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EUSIPA reacts to Dutch consultation on new market intervention powers for local regulator (2)

Borne by a sense of urgency the European Structured Investment Products Association (EUSIPA), the umbrella association for issuers of structured products, seeks to address by way of this letter a specific regulatory issue within your scope of political and technical responsibility. (More details on EUSIPA you find at the back end of the document.)

We are highly concerned about the project of enlarging the product intervention powers of the Dutch securities markets regulator by way of inserting the proposed article 56a in above-mentioned implementing Royal Decree.
Independent of our discomfort with the unusually short response period of the consultation of about three weeks, we would like to kindly ask you to consider the below points and arguments when deciding on the next steps in this matter.
Overall and most importantly, EUSIPA and her members are convinced that the planned insertion of article 56a will not represent a contribution to the European and Dutch market place. On the contrary the administrative application of the powers conferred by article 56a to the relevant authorities might make the Dutch market fall out of the European level-playing field and transfer to foreign investors a notion of regulatory uncertainty which we think is not what you intended. Our criticism relates in particular to the following impacts that the insertion of article 56a might have.