Opinion on UK prudential supervision for the purposes of Section 130(f) and 134(2) of the Bgfo

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Question:

May a Dutch collective investment undertaking (UCITS) invest assets under management in deposits with a UK-domiciled bank?

Published: 08 December 2021

Latest update: 14 April 2026

Answer:

Yes, DNB has determined, for the purposes of Section 130(f) of the Decree on Business Conduct Supervision of Financial Enterprises (Besluit gedragstoezicht financiële ondernemingen – Bgfo), that prudential supervision in the United Kingdom provides adequate safeguards with respect to the interests that the law is designed to protect.

At the end of 2021, DNB decided that this assessment would in principle be valid for an indefinite period, but that it would be periodically reviewed. This review was conducted again in 2026 and, for the time being, does not warrant a revision of our opinion. However, we will continue to monitor relevant changes or developments in prudential supervision in the United Kingdom. We will announce any change in our opinion in good time.

Question 2:

May a Dutch collective investment undertaking (UCITS) have a counterparty risk of up to 10% of its assets in an OTC derivatives transaction if the counterparty is a UK-domiciled bank?

Answer 2:

Yes, DNB has determined, for the purposes of Section 130(f) of the Decree on Business Conduct Supervision of Financial Enterprises (Besluit gedragstoezicht financiële ondernemingen – Bgfo), that prudential supervision in the United Kingdom provides adequate safeguards with respect to the interests that the law is designed to protect.

At the end of 2021, DNB decided that this assessment would in principle be valid for an indefinite period, but that it would be periodically reviewed. This review was conducted again in 2026 and, for the time being, does not warrant a revision of our opinion. However, we will continue to monitor relevant changes or developments in prudential supervision in the United Kingdom. We will announce any change in our opinion in good time.

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