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Karsten Bruinsma

Advocaat

CMS
Atrium - Parnassusweg 737
1077 DG Amsterdam
Postbus 94700
1090 GS Amsterdam
Nederland
Talen Nederlands, Engels

Karsten Bruinsma is als advocaat werkzaam binnen de Corporate/M&A praktijkgroep. Hij is actief in de kapitaalmarkt- en transactiepraktijk, dit doet hij zowel in nationaal als internationaal verband. Karsten adviseert bedrijven over Europese financiële wetgeving (zoals MiFID, AIFMD en de Prospectus Verordening), over het opzetten van platforms, fondsstructuren en de uitgifte van effecten en digitale activa. Hij adviseert bedrijven ook over alle regelgevingsaspecten van een transactie, inclusief besprekingen met de toezichthouders, regelgeving inzake marktmisbruikregels en meldingsvereisten.

Karsten is erg betrokken bij FinTech. Hij is medeoprichter van de CMS Legal Tech Academy binnen CMS Nederland waarin jonge advocaten worden onderwezen over opkomende technologische onderwerpen zoals blockchain, NFTs, metaverse, kunstmatige intelligentie en cybersecurity.

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Opleidingen

  • Master privaatrecht, Universiteit van Amsterdam
  • Bachelor rechtsgeleerdheid, Rijksuniversiteit Groningen
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27/03/2024
CMS gerankt in de Legal 500 EMEA 2024
De nieuwste rankings van de Legal 500 Europe, Middle East & Africa (EMEA) zijn uit. Wij danken onze cliënten voor hun vertrouwen in ons en hun feedback. Onze advocaten worden beschreven als 'personal...
07/02/2024
CMS Expert Guide to Crypto Regulation in The Netherlands
Disclaimer: This chapter was last updated on 8 September 2023 and does not reflect any subsequent developments. The information provided is intended for general informational purposes and should not be...
Comparable
16/11/2023
NFTs under MiCAR – are they regulated or not?
16.11.2023
15/11/2023
NFTs under MiCAR – are they regulated or not?
The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for crypto-assets. MiCAR's overarching goal is to extend regulatory oversight to those categories of cryptos...
19/09/2023
Trading of crypto-assets in detail
The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for service providers known as crypto-asset service providers (CASPs), which carry out activities with crypto-assets...
12/09/2023
ESMA Updates Guidance on Investment Advice
The European Securities and Markets Authority ("ESMA") has updated its supervisory briefing on the definition of investment advice under MiFID II (the "Briefing"). The Briefing replaces the old guidance from 2010 and specifically addresses the application of investment advice to new business models and the use of social media and mobile apps. Scope The Briefing contains useful guidance from the European supervisor for all parties that may provide investment advice, such as investment firms, credit institutions, UCITS management companies and alternative investment fund managers (AIFMs). Furthermore, the guidance can be used by parties to assess whether their own services fall within the scope of investment advice. This can especially be relevant for finfluencers. In its Briefing, ESMA covers the following aspects:The provision of personal recommendations and whether other forms of presenting information could constitute investment advice;The presentation of a recommendation as suitable for a client or based on the client's cir­cum­stan­ces;Pe­ri­me­ter issues around the definition of personal recommendation; andIssues around the form of communication. What you need to know Although the definition of investment advice has not changed since the guidance from 2010, the Briefing addresses its application to align with new business models and recent technological developments. The Briefing seeks to connect the existing definition of investment advice with the new ways of investment advice in which online advice plays a major role. Under MiFID II, investment advice means the provision of personal recommendations to a client, either upon its request or at the initiative of the investment firm, in respect of one or more transactions relating to financial instruments. That recommendation must be presented as suitable for that person or must be based on a consideration of the circumstances of that person. ESMA made the following clarifications regarding this definition:Not only explicit statements qualify as recommendations. Recommendations may also be provided in an implicit or indirect manner;Copy trading, whereby a firm can give clients access to portfolio of 'copied traders', whose trades can be copied, may qualify as investment advice;Whether a recommendation is "generic advice" is clarified;Even if a clear, prominent and understandable disclaimer is provided stating that no advice or recommendation is being given, a firm could still be deemed as having presented a re­com­men­da­ti­on;Even though a recommendation made exclusively to the public does not qualify as investment advice, recommendations made through internet websites, investment apps or social media could be regarded as personal re­com­men­da­ti­ons;If a firm gathers information on a person's circumstances while providing training or courses, and these circumstances are used as a basis for a recommendation, this would qualify as investment advice; andThe response to the request of a professional client to find a product by giving the firm precise information regarding the product's characteristics does not qualify as investment advice, unless the investment firm has expressed an opinion on the product's suitability. Anything else? ESMA included a diagram in the Briefing containing the five key tests for investment advice and addressed the questions from the diagram in four practical cases to clarify the guidance. The diagram and the practical cases can serve as a helpful tool for market parties to determine whether a service constitutes of investment advice that requires a license. Contact For more information on these observations, contact your regular CMS advisor or local CMS experts Clair Wermers, Karsten Bruinsma and Kilian Rowel.
14/07/2023
Legal experts on Markets in Crypto-Assets (MiCA) regulation
The European Parliament's approval of new crypto licensing regulations has been largely well-received by the industry, marking a significant first step towards a uniformly regulated digital asset market. The anticipated Markets in Crypto Assets (MiCA) regulation, designed to safeguard consumers and maintain financial stability, is set to come into effect in mid-2024, a move that has garnered initial positive responses. While MiCA applies exclusively in the European Union (EU), its global relevance is undeniable. It positions the EU as a leader in managing this complex domain, providing the world with a regulatory framework for further refinement. Consequently, legal experts and enthusiasts from CMS specialising in crypto and other digital assets have collaborated to provide their perspectives on various facets of MiCA. This webpage serves as a repository for articles encapsulating the present state of affairs. For legal support pertaining to crypto and other digital assets, reach out to your regular CMS liaison or send an email to crypto@cmslegal. com.
05/07/2023
How to use E-money tokens in the EEA
The Markets in Crypto-assets Regulation (MiCAR) covers electronic money or e-money tokens, a crypto-asset that purports to maintain a stable value by referring to the value of a fiat currency that is...
21/06/2023
ARTs in detail
21.06.2023
20/06/2023
ARTs in detail
EU regulation MICAR now regulates asset-referenced to­kens1. DE­FI­NI­TI­ON OF ARTSMiCAR defines Asset-referenced tokens (ARTs) as a type of crypto-asset that is not an electronic money token and that purports...
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.
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...