articles 3: 6 and No. 3: 7 of the Law , if:
a. The amount of fundable funds raised is less than € 10,000,000; and
b. the company on its website, in advertising expressions and in documents about the company ' s business activities, states that the company is not licensed under the law and not under the law for the exercise of its business. the supervision of the Netherlands Bank and the Financial Markets Authority.
1 Court bailiffs as intended Article 1 (c) of the Law-Door WaardersAct are exempt from Article 3:5, 1st paragraph, of the Act , insofar as they hold the repayable funds on an account as referred to in Article 19 of the Law of the Court of Justice .
2 Notaries as intended Article 1, first paragraph, part a, of the Law on Notary Office are exempt from Article 3:5, 1st paragraph, of the Act , insofar as they hold the repayable funds on an account as referred to in Article 25 of the Law on Notation .
From Article 3:5, 1st paragraph, of the Act , are exempted foundations which:
a. As the sole activity, the temporary management of the funds may be granted for the benefit of the rightholders or those who will appear to be the rightholders; and
b. be effective only for lawyers who are not themselves entitled to the recoverable funds, which is evidenced by a written agreement between the relevant foundations and the lawyers involved.
From Article 3:5, 1st paragraph, of the Act , are exempt persons or companies which attract, obtain or have available repayable funds against the issue of securities issued as part of a sale transaction in the wholesale trade, industry and the like or retail trading company, provided that:
(a) sell on a sale transaction an amount equal to or less than one quarter of the selling price to securities; and
Annual accounts within six months of the end of the financial year as referred to in Article 361, First paragraph, of Book 2 of the Civil Code submit to the Netherlands Bank, indicating the total amount of:
1 °. sales transactions; and
2 °. securities issued.
Payment service providers as specified in Article 1a, first paragraph , are exempt from Article 3:5, 1st paragraph, of the Act , in so far as it concerns repayable funds that are or are received from payment service users in relation to the provision of payment services as referred to in Article 4 (1) of the Treaty. Article 1a, first paragraph, part a .
1 Trust offices authorised to operate in the Netherlands on the basis of Article 2 of the Surveillance and Trust Offices Act are exempt from Article 3:5, 1st paragraph, of the Act , where:
(a) being attracted, made available or made available to the repayable funds directly from administrative activities carried out on the basis of an agreement between the trust office and the person from whom the funds are to be paid are attracted, on the basis of which the trust office services as intended in Article 1, part d, below 2 °, of the Trust Offices Supervision Act Grants;
b. managing temporarily the refundable funds; and
c. they separate the repayable funds from the funds of the trust office by holding the repayable funds to a separate account.
2 Article 25 of the Law on Notation shall apply mutatis mutandis to the breakaway account referred to in the first paragraph, section c.
1 Of Article 3:5, 1st paragraph, of the Act , are exempted foundations:
a. which operate exclusively for trust offices that may operate in the Netherlands on the basis of Article 2 of the Surveillance and Trust Offices Act ;
(b) having as sole activity the temporary management of funds of the repayable funds of the person with whom a trust office as referred to in subparagraph (a) (a) of the contract is to be regarded as being Article 23, first paragraph, part a has entered into as far as:
1 °. The repayable funds are drawn exclusively, held at the disposal of, or made available to, the foundation for the purpose of implementing that agreement and attracting, obtaining at or disposal of the recoverable funds are directly related to the administrative activities carried out by the trust office on the basis of that agreement; and
2 °. the foundation shall only turn out the repayable funds if the person with whom the trust office has entered the contract has given a contract to the trust office; and
c. the policy of which is determined or co-determined by persons whose reliability is due to the Law or the Supervisory of trust offices law No doubt.
2 The exemption provided for in paragraph 1 shall apply only in so far as the foundations referred to in the first paragraph provide for an unconditional guarantee of all obligations arising from the acquisition, obtaining at the disposal of the foundations. or have at the disposal of the funds issued by the relevant trust office or an undertaking belonging to the same group as that trust office and that trust office is a member of that trust which is responsible for its own business. has been in a positive position throughout the duration of the guarantee.
Executive directors, who are:
a. appointed on the basis of Article 287, third paragraph, of the Bankruptcy Law ; and
b. persons referred to in Article 3, first paragraph, of the decision to grant a subsidy to the director of debt restructuring ,
are exempt from Article 3:5, 1st paragraph, of the Act to the extent that they attract, obtain or have available funds for the purpose of carrying out the tasks referred to in the Title III of the Bankruptcy Law .
1 Of Article 3:5, 1st paragraph, of the Act shall be exempt persons who raise or make available funds by way of a public loan as referred to in Article 3 (2). Article 2a, second paragraph, of the Decision , as well as persons who, as a result of an attraction or acquisition of funds, have at their disposal any such funds, provided that:
a. They do not make their business of the collection or disposal of the repayable funds;
(b) the acquisition or disposal of the funds shall not be made available for the purpose of granting credit;
(c) the acquisition or disposal of the funds shall be made by means of a person holding a waiver as referred to in Article 3 (1). Article 4:3, 4th paragraph, of the Act ; and
d. the total amount of repayable funds raised or made available by the person concerned, in the introductory sentence, over a period of 12 months, by the person referred to in the introductory sentence, shall not exceed € 2,5 million.
2 Part (c) of paragraph 1 shall not apply where the person referred to in the first paragraph of the first paragraph disposates of an exemption as provided for in the first paragraph of this Article. Article 4:3, 4th paragraph, of the Act .
1 Guarantee and guarantee funds are exempt from Article 3:6, 1st paragraph, of the Act to the extent that they provide guarantees or guarantees that benefit from:
(a) natural or non-legal persons and per guarantee or guarantee offered a liability of less than EUR 12,500 per beneficiary per potential damage case; or
b. Legal persons.
2 The first paragraph shall not apply to guarantee funds and guarantee funds which have started to carry out their activities beyond 31 December 2015.
Financial service providers authorised to provide credit in the Netherlands shall be exempt from Article 3:7, 1st paragraph, of the Act -in so far as they use the word 'advance bank' or a translation thereof in their name or in the exercise of their business.
Municipal credit banks established subject to compliance with Article 4:36 of the Act and to which Article 4:37 of the Act has been applied, are exempt from Article 3:7, 1st paragraph, of the Act .
Investment vehicles and UCITS set up by a financial undertaking which is authorised to carry out the holding in the Netherlands, investment vehicles and UCITS which have an administrator belonging to the same group as financial undertakings undertaking and investment vehicles and UCITS whose participation rights are offered to the public through the intermediary of such financial undertaking shall be exempt from Article 3:7, 1st paragraph, of the Act , if:
a. they are an investment company or a collective investment undertaking in transferable securities and the financial undertaking referred to in the introductory part, or the administrator, referred to in the chapeau, the daily policy of the investment company or society; be determined for collective investment in transferable securities;
(b) be an investment enterprise or a UCITS and the financial undertaking referred to in the chapeau, or the manager referred to in the chapeau, is the manager of the investment enterprise or UCITS;
(c) be an investment enterprise or a UCITS whose participation rights are offered to the public through the intervention of the financial undertaking referred to in the introductory part, and that financial undertaking has concluded an agreement to that effect with the investment institution or UCITS, or the manager of that investment enterprise or UCITS;
(d) enter the name of the financial undertaking in their name; and
(e) it is clear from their name that it is an investment enterprise or a UCITS.
1 Exempt from Article 3:7, 1st paragraph, of the Act , are:
(a) managing investor giros that manage accounts for investment vehicles or UCITS that are Article 28 shall be exempt, which investment undertakings or UCITS have obtained claims by opening the account, in securities or units of an investment enterprise or UCITS, through which transactions are carried out in the accounts; transferable securities or units in an investment enterprise or UCITS;
Investment firms engaged in the business of providing for the possibility of obtaining claims, denominated in securities or units of an investment enterprise or UCITS, by opening an account, by which account may be taken in respect of transactions in securities or units in an investment enterprise or UCITS, which are carried out for investment undertakings or UCITS that are Article 28 shall be exempt; and
c. by a bank due to Article 4:87, third paragraph, of the Act Established depositories or investor giros that manage accounts in financial instruments that enable transactions in financial instruments to be secured for the benefit of customers of that bank.
2 The in Article 28, parts d and e These conditions shall apply mutatis mutandis to the exemption provided for in the first paragraph.
Subsidiaries of a financial undertaking which the company is authorised to carry out in the Netherlands shall be exempt from Article 3:7, 1st paragraph, of the Act , if the liabilities of the subsidiaries are guaranteed by that financial undertaking.
Persons or companies engaged in, or acting as intermediaries, activities referred to in Article 4:3, 1st paragraph, of the Act In the case of a financial undertaking which is authorised to operate in the Netherlands the holding of a bank is exempt from Article 3:7, 1st paragraph, of the Act , insofar as they use the name of that financial undertaking when operating or engaged in an activity as an intermediary.
The banks affiliated to the Cooperative Central Raiffeisen-Farmers Loan Bank B.A. are exempt from supervision by the Nederlandsche Bank to ensure compliance with what is required under the Articles 3:10 , 3:17 , 3:17a , 3:18 , 3:18a , 3:57 , 3:62a , 3:62b , 3:63 and 3:159ai of the law and Parts 2 to 8 of the Capital Requirements Regulation is determined insofar as the Cooperative Central Raiffeissen-Boerenleenbank ' s B.A. and its affiliated banks comply with Article 3:111, first paragraph, of the law .
1 Of Article 4:3, 1st paragraph, of the Act shall be exempt from those who carry out work as referred to in that paragraph, provided that:
(a) they carry out this work for foundations as intended for Article 20 or 24 ;
(b) they carry out such activities for the benefit of persons or companies as referred to in Article 21 ; or
(c) they carry out this work for the benefit of financial undertakings authorized to carry out the holding of bank in the Netherlands.
2 The following rules shall be attached to the exemption referred to in the first paragraph, introductory wording and part c:
(a) the work takes place on the basis of a written agreement between the intermediary and the financial undertaking and this agreement shall be communicated to the Financial Markets Authority;
b. The intermediary's records show that the funds have been received in the name of the financial undertaking in question; and
c. The intermediary shall identify the financial undertaking of the activities in respect of which he is engaged.
1 Credit unions are exempted from the Part Behavioural Supervision Financial Undertakings when the amount of funds raised is less than € 10,000,000
2 A credit union as meaning in the first member mentions on its website, in advertising expressions and in documents relating to the company ' s business activities, that the company is not licensed for the exercise of its activities under the law and is not under the supervision of the Netherlands Bank or the Financial Markets Authority.
Investment firms referred to in Article 10 are exempt from the following Section 4.2.1 and the Articles 4:13 , 4:14 , 4:17 , 4:26 , 4:83 , 4:84 , 4:87, second paragraph, introductory sentence and part b, of the law Some.
1 Persons referred to in Article 11, first and second paragraphs , are exempt from any of the following: Divisions 4.2.1 , 4.2.2 , 4.2.3 and 4.3.7 of the Act in respect of investment firms, with the exception of the following:
a. Article 4:9, first paragraph, of the law , with regard to the suitability of the persons referred to in that Article;
b. Article 4:10 of the Act , with regard to the reliability of the persons referred to in that Article;
ed. Article 35, first, third, fourth and fifth paragraphs, of the Decision , except that the investment firm shall keep the data for at least one year;
e. Article 4:16, 1st paragraph, of the Act and Article 37 of the Decision ;
f. Article 4:17, 1st and 2nd member, of the law and the Articles 39 , 40 and 41 of the Decision ;
g. Article 4:19 of the Act and Article 51a of the Decision ;
h. Article 4:20, first and third paragraph, of the Act , and the Articles 49a , 58a , 58b, first paragraph, parts a to e , 58c and 58th of the Decision ;
i. the Articles 4:23, 1st and 2nd Member , 4:24, first, second, third, fourth and sixth member , 4:25a, first member , and 4:25b of the law , and the Articles 80a (1) to (3) , 80b, first and third members , 80c , 80d , 86c and 86f of the Decision ;
j. the Articles 81 and 82, first paragraph, of the Decision ;
2 Persons referred to in Article 11 (4) , are exempt from any of the following: Divisions 4.2.1 , 4.2.2 , 4.2.3 and 4.3.7 of the Act in respect of investment firms, with the exception of the following:
a. Article 4:9, first paragraph, of the law , with regard to the suitability of the persons referred to in that Article;
b. Article 4:10 of the Act , with regard to the reliability of the persons referred to in that Article;
ed. Article 35, first, third, fourth and fifth paragraphs, of the Decision , except that the investment firm shall keep the data for at least one year;
e. Article 4:16, 1st paragraph, of the Act and Article 37 of the Decision ;
f. Article 4:17, 1st and 2nd member, of the law and the Articles 39 , 40 and 41 of the Decision ;
g. Article 4:19 of the Act and Article 51a of the Decision ;
h. Article 4:20, first and third paragraph, of the Act , and the Articles 49a , 58a , 58b, first paragraph, parts a to e , 58c and 58th of the Decision ;
i. the Articles 4:23, 1st and 2nd Member , 4:24, first, second, third, fourth and sixth member, of the law , and the Articles 80a (1) to (3) , 80b, first and third members , 80c and 80d of Decision ;
j. the Articles 81 and 82, first paragraph, of the Decision ;
l. Article 4:90, 1st paragraph, of the Act and Article 168a of the Decision.
3 The Articles 4:9, 2nd paragraph , 4:11, second member , and 4:15, 1st member, of the law and the Articles 28 , 29 and 57, first paragraph, part c, of the decision shall apply mutatis mutandis, as well as, in so far as it concerns the professional competence of the Article 4:9, second paragraph, of the Act , the endterms 1d, 1f, 1g, 1h, 1h, 1j, 1k, 1p, 1p, 2d, 2e, 2f, 2g, 2i, 3b, 3c and 4b of Annex 5 to the Conditions of Employment and Final Financial Services of the Financial Services Committee .
4 The exemption from the following Section 4.3.7 Certain shall apply only to the extent that the investment firm
a. With her client, a contract concludes that:
1 °. is recorded in writing or otherwise on a durable medium;
2 °. in the dossier as referred to in Article 4:89, 1st paragraph, of the Act shall be recorded;
3 °. in any case, the nature and scope of the provision of services provided by the investment firm in its relationship with the client concerned; and
4 ° is signed by the investment firm and the client concerned at the latest by the end of the service;
b. to sign any order received by her client before it is passed;
c. to ensure that its clients are treated fairly in the event that a conflict of interest appears to be unavoidable, and before it is informed of the conflict of interest of the conflict of interest;
(d) records the data relating to the services rendered by or in the name of the investment firm, where a conflict of interest has arisen; and
(e) abstaining from recommending transactions or the transmission of orders in units of a frequency or scale of such participation that, in view of the circumstances, it is clearly intended to provide for the benefit of the investment firm.
Investment firms referred to in Article 14 are exempt from the following: Part Conduct Supervision Financial Companies of the Law Some.
Investment firms referred to in Article 13 are exempt from the following: Part Conduct Supervision Financial Undertakings , except the Articles 4:20 , 4:22 , 4:23 , 4:24 , 4:25 , 4:88 and 4:89, from the law Some.
Financial service providers shall be exempt from the following: Part Conduct Supervision Financial Companies of the Law in so far as they provide financial services, other than credit, to:
a. Consumers who work with them or otherwise fall under their responsibility;
b. consumers who are employed by, or otherwise, under the responsibility of other legal persons with whom they are linked in a formal or de facto control structure; or
Consumers or, in the case of financial services in respect of insurance or reinsurance, clients with whom they are in a formal or de facto control structure.
Settings as specified in Article 5 (b), first paragraph, of the General Law on State Taxation shall be exempt from the provision of law in respect of the provision of, advise on and mediate in credit, as well as to advise on or mediate in the case of the financial undertakings of the Act, as a result of the Part Behavior supervision of the law. the opening of a payment account or savings account, including the payment, savings, or electronic money facilities attached to such account, in respect of credit, provided that:
a. They offer credit in order to bridge temporary liquidity shortages of natural persons who at the time of entering into the agreement on the credit for no or insufficient income to get into the necessary costs of existence of a benefit to be provided for benefit as referred to in the Article 1, part l, of the Act implementing organisation work and income ;
b. the annual percentage of the cost of the credit offered at the time of entry into the agreement on the loan does not exceed half the statutory interest rate as referred to in Article 4 (1) of the Agreement. Article 120, First paragraph, of Book 6 of the Civil Code ; and
c. they have informed the natural persons clearly and fully of their rights and obligations with regard to the agreement, if they so wish, before the agreement on the credit to be entered into.
Municipal credit banks in respect of which Article 4:37 of the Act has been applied exempt from it under the Part Conduct Supervision Financial Undertakings , with the exception of Article 4:20, from the law certain, to the extent that they provide financial services in respect of payment accounts and related payment facilities in the context of the management of client funds as part of an integral aid extension.
1 Financial service providers are exempt from Article 4:9, second paragraph, of the Act to the extent to which they provide financial services in respect of:
a. payment accounts and the payment facilities related thereto;
b. Savings accounts and the savings facilities connected thereto, unless they are savings accounts whose remuneration is linked to the price evolution of financial instruments admitted to trading on a market in financial instruments.
2 Financial service providers are exempt from Article 4:23, 1st and 2nd member, of the law to the extent that they provide financial services with regard to financial products, except:
a. Complex products as referred to in Article 1 (d) of the Decision ;
b. Savings accounts and the related savings facilities, the interest rate of which is linked to the price evolution of financial instruments admitted to trading on a market in financial instruments;
c. financial instruments;
d. Credit whose credit is more than € 1,000;
e. mortgage credit;
f. insurance related to the whole or part of the income of a client;
g. Combinations of two or more of the financial products referred to in parts a to h of the definition of financial product in Article 1: 1 of the Act .
Providers of complex products as intended Article 1 of the Decision are exempt from Article 150 of the Decision In so far as complex products are concerned for which the consumer pays a single premium or makes a one-off payment once a one-off.
1 Providers of investment objects as intended Article 2, first paragraph, part a , are exempt from the following: Part Conduct Supervision Financial Companies of the Law Some.
2 Providers are exempt from the following: Part Conduct Supervision Financial Companies of the Law certain, to the extent that they offer financial products, other than credit, to:
1. consumers who are employed or otherwise covered by their responsibility;
2. consumers who are employed by, or otherwise, under the responsibility of other legal persons with whom they are linked in a formal or de facto control structure; or
3. consumers or, where the provision of insurance is concerned, clients with whom they are linked in a formal or actual control structure.
3 Credit providers are exempt from Article 4:9, second paragraph, of the Act to the extent that this relates to persons referred to in Article 4:9, second paragraph, of the Act which do not carry out any other work in respect of credit than the collection of claims.
4 Undertakings to which the exemption provided Article 3 , is applicable, are exempt from the following: Part Conduct Supervision Financial Companies of the Law Some.
5 Insurance providers are exempt from Article 4:9, second paragraph, of the Act , to the extent that this relates to persons referred to in Article 4:9, second paragraph, of the Act , who do not carry out any other activities in respect of insurance other than damage treatment or collection of premiums.
6 Health insurance providers as intended Article 1 (b) of the Zorginsurance Act are exempt from Article 4:17, 1st paragraph, of the Act and the Articles 57, first paragraph, introductory wording and part c , and 77, first paragraph, introductory wording and part c, of the decision .
Health insurers as referred to in Article 1 (f) of the Health Organisation Act , are exempt from the Articles 4:19 , 4:20, 1st and 3rd member , 4:22 and Section 4.2.5 of the Act . This exemption shall not apply in respect of the provisions of the Articles 57, first paragraph, introductory wording and parts a and c , and 61, first paragraph, introductory wording and part b, of the decision In so far as the sickness insurance companies enter into contracts as regards health insurance other than by means of a distance contract.
1 Of the following: Part Conduct Supervision Financial Companies of the Law Certain goods are exempted:
a. Counsellors in so far as they advise on investment objects as defined in Article 2, first paragraph, part a ;
b. Advisers to the extent that they advise on insurance to:
1. legal persons in which they participate;
2 °, companies of which they are a member of the company; or
3. legal persons or companies or companies in which or of which other legal persons or companies with which they are linked in a formal or actual control structure are members of the sub-member state or of any other legal person or companies which are affiliated to it;
c. Advisors in insurance insofar as they are exempt as a mediator in respect of the recommended insurance Article 47, first paragraph, introductory wording and part d ;
d. the State of the Netherlands, in so far as it advises in the context of public information on health insurance or health insurance to supplement health insurance;
Advisers who have a main professional activity other than the provision of financial services and who, by virtue of that main professional activity, have an understanding of the financial situation of consumers, insofar as they are, without the provider's to receive commission, advise consumers and take the advice they have given in the extension of their main professional activity;
f. advisers to the extent that they advise on financial instruments to persons acting in the exercise of an occupation or business and not also providing investment services.
2 The first paragraph, introductory wording and part (e), shall apply only if it is only marginally part of the consultant's total activities and does not also offer the recommended financial product or to the recommended financial product does not also provide an investment service, mediate, act as agent agent or act as an agent under an underauthorised agent.
3 The first paragraph, introductory wording and part (a), shall apply only to the extent that the advisers in advertising and other non-compulsory pre-contractual information on the investment object state that they do not have the information to advise on the investment object. are supervised by the Authority's Financial Markets.
1 Advisers in financial instruments which also provide investment services are exempt from the Articles 4:9, 2nd paragraph , and 4:15, 1st and 3rd member, of the law .
2 Advisers in units in an investment enterprise or a UCITS are exempt from the Articles 4:9, 2nd paragraph , 4:15, 1st Member , 4:17, first paragraph, introductory sentence and part b , and 4:20 of the law In so far as they advise on the rights of participation in themselves, for themselves, in investment vehicles or UCITS managed by them.
3 Advisers in financial instruments referred to in Annex B to the Investment Services Directive which are also UCITS managers are exempt from the Articles 4:9, 2nd paragraph , 4:15, 1st Member , 4:17, first paragraph, introductory sentence and part b , and 4:20 of the law .
4 Advisers in financial instruments which do not also provide investment services are exempt from Article 4:20 of the Act if they advise persons acting in the exercise of their profession or business.
1 Of the following: Part Conduct Supervision Financial Companies of the Law Certain goods are exempted:
a. mediators insofar as they mediate in investment objects as defined by Article 2 (a) (a) ;
b. intermediaries who are not a credit manager, in so far as their work relates only to the collection of claims arising under credit agreements;
c. mediators to the extent that they provide for insurance in insurance:
1. legal persons in which they participate;
2 °, companies of which they are a member of the company; or
3. legal persons or companies or companies in which or of which other legal persons or companies with which they are linked in a formal or actual control structure are members of the sub-member state or of any other legal person or companies which are affiliated to it;
d. mediators in insurance as intended Article 7, introductory wording and parts c and d ;
e. mediators in insurance as referred to in Article 7, introductory wording and part a ;
f. municipalities to the extent that they mediate in health insurance or health insurance to supplement a health insurance policy between financial service providers and consumers whose income does not exceed 130% of the relevant standard of assistance as Intended in Chapter 3 of the Act of Participation shall be.
g. municipalities as referred to in subparagraph (f) to the extent to which they advise on the insurance in which they mediate.
2 The first paragraph, introductory wording and part (a), shall apply only to the extent that the relevant intermediary in advertising expressions and documents in which an offer of the investment object is raised indicates that he is responsible for the provision of funds. is not under the supervision of the Financial Markets Authority in the investment object.
3 The first paragraph, introductory wording and part (e), shall not apply in respect of Article 4:104 of the Act .
Mediators in insurance as referred to in Article 6, first paragraph, part c , are exempt from Article 4:75, 1st paragraph, of the Act to the extent that the other undertaking is wholly responsible for them as intended in Article 6, third paragraph , and:
(a) is a financial undertaking which holds a licence to carry out the holding of a bank granted by the Netherlands Bank; or
b. is a financial undertaking which has a licence granted by the Netherlands Bank for the operation of the insurer's business.
1 Mediators in goods credit as intended Article 6, first paragraph, part d , are exempt from the following: Part Conduct Supervision Financial Companies of the Law Certain, with the exception of the Articles 4:19 , 4:20, first to fifth members , 4:16 , 4:22 , 4:25 , 4:28 , 4:29 , 4:74 , 4:92 , 4:96, first member , 4:94, third member , and 4:99 of the law .
2 The first paragraph shall apply only in so far as the credit of goods of which the duration is no longer than the expected economic life of the movable business, or the period of service, and if the duration of the period of service of the goods is not the same as the one which is not expected to commodity credit is intended to provide for the benefit of a movable business, or to provide a service and the corresponding intermediary in goods credit:
a. The consumer does not advise on the goods credit; and
b. has a main professional activity than intermediation of goods credit.
1 Facilitators for providing investment services on the basis of Article 2:96 of the Act granted authorisation to be exempted from the Articles 4:9, 1st paragraph , 4:10, 1st Member and 4:11, 2nd and 3rd member, of the law to the extent that they mediate in financial products, other than insurance or mortgage credit.
2 Advisers, who are also mediators as referred to in paragraph 1, are exempt from the Articles 4:9, 1st paragraph , 4:10, 1st Member , and 4:11, 2nd and 3rd member, of the law In so far as they advise on the financial products in which they mediate.
Investment firms are exempt from the Articles 85 and 86 of the Decision to the extent that they provide investment services to professional investors.
Reinsurance conciliators are exempt from the Articles 4:16, 1st paragraph , 4:17, 1st Member , and 4:99 of the law and, if at least one of the actual managers of the relevant reinsurance intermediary has at least three years of relevant work experience, of the Articles 5 to 7 of the Decision . To the extent that they advise or mediate, reinsurance intermediaries are also exempted from Article 4:72 , below 4:73 of the law .
1 Of Article 5: 2 of the Act shall be exempt from those who offer securities to the public in the European Economic Area or allow them to trade on a regulated market situated or functioning in the Netherlands, in so far as it concerns:
a. non-equity securities issued by a Member State or a decentralised public body of a Member State, a public international institution to which one or more Member States are affiliated, the European Central Bank or a Central bank of a Member State;
b. shares in the capital of a central bank of a Member State;
(c) securities which are unconditionally and irrevocably guaranteed by a Member State or by one of the decentralised public authorities of a Member State;
d. securities issued by a non-profit-making association or by a non-profit-making institution, with a view to the acquisition of the funds necessary to achieve its non-commercial objectives;
e. equity securities issued by a bank, to the extent that such securities:
1. continuously offered to the public or included in offers to the public or to admission to trading on a regulated market involving a period of 12 months of at least two separate markets; offers or authorisations of securities of the same category or class;
2 °. Not rear-close, convertible or exchangeable;
3 °. do not entil the subscription or acquisition of other categories of transferable securities and are not linked to a derivative;
4 °. to embody the receipt of repayable deposits;
5 °. are covered by a deposit guarantee scheme as referred to in Directive No 94 /19/EC of the European Parliament and of the Council of the European Union of 30 May 1994 on deposit-guarantee schemes (PbEG L 135);
f. equity securities issued by a bank where the total counter value of the offer is less than € 75 million, which is calculated over a period of 12 months, if these securities:
1. continuously offered to the public or included in offers to the public or to admission to trading on a regulated market involving a period of 12 months of at least two separate markets; offers or authorisations of securities of the same category or class;
2 °. Not rear-facing, convertible or exchangeable; and
3 °. do not give entitlement to the enrolation or acquisition of other categories of securities and are not linked to a derivative; or
2 The provision of securities to the public and admission of securities to trading on a regulated market situated or functioning in the Netherlands shall be exempt from any such effects. Chapter 5.1 of the Part Behavior Oversight Financial Markets of the Act shall be determined, in so far as it concerns securities forming part of an offer in which the total counter value of the offer within the European Economic Area, calculated per category and over a period of 12 months, is less than € 2,5 million shall be.
3 For the purposes of the second paragraph, the total equivalent of offers from group companies associated with a group shall be added to the list.
4 If an offer is not made to qualified investors only, the second paragraph shall apply only in so far as providers of advertisements and documents in which the offer or admission is offered are offered. specify that according to the Law no obligation exists to be made publicly available from a prospectus approved by the Authority Financial Markets in respect of the offer or admission and that no supervision is exercised on the offer or admission by the Authority The Financial Markets Authority.
5 Those who, without prejudice to the first paragraph, paragraph a, c, f, and the second member, draw up a prospectus in accordance with Chapter 5.1 of the Act , the Authority may request Financial Markets to approve this prospectus. In that case, the Articles 5:9, 1st paragraph , 5:9a and 5:10 of the law applicable mutatis mutandis.
1 Of Article 5: 2 of the Act shall be exempt from those who offer securities to the public, provided that:
a. In respect of an earlier offer of the same effects to the public Article 5:3, 2nd paragraph, of the Act , Article 53 , or 55 , applicable;
b. In respect of an earlier admission of the same securities to trading on a regulated market Article 5: 4 of the Act or Article 53, first paragraph , applicable; or
c. in respect of any previous offer of the same securities to the public in the Netherlands, other than an offer in respect of which Article 5:3, 1st paragraph, of the Act applicable, or in respect of a previous authorisation of the same securities to trade in a regulated market situated or functioning in the Netherlands, a prospectus is generally made available that has been approved by the Authority Financial markets or a supervisory authority of another Member State.
2 The offering of shares, or certificates thereof, to the public is exempt from any Chapter 5.1 of the Part Behavior Oversight Financial Markets of the Act where such admission to trading on the regulated market is concerned, Article 5:4, introductory sentence and paragraph a, of the law apply, and in respect of an earlier admission to trading on the same regulated market of the same shares, or certificates thereof, of the same category or class, a prospectus is generally made available that has been approved The Authority's Financial Markets or a supervisory authority of another Member State.
3 The offering of shares, or certificates thereof, to the public arising from the conversion or conversion of other securities or from the exercise of rights linked to other securities shall be exempt from any Chapter 5.1 of the Part Behavior Oversight Financial Markets of the Act shall be determined where:
a. In respect of the offer of those other securities to the public, a prospectus is publicly available, which has been approved by the Financial Markets Authority or a supervisory authority of another Member State; and
b. The shares to be offered, or certificates thereof, are of the same category or class as the securities already offered.
1 Of Article 5: 2 of the Act shall be exempt from those who offer securities to the public in the Netherlands, in so far as:
a. a prospectus in respect of an earlier offer of the same effects to the public in the Netherlands or in respect of an earlier admission of the same securities to trading on a regulated market situated or functioning in the Netherlands is publicly available that satisfied it at the time of that previous offer or prior authorisation; and
b. In respect of that previous offer or admission to the other applicable legal requirements is satisfied; and
c. that previous offer or admission before 1 July 2005 has been completed or completed.
2 Of Article 5: 2 of the Act shall be exempt from those who make securities admitted to trading on a regulated market situated or functioning in the Netherlands, in so far as:
a. In respect of an earlier admission of the same securities to trading on the same regulated market, a prospectus has been made publicly available that fulfilled the right applicable at the time of that prior authorisation; and
b. In respect of that prior authorisation to the other applicable legal requirements has been satisfied; and
c. that prior authorisation before 1 July 2005 has been completed.
3 Of Article 5: 2 of the Act shall be exempt from those who offer shares or certificates thereof to the public in the Netherlands, in so far as: a. to its admission to trading on a regulated market situated or functioning in the Netherlands Article 5:4, part a, of the law apply, and in respect of an earlier admission to trading on the same regulated market of shares belonging to that same category or class, or certificates thereof, a prospectus is generally available that met the law in force at the time of that previous authorisation; and
b. In respect of that prior authorisation to the other applicable legal requirements has been satisfied; and
c. that prior authorisation before 1 July 2005 has been completed.
From Article 5: 2 of the Act shall be exempt from any resale or final placing of securities to the public through financial intermediaries, to the extent that a valid prospectus as referred to in Article 5:22 of the Act is publicly available and the issuer, or the person responsible for drawing up such a prospectus, agrees to the use of it by written agreement.
From Article 5: 2 of the Act shall be exempt from those who offer securities to the public in so far as the securities are offered to persons other than qualified investors, who have completed a written agreement of taxation with an asset manager which may provide investment services under the law in the Netherlands and which may, on the basis of that agreement, carry out or effect on its own discretion, without charge or back-appointment with the proxy.
From Article 5: 2 of the Act shall be exempt from those who offer securities to the public, in so far as they relate to securities offered or awarded by an employer or by a legal person, company or body affiliated to that employer in a group of entities, apply to current or former directors, current or former members of the supervisory board, or current or former employees, if:
a. A document shall be made available containing information on the number of securities offered, the characteristics of the securities, the reasons for the offer and the details thereof; and
b. that employer, or the legal person, company or institution affiliated with that employer in a group, its head office:
1 ° in the European Economic Area; or
2 ° outside the European Economic Area and its securities have been admitted to trading on a regulated market; or
3 ° outside the European Economic Area and its securities are admitted to trading on a third country market if adequate documentation, including the document made available, is available at least in a language in which the market is international financial circles are customary and the European Commission, for the relevant market in the third country, makes an equivalence decision as provided for in Article 4 (1) of the Directive on a prospectus in accordance with the procedure laid down in Article 4 (1) of the 24, second paragraph, of the prospectus directive has been taken.
1 Of Article 5:68 of the Act are exempt:
(a) investment undertakings or UCITS which are a start-up fund as defined in Article 3.10.1 of the national EZ subsidy scheme ;
b. Investment undertakings or UCITS of which:
1 °. the balance sheet total for less than 50% shall consist of investments; and
2 °. less than 50 percent of the total realised revenues shall be generated from investments;
(c) investment vehicles or UCITS where only units are offered to directors, members of the supervisory board or employees of that investment enterprise, or to directors, members of the supervisory board, or employees of a legal person, company or institution associated with that investment institution in a formal or actual control structure;
d. investment vehicles or UCITS of which units are offered to less than 100 or 50 persons who are not a qualified investor; or
e. managers of investment vehicles or UCITS as referred to in points (a) to (d).
2 Of Article 5:68 of the Act are exempt from those who Article 3: 2 of the Act is applicable.
From Article 5:74, 1st member, of the law Are exempt bidders to the extent that they offer a public bid for securities:
a. Where no direct or potential voting rights are attached, with the exception of non-royalable certificates; or
b. issued by themselves.
From Article 5:79 of the Act shall be exempt from bidders to the extent that they acquire securities:
a. In regular circulation on markets in financial instruments;
b. Application of the Articles 92a , 201a or 336 of Book 2 of the Civil Code ; or
c. by means of a public bid for which the period of notification is partly or partly coinclocated with a public offer of securities of the offeree company by a third party.
From Article 8, first paragraph of Decision Public bids Wft , in so far as the obligation to indicate in the bid message of the data referred to in Annex B, Section 1, Part 1 , Annex C, Part 1 and Annex D, Part 1 of that Decision , are exempt bidders to the extent that they announce or release a public offer on units in an investment enterprise whose units are directly or indirectly subject to the rights of the holder at the request of the holder. repurchased or redeemed or in a UCITS.
From Article 5:86, first paragraph, of the law shall be exempted managers from investment vehicles or UCITS:
a. The units of which may be acquired only at an equivalent value of at least € 100,000 per participant;
b. The units of which the units are entitled have a nominal value of at least € 100,000;
c. offering units of less than 150 persons who are not a qualified investor;
d. to offer those units of interest exclusively to qualified investors;
e. which are a starter fund as intended in Article 3.10.1 of the national EZ subsidy scheme ;
f. Of which:
1 °. the balance sheet total for less than 50% shall consist of investments; and
2 °. less than 50 percent of the total realised revenues shall be generated from investments; or
g. Of which only those rights are offered to directors, members of the supervisory board or employees of that investment enterprise, or to directors, members of the supervisory board or employees of a person with whom it is the responsibility of the supervisory board; investment institution in a legal or formal structure related to the control of control, a company or a company or an institution.
1 Of the Articles 2:55, first paragraph , 2:60, 1st Member , 2:75, 1st Member , 2:80, 1st Member , 2:86, first member , 2:92, 1st Member and 2:96 of the law are exempt from legal persons referred to in Article 20, fifth paragraph, part a, of the exempt scheme and, to the extent that Article 2:80, first paragraph regards, undermediators in credit as intended Article 20, fifth paragraph, part b, of the exempt scheme of Wfd , which according to the First paragraph of that Article have applied for a licence or exemption, on which application at the time of entry into force of the Law I haven't decided yet.
2 The first paragraph shall apply until the Authority has taken a decision on the application referred to in that paragraph. The provisions of Article 31, second to fourth paragraphs, of the Law on Financial Supervision shall apply mutatis mutandis.
The Law on the control of securities Act 1995 shall be withdrawn.
This arrangement shall enter into force at the time of its entry into force. Law enters into force.
This scheme is cited as: Exemption scheme.
This arrangement will be set out in the Official Journal.
TheMinister
of Finance,G. Zalm
