Financial Services
The financial services sector in the Netherlands is greatly regulated. The Financial Supervision Act (Wft), in which eight Supervision Acts have been integrated since 2007, plays an important role, for instance. Knowledge of that Act and of other applicable (European) legislation and regulations is essential to all market players in this sector.
Financial service providers are continuously innovating in order to stay one step ahead of the competition. New financial products and services must of course be “Wft proof”, whereby it is essential to be familiar with and to adequately assess the legal thresholds. Discerning possible opportunities can particularly provide you with a clearer perception.
We can advise you at an early stage already about supervision and enforcement by the Netherlands Authority for the Financial Markets (AFM) and/or the Dutch Central Bank (DNB), for instance during the development of your new services. This also applies to compliance issues, whereby supervision is initiated internally, rather than externally. This may be a key factor in determining and improving your competitive position.
Expertise and a multidisciplinary approach
We can be of assistance to you in the following fields, among others:
- market entry issues/permit applications
- expertise and reliability requirements (day-to-day policymaker)
- Know-Your-Customer principle (duty of care)
- disclosure and reporting requirements
- prospectus liability
- Wft proof/quick scans of financial products/services
- supervision and enforcement (administrative fines and their publication, orders subject to penalties, etc.)
- compliance issues
- questions regarding consumer credit
The strength of the Financial Services expertise group of BANNING Advocaten is that it is able to take multidisciplinary action when necessary in advisory and procedural issues, which allows it to rapidly and efficiently provide the necessary tailor-made services.
For advice and further information please contact Taufan Homan or Flip van Huizen of BANNING N.V.
T. +31 (0) 73-6927 672 or +31 (0) 88-10 10 332
E. t.homan@banning.nl or p.vanhuizen@banning.nl