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Portrait of Clair Wermers

Clair Wermers

Partner
Advocaat

CMS
Atrium - Parnassusweg 737
1077 DG Amsterdam
PO Box 94700
1090 GS Amsterdam
Netherlands
Languages English, Dutch

Clair Wermers is active in the capital markets and transaction practice, at both a national and international level. She has particular experience in M&A and asset transactions of licensed companies. She advises clients on all regulatory aspects of a transaction, including discussions with the regulators, market abuse regulations and notification requirements.

Clair is also highly involved in Fintech and is a member of the Board of Advisors of 2Tokens, a public-private partnership that aims to set clear rules and guidelines on how to deal with tokenisation.

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Clair is an expert on digital assets and how to get approval from legal regulatory bodies.

Chambers FinTech Legal, 2022

We like to think of Clair as an upcoming talent in the local FinTech sector, says a market insider. She is very active in the cryptocurrency industry.

Chambers FinTech Legal, 2021

Clair Wermers is recommended.

The Legal 500, 2019

Education

  • Securities Law, Grotius Academy for Post-Graduate Law Studies
  • Domain-based Economics, Utrecht University
  • Dutch Law (Economy-related Public and Company Law), Utrecht University
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Feed

22/02/2022
AFM as­sessed qual­ity of or­der ex­e­cu­tion on PFOF trad­ing plat­forms
On Feb­ru­ary 9, 2022, the Dutch Au­thor­ity for the Fin­an­cial Mar­kets (AFM) pub­lished a state­ment on the im­pact of pay­ment for or­der flow (PFOF) on the qual­ity of or­der ex­e­cu­tion. The AFM per­formed a study on the ex­e­cu­tion qual­ity of PFOF trad­ing plat­forms. Ac­cord­ing to the AFM's ana­lys­is, PFOF trad­ing plat­forms struc­tur­ally offered worse ex­e­cu­tion prices for re­tail cli­ents in com­par­is­on to oth­er li­quid mar­kets.The state­ment from the AFM fol­lows a warn­ing from ESMA last sum­mer in which it warned firms and in­vestors for the risks arising from PFOF. In PFOF, a trad­ing plat­form or mar­ket maker pays a fee to a broker to ob­tain the ex­clus­ive right to ex­ecute the or­ders of the broker­'s cli­ents. Ac­cord­ing to ESMA, PFOF in­ap­pro­pri­ately in­centiv­ises in­vest­ment firms to se­lect the party of­fer­ing the highest pay­ment, rather than the party of­fer­ing the best pos­sible out­come for cli­ents in ex­ecut­ing or­ders. AFM's ana­lysisThe AFM ex­amined the qual­ity of two PFOF trad­ing plat­forms and one non-PFOF trad­ing plat­form. The ini­tial res­ults of the AFM ana­lys­is show that these PFOF trad­ing plat­forms offered struc­tur­ally worse ex­e­cu­tion prices based on a com­par­is­on with ac­tu­al trans­ac­tions of sev­er­al oth­er trad­ing plat­forms.The AFM’s ana­lys­is fo­cused only on Dutch shares, but it has shared the meth­od­o­logy with oth­er reg­u­lat­ors in Europe to al­low them to per­form a sim­il­ar ana­lys­is.AFM's opin­ion: EU-wide ban on PFOF needed­P­FOF is pro­hib­ited in the Neth­er­lands. The AFM is of the opin­ion that PFOF is an un­desir­able trad­ing mod­el, as it leads to a lack of cost trans­par­ency to­wards in­vestors and is con­trary to the prin­ciple of open and com­pet­it­ive mar­kets. The AFM ad­voc­ates an EU-wide ban on PFOF as it en­sures a level play­ing field and pre­vents brokers es­tab­lished in an­oth­er EU mem­ber state to ser­vice Dutch in­vestors us­ing PFOF.
20/10/2021
We­bin­ar series: CMS Funds Token­isa­tion
Token­isa­tion is now mak­ing it faster, easi­er, cheap­er and more se­cure to launch, op­er­ate and close a fund. Token­isa­tion and di­git­al­isa­tion through Dis­trib­uted Ledger Tech­no­logy is at the centre of this...
29/07/2021
In­ter­na­tion­al CMS team ad­vises AP­COA Park­ing on suc­cess­ful EUR 685 mil­lion...
Ber­lin – AP­COA Park­ing, a lead­ing European park­ing op­er­at­or, placed a seni­or se­cured notes of­fer­ing of EUR 320 mil­lion of fixed-rate seni­or se­cured notes due in 2027 and EUR 365 mil­lion of float­ing...
08/07/2021
CMS Ad­vises Frasers In­dus­tri­al & Com­mer­cial Trust on in­terest in FPE
CMS has ad­vised Frasers In­dus­tri­al & Com­mer­cial Trust on the ac­quis­i­tion of an in­terest in FPE In­vest­ments RE5 B.V, FPE In­vest­ments RE6 B.V., FPE In­vest­ments RE10 B.V. and Frankenth­al S.A. from its spon­sor...
30/06/2021
CMS Funds Mar­ket Study 2021
Peri­od­ic­ally, CMS takes sound­ings on the state of the mar­ket from our funds-re­lated cli­ents. Giv­en the un­pre­ced­en­ted nature of the last 12 months we thought this was an op­por­tune time to look back over the last few years. This study ana­lyses the key mar­ket trends in fund doc­u­ment­a­tion of over 300 funds es­tab­lished in Europe, Asia, USA and off­shore jur­is­dic­tions ad­vised on by CMS of­fices through­out 2017 to 2020. We have also con­duc­ted cli­ent in­ter­views, which are high­lighted in this re­port, and con­duc­ted a se­lect­ive sur­vey of our in­ter­na­tion­al cli­ent base.We trust this CMS Funds Mar­ket Study will be a use­ful guide for both man­agers and in­vestors this year. The size of our deal sample and the range of coun­tries in­volved means that the study should be a uniquely valu­able and rich re­source for man­agers and in­vestors. Our re­search in­dic­ates that funds in­dustry play­ers are clear on how to move for­ward and that, while strategies may have shif­ted, there are reas­ons for op­tim­ism and bullish­ness, un­like the gloom that des­cen­ded after the glob­al fin­an­cial crisis in 2008.Look­ing for­ward we see an act­ive funds mar­ket, with Lux­em­bourg be­ing the jur­is­dic­tion of choice for European funds. ESG is now a key fo­cus for in­vestors. This mar­ket im­petus and reg­u­lat­ory drivers are mov­ing sus­tain­able in­vest­ment from a niche fo­cus in­to the main­stream for in­vestors and man­agers alike. We also see man­agers in­creas­ingly look­ing at the be­ne­fits and im­pact of AI and tech­no­logy with the token­isa­tion of as­sets and the use of block­chain. We see this pace of change ac­cel­er­at­ing.If you have any feed­back or ques­tions, we would love to hear from you.
26/05/2021
Dutch Cent­ral Bank in­creases flex­ib­il­ity to­wards crypto-ser­vice pro­viders
Crypto-ser­vice pro­viders must com­ply with less strin­gent rules than pre­vi­ously re­quired by the Dutch Cent­ral Bank (DNB), which has re­voked the re­quire­ment for crypto-ser­vice pro­viders to check the iden­tity...
26/05/2021
Dutch Cent­ral Bank in­creases flex­ib­il­ity to­wards crypto-ser­vice pro­viders
Crypto-ser­vice pro­viders must com­ply with less strin­gent rules than pre­vi­ously re­quired by the Dutch Cent­ral Bank (DNB), which has re­voked the re­quire­ment for crypto-ser­vice pro­viders to check the iden­tity...
18/02/2021
Dutch Cent­ral Bank re­sponds to the United Bit­coin Com­pan­ies Neth­er­lands
The Dutch Cent­ral Bank (DNB) has re­spon­ded to a let­ter from the United Bit­coin Com­pan­ies Neth­er­lands (VBNL), in which it ad­dresses ques­tions con­cern­ing its su­per­vi­sion of crypto-ser­vice pro­viders, which...
17/02/2021
Dutch Cent­ral Bank re­sponds to the United Bit­coin Com­pan­ies Neth­er­lands
The Dutch Cent­ral Bank (DNB) has re­spon­ded to a let­ter from the United Bit­coin Com­pan­ies Neth­er­lands (VBNL), in which it ad­dresses ques­tions con­cern­ing its su­per­vi­sion of crypto-ser­vice pro­viders, which...
08/01/2021
Sus­tain­able in­vest­ment/SF­DR: what will be the im­pact?
The Sus­tain­able Fin­ance Dis­clos­ure Reg­u­la­tion (“SF­DR”) will come in­to force on 10 March 2021 in the EU – two months to go. The SF­DR will have dir­ect ef­fect in the Neth­er­lands. High level im­pactsSF­DR...
07/07/2020
CMS ad­vises Im­mat­ics on the busi­ness com­bin­a­tion with Arya Sci­ences Ac­quis­i­tion...
Im­mat­ics N.V. has an­nounced the com­ple­tion of its busi­ness com­bin­a­tion with Arya Sci­ences Ac­quis­i­tion Cor­por­a­tion. The Im­mat­ics shares and war­rants are now traded un­der the sym­bol “IMTX” and the...
08/05/2020
Crypto-ser­vice pro­viders in the Neth­er­lands to ap­ply for re­gis­tra­tion be­fore...
On 21 April 2020, the Dutch Sen­ate (Eer­ste Kamer) ad­op­ted a le­gis­lat­ive pro­pos­al im­ple­ment­ing the Fifth Anti-Money Laun­der­ing Dir­ect­ive (5AM­LD) and amend­ing the Dutch Anti-Money Laun­der­ing and Ter­ror­ist...