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Netherlands: Internet consultation on changes to definition of mutual fund and introduction of an opt-out scheme

Proposed changes to the mutual fund definition and a new opt-out scheme for smaller funds

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december 18, 2025

An internet consultation launched on December 15, 2025, concerns proposed changes to the definition of a mutual fund (fonds voor gemene rekening; FGR).

The proposal includes changing references to terms used in the Financial Supervision Act (Wet op het financieel toezicht; WFT) and introducing an optional FGR opt-out scheme for funds with no more than 20 unitholders, allowing these smaller funds to be treated as tax transparent.

Other aspects of the FGR, such as the investment criterion and the exception for repurchase funds, remain unchanged for now.

Read a December 2025 report prepared by the KPMG member firm in the Netherlands

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