From 2014, investment companies may no longer receive or pay commission from or to third parties. Their customers will have to pay directly for any individual asset management, investment advice and execution-only services. The Minister of Finance has submitted a regulatory proposal to that effect and is currently holding a consultation on this until 1 May 2013. Other changes proposed by the Minister include:
- The Dutch Central Bank (DNB) will become authorised to designate currencies as convertible. This is important because banks and clearing organisations may only cover liquidity shortfalls in a determined currency by liquidity surpluses in another currency if that other currency is convertible.A change in the Prudential Rules Decree is currently required to include a currency in the list of convertible currencies, so the proposed change would simplify the process.
- Financial service providers will have to store data on advice given and financial products sold for a period of five years, as opposed to the current requirement of one year.
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