Legal articles

China’s new export control regime may affect companies worldwide

The Export Control Law (ECL) – in effect since 1 December 2020 – aims to provide a unified framework of export controls and to strengthen coordination between the different agencies involved in its enforcement. However, the law is unclear on a number of key questions as to its scope, applicability and enforcement mechanism. In particular, the ECL provides for extra-territorial application to...

EU Parliament approves new collective redress mechanisms for consumers

On 24 November 2020, the European Parliament endorsed a new directive on representative actions for the protection of the collective interests of consumers (“Collective Redress Directive” or “CRD”). The CRD is part of the “New Deal for Consumers”, an initiative to strengthen EU consumer law enforcement and to modernise EU consumer protection rules.   The CR...

End of financial year: foundations should check their records of payments

From 8 July 2020, foundations in the Netherlands must keep a “payments register” for any payments they make during a financial year which are less or equal to 25% of their distributable funds. By introducing this requirement, the Dutch government is following the recommendations of the OESO Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).  ...

Digital Services Act and Digital Markets Act: Commission flexes its muscles

Regulators and policy makers have been scrutinising online platforms for years, and as our dependence on digital increases so do the calls for further intervention. Thus, with the introduction of two pieces of game-changing legislation, the European Commission proposes a variety of measures to regulate online platforms, with a view to preventing consumer and competitive harm. The Digital Services ...

Temporary arrangements for payment deferral take effect to help companies hit by crisis

The Dutch government has introduced legislation to prevent companies that are in distress as a result of the Covid-19 pandemic from going bankrupt. The Temporary Deferral of Payments Act 2020 aims to support these companies through a set of measures that can be invoked by these companies under certain circumstances. Even creditors that have not filed a petition for bankruptcy against the company m...

Corporate Governance Monitoring Committee identifies key focus areas in monitoring report

The Dutch Corporate Governance Monitoring Committee has published its annual monitoring report on compliance by Dutch listed companies with the Corporate Governance Code for financial year 2019. The Committee has selected the following key focus areas for the coming monitoring period: in-depth study on long-term value creation, stakeholder dialogue, the role of shareholders, and diversity quality...

Bill on management and supervision of legal entities – how it impacts NVs and BVs

In November, the upper house of parliament passed this legislation as a formality, without debate. The bill will enter into force on 1 July 2021. In the coming months, the Dutch government will take an active role in communicating the bill’s impact to existing associations, cooperatives, mutual insurance companies and foundations. To read more about this impact, see our previous In context a...

Dutch Supreme Court goes back to roots of participation exemption

For the first time in nearly 18 years, the Supreme Court has had the opportunity to shed light on the applicability of the participation exemption to benefits derived from uncovered call options. In its decision of 6 November 2020, the Supreme Court ruled that only covered call options can constitute a participation within the meaning of the participation exemption under Dutch tax law.   By i...

Pension funds must prepare now and be ready to apply SFDR in early 2021

From 10 March 2021, the pension sector in the Netherlands will have to comply with the majority of the requirements under the Sustainable Finance Disclosure Regulation (SFDR). These mainly involve having to provide information about sustainability, at both the entity and the product level. The nature of the requirements also requires pension funds to have specific policy and processes in place. &n...

Virtual general meeting option further extended to 1 February 2021

The Dutch government’s emergency bill on coronavirus-related matters includes temporary facilities to mitigate the impact of the coronavirus outbreak on various aspects of Dutch society. For Dutch companies, the bill contains measures aimed at helping organise and time general meetings amidst the coronavirus pandemic, including the option of holding virtual meetings.   On 30 November 2020, ...
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