Loyens & Loeff publications

The Prospectus Regulation: the obligation to publish a prospectus and the related exemptions (the Netherlands)

On 14 June 2017 the Prospectus Regulation was adopted, which replaced the Prospectus Directive (2003) as of 21 July 2019. In this article we set out the scope of the obligation to publish a prospectus under the Prospectus Regulation and the changes compared to the previous prospectus regime. Read the contribution in the journal Tijdschrift voor Financieel Recht written by Kitty Lieverse and Eva Kempenaar (only in Dutch). Click here to read this update

Implementation of the Dutch UBO-register (the Netherlands)

On 4 October, 2019, certain amendments to and clarification of the "Act on the registration of ultimate beneficial owners of corporate entities and other legal entities" (the UBO-register) were presented by the Dutch government to parliament. In this newsletter the implementation and certain practical aspects of the Dutch UBO-register are described. Click here to read this update

AFM publishes new best practices on AIFMD compliance (the Netherlands)

On 18 November 2019 the Dutch Financial Markets Authority (Autoriteit Financiële Markten) has published its improved best practices in respect of the compliance with Directive 2011/61/EU (AIFMD) for licensed managers. Click here to read this update

UK AIFMs may continue to manage Luxembourg AIFs after no-deal Brexit as third country AIFMs subject to certain conditions (Luxembourg)

The CSSF issued a press release to alternative investment managers authorised in accordance with AIFMD in the United Kingdom and managing Luxembourg AIFs. UK AIFMs shall provide the CSSF with certain documents if they intend to continue their activities in Luxembourg as third-country managers after a hard Brexit. Click here to read this update

Cross border funds: 5 practical aspects for AIFMs (the Netherlands)

The new regulation and directive on cross-border distribution of collective investment undertakings introduce: (i) a definition of pre-marketing, (ii) uniform requirements for marketing materials, (iii) the possibility of ex-ante notification of marketing materials (when marketing to retail investors), (iv) rules for de-notification, (v) new rules aimed at transparent and proportionate fees and charges levied by competent authorities and (vi) a new central (ESMA) database on the cross-border marketing of collective investment undertakings. Click here to read this update

Data Protection & Privacy Updates

For updates on the GDPR, please visit the webpage of the Loyens & Loeff Data Protection and Privacy Team.

Legislative dates for your diary


01.09.2019 AFM consultation deadline: Wijziging van de beleidsregel geschiktheid 2012, Click here

14.09.2019 Dutch legislative consultation deadline: Wijziging Besluit bekostiging financieel toezicht 2019 ivm doorberekening vanaf 2020, Click here

16.09.2019 DNB consultation deadline: Consultatie Leidraad Wwft en Sw, Click here

24.10.2019 Dutch legislative consultation deadline: Implementatiebesluit wijziging vierde anti-witwasrichtlijn, Click here

31.10.2019 ESMA consultation deadline: Guidelines on performance fees in UCITS, Click here

01.11.2019 Dutch legislative consultation deadline: Wijziging eind- en toetstermen vakbekwaamheid Wft 2020, Click here

29.11.2019 ESMA consultation: Consultation MAR review, Click here

13.01.2020 ESAs consultation deadline: on changes to the key information document for PRIIPs, Click here

Effective Dates EU

30.09.2020 Application date: ESMA Guidelines on LST in UCITS and AIFs, Click here

11.12.2019 Application date: Commission Delegated Regulation (EU) 2019/820 of 4 February 2019 supplementing Regulation (EU) No 345/2013 of the European Parliament and of the Council with regard to conflicts of interest in the area of European venture capital funds, Click here

Effective Dates The Netherlands

01.01.2020 Entry into force: Besluit van 9 september 2019 tot vaststelling van het tijdstip van inwerkingtreding van de Wijzigingswet financiële markten 2019, Click here


Implementation Mandatory Disclosure Directive (MDD) in the Netherlands.

The MDD will be effective as from 1 July 2020 with retroactive effect to 25 June 2018. The MDD imposes an obligation on "intermediaries" or alternatively on the relevant taxpayer to report information on certain "reportable cross-border arrangements" to the tax authorities. In the parliamentary proceedings the Dutch State Secretary of Finance stated that, in the Netherlands, a fund manager may qualify as intermediary in case in-house legal or tax advisers are involved in reportable arrangements of the investment funds under management. This remark may create additional reporting obligations for Dutch fund managers.

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.