Declaration of no-objection – overview

There are four categories of DNOs:

1. DNOs for qualified holdings in a financial undertaking as defined in the Wft. If you want to acquire or expand a qualifying holding of 10% or more in a financial enterprise you must apply for a DNO.
2. DNOs for banks. Banks themselves are required to apply for a DNO if they plan to perform specific acts as described by law.
3. DNOs for insurance companies. Insurance companies themselves are required to apply for a DNO if they want to reduce their own funds.
4. DNOs for qualifying holdings in companies subject to authorisation under the Markets in Crypto-Assets Regulation (MiCAR). These include crypto-asset service providers (CASPs) and asset-referenced token (ART) issuers.

DNO for qualifying holdings

Under certain circumstances you or your company will need prior approval from DNB to acquire or expand a qualifying holding or majority shareholding in a financial enterprise. You or your company will then be required to apply for a DNO as referred to in Section 3:95 of the Financial Supervision Act (Wet op het Financieel Toezicht - Wft). Do you or your company want to acquire or expand a qualifying holding in a bank? Then you need to apply for approval to the European Central Bank (ECB) rather than to DNB.

See also: DNO for qualifying holdings (Section 3:95 of the Wft)

DNO for banks

If your company is a bank having its registered office in the Netherlands, you will need to apply for approval to DNB prior to performing a number of acts mentioned in the law. Your company is required to apply for a DNO as referred to in Section 3:96 of the Wft.

See also: DNO for banks (Section 3:96 of the Wft)

DNO for insurance companies

If your company is an insurance company having its registered office in the Netherlands, you will in specific cases need prior approval from DNB for reducing equity capital. Your company is required to apply for a DNO as referred to in 3:97 of the Wft.

See also: DNO for insurance companies (Section 3:97 of the Wft)

DNOs for MiCAR companies

Under certain circumstances, you or your company needs prior approval from DNB to acquire or increase a qualifying holding in an asset-referenced token (ART) issuer or crypto-asset service provider (CASP). You or your company will then be required to apply for a DNO as referred to in Section 41 or 83, respectively, of the Markets in Crypto-Assets Regulation (MiCAR). Please note that we can only consider draft DNO applications for CASPs for the time being, so please submit a draft application.

See also: DNOs for MiCAR companies

Risk based assessment

In the course of 2024 DNB will apply a more risk based assessment to applications for a declaration of no-objection (DNO) within the meaning of Section 3:95(1) of the Dutch Financial Services Act (Wet op het financieel toezicht, Wft).

As result thereof, DNOs will be processed more risk based and data driven resulting in a swifter response of DNB in case of low-risk and simple DNO applications. Furthermore, this new approach will allow DNB to react more adequately to fluctuations in the risk profile of institutions.

To realize aforesaid risk based assessment, DNB will assess the risk level of each DNO application pursuant to a (marginal) assessment. If as a result of said assessment, a low-risk profile of the DNO application is established, the applicant will be informed accordingly including a confirmation that a positive decision will follow within one to two weeks of establishment of completeness of the application. If facts or circumstances arise that would warrant a different approach for assessment by DNB, the applicant will be informed accordingly within the applicable statutory terms.

More information

This section of Open Book on Supervision provides you with information about declarations of no-objection. You will also find explanatory notes to the concepts used and relevant sections of the law here.