The fourth EU anti-money laundering directive was adopted on 20 May 2015 and must be implemented in national law by no later than 2017. In the Netherlands, its provisions will be mostly incorporated in the Money Laundering and Terrorist Financing Prevention Act (Wwft). The changes will affect the privacy of, in particular, major shareholders of family businesses and other companies.

On 20 May 2015, after a three-year legislative process, a recast version of the European Insolvency Regulation (EIR) was adopted. For the most part, it will be applicable in approximately two years' time. The most important changes likely to affect the European restructuring landscape are a broader scope of application and new rules on COMI. The recast regulation also introduces a framework for group insolvency proceedings. Read more

In recent months, the US has seen a staggering increase in the number of retailers, both large and small, filing for bankruptcy. Among others, Dots, Alco Stores, Radio Shack, Deb Shops, Wet Seal, and Delia’s have each filed for bankruptcy protection in the past six months alone. There can be little doubt that these retailers and countless others, face tremendous challenges given consumers’ shift in preference to online shopping with expedited shipping over visiting a bricks-and-mortar store.

On 30 October the ‘Pier of Scheveningen’ was sold to DE PIER B.V., a consortium made of the building company Kondor Wessels and the easyHotel franchise holder for the Benelux Danzep. The sale took place almost two years after the former owner of the iconic Dutch sea-side landmark was declared bankrupt. The buyer aims to re-open the ‘Pier of Scheveningen’ for the public early 2015. With the sale of the Pier a new chapter in the evolving story around one of The Netherlands’ most famous landmarks begins.

On 18 February 2015 the European Commission confirmed its plans to establish a Capital Markets Union (CMU) by publishing a green paper seeking consultation on numerous capital markets related matters. To achieve this Capital Markets Union, it will, among other things, review the Prospectus Directive (2003/71/EC). Consequently, alongside this green paper, the European Commission has launched a consultation on a review of the Prospectus Directive. Read more.

In Dutch case law it has long been held that the bankruptcy of a Dutch partnership automatically entails the bankruptcy of each of the partners. In a decision that explicitly breaks with previous case law, the Dutch Supreme Court found on 6 February 2015 that the bankruptcy of a Dutch partnership does no longer entail the bankruptcy of its partners.

On 16 January 2015, the Dutch Supreme Court delivered a judgment of great consequence for cross-border litigation in Europe, on the subject of international jurisdiction in matters involving claims for purely financial damage. As the Supreme Court has referred several questions on this subject to the European Court of Justice (ECJ) for a preliminary ruling, it's now up to the ECJ to provide clarity on the issues raised. Read more

Amendments Dutch Financial Regulatory Law 2015 On 19 December 2014, the final version of the Financial Amendment Decree 2015 (the ''Amendment Decree 2015'') was published.

On 21 November 2014 the draft Dutch Implementation Act for the European Framework for the Recovery and Resolution of Banks and Investment Firms (the "Implementation Act") and draft guidelines were published for public consultation purposes. The Implementation Act is designed to implement the Bank Recovery and Resolution Directive ("BRRD") and to apply the Single Resolution Mechanism ("SRM").

In 2012 the Minister of Security and Justice of The Netherlands announced a recalibration of the Dutch Insolvency Law, especially a multi-disciplinary approach to combat bankruptcy fraud. This announcement has led to several initiatives in practice, for example, the introduction of consulting hours about insolvency fraud during which bankruptcy trustees can seek information from several chain partners (public prosecutor, representative of the tax authority, a supervisory judge and a bankruptcy trustee experienced in combating fraud) to combat the fraud.