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Regulated commission bans been pursued by the Dutch asset management industry through bodies such as EFAMA at the European level. However, the proposals also affect the distribution potential of funds brought into the country, according to groups such as Man Investments and UBS Global Asset Management.
Law firm Clifford Chance warned as early as February 2012 of the potential problems facing the Dutch industry in the wake of intended changes to MiFID, the Markets in Financial Instruments Directive. (See RDR in the Netherlands.)
Those responsible for developing business in the Netherlands on behalf of internationally-active groups say that there is now considerable focus locally on how the UK Retail Distribution Review is progressing - for example, to gauge the practical outcome on manufacturers and distributors, and how this might translate to the Dutch market scenario.
The fear remains... that by influencing the balance of power between manufacturers and distributors, the new rules could lead to a reduced ability on the part of manufacturers to negotiate prices, effectively squeezing the margins on their business further at a time when low interest rates have already made it difficult to generate the levels of return that investors want.