ARTICLE
25 January 2012

Bill Limiting Liability Of Financial Supervisors

DB
De Brauw Blackstone Westbroek N.V.

Contributor

De Brauw Blackstone Westbroek is a leading international law firm, trusted by clients for over 150 years due to its deep engagement with their businesses and a clear understanding of their ambitions. While rooted in Dutch society, the firm offers global coverage through its network of top-tier law firms, ensuring seamless, tailored legal solutions. De Brauw’s independence enables it to choose the best partners while remaining a trusted, strategic advisor to clients worldwide.

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Legislation currently in force provides no special liability regime for financial supervisors.
Netherlands Criminal Law

Legislation currently in force provides no special liability regime for financial supervisors. Their liability is assessed on the basis of the general liability rules of the Dutch Civil Code. The government believes that for the Dutch supervisors, the Dutch Central Bank ("DNB") and the Netherlands Authority of the Financial Markets ("AFM"), to duly carry out their supervisory roles, an explicit statutory limitation of liability is needed. A bill to that effect was submitted to parliament on 3 November 2011. Pursuant to the bill, the law will be amended so as to limit any liability to wilful misconduct and gross negligence.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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