Declaration of no-objection – overview

There are four categories of DNOs:

1. DNOs for qualified holdings in a financial undertaking as defined in the Financial Supervision Act (Wet op het financieel toezicht – 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 and (mixed) financial holdings. Banks and (mixed) financial holdings themselves are required to apply for a DNO if they plan to perform specific acts as described by law, whereas other specific acts only need prior notification.
   
   

3. DNOs for insurance companies. Insurance companies themselves are required to apply for a DNO if they want to reduce their own funds or in case of an initial public offering.
   
   

4. Approval 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 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 and (mixed) financial holdings 

If your company is a bank having its registered office in the Netherlands or a (mixed) financial holding, you will need to apply for approval from DNB, the ECB or jointly from a supervisory authority in another Member State and 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 3:96a or Section 3:96c of the Wft. Certain acts only need prior notification (Sections 3:96b or 3:96d of the Wft).

See also: DNO for banks and (mixed) financial holdings (Section 3:96a-d 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 or in the case of an initial public offering (IPO).

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)

Approval 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 approval for a qualifying holding as referred to in Section 41 or 83, respectively, of the Markets in Crypto-Assets Regulation (MiCAR). 

See also: Approval for MiCAR companies (Articles 41 and 83 MiCAR)

Risk based assessment

DNB applies a risk-based assessment to applications for a DNO within the meaning of Section 3:95(1) of the Wft.

The risk-based supervisory approach entails that DNB first assesses the risk level of the applications for a DNO submitted to it. In the case of a low-risk profile, only a limited substantive assessment is carried out. In such cases, shortly after the completeness of the application has been established, the applicant is informed by DNB that a positive decision will be issued.

If the application does not qualify as low-risk, the DNO application is assessed in full or in part on its substance.
Through this supervisory approach, DNB aims to ensure that applicants for straightforward, low-risk DNO applications receive a response more quickly.

More information

This section of Open Book on Supervision provides you with information about DNOs.