As of 1 January 2012, the exemption threshold has been increased from EUR 50,000 to EUR 100,000 and new ‘visual’ warnings are required for exempted offerings
As a result, the minimum investment thresholds resulting in exemption from the relevant licensing and/or prospectus requirements have been increased to EUR 100,000 instead of EUR 50,000. The new stricter rules apply in any event to all "offerings" taking place after 1 January 2012 (an "offering" includes the management of a financial product during its life time). Certain transitional provisions have been enacted for:
(a) parties merely managing individual investment objects offered before 1 January 2012 under the EUR 50,000 exemption; and
(b) collective investment schemes offered before 1 January 2012 in reliance on the 50,000 exemption.
Further explanation concerning those changes and the transitional provisions can be found in a letter from the Dutch Minister of Finance (Dutch only) and on the AFM website (Dutch only).
As of 1 January 2012, new mandatory warning rules apply to advertisements, offerings and marketing documentation relating to exempted offerings of individual investment objects, participation rights in collective investment schemes and securities.
Inclusion of these warning is not required for exempted offerings of securities to only “qualified investors” as defined under Dutch regulations.