Laws and regulations
The texts of the Prospectus Directive, the Regulation and the documents published by ESMA can be downloaded via the links hereunder:
Dutch national legislation
The Prospectus Directive is implemented in the Act on the Financial Supervision and can be downloaded via the link below:
The Prospectus Directive (2003/71/EC) was published in the Official Journal of the European Union (L345/64, 31.12.2003) on 31 December 2003, on which date it became effective. The Prospectus Directive was implemented in the national legislation on 1 July 2005. The Prospectus Directive is accompanied by the Commission Regulation (No. 809/2004). The Prospectius Directive sets the overarching content requirements, but the detail is being set within the Commission Regulation. The European Securities and Markets Authority (ESMA) also published an update of series of recommendations on 23 March 2011 (Ref: ESMA/2011/81) regarding the way in which certain topics in the Prospectus Directive and the Commission Regulation should be interpreted and/or explained. In addition, on 9 June 2011 ESMA published its thirteenth updated version of the Frequently Asked Questions regarding prospectuses (Ref: ESMA/2011/85).
Informal summary of application for approval fees
Summary of fees for dealing with an application for approval of a (base) prospectus, registration document, securities note and summary or supplement.
Please note that this survey is an informal summary of the fees relating to the vetting of the corresponding summarised documents listed below, which documents are prepared to comply with Netherlands law implementing the prospectus directive (Directive 2003/71/EC). Please see the Vaststelling bedragen voor eenmalige toezichthandelingen Besluit bekostiging financieel toezicht for the official descriptions and corresponding fees which is also available on AFM’s website. No rights may be derived from this informal survey.
| Equity securities (excluding securities issued by an investment institution) |
Fees 2012 |
Fees 2011 |
| Prospectus |
€ 11,000 |
€ 10,500 |
| Registration document |
€ 6,500 |
€ 6,300 |
Securities note and summary |
€ 4,500 |
€ 4,200 |
| Supplement |
€ 800 |
€ 750 |
| Non-equity securities or securities issued by an investment institution) |
Fees 2012 |
Fees 2011 |
| Prospectus, Base prospectus |
€ 4,000 |
€ 3,500 |
| Registration document |
€ 2,500 |
€ 2,100 |
| Securities note and summary |
€ 1,500 |
€ 1,400 |
| Prospectus prepared on the basis of article 21(2) and Annex I of Commission Regulation (EC) 809/2004 (the ‘Prospectus Regulation’) |
€ 8,500 |
€ 7,700 |
| Registration document prepared on the basis of article 21(2) and Annex I of the Prospectus Regulation |
€ 6,500 |
€ 6,300 |
| Base prospectus in which a previously approved registration document is incorporated by reference on the basis article 26(4) of the Prospectus Regulation |
€ 4,000 |
€ 1,400
|
| Supplement |
€ 800 |
€ 750 |