The Government of the Kingdom of the Netherlands and the Government of the United
Kingdom of Great Britain and Northern Ireland:
Desiring to enhance the protection of investors and to promote the integrity of the
securities, futures and options markets by providing a framework for co-operation,
including channels for communication, increased mutual understanding and the exchange
of information, to the extent permitted by the laws and practices of the United Kingdom
and the Netherlands;
Recognising the increasing international activity in securities, futures and options
markets and the corresponding need for mutual co-operation in non-criminal matters
between the relevant national authorities;
Have agreed as follows:
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1 The Contracting Parties shall, in accordance with the terms of this Agreement, grant
to each other the fullest possible measure of assistance in regulatory and supervisory
matters within the scope of this Agreement.
Article 2. Competent Authorities
Each Contracting Party shall designate one or more Competent Authorities for the purpose
of making and receiving requests under this Agreement.
Article 3. Consultation Prior to Designation
Before a designation of one or more Competent Authorities is made by one Contracting
Party, other than such a designation made at the time of entry into force of this
Agreement, it shall consult the other Contracting Party.
Article 4. Communications Between Competent Authorities
All requests pursuant to this Agreement shall be made and executed through a Competent
Authority for each Contracting Party. The Competent Authorities shall communicate
directly with each other for the purpose of carrying out the provisions of this Agreement.
Article 5. Spontaneous Reporting of Suspicions
To the extent permitted by law and in accordance with the practices in its State,
each Competent Authority shall use reasonable efforts to ensure that the relevant
Competent Authority or Authorities of the other Contracting Party are provided with
any information which gives rise to a suspicion of a breach, or anticipated breach,
of laws, rules or regulations having effect in the territory of the other Contracting
Party.
Article 6. Criminal Matters
Mutual co-operation in criminal matters between the Contracting Parties shall continue
to be governed by the European Convention on Mutual Legal Assistance in Criminal Matters,
concluded in Strasbourg on 20 April 1959, and the additional Protocol, concluded in
Strasbourg on 17 March 1978.
Article 7. Voluntary Co-operation and Co-operation outside the Terms of this Agreement
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3 If the request for information under paragraph 2(a) above is related to an investigation
into, or a prosecution or other action in respect of, a serious breach of laws, rules
or regulations having effect in the territory of either Contracting Party, then the
requesting Competent Authority shall inform the relevant Competent Authority in the
other country in advance of making the contact envisaged by paragraph 2(a).
Article 8. Scope of Assistance
The Competent Authorities shall endeavour to provide the greatest possible measure
of assistance to each other in the performance of their respective functions in the
following areas of financial regulation:
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a) insider dealing, market manipulation and other irregularities in relation to securities,
futures and options;
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b) regulation of investment business;
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c) disclosure of interests in the securities of companies;
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d) the duties of issuers of and offerors of securities to make full and fair disclosure
of information relevant to investors;
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e) other areas of financial regulation which are designated by mutual agreement of the
Contracting Parties.
Article 9. Consultation about Requests
The requesting and requested Competent Authorities may consult about a request or
proposed request.
Article 10. Structure of Requests
The requesting Competent Authority shall specify:
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a) the information required (documents, identity of persons, specific questions to be
asked etc);
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b) the purpose for which information is sought (including details of the laws, rules
or regulations of which a breach is suspected);
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c) a description of the circumstances which give rise to the request;
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d) the link between the request and the regulatory function of the requesting Competent
Authority;
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e) whether it is desired that, to the extent permitted by the laws, rules and regulations
applying to the requested Competent Authority, any persons from the requesting Competent
Authority should be present during an investigation, and whether it is desired that
such persons should be permitted to participate in the investigation.
Article 11. Return of Documents and other Material
Any document or other material provided by a requested Competent Authority in response
to a request which has been made under this Agreement and any copies thereof shall
be returned to that Competent Authority on its demand, to the extent permitted by
law applicable in the State of the requesting Competent Authority.
Article 12. Consideration of Requests by the Requested Competent Authority
In deciding whether to accept or decline a request the following considerations may,
in particular, be taken into account by the requested Competent Authority:
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a) whether the request involves the assertion of a jurisdiction not recognised by the
state of the requested Competent Authority;
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b) whether executing the request would interfere with an existing investigation by the
requested Competent Authority or any other enforcement or regulatory body in the state
of the requested Competent Authority;
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c) whether it would be contrary to public interest to give the assistance sought.
Article 13. Alternative Assistance
In any case where the request cannot be accepted completely, the requested Competent
Authority shall consider whether there may be other assistance it can give.
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1 If it appears that responding to a request under this Agreement will involve substantial
costs being incurred by a requested Competent Authority, the requested and requesting
Competent Authorities shall establish a cost sharing arrangement before further proceeding
with the request for assistance.
Article 15. Restrictions on the use of Information
The information supplied may be used solely for the purpose of:
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a) assisting the requesting Competent Authority in the exercise of its regulatory functions
in relation to the case specified;
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b) conducting or assisting in civil proceedings in the United Kingdom or administrative
proceedings in the Netherlands arising out of a breach of the laws, rules or regulations
specified in the request and brought by a Competent Authority within its own State;
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c) taking regulatory action or imposing regulatory requirements within the areas set
out in Article 8 above.
Article 16. Exception to Restrictions of the Use of Information
Notwithstanding Article 15 above, information supplied under the terms of this Agreement
may, subject to the prior written consent of the requested Competent Authority, be
used by the requesting Competent Authority for purposes other than those falling within
Article 15.
If that other purpose concerns use in criminal proceedings, the requested Competent
Authority shall give its consent only after having consulted the relevant authority
or authorities in criminal matters in its State.
Article 17. Confidentiality
Each Competent Authority shall keep confidential to the extent permitted by the law
of its own State:
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a) any request for information made under the Agreement unless disclosure is necessary
to carry out the request or the requesting Competent Authority waives such confidentiality;
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b) any information passed under the Agreement unless the requested Competent Authority
waives such confidentiality.
Article 18. Notification in Advance of Public Disclosure
If a Competent Authority becomes aware that information it has received under this
Agreement is likely to be disclosed into the public domain, it shall endeavour to
inform the Competent Authority or Authorities which provided the information before
such disclosure occurs.
Article 19. Disclosure to Bodies Responsible for Regulation and Law Enforcement
Unless the request provides otherwise, Articles 15, 16 and 17 of the Agreement shall
not prevent the requesting Competent Authority from informing other bodies within
the jurisdictions of the United Kingdom or the Netherlands of the request or of passing
information received pursuant to a request to such bodies, provided that:
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a) the requested Competent Authority is notified in advance of such disclosure of information;
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b) such bodies have responsibility for regulation or enforcing laws, rules or regulations
falling within the areas set out in Article 8 above;
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c) the purpose of passing such information to such a body is to assist it to perform
its functions in the areas set out in Article 8; and
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d) in cases where no statutory or other legal restrictions equivalent to the provisions
of Articles 15, 16, 17 and 18 of this Agreement apply to such a body, the requesting
Competent Authority obtains an undertaking from the body that it shall comply with
the provisions regarding confidentiality in this Agreement.
The Agreement may be terminated by either Contracting Party by giving notice in writing
to the other Contracting Party through the diplomatic channel. The Agreement shall
cease to be effective thirty days after the receipt of such notice.
Article 21. Application of the Agreement
This Agreement shall apply:
Article 22. Entry into Force
This Agreement shall enter info force on the first day of the second month following
the date on which the Government of the Kingdom of the Netherlands has informed the
Government of the United Kingdom in writing that the relevant constitutional procedures
in the Netherlands have been completed.