Statutory provisions introducing notification requirements for certain cash-settled instruments came into force on 1 January 2012. The notification requirements in the Financial Markets Supervision Act (FMSA) have been extended to include financial instruments the value increase of which is partly dependent on the increase in value of the underlying shares or related dividends. A new policy guideline of the AFM, setting out how stakes in these instruments should be calculated, took effect on the same date.
A number of exemptions under the FMSA were also amended with effect from 1 January 2012. These include section 5:3 FMSA, which exempts offerors of securities from the prohibition on offering securities to the public without an approved prospectus. As from 1 January 2012, these exempted issuers must notify customers about their exemption. This mandatory exemption notice – also referred to as the Wild West sign – has been introduced to protect investors and applies to offers of securities above EUR 100,000 per security. If the offer is made to qualified investors, the exemption notice is not required. The AFM has drawn up regulations for the use and wording of this and other mandatory exemption notices.
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