Start consultation on amendments to the Trust offices act

On 2 May 2016 the Dutch Minister of Finance has started the consultation procedure regarding the legislative proposal for amending the Trust Offices Act. Market parties are invited to comment the proposal before 30 May 2016 (link, in Dutch). The most important changes proposed are:

(i) the introduction of a minimum requirement of two board members;

(ii) an extension of the powers of the supervisory authority;

(iii) to more closely follow the concept of the ‘design of operational and sound business practices’ for financial institutions as laid down in the Dutch Financial Supervision Act;

(iv) to improve possibilities for the authorities to set additional rules and regulations through delegated legislation.

Finnius submitted a reaction to the consultation, which can be downloaded here (in Dutch).