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When do you not need a licence?

You do not need a licence if an exemption applies. No licence is needed for four types of investment objects.

 

  • Investment objects that you offer to fewer than a hundred consumers.
  • Investment objects that are part of a series comprising fewer than 20 investment objects, each with identical characteristics.
  • Investment objects of indeterminate value.
  • Investment objects that you offer for at least EUR 100,000 per object.
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    In addition, you do not need a licence for offering investment objects to the following types of consumers:

  • Consumers who work in your enterprise.
  • Consumers who work in an enterprise under the control of your company.
  • Consumers that your enterprise is linked to in a control structure, in reality or on paper.

    If you do not need a licence, the AFM exercises no supervision under the FSA, but does so under the Consumer Protection Enforcement Act.

    The above information is a broad summary of the relevant exemptions from the licensing requirement for the provision of investment objects. The actual licensing requirements are stated in the relevant laws and regulations.

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    Inclusion of exemption notice

    If you do not require a licence, your product offerings of investment objects, advertisements and other documents promoting such product offerings (proposals for example) have to include the exemption notice, in order to make it clear that you do not have a licence from the AFM.