NETHERLANDS Law and Practice Contributed by: Vilmar Feenstra, Robert Veenhoven, Joyce Kerkvliet and Sebastiaan Verkerk, Loyens & Loeff N.V.
3.2 Fund Investment 3.2.1 Types of Investors in Retail Funds In general, private individuals invest in liquid funds, for the purpose of their personal wealth management. 3.2.2 Legal Structures Used by Fund Managers Dutch fund managers often adopt the legal form of a BV to carry on their risk and portfolio man - agement activities for the benefit of the invest - ment funds under management. 3.2.3 Restrictions on Investors There are no restrictions on the types of inves - Retail investment funds (or their fund manag - ers) have to be authorised on the basis of either the Dutch implementation of the AIFMD and the Dutch retail top-up regime if investors are able to invest less than EUR100,000, or the Dutch implementation of UCITS. With respect to authorised AIFMs with a retail top-up, in principle, no investment limitations apply. A Dutch UCITS, however, should take into account specific investment limitations as set out in the Dutch implementation of the UCITS Directive. 3.3.2 Requirements for Non-Local Service Providers See 2.3.2 Requirements for Non-Local Service Providers . tors that can invest in a retail fund. 3.3 Regulatory Environment 3.3.1 Regulatory Regime
tion applies as a result of which there is no pro - spectus requirement, a prospectus including the information required pursuant to Article 23 of the AIFMD should be made available and published on the AIFM’s website, to be supplemented with particular information deemed important for retail investors as set out in the retail top-up regime, such as: • certain information about the AIF; • the (co-)policymakers; • the procedure regarding amendment of fund terms; • reporting to investors; • the fund activities and investment strategy; • costs and remuneration; • information with respect to the participation rights; • risk profile of the fund; and • valuation of assets. Also, semi-annual accounts with respect to the AIFs will have to be published. As mentioned above, a KID needs to be pre - pared and made available to retail investors before they invest in an AIF, and thereafter on a continuous basis. AIFM Without Retail Top-Up AIFMs registered under the small manag - ers regime and authorised AIFMs under the fully licensed regime that market interests to retail investors for a countervalue of more than EUR100,000 per investor have to prepare a KID and make this available to investors before they invest in the AIF.
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