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Financial Services

Netherlands

The financial sector is facing significant changes in the supervision and restrictions in respect of the business model after the development of the financial crisis in 2007. Traditional structures have to be re-evaluated. Financial products and financial services need to be adapted to the new requirements imposed by governments and supervisory authorities. The traditional ‘stakeholder-model’ is set aside, executive directors and supervisory directors are facing tremendous challenges in respect of the conduct of their responsibilities and the requirements imposed by the supervisory authorities. Rules and regulations for the financial sector are changed rapidly and the forthcoming years many more initiatives for change will follow.

Our specialists of Financial Services advise our clients in respect of different topics concerning the changing environment in the financial sector. We focus on the following specialisms and competences:

  • Building the business environment of regulated companies and testing compatibility of processes and procedures with the regulations of the financial sector;
  • Risk management within regulated businesses and the translation of risk management to the organisation and governance of the business and aligning remuneration policies;
  • Advising on the corporate governance structure. Prepare for  Integrity and suitability assessments of executive and non-executive board members and assisting in shaping and formalising the relations between them in the context of the regulated business;
  • Market entry (permits, dispensations and exemptions) of Dutch and international regulated businesses (such as banks, insurers, payment services providers, financial service advisors and brokers, investment firms, clearing institutions and trust companies) and 'European Passports';
  • Financing of regulated businesses (such as banks, insurers and payment services providers) and the shaping of the contractual terms and conditions for external equity and debt financing complying with financial sector regulations;
  • Duty of care to consumers of financial products and financial services and the development of contractual terms and conditions for the relation between the regulated business and its customers;
  • Risk management trough transactions with a regulatory background, such as derivatives and structured capital and liquidity products;
  • Infrastructure for payments and securities and measures to protect customer’s interests (asset and money segregation and custody).
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June 2019
CMS Bank­ing & Fin­ance Glob­al Bro­chure
Fin­an­cial and bank­ing le­gis­la­tion does not stand still. So neither do we.At CMS we em­ploy over 500 bank­ing & fin­ance law­yers to an­ti­cip­ate, in­ter­pret and ad­vise on the loc­al, cross-bor­der and in­ter­na­tion­al...
March 2019
Tax­a­tion of the di­git­al eco­nomy
This pub­lic­a­tion aims to identi­fy vari­ous as­pects of the di­git­al eco­nomy and to con­sider wheth­er in­come taxes are the most ef­fect­ive and ef­fi­cient way to tax this eco­nomy. Do we need a re­volu­tion in the...
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22/03/2021
Neth­er­lands amends law on cross-bor­der ser­vice pro­vi­sion by third-coun­try...
On 17 March 2021, the Act amend­ing the Dutch Fin­an­cial Su­per­vi­sion Act (Wet op het fin­an­cieel toe­zicht or DF­SA), which in­tro­duces a pro­hib­i­tion on cross-bor­der ser­vices by third-coun­try in­surers, entered...
28/01/2019
Brexit - Fin­an­cial in­sti­tu­tions wish­ing to con­tin­ue do­ing busi­ness in the...
Giv­en the latest polit­ic­al de­vel­op­ments in the UK, a hard Brexit is be­com­ing a more tan­gible real­ity. Dutch fin­an­cial in­sti­tu­tions do­ing busi­ness in the UK will be severely af­fected in a no-deal scen­ario...
June 2018
DTEK bank debt re­struc­tured in mar­ket-in­flu­en­cing USD 1.1bn deal
A mul­tijur­is­dic­tion­al CMS team ad­vised key cli­ent Deutsche Bank and oth­er cred­it­ors, in­clud­ing a group of US-based emer­ging mar­kets hedge funds, on the re­struc­tur­ing of the bank debt of DTEK.DTEK is the...
26 September 2016
Work­shops Fin­ance Risk & Reg­u­la­tion
On 26 Septem­ber 2016 CMS or­gan­izes two in­ter­act­ive work­shops on Fin­ance Risk & Reg­u­la­tion with guest lec­tur­ers from CMS Lon­don.Work­shop 1: Un­der­stand­ing the ISDA Mas­ter Agree­ment and Cred­it Sup­port Doc­u­ment­a­tion...
07/07/2015
CMS Guide: Eurofit – man­aging the risks arising from the Euro­zone crisis
The im­pact of the vote against the bail­out terms in the Greek ref­er­en­dum, Greece's fail­ure to meet one of its re­pay­ments to the IMF and its in­tro­duc­tion of cap­it­al con­trols are start­ing to have a no­tice­able...
28/05/2015
The Banker­'s Oath, the Rules of Con­duct and the Dis­cip­lin­ary Code
Thursday April 16, 2015, CMS or­gan­ized a round table on the Dis­cip­lin­ary Code for the Bank­ing In­dustry. Cent­ral ques­tion was if the Banker­'s Oath, the Rules of Con­duct and the Dis­cip­lin­ary Code will con­trib­ute...
19/01/2015
Is Dutch con­tract in­ter­pret­a­tion align­ing with the Eng­lish?
On 25 Novem­ber 2014, the Am­s­ter­dam Court of Ap­peal ruled in fa­vour of the in­surers be­hind the 2008 Bankers Blanket Bond, Com­puter Crime and Pro­fes­sion­al In­dem­nity In­sur­ance taken out by Fortis Bank (now...
07/01/2015
Cli­ent Brief­ing Fin­an­cial Ser­vices
From 2008 the Dutch Min­istry of Fin­ance in­tro­duced an an­nu­al amend­ment cycle of Dutch fin­an­cial mar­kets laws. These amend­ment acts usu­ally con­tain amend­ments to a broad range of top­ics rel­ev­ant for dif­fer­ent...
12/08/2014
CMS ad­vises on the dis­pos­al of IBL to Tecan
Tecan Group AG, the lis­ted Swiss pro­vider of labor­at­ory tech­no­logy, ac­quires IBL In­ter­na­tion­al Hold­ing BV, a de­veloper and man­u­fac­turer of im­mun­oas­says, for an amount of EUR 29 mil­lion.The team of CMS...
04/02/2014
Dutch Min­is­ter of Fin­ance con­siders re­quest­ing SEPA Waiver
As part of the mi­gra­tion to the Single Euro Pay­ments Area ("SEPA") stand­ards for pay­ment trans­ac­tions, the Dutch Pay­ment Ser­vice Pro­viders ("PSP's") have been amend­ing their IT-en­vir­on­ment by re­pla­cing...
27/01/2014
Dutch CRD IV Im­ple­ment­a­tion Act Pub­lished
On 22 Janu­ary 2014 the Dutch Min­istry of Fin­ance and Min­istry of Na­tion­al Se­cur­ity and Justice pub­lished the co-signed pro­pos­al for Im­ple­ment­a­tion of Dir­ect­ive 2013/36/EU ("CRD IV") and Reg­u­la­tion (EU)...
18/12/2013
Ex­ten­sion of the pro­hib­i­tion on com­mis­sion
Yes­ter­day the Amend­ment De­cree Fin­an­cial Mar­kets 2014 (Wijzi­gings­besluit fin­an­ciële mark­ten 2014, the “Amend­ment De­cree”) was pub­lished. The Amend­ment De­cree changes a num­ber of gov­ern­ment­al de­crees...