Investment services

Our dedicated team of lawyers specializes in providing top-tier legal services to financial institutions, investment firms, and FinTech companies navigating the complex regulatory landscape of investment services and asset management. Our team is highly experienced in advising on all aspects of the investment services regulatory framework, including but not limited to:

• MiFID II (Markets in Financial Instruments Directive II): Guidance on ongoing obligations, client protection, suitability assessments, best execution obligations, product governance rules ,rules on inducements, total cost of ownership.
   
• MiFIR (Markets in Financial Instruments Regulation): Assisting with reporting obligations, transparency requirements, and transaction reporting compliance.
   
• MAR (Market Abuse Regulation): Advising on insider trading, market manipulation, and managing disclosure obligations.
   
• IFD/IFR (Investment Firm Directive and Investment Firm Regulation): Supporting firms with classification, capital requirements, and governance obligations under the new prudential regime.
   
• PRIIPs (Packaged Retail and Insurance-based Investment Products Regulation): Ensuring compliance with Key Information Document (KID) requirements for retail investment products.
   
• AML (Anti Money Laundering) and Sanctions: Advising on Dutch and EU AML rules and Sanctions applicable when providing investment services.
   

We offer comprehensive support on matters including:

• Licensing and Authorization:
  • Advising on obtaining investment firm licenses at the Dutch AFM.
  • Regulatory scoping for new business models, including cross-border services. 
• Governance and Compliance:
  • Setting up internal controls to comply with governance and integrity requirements.
  • Assisting with compliance frameworks for ongoing adherence to MiFID II, MAR, and other regulations. 
• Product and Service Development:
  • Legal support for launching investment products and services.
  • Advising on ESG (Environmental, Social, and Governance) considerations for sustainable finance products, including the SFDR.
  • Legal support for launching pension products. 
• Regulatory Investigations and Reporting:
  • Assisting with regulatory inquiries and audits.
  • Providing guidance on regulatory reporting. 
• Cross-Border Advice:
  • Advising on passporting rights and setting-up branches within the EU.
  • Navigating third-country regimes for non-EU firms. 
• Contracting
  • Drafting and reviewing client agreements, pre-contractual documentation and contracts with other service providers. 
• Litigation
  • Litigating on behalf of investment firms relating so subjects such as the duty of care and exits (due to AML concerns)
  • Litigating against regulators

Emanuel van Praag
Peter Hoefnagels

Here are some examples of the impactful work we deliver for our clients.

Major Dutch broker

We work for an innovative Dutch based online broker operating in various European countries. We advise them on a wide array of regulatory topics, including the feasibility of their business model, appropriateness  testing, implementation of IFR/IFD prudential rules for investment firms, rules on total cost of ownership/cost disclosure, inducements and the cross-border application of MiFID II requirements and communication with the Dutch Authority for the Financial Markets.

Innovative investment firm

We work for an investment firm who launched an innovative investment app and was founded in 2016 as offspin of Rabobank. They offer an ETF portfolio to retail clients in the Netherlands and Germany. They use PSD2 (AISP services) to inform its clients in an innovate way about new investment opportunities. We provide them ongoing advice on regulatory obligations (MiFID II and Anti-money laundering compliance) and contractual documentation. Recently we helped them prepare for a crowdfunding round.

Online investment bank

We work for an online investment bank operating on a cross-border basis in the Netherlands. We advise them on their cross-border service offerings, new product offerings, and contractual documentation.

Green advisory firm

We work for an innovative investment firm who provides advisory services to large corporate clients on Power Purchase Agreements and Virtual Power Purchase Agreements to help their clients become more sustainable. We supported them to obtain their investment firm license from the Dutch Authority for the Financial Markets, and provide ongoing advice.

Investment bank

We work for a large investment bank with a branch in the Netherlands. We advise them on their cross-border service offerings, inducement rules and communication with the Dutch Authority for the Financial Markets. We also represent them in litigation regarding the duty of care.

Large international asset manager

We work for a leading international asset manager. We advise them on various regulatory questions, especially with the market abuse regulation as applied to asset managers. This question also touched upon their internal governance set-up to deal with market abuse related issues.

Dutch asset manager 

We work for a leading asset manager in the Netherlands. We advise them on various topics such as:

a. Cross border distribution of investment funds
b, Corporate governance and internal governance
c. The setting up of new funds with government guarantees
d. Communication with the Dutch regulator AFM

We work for a company that has launched a savings / investment solution dedicated to the energy transition. Their aim is to enable citizens and local authorities to regain control of their local energy policies by directing their savings towards renewable energy projects. We have assisted them with their European expansion into the Netherlands, the opening of their branch and provided advice on regulatory issues, guidance and the European license. 

• Consumenten moeten meer beleggen; over de EU Retail Investment Strategy
• Roboadvies: de robot de (menselijke) maat genomen
• Regulatory constraints for EU financial institutions crossing borders. Do the rules match modern-day reality?
• Wat is een handelsplatform onder MiFID I(I)?
• Financiële onderneming, ken uw kostprijs! Prijsregulering in het financieel toezichtrecht
• JOR 2017/262, annotatie bij Rechtbank Rotterdam 26 april 2017
• De gevolgen van MiFID II voor beheerders van beleggingsinstellingen
• JOR 2012/253, annotatie bij Hof van Justitie van de Europese Unie 7 juni 2012
• De bejaarde belegger