Monday, January 20, 2003

Statement of no objections less burdensome...

In the Netherlands, the financial system is regulated by means of a number of instruments. One of these is the statement of no objection, issued by the Ministry of Finance, after consultation with the relevant competent supervisor. For example, if financial institutions are changing their shareholder's interest in other companies beyond certain boundaries (more than 5 % share in a company), such a statement is required.

The Dutch Ministry of Finance has issued a letter to parliament that explains that the plan is to broaden the rules and make the procedure less burdensome. A new system that works with 'bandwith' is now devised and presented.