Investment firms from designated states
Section 18 of the Exemption Regulation has been amended for the benefit of investment firms having their registered office in the designate states the United States, Switzerland or Australia that are conditionally exempted from the authorisation requirement referred to in Section 2:96 of the Financial Supervision Act (Wet op het financieel toezicht or Wft) pursuant to Section 10(1). The amendment to the Exemption Regulation implies that investment firms from these states are exempt from prudential supervision provided that they focus exclusively on professional investors. The exemption does not apply to investment firms from these states that focus (or also focus) on retail or non-professional investors.
DNB expects investment firms wishing to demonstrate that they meet the conditions set out in Section 18 of the Exemption Regulation to submit the information requested in this form .
Current dispensation from submitting statements
Investment firms within the meaning of Section 10 of the Exemption Regulation that currently hold a dispensation from submitting statements granted by DNB must demonstrate to DNB that they meet the conditions set out in Section 18 of the Exemption Regulation not later than eight weeks before the expiry of the relevant dispensation.
Investment firms from non-designated states and investment firms not covered by the Exemption Regulation
Parties not covered by the Exemption Regulation must meet the prudential requirements set out in the Wft regarding solvency, minimum own funds, submission of statements, and conducting controlled and ethical operations.
It will remain possible for these parties to apply for dispensation from submitting statements. DNB will grant the requested dispensation provided that the applicable statutory requirements have been met. In doing so, DNB will at any rate attach the following stipulations to the dispensation:
- the applicant’s provision of investment services in the Netherlands must be targeted exclusively at professional investors;
- the investment services that the applicant provides in the Netherlands must be subject to supervision by the supervisory authority/authorities of the country of origin for the full term of the relevant dispensation;
- the applicant must notify DNB without delay if at any time it is no longer subject to supervision by one or more supervisory authorities in the country of origin or no longer meets the requirements of the relevant supervisory authority/authorities;
- the applicant must furnish a copy of its latest annual financial statements and attached external auditor’s report;
- the applicant must furnish a recent statement regarding its assets under management in the Netherlands, and
- the applicant must furnish an ‘in control statement’ focusing on the provisions of Section 3:17(2), opening words and subsection c.3 and Section 3:18(1) and (3), opening words and subsection a of the Wft.
DNB will grant dispensation from submitting statements for a maximum term of twelve months, upon the expiry of which the investment firm must submit a new application.