Hogan Lovells Acts for Assosim in Petition Against Dutch Government
08 March 2013
LONDON, 08 March 2013 – Hogan Lovells has successfully assisted Assosim (the Italian Intermediaries Association), among others, in petitioning against the European Commission, on an alleged breach of EU Law by the Dutch government, after SNS Bank's nationalisation last month.
Hogan Lovells' Competition team in Italy team worked jointly with its Financial Institutions group to petition on behalf of Assosim, against an alleged breach of law regarding the expropriation of subordinated bonds following the Dutch government taking control of the country’s fourth-largest lender.
The issue initially arose from the announcement that the subordinated bondholders would receive no refund following the expropriation. A meeting was held at the European Commission on 27 February 2013 to discuss the main issues concerning an alleged discrimination against the holders of subordinated bonds and the breach of TFUE (Treaty on the Functioning of the European Union) rules. Hogan Lovells then submitted a formal petition to the European Commission to seek additional information from the Dutch government.
On 6 March 2013 the European Commission formally opened a dossier to determine whether an infringement procedure would be warranted. The European Commission will now be seeking further information from the Netherlands and the Dutch government and will have 70 days to respond to the request.
The Hogan Lovells team was led from Rome by partner Gianluca Belotti and corporate financial institutions group partner Jeffrey Greenbaum. They were assisted by Sacha D'Ecclesiis (senior associate, ACER), Eugenia Gambarara (associate, ACER), Simone Terenzi, (associate, financial institutions group corporate) and Claudia Colomba (associate, financial institutions group corporate).
Hogan Lovells financial institutions group partner Jeffrey Greenbaum said:
"This is a significant issue for European financial regulation and its treatment of retail investors and we are pleased that the European Commission has decided to look into this matter further."
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