Article 425

1
A financial undertaking shall, when dealing with the participant, consumer or, if it concerns a financial instrument or insurance, the client, comply with further rules to be laid down by or pursuant to a general order in council with regard to the due diligence to be observed. Further rules regarding the due diligence to be observed are understood to include rules regarding the costs charged by the financial enterprise if the participant, consumer or client terminates an agreement regarding a financial service or a financial product and enters into an agreement regarding that financial service or financial product with another financial enterprise.
2
The Netherlands Authority for the Financial Markets may, upon application, grant an exemption in whole or in part, for a limited period of time or otherwise, from the provisions under the first paragraph to the extent that it does not relate to advising on financial instruments or managing an individual's assets, if the applicant demonstrates that it cannot reasonably be complied with and that the purposes intended to be achieved by this article are otherwise achieved.
3
The nomination for an order in council to be adopted pursuant to subsection 1 that seeks to amend an order in council already adopted pursuant to that subsection shall not be made until four weeks after the draft has been submitted to both Houses of the States General, except if, in the opinion of Our Minister, the adoption of the order in council is urgent.

Regulations based on this article (delegated regulations)

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(01-05-2021)

Type of arrangement	law
Date of last change	1 May 2021
Id. no.	BWBR0020368
Legislative body	First responsible ministry:Finance

Financial Supervision Act