The definition of a clearing institution in the Wft is as follows: the party which business it is to conclude contracts regarding financial instruments with a central counter party that acts as an exclusive counter party in respect of these contracts, of which the provisions indicating the essence of the performance correspond to the provisions forming party of contracts concluded by third parties or by the party itself in its capacity as a party to the contract, on a market in financial instruments and which indicate the essence of the performance in the latter contracts.
Duty to obtain authorisation – exceptions
The duty to obtain authorisation in Section 2:4(1) of the Wft does not apply to a clearing institution which:
- has its registered office in the Netherlands and has a banking licence; or
- has its registered office in another member state, has a banking licence granted by the supervisory authority in that member state and wishes to carry on the business of a clearing institution from a Netherlands-based branch, or
- has its registered office in a state designated by the Minister of Finance and wishes to carry on the business of a clearing institution from a Netherlands-based branch.
Clearing institutions with their registered office outside theNetherlandsthat wish to carry on the business of a clearing institution by providing services to theNetherlandsmay not do so unless they inform DNB of their intention of being active in theNetherlands. Services are assumed to be provided only when they are offered in theNetherlandson a recognized market in financial instruments.
TheDutch Minister of Finance has listed, in the order on Designated States (Besluit aangewenzen staten,those states in which the supervision exercised over clearing institutions offers sufficient safeguarding of the interests protected by the Wft. These states are:Australia,Belgium,Canada,Denmark,Finland,France,Germany,Hungary,Italy,Japan,Portugal,Spain,Sweden,Switzerland, theUnited Kingdomand theUnited States of America. Please note that if in a certain state an investment firm is subject to supervision (and is therefore authorised to carry on the business of a clearing institution), the designation will only apply if the investment firm has an authorisation which covers the activities referred to in Section 1:1 in the definition of ‘providing an investment service’, part c., d. or f. This refers to the following services respectively: proprietary trading, investment account and market-making.
Summary of authorisation and notification requirements
|Registered office||Banking licence||Via branch/services||Authorisation||Notification|
|In theNetherlands||yes||n/a||no (2:4 (2))||no|
|In a member state ||yes||branch||no (2:4(4))||yes (2:6(4);2:15)|
|services||no||yes (2:8(1))(also show compliance with Section 3:57 Wft)|
|In a designated state||n/a||branch||no (2:6(2))||yes (2:10(1))|
|Neither in a member state nor in a designated state||n/a||branch||yes (2:6(1))||no|
|n/a||services||no||yes (2:8(1)) (also show compliance with Section3:57Wft)|
| member state: a state which is a member of the European Union or a state which, not being a member state of the European Union, is a party to the Agreement creating the European Economic Area.|
Applications for an authorisation to carry on the business of a clearing institution must be addressed to DNB. DNB will decide on each application within thirteen weeks of its receipt it. This time period can be extended if further information or details are required to supplement the application.
A fee is charged for the handling of an application for an authorisation or exception.
You can submit the application form with the accompanying documents to:
De Nederlandsche Bank N.V.
Market Access Expertise Centre
1000 AB AMSTERDAM
Telephone: DNB Information Desk + 31 30 524 9111