• JD Supra Netherlands

Publisher:
JD Supra
Publication date:
2019-04-29

Latest documents

  • Breaking news: NOW 2.0 - Extension of the Dutch Temporary Emergency Measure for the Preservation of Jobs (Netherlands)

    On June 22, the Dutch government published the extension of the Temporary Emergency Measure effective June 1, 2020 (the “Extended Scheme”). We hereby inform you about the main principles of the Extended Scheme, which are the following: Employers are eligible for the compensation if they expect to lose at least 20% of their turnover over a four-month period, starting June 1, July 1 or August 1, 2020. If an application has been made under the initial scheme and an application will again be made under the Extended Scheme, the loss of turnover must relate to the four-month period immediately following the period referred to in the first application under the initial scheme.

  • Dutch DPA Issues Record Fine for Violating GDPR Data Subject Rights

    The Dutch Data Protection Authority (DPA) issued a EUR 830,000 (approximately USD 937,000) fine against the Dutch Credit Registration Bureau (BKR) for violating data subject rights. The fine stems from BKR’s practice of charging fees and discouraging individuals who wanted to access their personal data.

  • Bankruptcy, Insolvency & Rehabilitation Proceedings in the Netherlands (Updated)

    KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER DUTCH LAW -
 
 I. Insolvency proceedings in The Netherlands -
 
 There are three law-regulated insolvency proceedings in The Netherlands: bankruptcy (faillissement), suspensions of payment (surseance van betaling) and debt adjustment for natural persons (schuldsanering natuurlijke personen). Since the scope of this paper focusses on corporate entities, the latter will not be discussed here....
 
 Please see full Chapter below for more information

  • The Netherlands: Rules Implementing NOW 2.0 Wage Subsidy Program Released

    In May, the Dutch government extended until October 1, 2020, the economic relief package related to the coronavirus crises, known as the NOW 2.0 scheme. Under this wage subsidy program, businesses that suffer at least a 20% loss in their revenue over a three-month period receive a subsidy of up to 90% of their wage costs, proportionate to the loss in revenue.

  • Views of the Dutch AFM on sustainability (ESG)

    In June 2020 the Dutch Authority for the Financial Markets (AFM) published a position paper on the important role of the financial sector in the transition to a more sustainable society. The offering of financial products and services of a more sustainable nature is increasing by popular demand of institutional retail investors. A wave of new EU legislation is coming our way with the aim of stimulating and governing the sustainability transition. The role of the financial sector in the transition to a more sustainable economy and society is a priority of the AFM and will increasingly become part of its supervision. The position paper provides a broad outline what the AFM expects from market parties in the field of sustainability and how the AFM wishes to design its supervision.

  • Dutch Government Plans Retroactive Foreign Investment Screening in View of COVID-19 Crisis

    Proposed retroactive application could expose investments made as from June 2, 2020, to ex post scrutiny. ???????
 
 On June 2, 2020, the Dutch Government ("Government") announced that it plans to apply a proposed comprehensive foreign direct investment ("FDI") screening mechanism retroactively to investments and takeovers ("Investments") carried out as from June 2, 2020. 
 
 At the end of 2019, the Government informed the Dutch parliament about its intention to adopt a legislative proposal ("Proposal") which provides for a more comprehensive FDI screening mechanism. 

  • Payments Blog: PSD2 Update 5 - Licensing requirements for API Hubs? - The Netherlands

    For certain types of services, the text of PSD2 does not provide sufficient clarity as to whether or not a PSD2 license for payment service seven (Payment Initiation Service or PIS) and / or payment service eight (Account Information Service or AIS) is required. In this blog, I will consider the guidance that the Dutch National Bank (hereinafter: DNB), the European Banking Authority (hereinafter: EBA) and the European Commission have given regarding API Hubs.

  • The Netherlands: Employers Need Not “Wake Up” Dormant Employees

    The Dutch Supreme Court issued a decision in November 2019 on whether “dormant employment” arrangements were permissible. Employment becomes dormant when the employee is unfit for work for more than 104 weeks.

  • Payments Blog: PSD2 Update 4 - Licensing requirement for contracted interfaces? - The Netherlands

    For certain types of services, the text of PSD2 does not provide sufficient clarity as to whether or not a PSD2 license for payment service seven (Payment Initiation Service or PIS) and / or payment service eight (Account Information Service or AIS) is required. In this blog, I will consider the guidance that the Dutch National Bank (hereinafter: DNB) has given regarding contracted interfaces.

  • Payments Blog: PSD2 Update 3 - Scope of the account information service - The Netherlands

    PSD2 does not clarify to whom the consolidated account information may be provided to still qualify as an account information service. What is particularly relevant is whether the account information must always be made available to the account holder, or even exclusively available to the account holder.

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