Expertise/Financial Markets
& Regulation
Financial Markets & Regulation
Financial Services Industry experts
... advising financial firms on complex matters driven or affected by the supervision and regulation of the financial services industry. We:
- assist large national and international groups of banks, insurance companies, investment firms and other financial firms involved in complex M&A and capital markets transactions;
- advise on securities offering rules, the listing and trading of financial instruments, market abuse issues, and financial market infrastructures as experts in market regulation; and
- provide expertise for financial firms on all elements of licensing; governance and the structure of business operations; the structuring of financial services and products; regulatory capital issues and compliance with other rules of prudential supervision; and recovery and resolution.
Our experts are actively involved in legislative processes and, as lecturers and speakers, also contribute to the academic development of the supervision and regulation of the wider financial services industry.
Our AML practice group provide specialist advice on Anti-Money Laundering (AML) legislation, the implementation of AML in policies and agreements and on dealings with regulators.
Recent Matters
11 July 2021
Van Lanschot Kempen simplifies group structure
De Brauw has assisted financial services group Van Lanschot Kempen with the simplification of its corporate structure. The restructuring reduces compliance and eliminates the minority interest deduction in relation to the AT1 and Tier 2 capital, thus improving the group's regulatory capital position.
8 July 2021NN to acquire majority stake in Dutch insurance broker Heinenoord
NN Group has
agreed to buy a 70% stake in insurance broker and service provider Heinenoord
for EUR 176 million. NN will also refinance Heinenoord's outstanding debt of
EUR 129 million. Under an agreed option structure, NN could acquire the
remaining 30% of shares within four years after the transaction's closing.
5 July 2021NN Group to acquire MetLife's business activities in Poland and Greece
De Brauw is
advising NN Group as lead counsel on this acquisition. NN Group is a
Netherlands-based international financial services company active in 20
countries. NN and MetLife announced on 5 July 2021 that they had agreed on NN's
takeover of MetLife's Polish and Greek insurance businesses for a total purchase
price of EUR 584 million. The acquisition provides NN with the unique opportunity
to create a strong platform for future growth in these attractive CEE markets,
in which it is already active.
“With a good knowledge base, the team is composed such that on any subject service can be delivered instantly. Integration of law, regulation, network and governance is a strength.”
Insights
22 July 2021
EBA and ESMA publish new fit and proper AML knowledge guidance for the management level
Credit institutions and investments firms will need to meet new fit and proper AML knowledge requirements as of 31 December 2021. The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) recently published joint guidelines on how these entities should assess the suitability of management board members and key function holders in accordance with the Capital Requirements Directive (CRD IV) and the Markets in Financial Instruments Directive (MiFID II). The revised guidelines provide that the suitability assessment should at least address whether the person in the management board who is responsible for AML implementation, has the required knowledge, experience and skills. The joint guidelines also contain a suitability requirement for the collective management body.
29 June 20213% UBO registration threshold proposed for trusts and funds for joint account
An implementing decree on the UBO registration for trusts and funds for joint account (fondsen voor gemene rekening) opened for consultation on 29 June 2021. The consultation period ends on 9 August 2021. This UBO register will be kept by the Chamber of Commerce in the Netherlands.
17 February 2021Signed charter needed for foreign in-house counsel to have legal privilege
Can in-house counsel admitted to a non-Dutch bar invoke legal privilege in the Netherlands? The Rotterdam District Court has ruled that these "foreign in-house counsel'' can – if they have that right under the jurisdiction where they work. In addition, if they work in the Netherlands, they must also meet specific criteria set by the Netherlands Bar. According to the court, foreign in-house counsel practising in the Netherlands should be treated the same as Dutch in-house counsel. The latter are required to sign a professional charter – a document that guarantees their independence and is signed by both employer and in-house counsel – in order to invoke legal privilege.
Although the ruling is not final, it is important to consider its implications. To err on the side of caution, we recommend that clients who employ foreign in-house counsel make sure that their charters are in order and signed and record that the standards required by this charter have thus far been upheld.
