FG Lawyers provided its response to the Ministry of Finance in respect of the draft ‘Bill Investment Objects and Investment Bonds’. The bill contemplates to safeguard the same level of protection for a (retail) investor investing in indirect investment opportunities irrespective of the type of investment product. The bill transfer the already existing license obligation applicable to an offeror of investment objects to the manager of such investment objects. Moreover, the bill introduces a license obligation for the manager of investment bonds. As point of departure for this new contemplated Dutch regulatory framework, the legislator has taken the rules applicable to (managers of) alternative investment funds under the AIFMD. However, the draft bill does not seem to have taken into account other, existing and contemplated, European laws and regulations, such as MiFID, the Prospectus Directive, the Prospectus Regulation and the action plan in connection with the Capital Markets Union. In addition, this new bill does not seem to be line with recent national developments, including the announced intentions around FinTech and other types of innovation and the revision of the Dutch Financial Supervision Act. Our response (in Dutch only) can be found here: Response FG Lawyers – Draft Bill Investment Objects and Investment Bonds
