Until recently, there was an exemption for the public offer of securities made exclusively as part of a multilateral trading facility (MTF), and where the securities had already been admitted to trading on a trading platform in accordance with the host state's applicable rules. As many member states and the European Commission did not regard the publication of trading information as a public offer of securities, the exemption was removed from the FMSA's Exemption Regulation. In explaining this change, the Minister stated that the exemption was no longer needed and that the Netherlands is now fully in line with the European interpretation of the term "offer to the public", thus creating a level playing field between MTFs from the Netherlands, and those from other member states.
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