Legal alerts

Registration of Ultimate Beneficial Owners postponed

The upper house of the Dutch parliament has decided to delay the implementation of the UBO register in the Netherlands. The effective date was expected to be 10 January 2020, but this is now likely to be March 2020....

New remuneration and related party-transaction rules for Dutch listed companies take effect

Dutch legislation implementing the revised European Shareholder Rights Directive has finally entered into force. The new rules on remuneration and related party transactions are effective as of 1 December 2019. The provisions relating to electronic voting, shareholder identification and transmission of information to shareholders take effect on 3 September 2020.   The implementing act entered...

Details of new Dutch restructuring scheme published and submitted to Parliament

The Netherlands’ long-awaited initiative for a new restructuring law, featuring elements of the UK Scheme of Arrangements and US Chapter 11 procedure, is now a bill. This is a major milestone which supports business continuity and recovery.   A detailed description is provided in the booklet. Further information about the bill, including previous drafts and explanatory memoranda (in Eng...

Class actions regime broadened in the Netherlands

Within the last decade, the Netherlands has become an important venue for class action suits being brought against corporations operating in Europe, before the Dutch courts. There are several reasons for this, such as the limited requirements an organisation must satisfy to have standing as a claimant, the relative ease of initiating class actions, and the wide-ranging possibilities of having sett...

First big GDPR fine for Google: implications for multinationals

On 21 January 2019, the French Data Protection Authority CNIL imposed a EUR 50 million fine against Google LLC for violating the EU General Data Protection Regulation (GDPR). As the first enforcement action in Europe that resulted in a large fine under the GDPR, the CNIL decision is the first step on a long trial-and-error path of GDPR enforcement by Data Protection Authorities (“DPAs”...

Dutch Tax Bill 2019: what will change?

On 18 September 2018, the Dutch government presented a number of tax measures as part of the 2019 budget proposals. The key measures are:   Abolition of withholding tax on dividends as of 1 January 2020 Improves the position of the Netherlands as an attractive location for multinational headquarters   A 30% EBITDA interest limitation rule (ATAD1), with certain existing interest limita...

New recovery and resolution tools and requirements adopted for Dutch insurers

On 12 June 2018, a legislative proposal to update, strengthen and expand the tools available to the Dutch Central Bank (DNB) for the recovery and resolution of failing insurers was adopted by the Second Chamber. The plans are similar to earlier proposals published by the European Insurance and Occupational Pensions Authority (EIOPA). These proposals follow the EU recovery and resolution framework ...

US pulls out of Iran deal: impact on EU companies

On 8 May 2018, US President Trump announced that the United States will withdraw from the Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran Nuclear Deal. This did not come as a surprise: during his presidential campaign, and most recently in February 2018, President Trump threatened to discontinue US participation in the JCPOA if the deal was not amended (see In context of Feb...

Dutch Minister of Finance defines ultimate beneficial owner (UBO)

The Dutch Minister of Finance has clarified the definition of an ultimate beneficial owner (UBO). On 6 April 2018, the draft Governmental Decree regarding the Money Laundering and Terrorist Financing Prevention Act (Governmental Decree, Uitvoeringsbesluit Wwft 2018) was sent to both the First and Second Chambers of Dutch parliament.   Listed companies and their wholly-owned subsidiaries are e...

European Central Bank’s role also relevant for smaller banks

The European Central Bank (ECB) has published a report on the supervision of smaller banks in the euro zone. The ECB directly supervises the significant institutions in the euro zone, whereas smaller banks, known as “less significant institutions”, are supervised by national supervisory authorities. In the Netherlands, the Dutch Central Bank (DNB) is the national supervisory authority....
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