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Clifford Chance

Clifford Chance


The Netherlands / Brexit: exemption regulation extended to include UK investment firms

8 February 2019

The Dutch regulation which exempts certain non-EU based investment firms from the MiFID licensing requirement in the Netherlands has been extended so that it will include investment firms based in the United Kingdom in case of a no-deal Brexit. A formal decision from the Dutch Minister of Finance is still required to activate the exemption.

The exemption will allow UK based investment firms to provide investment services and enter into own account trading within the meaning of the EU Markets in Financial Instruments Directive ("MiFID") without a local Dutch licence. The exemption is temporary in nature and will apply until 1 January 2021.

Making use of the exemption will require the UK firm to submit evidence of the fact that it is licensed and supervised in the United Kingdom for the services that it wishes to provide in the Netherlands.

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