In the financial markets concerns have arisen regarding the enforceability of netting and close-out rights and security rights in the context of the Intervention Act. On 16 December 2013 the Dutch Minister of Finance sent a letter to the Dutch Bankers Association and the Dutch Insurers Association stating that he has prepared a bill aimed at addressing these concerns, with the intention that the relevant new rules enter into force on 1 January 2015. It is also mentioned in this letter that the Dutch Central Bank intends to publish a policy rule aimed at addressing the same concerns.

In the Middle Ages, when bankruptcy was in its infancy, options for debtors were limited.

Op 26 november 2013 is de consultatieversie van de Wet beloningsbeleid financiële ondernemingen (het "Wetsvoorstel") gepubliceerd. Hierin wordt onder andere een 20% cap voor variabele beloningen geïntroduceerd. H et Wetsvoorstel strekt tot wijziging van de Wet op het financieel toezicht ("Wft").

On 1 October 2012, new "Policy rules on the use of derivatives by approved public housing institutions" issued by the Minister for Housing and the Central government Sector (the "Minister")entered into effect; these policy rules are discussed in our newsletter dated 10 September 2012.

Even though the Dutch Financial Markets Amendment Act 2014 is still pending in the Lower House (Tweede Kamer), a consultation document for the Dutch Financial Markets Amendment Act 2015 (Wijzigingswet Financiële Markten 2015, "Amendment Act 2015") was already published on 14 August 2013.

Per 1 juli 2013 is een aantal belangrijke wijzigingen van de Algemene wet bestuursrecht ("Awb") in werking getreden. Een deel van de Wet nadeelcompensatie en schadevergoeding bij onrechtmatige besluiten ("Wns") is in werking getreden, namelijk het deel dat ziet op schadevergoeding wegens onrechtmatige overheidsbesluiten. Voorts is het tweede deel van de Wet aanpassing bestuursrecht ("Wab") in werking getreden waardoor het incidenteel hoger beroep is geïntroduceerd in het bestuursprocesrecht.

On Thursday 11 July 2013 the Enterprise Chamber of the Amsterdam Court of Appeal ruled on the compensation offered by the Dutch Minister of Finance in relation to the expropriation by the Dutch State of shares and subordinated debt issued by the SNS Reaal Group.

28 June 2013 the Commission on the Structure of Dutch Banks (the "Commission") published its report "Towards a serviceable and stable banking system". The Commission analyses the current stance of affairs in the Dutch banking landscape and provides eleven recommendations to improve serviceability and stability of the Dutch banking sector. In this newsletter we will provide you with some background on the Commission and its report and we will summarize its recommendations.

Between now and 2020 we expect to see the duty of care rules for banks becoming more stringent, more detailed and more protective.

Robert van Moorsel and Youri Tonino report on recent legislation affecting rights on heavy machinery.