On 26 June 2014, the consultation version of the Financial Markets Amendment Act 2016 (the "Amendment Act") was published. Market parties have the opportunity to provide their response until 13 August 2014. In this newsletter we will discuss a number of the most important proposals that have been included in the Amendment Act.
The Amendment Act 2016 contains, amongst others, new rules regarding:
- The regulatory authorities will have the power to suspend board members (and possibly supervisory board members) if their suitability is in doubt;
- Protection of investors in derivatives against bankruptcy of the bank;
- Application of intervention measures to parent companies of insurance companies;
- The possibility to expropriate claims on the distressed institution in case of intervention;
- Prevention against money laundering and the financing of terrorism in cross-border transport of valuables.
Please read more on this topic in our newsletter.