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DNO for acts of banks (Section 3:96 of the Wft)
For specific acts, banks having their registered offices in the Netherlands need a declaration of no-objection (DNO) from De Nederlandsche Bank (DNB) or the European Central Bank (ECB).
Banks having their registered offices in the Netherlands need prior approval from DNB for six acts mentioned in the law. You can get this approval by applying for a DNO. Significant banks need approval from the ECB. Does your bank qualify as a significant bank? Please contact DNB first, before applying for a DNO.
- Qualifying holdings in a specified financial enterprises.
Banks need a DNO for acquiring or expanding qualifying holdings in a bank, investment firm, or insurance company having its registered office in a non-member state, or a financial institution without a certificate of supervised status. A DNO is necessary for material holdings only. Member states are taken to mean the countries of the European Economic Area (EEA)
- Qualifying holdings in non-financial enterprises
Banks need a DNO for acquiring or expanding qualifying holdings in non-financial enterprises. This is taken to mean all enterprises that are not banks, investment firms, insurance companies or financial institutions. A DNO is necessary for material holdings only.
- Partial or full takeovers of assets or liabilities, or both
Banks need a DNO for the acquisition of assets or liabilities, or both, of another enterprise or institution as this does not constitute a legal merger, but an assets/liabilities transaction only. The transaction may concern the takeover of a set of assets/liabilities. It may also be a partial takeover, whereby a major part of the assets and/or liabilities change hands. The takeover can be effected directly or indirectly. These takeovers only need a DNO if the size of the assets and/or liabilities exceeds a specific threshold value.
Banks need a DNO for entering into mergers with other enterprises of institutions. Mergers only need a DNO if the balance sheet total of the other enterprise of institution exceeds a specific threshold value.
- Financial or corporate restructuring operations
Banks need a DNO for financial or corporate restructurings. Corporate restructurings primarily concern a situation where the bank's activities are transferred to a new corporate structure, such as a parent company and an operating subsidiary.
- Joining managing partner
Banks need a DNO if a managing partner wants to join the bank. This requirement only applies to banks that are limited partnerships. In addition to being a partner or shareholder in the bank, a managing partner is also charged with its management.
Information Declaration of no-objection
Definition of qualifying holding
Different types of DNO
Applying for a DNO
- Clearing & Settlement Systems
- Collective investment schemes
- Electronic money institutions
- Investment firms
- Premium Pension institutions