Does the statutory regulation concerning cluster munitions also apply to advice?
Advising does not strictly fall within the scope of the rules on cluster munitions.
The ban is clearly aimed at preventing the effecting or commissioning of transactions, the granting of loans and the acquisition of shares that are not freely tradable. Advising within the meaning of Section 1:1 of the Financial Supervision Act does not encompass this. However, the intent of the legislation is that financial enterprises, as referred to in Section 5:68 of the Act, should develop policy for advising in connection with cluster munitions. In any such cases, therefore, the appropriateness of the advice will also have to be assessed in the light of Section 21a of the Market Abuse Decree under the Financial Supervision Act.
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