Netherlands

New Exemptions for Offering Securities in The Netherlands

Erwin Schreuder, Clifford Chance, Amsterdam

On 19 June 2003 the Exemption Regulation to the Dutch Securities Market Supervision Act ( Wet toezicht effectenverkeer 1995 , the SMSA and Vrijstellingsregeling Wet toezicht effectenverkeer 1995 , the Exemption Regulation) was amended to relax the exemptions under which securities may be offered in or from The Netherlands,and ongoing reporting requirements for issuers whose securities have been offered and placed in or from The Netherlands.In particular,issuers will no longer fall under the SMSA’s ongoing reporting requirements if their securities have been offered (in The Netherlands as far as foreign issuers are concerned) exclusively to professional investors.This article will discuss the new framework of the exemptions.The offering and placement of units or shares in licensed or exempt collective investment institutions fall outside the SMSA’s scope and will therefore not be covered herein.