Proposed amendment of Dutch Intervention Act ends netting and close-out concerns

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.