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Effective from 1 January 2012, the notification requirement for substantial shareholdings in Dutch listed companies has been extended to include certain cash-settled financial instruments which have a similar economic effect to holdings of shares. In particular, the Dutch government has introduced the obligation to aggregate holdings of contracts for differences ("CFDs") and other financial instruments with a similar economic effect. The new obligation also affects persons who have sold put options on shares in listed companies. The new rules are introduced in the Netherlands in advance of an anticipated change of the Transparency Directive (2004/109/EC). The Netherlands Authority for the Financial Markets has published a policy rule in relation to the new notification requirements. This memorandum briefly describes, amongst other issues, the so-called initial notification requirement under which notification may be required within four weeks following 1 January 2012. In the attached client briefing we have outlined the most important changes and developments.

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