# Dutch — Finance & Banking Sub-Lexicon

> **Scope.** This sub-lexicon covers two closely-related domains in a single per-language file: **Finance & Banking** (primary) and **Trading & Capital Markets**. The two were merged here because their vocabulary overlaps heavily (debt instruments, securities, exchange regulation) and translators typically need both at once. The two cross-language English-reference lexicons remain split: see `references/finance-banking.md` and `references/trading-capital-markets.md` as separate files.


Auto-generated from translation experience. Maps Dutch finance, banking, and security
law terms to their correct English equivalents. Covers facility agreements, security
documents, Dutch security interests (pledge/mortgage), Wft-regulated banking, AML/KYC,
and syndicated/project finance concepts under Dutch law.

## Facility Agreement Core Terms

| Dutch | English | Notes |
|---|---|---|
| kredietovereenkomst | facility agreement / credit agreement | |
| leningsovereenkomst | loan agreement | |
| geldleningsovereenkomst | money-loan agreement | BW 7:129 |
| rekening-courantkrediet | current account facility / overdraft | |
| revolverend krediet | revolving credit facility / RCF | |
| termijnkrediet | term loan | |
| faciliteit | facility | |
| tranche | tranche | |
| opname / trekking | drawdown / drawing / utilisation | |
| opnameverzoek / trekkingsverzoek | utilisation request / drawdown request | |
| beschikbaarheidsperiode | availability period / commitment period | |
| opnameperiode | drawdown period | |
| hoofdsom | principal amount | |
| rente | interest | |
| rentevaste periode | interest period | |
| variabele rente | floating rate | |
| vaste rente | fixed rate | |
| rentemarge | margin / spread | |
| referentierente | reference rate | |
| EURIBOR | EURIBOR | |
| risk-free rate (RFR) | risk-free rate / RFR | Post-LIBOR transition (€STR, SONIA, SOFR) |
| terugbetaling / aflossing | repayment | |
| vervroegde aflossing | prepayment / early repayment | |
| aflossingsschema | repayment schedule / amortisation schedule | |
| bulletaflossing | bullet repayment | |
| annuïtaire aflossing | annuity repayment | |
| lineaire aflossing | linear / straight-line repayment | |
| vervaldag / vervaldatum | due date / maturity date | |
| einddatum / eindvervaldag | final maturity date | |
| opeisbaarheid | acceleration / falling due | |
| versnelde opeising | acceleration | |
| verzuim / default | default | Cross-refers to Dutch BW 6:81 concept of verzuim |
| opeisingsgrond / grond voor opeising | event of default | |
| voorwaardelijk verzuim | potential event of default | |
| kredietnemer / leningnemer | borrower | |
| kredietgever / geldgever | lender / finance provider | |
| agent | agent / facility agent | |
| security agent / zekerhedenagent | security agent / security trustee | Dutch security is typically parallel-debt structured because Dutch law does not recognise trust |
| arrangeur | arranger | |
| mandated lead arranger (MLA) | mandated lead arranger / MLA | |
| syndicaat | syndicate | |
| syndicering | syndication | |
| consortium | consortium | |
| primaire syndicering / secundaire markt | primary syndication / secondary market | |
| overdracht van rechten | transfer of rights | |
| contractsoverneming | assumption of contract / novation | BW 6:159 — requires cooperation of all parties |
| subparticipatie | sub-participation | |

## Security Interests (Dutch Law)

| Dutch | English | Notes |
|---|---|---|
| zekerheid / zekerheidsrecht | security / security interest / security right | |
| goederenrechtelijke zekerheid | proprietary security | |
| persoonlijke zekerheid | personal security / guarantee | |
| pandrecht | right of pledge | BW 3:236 (possessory) and BW 3:237 (non-possessory) |
| vuistpand | possessory pledge | Asset transferred to pledgee; BW 3:236 |
| stil pandrecht / bezitloos pandrecht | non-possessory pledge / silent pledge | BW 3:237 — registered or notarial deed; asset stays with pledgor |
| openbaar pandrecht | disclosed pledge | With notice to the obligor (for claims) |
| eerste pandrecht / tweede pandrecht | first-ranking pledge / second-ranking pledge | |
| verpanding | pledging | |
| pandakte | deed of pledge | |
| hypotheek | mortgage | On registered property (real estate, ships, aircraft); BW 3:260 |
| eerste hypotheek | first-ranking mortgage | |
| bankhypotheek | bank mortgage / all-moneys mortgage | Secures all current and future debts to the bank — standard in NL |
| krediethypotheek | credit mortgage | Secures a specific credit relationship |
| vestigen (van een pandrecht/hypotheek) | to create / grant (a pledge / mortgage) | |
| notariële akte | notarial deed | Required for mortgage; recommended for non-possessory pledge |
| registratie van pandakte | registration of pledge deed | Bezitloos pandrecht registered with tax authorities |
| executie | enforcement / realisation | Sale of secured asset on default |
| openbare verkoop / executieverkoop | public auction / forced sale | |
| onderhandse verkoop | private sale | With court approval (BW 3:251) or as agreed |
| parate executie | summary enforcement / self-enforcement | Secured creditor can enforce without judgment |
| borgtocht | surety / guarantee (personal) | BW 7:850 — personal guarantee by a surety |
| particuliere borgtocht | consumer surety | Subject to special formalities under BW 7:857 |
| garantie / concerngarantie | guarantee / corporate guarantee / group guarantee | |
| bankgarantie | bank guarantee | Abstract or conditional; often on-demand |
| afroepgarantie / on-demand garantie | on-demand guarantee | |
| achterstelling | subordination | |
| achterstellingsovereenkomst | subordination agreement / deed of subordination | |
| intercreditoren overeenkomst | intercreditor agreement / ICA | |
| parallel debt | parallel debt | Dutch law does not recognise trust — secured creditor's position established via parallel debt to security agent |
| accessoriteit | accessoriness | Dutch security is accessory — depends on existence of secured claim (hence parallel debt to sidestep) |
| pluraliteit van rechthebbenden | multiple beneficiaries | Issue motivating parallel-debt constructs |
| derdenbeslag | third-party attachment / garnishment | |
| rangorde van schuldeisers | creditor ranking | |
| preferente schuldeiser | preferred / preferential creditor | |
| concurrente schuldeiser | unsecured / ordinary creditor | |
| bodemrecht (fiscus) | bottom right (tax authority) | Statutory lien of tax authority over "bodem-goederen" at premises — prevails over non-possessory pledge in some cases |
| bodemvoorrecht / bodemzaakbegrip | bottom privilege / bottom assets | Peculiar Dutch tax lien concept — gloss for foreign readers |

## Drawing Conditions and Covenants

| Dutch | English | Notes |
|---|---|---|
| opschortende voorwaarden (conditions precedent) | conditions precedent | |
| documentaire voorwaarden | documentary conditions | |
| opschortende voorwaarden voorafgaand aan iedere trekking | conditions precedent to each utilisation | |
| verklaringen en garanties | representations and warranties | |
| herhaling (van verklaringen) | repetition (of representations) | |
| affirmatieve convenants | affirmative covenants / undertakings | |
| negatieve convenants | negative covenants | |
| financiële convenants | financial covenants | |
| leverage ratio | leverage ratio / net debt to EBITDA | |
| interest cover ratio (ICR) | interest cover ratio | |
| debt service cover ratio (DSCR) | debt service cover ratio | |
| loan to value (LTV) | loan-to-value ratio | |
| gearing ratio | gearing ratio | |
| verplichte betalingen / mandatory prepayment | mandatory prepayment | |
| vrijwillige vervroegde aflossing | voluntary prepayment | |
| cash sweep | cash sweep | |
| illegality | illegality | |
| material adverse change (MAC) / wezenlijke negatieve wijziging | material adverse change / MAC | |
| cross default / kruiselings verzuim | cross-default | |
| cross acceleration | cross-acceleration | |
| change of control / wijziging van zeggenschap | change of control | |
| negative pledge / negatieve pandverklaring | negative pledge | |

## Banking Regulation (Wft and AML)

| Dutch | English | Notes |
|---|---|---|
| Wet op het financieel toezicht (Wft) | Financial Supervision Act | Core Dutch prudential and conduct regulation |
| Besluit prudentieel toezicht financiële groepen Wft | Financial Groups Prudential Supervision Decree | |
| De Nederlandsche Bank (DNB) | Dutch Central Bank | Prudential supervisor (twin-peaks with AFM) |
| Autoriteit Financiële Markten (AFM) | Authority for the Financial Markets | Conduct/market supervisor |
| vergunning (Wft) | Wft licence / authorisation | |
| kredietinstelling | credit institution | |
| bank (in de zin van de Wft) | bank (within the meaning of the Wft) | |
| beleggingsonderneming | investment firm | |
| financiële dienstverlener | financial service provider | |
| geschiktheid en betrouwbaarheid | suitability and integrity | Fit-and-proper test for executives |
| toetsing / geschiktheidstoets | suitability test / assessment | |
| gedragstoezicht | conduct supervision | |
| prudentieel toezicht | prudential supervision | |
| zorgplicht | duty of care | Enhanced Dutch duty of care for financial service providers to consumers |
| bijzondere zorgplicht | special / enhanced duty of care | Case-law derived — Hoge Raad jurisprudence on advice and derivatives |
| know your customer (KYC) / cliëntenonderzoek | customer due diligence | |
| vereenvoudigd cliëntenonderzoek | simplified due diligence | |
| verscherpt cliëntenonderzoek | enhanced due diligence | |
| ultimate beneficial owner (UBO) / uiteindelijk belanghebbende | ultimate beneficial owner / UBO | |
| UBO-register | UBO register | Maintained by KvK |
| politically exposed person (PEP) | politically exposed person / PEP | |
| Wwft | AML/CFT Act | Wet ter voorkoming van witwassen en financieren van terrorisme |
| ongebruikelijke transactie | unusual transaction | Wwft term — triggers reporting to FIU-Nederland |
| melding ongebruikelijke transactie | report of unusual transaction | To FIU-Nederland (Financial Intelligence Unit) |
| FIU-Nederland | FIU Netherlands | |
| sanctiewet | Sanctions Act | Sanctiewet 1977 implements UN/EU sanctions |
| sanctielijsten | sanctions lists | |
| verplichte identificatie | mandatory identification | |
| risicogebaseerde benadering | risk-based approach | |

## Dutch Drafting Conventions in Finance Documents

| Dutch | English | Notes |
|---|---|---|
| Partijen komen overeen | The Parties agree | |
| Kredietnemer verbindt zich jegens Kredietgever | Borrower undertakes to Lender | |
| onverwijld | without delay / forthwith | |
| op eerste verzoek | on first demand | |
| hoofdelijk en ondeelbaar / hoofdelijk aansprakelijk | jointly and severally / joint and several liability | BW 6:6 |
| pari passu | pari passu | |
| gelijke rang | equal ranking / pari passu | |
| toerekening van betalingen | application of payments | |
| compensatie / verrekening | set-off | BW 6:127 |
| schuldvergelijking | set-off (tax/traditional term) | |
| bruto-/netto-bedrag | gross / net amount | |
| gross-up | gross-up | |
| bronbelasting | withholding tax | |
| vrijwaring voor belastingen | tax indemnity / tax gross-up | |
| yield protection | yield protection / increased costs | |
| break costs / vergoeding bij vervroegde aflossing | break costs | |
| hoofdelijk debiteur | joint and several debtor | |
| borg | surety | Narrow sense — personal guarantor under BW 7:850 |
| regres | recourse / indemnity | |
| subrogatie | subrogation | BW 6:150 |

## Insolvency and Restructuring (Finance Context)

| Dutch | English | Notes |
|---|---|---|
| faillissement | bankruptcy | For corporates and individuals |
| faillissementsaanvraag | petition for bankruptcy | |
| faillissementsvonnis | bankruptcy order / adjudication | |
| curator | trustee in bankruptcy | |
| rechter-commissaris | supervisory judge | Oversees curator |
| boedel | insolvency estate | |
| boedelschuld | estate claim | Has priority over pre-bankruptcy claims |
| preferente vordering | preferential claim | |
| bevoorrechte vordering | privileged claim | |
| separatist | separatist | Secured creditor who can enforce as if no bankruptcy — pledgee/mortgagee |
| afkoelingsperiode | cooling-off period | Short (2+2 months) stay on enforcement in bankruptcy |
| surseance van betaling | suspension of payments | Debtor-in-possession-style moratorium; being phased out by WHOA |
| WHOA — Wet homologatie onderhands akkoord | Dutch Scheme | Court-confirmed scheme to restructure debts; can bind dissenting creditors |
| akkoord | composition / scheme of arrangement | In bankruptcy, surseance, or WHOA |
| homologatie | court confirmation | |
| herstructurering | restructuring | |
| pre-insolventie akkoord | pre-insolvency composition | |
| paulianeus | fraudulent / avoidable | BW 3:45 (actio pauliana) and Faillissementswet 42 |
| pauliana | actio pauliana | Avoidance of transactions prejudicial to creditors |
| klasseindeling | class composition | WHOA classes |
| dwangakkoord | cram-down / enforced composition | WHOA enforcement across classes |
| aandeelhoudersakkoord (WHOA) | shareholder class (WHOA) | |

## Notes for Translators

- **Pandrecht**: Always translate as "pledge" — the security over moveable assets and claims. Do not use "security interest" alone (too generic). Distinguish "possessory pledge" (vuistpand) from "non-possessory pledge" (stil pandrecht/bezitloos pandrecht) — the latter is the dominant form in commercial finance.
- **Hypotheek**: Mortgage over registered property (real estate, ships, aircraft). Never "hypothec" in English translation (that's the civil-law term). Also never "pledge" for hypotheek.
- **Parallel debt**: Critical concept for Dutch-law secured transactions. Dutch law requires the secured creditor to be the claim-holder (accessoriness), so syndicated financings use a parallel-debt mechanic: each lender's claim is mirrored by a claim of the security agent against the borrower, and security secures that parallel debt. Preserve "parallel debt" untranslated in English.
- **Bodemrecht / bodemvoorrecht**: A Dutch tax-law oddity: the Belastingdienst (Tax Authority) has a statutory lien on "bodem-goederen" (bottom-assets, i.e. moveables present at the debtor's premises) that can override a non-possessory pledge. Translate as "bottom right" or "bottom privilege" with a gloss; foreign readers need the warning.
- **Bank mortgage / bankhypotheek**: Standard Dutch market practice — mortgage secures all current and future claims the bank has against the debtor, not just one specific loan. Note on first use.
- **Notariële akte**: Notarial deed — required for mortgages and (optionally but typically) for non-possessory pledges. In the Netherlands, this is a deed executed before a civil-law notary. Don't confuse with US-style notarisation (witnessing only).
- **Verzuim / ingebrekestelling**: Dutch law requires a formal notice of default (ingebrekestelling) to put the debtor in default (verzuim) before certain remedies (damages, termination) become available. Contracts often waive this requirement — preserve in translation ("without prior notice of default"). BW 6:82.
- **DNB and AFM**: The Dutch "twin peaks" model — DNB is prudential supervisor, AFM is conduct supervisor. Spell out both on first mention: De Nederlandsche Bank (DNB) and Autoriteit Financiële Markten (AFM).
- **Wft terminology**: The Wet op het financieel toezicht is the Dutch implementation umbrella for CRD/CRR, MiFID, Solvency, and other EU directives. "Financial Supervision Act" is the official translation; keep "Wft" as the short reference.
- **Zorgplicht**: Dutch banks and financial advisers owe a duty of care that can exceed what contract law requires. In the well-known Hoge Raad case law, this is called "bijzondere zorgplicht" (special duty of care). Translate as "duty of care" with "special/enhanced duty of care" reserved for the case-law doctrine.
- **Achterstelling vs subordinatie**: Dutch uses "achterstelling" for subordination; "subordinatie" is rare. Translate both as "subordination".
- **WHOA**: The Dutch Scheme Act of 2021 — use "WHOA" or "Dutch Scheme" with full name on first mention. Don't translate as "Act on Confirmation of Private Composition" (too literal). Analogous to English schemes of arrangement and US Chapter 11 cramdown.
- **Surseance van betaling**: Historical Dutch suspension of payments proceeding. Still technically in force but largely replaced by WHOA in practice. Translate as "suspension of payments" or "moratorium".
- **Separatist**: In Dutch bankruptcy, a secured creditor (pledgee/mortgagee) that can enforce "as if there were no bankruptcy" — do NOT translate as "separatist" (which has political connotations in English). Use "separatist creditor" with gloss on first use, or alternatively describe as "secured creditor with independent enforcement rights".
- **"Verklaringen en garanties"**: Calque from English "representations and warranties". Translate directly as "representations and warranties". Do not use "declarations and guarantees" (which would be misleading — "guarantee" has a specific credit-support meaning).
- **"Opeisbaar"**: Due and payable (and enforceable on demand). Distinguish from merely "due" — opeisbaarheid triggers acceleration rights.
- **"Jegens" vs "tegenover"**: Both mean "towards" — jegens has a more formal/legal register. Translate both as "to" or "towards" depending on context.
- **"Rentevast" vs "vaste rente"**: rentevast = interest-rate-fixed period (specific interest period); vaste rente = fixed-rate (as opposed to floating). Translate differently.
- **Belgian Dutch finance documents**: Use Belgian Civil Code and Code of Economic Law references; Belgian pledge law was substantially reformed by the Pledge Act of 2013 (in force since 2018). Key differences: Belgian pledges on moveables can be registered in the national pledge register; mortgage law structurally similar to Dutch but with Belgian-specific priority rules. Flag Belgian documents for cross-check.

---

## Trading & Capital Markets — Dutch

Auto-generated from translation experience. Maps Dutch trading, capital markets,
securities, and listed-company terms to their correct English equivalents.
Dutch capital markets law is driven by the Wet op het financieel toezicht (Wft),
EU regulations (MiFID II/MiFIR, Prospectus Regulation, MAR, CSDR, EMIR, SFDR,
SFTR, CSRD), and BW Book 2 Title 9 (annual accounts) and Title 8 (large-company
governance).

## Market Infrastructure and Participants

| Dutch | English | Notes |
|---|---|---|
| financiële markten | financial markets | |
| gereglementeerde markt | regulated market | MiFID II — Euronext Amsterdam |
| multilateral trading facility (MTF) | multilateral trading facility | |
| organised trading facility (OTF) | organised trading facility | |
| beursnotering | listing | |
| Euronext Amsterdam | Euronext Amsterdam | Primary Dutch stock exchange |
| effectenbeurs | securities exchange | |
| beheerder / beursbeheerder | market operator | |
| beleggingsonderneming | investment firm | MiFID-regulated entity |
| beleggingsdienstverlener | investment service provider | |
| beleggingsadviseur | investment adviser | |
| vermogensbeheerder | asset manager / portfolio manager | |
| beleggingsinstelling | investment fund / collective investment undertaking | |
| beheerder van een beleggingsinstelling | AIFM / UCITS manager | |
| bewaarder / depositary | depositary | |
| effectenclearinginstelling | CCP / clearing house | |
| effectenafwikkelsysteem | settlement system | CSDR-regulated |
| centraal effectenbewaarbedrijf (CSD) | central securities depository | |
| Euroclear Nederland | Euroclear Nederland | Dutch CSD |
| tussenpersoon / intermediair | intermediary | |
| gekwalificeerde belegger / professionele belegger | qualified investor / professional investor | |
| retail investor | retail investor | |

## Regulators and Supervisory Framework

| Dutch | English | Notes |
|---|---|---|
| Wet op het financieel toezicht (Wft) | Financial Supervision Act | |
| AFM (Autoriteit Financiële Markten) | Authority for the Financial Markets | Conduct supervisor |
| DNB (De Nederlandsche Bank) | Dutch Central Bank | Prudential supervisor |
| ESMA | ESMA | European Securities and Markets Authority |
| EBA | EBA | European Banking Authority |
| EIOPA | EIOPA | |
| ECB / Europese Centrale Bank | ECB | Banking supervision (SSM) |
| SRB / Single Resolution Board | SRB | Bank resolution |
| AP (Autoriteit Persoonsgegevens) | Dutch DPA | |
| ACM | ACM | Authority for Consumers & Markets |
| financieel toezicht | financial supervision | |
| twin peaks-model | twin-peaks model | Dutch supervisory architecture |
| vergunning | licence / authorisation | |
| Wft-vergunning | Wft authorisation | |
| MiFID-vergunning | MiFID authorisation | |
| paspoort-regeling | passporting regime | EU cross-border activities |
| branche | branch | |
| dienstverrichting | cross-border provision of services | |

## Conduct of Business and Investor Protection

| Dutch | English | Notes |
|---|---|---|
| zorgplicht | duty of care | Broader Dutch general duty of care |
| ken-uw-cliënt (KYC) | know your client | |
| cliëntacceptatie / CDD | customer due diligence | |
| Wwft (Wet ter voorkoming van witwassen en financieren van terrorisme) | AML Act | |
| Sanctiewet | Sanctions Act | |
| geschiktheid / passendheid | suitability / appropriateness | MiFID II suitability vs appropriateness |
| execution-only | execution-only | |
| niet-complexe instrumenten | non-complex instruments | |
| complex product | complex product | |
| provisieverbod | ban on commissions / inducements | Wft Art. 86b+ — sweeping ban on commissions from product providers |
| KID / PRIIP KID | KID / PRIIP KID | Key Information Document |
| ESMA-productinterventies | ESMA product interventions | Binary options, CFDs |
| best execution | best execution | MiFID II Art. 27 |
| belangenconflicten | conflicts of interest | |
| cliëntcategorisatie | client categorisation | |

## Prospectus and Public Offering

| Dutch | English | Notes |
|---|---|---|
| prospectus | prospectus | EU Prospectus Regulation (EU) 2017/1129 |
| prospectusplicht | prospectus obligation | |
| particulier bod / private placement | private placement | |
| uitgifte van effecten | issue of securities | |
| uitgevende instelling / emittent | issuer | |
| eerste notering / IPO | initial public offering / IPO | |
| vervolgemissie / SPO | secondary offering | |
| rights issue / claimemissie | rights issue | |
| accelerated bookbuild (ABB) | accelerated bookbuild | |
| bookrunner | bookrunner | |
| onderschrijvingsovereenkomst / onderwriting | underwriting agreement | |
| overtoewijzingsoptie / greenshoe | over-allotment option / greenshoe | |
| stabilisatieperiode | stabilisation period | Commission Delegated Regulation 2016/1052 |
| lockup / lock-up | lock-up agreement | |
| pricing statement | pricing statement | |
| prospectussamenvatting | prospectus summary | |
| verrichtingsnota / wertpapierbeschrijving | securities note | |
| registratiedocument | registration document | |
| EU Growth-prospectus | EU Growth prospectus | |
| universal registration document (URD) | URD | |
| goedkeuring AFM | AFM approval | |
| passporting van prospectus | prospectus passporting | Across EEA |
| vrijstellingen | exemptions | Art. 1(4) and 3(2) PR |
| gekwalificeerde beleggers | qualified investors | |
| minder dan 150 natuurlijke personen/rechtspersonen | fewer than 150 persons | Private placement safe-harbour |

## Market Conduct (MAR)

| Dutch | English | Notes |
|---|---|---|
| Marktmisbruikverordening (MAR) | Market Abuse Regulation | (EU) 596/2014 |
| voorwetenschap | inside information | |
| handel met voorwetenschap | insider dealing | |
| marktmanipulatie | market manipulation | |
| openbaarmaking van voorwetenschap | disclosure of inside information | |
| uitstel van openbaarmaking | delayed disclosure | |
| insiderlijst | insider list | |
| managerstransacties | managers' transactions | PDMR dealings |
| closed periods | closed periods | Around results announcements |
| gesloten periode | closed period | |
| transactiemelding | transaction reporting | |
| STOR-melding | STOR | Suspicious transaction and order report |
| benchmarkverordening | Benchmark Regulation | (EU) 2016/1011 |

## Takeover and Offers

| Dutch | English | Notes |
|---|---|---|
| Wet openbare biedingen (incorporated in Wft and BOB) | Public Offers Act | Implements EU Takeover Directive |
| Besluit openbare biedingen Wft (BOB) | Public Offers Decree | |
| openbaar bod | public / tender offer | |
| vrijwillig bod | voluntary offer | |
| verplicht bod | mandatory offer | Triggered at 30% vote control |
| partieel bod | partial offer | |
| biedingsbericht | offer memorandum | |
| biedprijs | offer price | |
| equitable price | equitable price | Mandatory offer price standard |
| certain funds | certain funds | Must demonstrate financing certainty |
| bod in contanten / bod in aandelen | cash offer / share exchange offer | |
| werknemersraadpleging | employee consultation | SER merger code |
| SER Fusiegedragsregels | SER Merger Code | Dutch Social and Economic Council |
| Stichting Autoriteit Financiële Markten als biedingstoezichthouder | AFM as takeover supervisor | |
| standstill | standstill | Obligation to refrain from acquiring shares |
| break fee / reverse break fee | break fee | |
| fiduciary-out / uitgangsrecht | fiduciary-out | |
| squeeze-out | squeeze-out | BW 2:92a (corp) / 2:359c (offer-related) |
| sell-out | sell-out right | Minority's right to force buyout at 95% acquisition |
| biedprocedure | offer procedure | |
| gestanddoening | declaration unconditional | Offer becomes binding |
| naloopperiode | post-acceptance period | |
| deal protection | deal protection | |
| position statement | position statement | Target board's response to offer |

## Listed Company Governance and Disclosure

| Dutch | English | Notes |
|---|---|---|
| Corporate Governance Code / Nederlandse Corporate Governance Code | Dutch Corporate Governance Code | "Apply or explain"; overseen by Monitoring Commissie |
| monitoring commissie | Monitoring Committee | |
| one-tier board | one-tier board | |
| two-tier board | two-tier board | Management board + supervisory board |
| RvB (Raad van Bestuur) | Management Board | |
| RvC (Raad van Commissarissen) | Supervisory Board | |
| executive directors | executive directors | |
| non-executive directors | non-executive directors | |
| independent commissioners | independent supervisory directors | |
| CEO / CFO | CEO / CFO | Retained English |
| voorzitter / president-commissaris | chair / chair of supervisory board | |
| remuneratiecommissie | remuneration committee | |
| auditcommissie | audit committee | |
| selectie- en benoemingscommissie | selection and appointment committee | |
| beloningsbeleid | remuneration policy | Binding vote; SRD II |
| beloningsverslag | remuneration report | Advisory vote |
| jaarrekening | annual accounts | |
| jaarverslag / bestuursverslag | annual report / management report | |
| accountantsverklaring | auditor's report | |
| controlverklaring | audit opinion | |
| publicatie jaarcijfers | publication of annual figures | |
| halfjaarbericht | half-year report | |
| trading update / kwartaalbericht | trading update / quarterly report | |
| financiële kalender | financial calendar | |
| ad-hoc publicatie | ad-hoc publication | Under MAR |

## Shareholder Rights and Activism

| Dutch | English | Notes |
|---|---|---|
| algemene vergadering | general meeting | |
| stemgerechtigd | entitled to vote | |
| registratiedatum | record date | 28 days before meeting (BW 2:119) |
| agenderingsrecht | right to add agenda items | 3% shareholding threshold for BV/NV |
| enquêterecht | right to inquiry proceedings | BW 2:344+ — before Ondernemingskamer |
| wanbeleid | mismanagement | Test for inquiry remedies |
| onmiddellijke voorzieningen | immediate provisions | OK can impose |
| proxy-solicitation | proxy solicitation | |
| stemadviesbureaus (ISS, Glass Lewis) | proxy advisers | |
| shareholder engagement | shareholder engagement | SRD II driver |
| aandeelhoudersactivisme | shareholder activism | |
| 203 / responsetijd | response time | Dutch Corporate Governance Code — up to 180 days |
| Stichting Continuïteit / preferred-share foundation | continuity foundation | Dutch anti-takeover device |
| Stichting Administratiekantoor (STAK) | trust-office foundation | Issues depositary receipts |
| depositary receipts / certificaten van aandelen | depositary receipts | |
| certificaathouders met vergaderrecht | receipt-holders with meeting rights | |
| prioriteitsaandelen | priority shares | Enhanced voting/governance rights |
| golden share | golden share | Usually government-held |

## Derivatives, Short Selling and Disclosure

| Dutch | English | Notes |
|---|---|---|
| derivaten | derivatives | |
| EMIR (EU) No 648/2012 | EMIR | European Market Infrastructure Regulation |
| verplichte clearing | mandatory clearing | |
| risk mitigation | risk mitigation | |
| Shortsellingverordening | Short Selling Regulation | (EU) 236/2012 |
| short positie / netto short positie | short position / net short position | |
| meldingsplicht short position | short selling notification | 0.1% threshold |
| ongedekte short sale | uncovered short sale | |
| locate rule | locate rule | |
| substantial holding notification / Wft-melding | substantial holding notification | Thresholds: 3, 5, 10, 15, 20, 25, 30, 40, 50, 60, 75, 95% (BW / Wft) |
| Wet melding zeggenschap | (historic) Significant Control Notification Act | Now in Wft |
| SFTR | SFTR | Securities Financing Transactions Regulation |
| SFDR | SFDR | Sustainable Finance Disclosure Regulation |
| CSRD / ESRS | CSRD / ESRS | Corporate Sustainability Reporting |
| Taxonomy-verordening | Taxonomy Regulation | (EU) 2020/852 |

## Crypto and Digital Assets

| Dutch | English | Notes |
|---|---|---|
| MiCA-verordening | Markets in Crypto-Assets Regulation (MiCA) | (EU) 2023/1114 |
| crypto-activa | crypto-assets | |
| asset-referenced token (ART) | asset-referenced token | |
| e-money token (EMT) | e-money token | |
| utility token | utility token | |
| CASP (crypto-asset service provider) | CASP | |
| DLT / distributed ledger technology | DLT | |
| DLT Pilot Regime | DLT Pilot Regime | (EU) 2022/858 |
| tokenisatie | tokenisation | |
| witwasrisico crypto | AML risk in crypto | |

## Notes for Translators

- **Twin-peaks model**: Dutch regulatory architecture since 2002 — DNB = prudential supervisor (capital, solvency, governance). AFM = conduct supervisor (distribution, disclosure, market integrity). Both roles are "twin peaks" — unique outside UK/Australia. Translate "Autoriteit Financiële Markten" as "Authority for the Financial Markets" or "AFM"; "De Nederlandsche Bank" as "Dutch Central Bank" or "DNB".
- **Wft (Wet op het financieel toezicht)**: Comprehensive Dutch financial services regulation. Covers banking, insurance, investment firms, funds, prospectuses, takeovers, market abuse. Translate as "Financial Supervision Act"; retain "Wft" on frequent use with gloss.
- **Substantial holding notifications**: Dutch thresholds — 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75%, 95%. Notification to AFM and issuer. One of stricter EU regimes (many Member States use only some thresholds). Key for M&A and activist investors.
- **30% mandatory bid threshold**: Dutch mandatory offer is triggered at 30% of voting rights (lowest in EU along with some other jurisdictions). "Verplicht bod" — translate consistently as "mandatory offer" and flag 30% threshold if audience unfamiliar.
- **Stichting Continuïteit / preferred-share foundation**: Unique Dutch anti-takeover device. Foundation holds option to acquire preferred shares diluting hostile bidder's voting power. Used by ASML, KPN, DSM, Philips, etc. Translate as "continuity foundation" or "protective foundation"; preserve "Stichting Continuïteit" on first use with gloss.
- **STAK / Stichting Administratiekantoor**: Trust-office foundation — holds shares and issues depositary receipts ("certificaten"). Common in private M&A structuring, family businesses, listed company takeover defence. Receipt-holders may or may not have meeting rights. Translate as "trust-office foundation" with gloss.
- **Enquêteprocedure / Ondernemingskamer**: Unique Dutch shareholder remedy. Minority (typically 10%+ or EUR 200m+ listed) can petition Enterprise Chamber for inquiry into company affairs. If "wanbeleid" (mismanagement) found, Chamber can impose far-reaching measures. Often used strategically in M&A disputes (Fortis, ABN AMRO, Delta Lloyd, Unilever). Translate as "inquiry proceedings" or "enquête proceedings" with gloss.
- **Dutch Corporate Governance Code**: "Apply or explain" code for listed Dutch NVs. Updated 2022 — added sustainability, diversity, culture provisions. Overseen by Monitoring Committee. Translate as "Dutch Corporate Governance Code"; flag version date.
- **Nederlandse Corporate Governance Code Response Time**: Controversial Dutch concept. Code allows board 180-day response time to major strategic proposals from shareholders. Pushed by activism. Translate as "response time" with gloss.
- **Provisieverbod**: Dutch ban on commissions from product providers to investment firms/advisers/mortgage brokers (since 2013, broader than MiFID II inducements regime). Covers most retail financial products. Translate as "commission ban" / "ban on inducements".
- **SER Fusiegedragsregels**: Social and Economic Council Merger Code — procedural rules requiring consultation with trade unions and works council in M&A. Not statutory but quasi-binding. Translate as "SER Merger Code".
- **MAR (Marktmisbruikverordening)**: EU Regulation directly applicable. Same in Dutch and English scope. Preserve "MAR" abbreviation; translate "Marktmisbruikverordening" as "Market Abuse Regulation".
- **Biedingsbericht vs offer memorandum**: Offer memorandum required under BOB (Besluit openbare biedingen Wft) for public offers on Euronext Amsterdam-listed companies. AFM approval required. Translate as "offer memorandum" (standard market usage in English).
- **Gestanddoening**: When offeror declares offer unconditional (minimum acceptance and other conditions met) — irreversible commitment. Translate as "declaration unconditional" or "wholly unconditional declaration"; preserve Dutch on first use for legal precision.
- **Squeeze-out Dutch framework**: Two routes — (1) BW 2:92a corporate squeeze-out at 95% ownership by any shareholder; (2) BW 2:359c takeover-related squeeze-out at 95% ownership post-public offer (shorter and more streamlined). Different procedures before Ondernemingskamer. Translate as "squeeze-out" with reference to applicable BW article.
- **One-tier vs two-tier board**: Dutch listed companies can choose either. Two-tier (traditional) = separate management board (RvB) and supervisory board (RvC). One-tier (since 2013) = single board with executive and non-executive directors. Different rules apply (especially regarding conflict of interest). Always identify the structure in translation.
- **Structuurregime / structure regime**: Mandatory large-company governance for NVs meeting thresholds (EUR 16M+ equity, works council, 100+ Dutch employees). Supervisory board appointment rights shift from GMS to co-optation; binding nominations by works council. Unique Dutch regime. Translate as "structure regime" / "large company regime" with gloss.
- **Certain funds**: English term used in Dutch public offers — bidder must demonstrate committed funds before announcing. Translate as "certain funds"; preserve English.
- **Break fee / reverse break fee**: Common in Dutch take-private deals. Limits under Dutch case law (not to exceed reasonable deal costs / harm). AFM scrutiny as potential disincentive to competing bids. Translate as "break fee" / "reverse break fee".
- **Wwft obligations for investment firms**: Extensive AML/CDD obligations. Key trigger points in advisory and execution services. Translate as "AML obligations" / "Wwft obligations"; preserve Wwft on frequent use.
- **CSRD / ESRS / SFDR / Taxonomy**: EU sustainability reporting framework now heavily affecting Dutch listed companies. Translate EU instrument names literally; preserve acronyms.
- **MiCA (2023/1114)**: Applicable to crypto-asset issuers/service providers; phased application 2024-2025. AFM/DNB are Dutch competent authorities. Translate as "MiCA" / "Markets in Crypto-Assets Regulation".
- **Belgian capital markets**: Belgian listed companies (Euronext Brussels) governed by Belgian Code of Companies and Associations and FSMA (conduct) / NBB (prudential). Belgian takeover thresholds differ (30% or 50% depending on circumstances). Belgian "Corporate Governance Code 2020" similar "apply or explain" approach. Flag Belgian documents for cross-check.
- **Certificaten / depositary receipts**: Unique Dutch instrument. Separate economic and governance rights. Receipt-holders have economic rights; STAK holds legal title and votes. Flag every depositary-receipt reference carefully.
- **Priority shares / prioriteitsaandelen**: Special shares with enhanced rights (binding nominations, veto over certain resolutions). Once common, rare since Dutch Corporate Governance Code disfavour. Still relevant in older structures. Translate as "priority shares".
