"As Europeans, we all are in the same boat, and therefore we should act in unison," zei Hanzo van Beusekom op de tiende Annual European Compliance and Legal Conference. "Not just because ‘we all breath the same air and we are all mortal’, as President John. F Kennedy once said. But also because we are all part of a…
Why this matters
This is a speech by AFM leadership at a compliance conference emphasizing the importance of unified European action on financial market regulation. The content references three themes—Resilience, AI, and Europe—and five conditions for centralized supervision, but provides no specific rules, guidance, or enforcement...
Interne auditfuncties bij financiële ondernemingen worden steeds professioneler. Uit onderzoek van de Autoriteit Financiële Markten (AFM) bij zes grote banken, vier verzekeraars en vijf grote financieel dienstverleners blijkt dat zij in toenemende mate investeren in onafhankelijke toetsing. We moedigen ondernemingen…
Why this matters
This is a regulatory guidance document from the AFM (Dutch financial regulator) presenting findings from a market survey on internal audit functions. It identifies expectations for banks, insurers, and financial service providers regarding independent testing and governance controls.
Per 23 juli 2026 is de verplichte driejaarlijkse herbeoordeling van de betrouwbaarheid van (mede)beleidsbepalers bij financiële ondernemingen in Caribisch Nederland (Bonaire, St. Eustatius en Saba) vervallen.Financiële instellingen en betrokken (mede)beleidsbepalers blijven verplicht om relevante wijzigingen of nieuwe…
Why this matters
The update announces the elimination of mandatory three-yearly trustworthiness reassessments for policy-makers at financial institutions in Caribbean Netherlands (effective 23 July 2026), aligning local oversight with European Netherlands practice.
Waarover maken pensioenspecialisten zich concreet druk in de pensioentransitie? En welke tip hebben ze voor de AFM? In deze interviewserie stellen we drie vaste vragen aan een pensioenprominent. Vandaag Kaya de Lange, algemeen directeur van premiepensioeninstelling (ppi) BeFrank: ‘Ik vind communicatie echt een…
Why this matters
This is an AFM news article featuring an interview with Kaya de Lange, CEO of BeFrank (a premium pension institution). The content discusses the Dutch pension system transition (transitie), emphasizing the importance of participant understanding and trust, communication clarity, and layered disclosure.
Aflevering 9 van de AFM-pensioenpodcast gaat over een uitspraak van de Geschilleninstantie pensioenfondsen (GIP) over het niet beantwoorden van deelnemersvragen door een pensioenfonds. Verder aandacht voor het verstrekken van informatie via de MijnOmgeving; hoe zorg je ervoor dat deelnemers die informatie ook gaan…
Why this matters
This is a podcast episode by the AFM (Dutch financial regulator) discussing a dispute resolution decision regarding pension fund obligations to answer participant questions and information disclosure via MijnOmgeving.
Een persoonlijke, evenwichtige en duidelijke toelichting. Die moeten pensioenuitvoerders hun deelnemers geven bij bedragen op het definitieve transitieoverzicht die afwijken van het prognose-transitieoverzicht. Bij haar onderzoek naar transitieoverzichten heeft dit de speciale aandacht van de AFM.
Why this matters
This is an AFM regulatory guidance article addressing pension administrators' obligations to provide clear, balanced, and personal explanations of differences between forecast and final transition statements.
Communicatie door pensioenuitvoerders over de uitkeringsfase heeft de nadrukkelijke onze aandacht. Het is belangrijk dat communicatie bijdraagt aan realistische verwachtingen bij deelnemers zodat voorzienbare teleurstellingen worden voorkomen. Het moment van toetreden tot de uitkeringsfase is een belangrijk…
Why this matters
The AFM (Dutch financial regulator) is announcing a formal compliance investigation into whether pension funds are meeting statutory communication requirements when participants enter the payout phase.
Hanzo van Beusekom houdt zich sinds 1 september in het AFM-bestuur bezig met pensioenen. Hij is een oudgediende bij de AFM, die ruime ervaring heeft met toezicht, onder meer in de accountancysector en de beurshandel. Wat is Hanzo voor persoon en waarop legt hij straks de accenten? Een portret.
Why this matters
The article is a biographical portrait of Hanzo van Beusekom, a newly appointed AFM board member responsible for pensions, insurance, and asset management. It discusses his background, management philosophy, and approach to risk-based supervision, but contains no binding rules, guidance, enforcement precedent, or...
Informatieverstrekking aan deelnemers gebeurt steeds vaker via de MijnOmgeving of de website van de pensioenuitvoerder. De deelnemer ontvangt daarbij een attendering, vaak via e-mail. Dat mag, als die attendering goed duidelijk maakt waarom de informatie belangrijk is. Dat vergroot de kans aanzienlijk dat de deelnemer…
Why this matters
This is an informational AFM bulletin clarifying regulatory expectations for how pension administrators (pensioenuitvoerders) must notify participants when providing information via websites or portals.
De naleving van de normen uit de Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft) en de Sanctiewet (Sw) door beheerders van beleggingsinstellingen is op belangrijke onderdelen verbeterd. Dat blijkt uit de vragenlijst van de Autoriteit Financiële Markten (AFM) over 2024. (Een groot deel van) de…
Why this matters
This is a regulatory news item reporting AFM's 2024 questionnaire findings on Wwft (AML) and Sanctiewet compliance by investment fund managers (AIFM). The update identifies specific compliance gaps (66% lack transaction profiles, 55% unregistered with FIU-Nederland, ~45% of daily policymakers lack Wwft training),...
De Autoriteit Financiële Markten (AFM) stelt elk kwartaal de toetsrente vast voor hypotheken met een rentevastperiode korter dan tien jaar. De toetsrente voor het vierde kwartaal van 2026 bedraagt 5%.
Why this matters
This is an informational announcement of the AFM's quarterly determination of the toetsrente (test rate) for mortgages with fixed-rate periods under 10 years, set at 5% for Q4 2026. The toetsrente is a pre-existing consumer protection mechanism used by mortgage lenders to calculate financing capacity.
1 op de 5 Nederlandse huishoudens zegt minder dan €1.000 op zijn spaarrekening te hebben staan. Dat zijn heel veel mensen en gezinnen die geen of te weinig geld hebben om onverwachte uitgaven te betalen. Dat raakt direct aan een belangrijke maatschappelijke opgave van de AFM en aan mijn motivatie voor mijn werk hier…
Why this matters
This is an informational blog article by Eva-Lotte Bakker (AFM head of market access) discussing financial resilience, savings buffers, and behavioral economics. It advocates for automatic savings as a default setting and highlights collaborative initiatives (SFGN, Wijzer in geldzaken) to help 500,000 Dutch households...
Jos Heuvelman, bestuurder bij de Autoriteit Financiële Markten, mag zich voortaan Officier in de Orde van Oranje-Nassau noemen. Hij kreeg de Koninklijke onderscheiding opgespeld door Hans Vijlbrief, minister van Sociale Zaken en Werkgelegenheid, in het bijzijn van Monique Bonsen-Lemmers, burgemeester van Woerden. Dit…
Why this matters
The content is a press release announcing a royal decoration (Officer in the Order of Orange-Nassau) awarded to Jos Heuvelman upon his retirement from the AFM. While it mentions his contributions to financial market confidence, pension transition, and consumer financial literacy, these are retrospective descriptions...
Het naleven van regels en wetgeving kost Nederland vele miljarden per jaar en de verwachting is dat dit toeneemt. Een kentering is dus noodzakelijk. Dat vraagt wel om commitment van ons allemaal, schrijft AFM-bestuursvoorzitter Laura van Geest in haar column voor het Financieele Dagblad. De column verschijnt op…
Why this matters
This is a column by AFM board chair Laura van Geest discussing the systemic issue of regulatory burden in the Netherlands (€16.8bn annually, 1.5% of GDP). While it references specific policy initiatives (EU Commission's 35% administrative burden reduction target, Cabinet-Jetten's 500 rules scrapping goal, and AFM's...
Verzekeraars rapporteren over 2025 opnieuw minder klachten dan over 2024. In 2024 nam het aantal klachten in álle deelmarkten af. In 2025 was diezelfde lichte daling te zien, maar wel stijging van het aantal klachten in de schadeverzekeringsmarkt. In 2025 werden klachten gemiddeld sneller afgehandeld. Dit blijkt uit…
Why this matters
This is an informational news release presenting AFM's annual complaints data collection from 170 insurers covering 2025. The report documents trends (overall 3.2% decline to 121,000 complaints, but a 5.1% rise in damage insurance complaints) and improved processing times (15.5 days average).
De Autoriteit Financiële Markten (AFM) heeft op 15 juli 2024 een bestuurlijke boete van € 375.000 opgelegd aan Vodafone Financial Services B.V. (Vodafone FS). Deze boete is op 18 juni 2026 door de rechtbank Rotterdam gematigd tot € 185.000 op grond van de ernst en duur, verwijtbaarheid en overschrijding van de…
Why this matters
This is a news item (press release) reporting a final enforcement decision by the AFM against Vodafone Financial Services for failing to conduct mandatory income and expenditure assessments (ILT) before granting consumer credit for phone purchases.
De Autoriteit Financiële Markten (AFM) publiceert de Beleidsregel geschiktheid Wta 2027 . De beleidsregel bevat het toetsingskader dat de AFM gebruikt voor geschiktheidstoetsingen van beleidsbepalers van accountantsorganisaties. Aanleiding is een wetswijziging waarin de geschiktheidseis wordt uitgebreid van…
AI Analysis
De AFM heeft de Beleidsregel geschiktheid Wta 2027 gepubliceerd als nieuw toetsingskader voor beleidsbepalers van accountantsorganisaties. Naar verwachting treedt de beleidsregel op 1 januari 2027 tegelijk met de Wijzigingswet accountancysector in werking, waardoor de geschiktheidseis wordt uitgebreid van uitsluitend OOB-accountantsorganisaties naar de grootste reguliere accountantsorganisaties.
Key dates
2026-08-20
De AFM publiceert de Beleidsregel geschiktheid Wta 2027.
2027-01-01
Beoogde inwerkingtredingsdatum van de Beleidsregel geschiktheid Wta 2027, gelijktijdig met de verwachte inwerkingtreding van de Wijzigingswet accountancysector.
Suggested considerations
Compliance teams may wish to map de omzet uit wettelijke controles en het aantal wettelijke controles over de laatste drie aaneengesloten boekjaren tegen beide cumulatieve drempels van €3 miljoen en 150 controles.
Betrokken accountantsorganisaties should consider identifying all functies die als beleidsbepaler of intern toezichthouder onder de Wta kunnen kwalificeren, inclusief relevante personen binnen het hoogste netwerkonderdeel.
Firms should consider performing a gap assessment against the Beleidsregel geschiktheid Wta 2027, met bijzondere aandacht voor collectieve geschiktheid, kennis en ervaring, tijdsbesteding, onafhankelijk oordeel, governance en integriteit.
Organisaties may wish to establish a forward-looking appointment and notification timetable so that nieuwe beleidsbepalers tijdig aan de AFM kunnen worden voorgelegd en eventuele wijzigingen in taken of verantwoordelijkheden afzonderlijk worden beoordeeld.
Accountancy groups should consider monitoring de publicatie in de Staatscourant, de definitieve inwerkingtreding van de Wijzigingswet accountancysector en eventuele overgangsbepalingen voordat zij formele conclusies trekken over de toepasselijkheid op een specifieke organisatie.
Firms involved in assurance over sustainability reporting should consider reviewing their role descriptions and competence matrices, while avoiding reliance on specifieke vereisten uit de Implementatiewet duurzaamheidsrapportering totdat de toepasselijke wetgeving daadwerkelijk in werking is.
What changed
De geschiktheidstoetsing gaat naar verwachting ook gelden voor beleidsbepalers van reguliere accountantsorganisaties die gedurende drie aaneengesloten boekjaren per boekjaar ten minste €3 miljoen omzet uit wettelijke controles behalen én ten minste 150 wettelijke controles uitvoeren. De criteria zijn cumulatief en zien op de accountantsorganisatie als geheel; marktcommentaar van SRA en Accountancy Vanmorgen bevestigt dat de uitbreiding vooral de grotere reguliere kantoren raakt, naar schatting ongeveer 10 tot 15 SRA-kantoren.
Compliance impact
De wijziging breidt een formele geschiktheidseis en AFM-toetsing uit naar een nieuwe, afgebakende groep reguliere accountantsorganisaties; niet-geschikte of niet tijdig beoordeelde beleidsbepalers kunnen daardoor gevolgen hebben voor benoeming, taakuitoefening en governance. De publicatie zelf geeft geen nieuwe sancties of definitieve datum naast de beoogde inwerkingtreding, zodat de praktische impact mede afhangt van de definitieve wet, overgangsregels en de toepasselijke toetsmomenten.
The financial sector has made major progress since the introduction of the Digital Operational Resilience Act (DORA). At the same time, as a result of its supervision and requests for information, the Dutch Authority for the Financial Markets (AFM) has identified areas requiring further action from financial…
Why this matters
AFM regulatory update on DORA compliance progress and implementation gaps. Informational content summarizing sector-wide developments, compliance improvements (94% register approval), and areas requiring attention (incident reporting, policy documentation, threshold calculations).
Op 11 oktober 2027 stappen de financiële markten in de Europese Unie over op een T+1-afwikkelingscyclus. De Europese Commissie heeft inmiddels de detailregels voor deze overgang vastgesteld. Daarom vraagt de AFM marktpartijen om verder te gaan - of te starten - met de T+1-voorbereidingen. Financiële ondernemingen die…
Why this matters
AFM announcement regarding T+1 settlement cycle transition scheduled for October 11, 2027 in the EU. Informational guidance on regulatory requirements and implementation deadlines (December 7, 2026 and October 11, 2027).
Many fund managers have their compliance and internal audit functions well organised. Nevertheless, improvements are needed. For example, documentation is not always up to date, fund managers do not always retain sufficient control when outsourcing, and decisions based on proportionality are often insufficiently…
Why this matters
AFM guidance on compliance and internal audit function improvements for fund managers. Addresses documentation quality, outsourcing oversight, and proportionality justification. Informational supervisory guidance from European Common Supervisory Action (CSA) coordinated by ESMA.
The Dutch Authority for the Financial Markets (AFM) and the French Autorité des Marchés Financiers (AMF) support the European Commission’s proposals to strengthen supervisory convergence and market integration through the Market Integration and Supervision Package (MISP). As discussions on the future of European…
AI Analysis
AFM and AMF have issued a joint position paper supporting the EU Commission’s Market Integration and Supervision Package (MISP) and setting out **five enablers** they see as conditions for effective, centralised EU‑level supervision by ESMA. This matters for compliance teams because it signals a medium‑term shift towards more **risk‑based, data‑driven, and ESMA‑centric supervision**, with impacts on funding models, governance expectations, data and reporting architecture, and enforcement across all major EU capital‑markets activities.
Key dates
22 July 2026
– AFM/AMF joint press release and position paper “From design to delivery – five enablers for effective European supervision” published, formally articulating the five enablers for centralised EU‑level supervision under the MISP
TBD (MISP legislative timeline)
– Specific dates for adoption and phased implementation of the Market Integration and Supervision Package will follow the EU legislative process; firms should anticipate a multi‑year transition with key milestones likely aligned to ESMA governance and funding reforms and initial scopes of direct supervision
Suggested considerations
Review and update the firm’s supervisory engagement strategy to include structured, proactive engagement with ESMA (not just NCAs), anticipating more direct interactions, thematic reviews, and data requests at EU level.
Assess current risk‑assessment and risk‑reporting frameworks to ensure they are compatible with a risk‑based and adaptive supervisory approach, including the ability to demonstrate how your firm identifies, measures, and mitigates emerging risks and new business models.
Conduct a gap analysis of data architecture and regulatory reporting, focusing on data quality, standardisation, and ability to feed into centralised EU data hubs; plan upgrades to systems, controls, and data governance to support ESMA‑level data centralisation.
Prepare for potential changes in supervisory levies and funding, by modelling the impact of EU‑level ESMA fees in addition to national contributions and incorporating them into medium‑term budgeting and pricing strategies.
Review governance arrangements, including board oversight, senior management responsibilities, and internal escalation processes, to ensure they can meet higher expectations of independent, transparent, and accountable governance under an ESMA‑centric model.
What changed
- ESMA is explicitly positioned as the central supervisory authority for selected capital‑markets activities, with national competent authorities (NCAs) expected to operate within a more formalised...
Supervisory objectives are reframed towards risk‑based and adaptive supervision, meaning firms should expect more differentiated supervisory intensity based on risk profile, business model, and...
The paper supports proportionate and transparent funding for ESMA, indicating a future where firms may be subject to EU‑level supervisory levies or fee structures in addition to national regimes,...
AFM and AMF call for independent, transparent, and accountable EU‑level supervisory governance, foreshadowing changes to ESMA’s decision‑making bodies, oversight processes, and accountability...
Data centralisation is identified as a core enabler, implying a stronger move towards EU‑wide data hubs, harmonised reporting formats, and central access for ESMA to transaction, position, and...
Compliance impact
The immediate impact is strategic rather than operational, but non‑compliance with future ESMA‑level requirements on data, governance, and cross‑border conduct could lead to EU‑wide enforcement, higher sanctions, and constraints on passporting and market access. Early alignment with the five enablers will position firms better for the coming supervisory architecture and reduce transition risk once binding rules are adopted.
De Autoriteit Financiële Markten (AFM) heeft op 16 januari 2026 een boete van €625.000 opgelegd aan de heer M. van Wettum wegens marktmanipulatie. Via een investeringsmaatschappij handelde Van Wettum op zo’n manier in aandelen van een beursgenoteerd bedrijf, dat daardoor een misleidend signaal aan de markt werd…
Why this matters
AFM enforcement action against individual for market manipulation through 'marking the close' trading practice on Euronext Amsterdam. Violation of EU Market Abuse Regulation Article 15. Informational regulatory enforcement news with €625,000 fine imposed on M.
Businesses procuring IT services should join forces more often, as this is key to strengthening their digital autonomy. Public authorities and businesses should make digital autonomy a core consideration in their procurement decisions, helping to drive the development of European digital services.
Why this matters
Dutch supervisory authorities' joint press release on digital autonomy and reducing IT service provider dependencies. Addresses operational resilience through supply chain risk management and cybersecurity considerations aligned with DORA and NIS2 Directive implementation.
Ook bij aanvullende zorgverzekeringen moet duidelijk zijn dat het belang van de klant wordt meegenomen bij de ontwikkeling van producten. Dit begint met een goede inrichting en uitvoering van het product approval and review process (PARP). De Autoriteit Financiële Markten (AFM) deed bij ontwikkelaars van aanvullende…
Why this matters
AFM guidance on supplementary health insurance product development processes (PARP). Addresses consumer protection through proper product governance, customer interest integration, and role clarity of second-line control functions. Informational regulatory guidance with no immediate compliance deadline indicated.
Het intern kwaliteitsonderzoek (IKO) moet een helder en diepgaand beeld geven van de kwaliteit van de afgeronde wettelijke controles. Plus leer- en verbeterpunten waarmee de accountantsorganisatie de controlekwaliteit verder kan versterken. De zes onderzochte OOB-accountantsorganisaties voeren het IKO uit volgens wet…
Why this matters
AFM guidance on improving internal quality reviews (IKO) for statutory audit organizations. This is informational content addressing audit quality assurance, monitoring mechanisms, and governance practices.
The design of online choice environments on platforms offering embedded insurance increases the risk that consumers will take out insurance that is not appropriate for their situation, for example because the cover overlaps with existing insurance policies. During the purchase process for a product or service…
Why this matters
AFM press release on embedded insurance practices. Focuses on consumer protection concerns regarding steering mechanisms in online choice environments that increase unsuitable product selection risk. Informational regulatory guidance calling for improved design practices rather than enforcement action.
Het Financieel Stabiliteitscomité (FSC) constateert tijdens zijn vergadering van 26 juni 2026 dat geavanceerde AI-modellen het cyberdreigingslandschap ingrijpend veranderen. Het FSC benadrukt dat financiële instellingen hun cyberweerbaarheid hierop moeten aanpassen en pleit voor sterkere coördinatie en betere…
Why this matters
FSC press release discussing AI-driven cybersecurity threats to financial stability, private credit growth monitoring, and resilience requirements. Informational statement from regulatory committee addressing systemic risks and coordination needs across financial sector.
Leren is hard werken, stelt bestuursvoorzitter Laura van Geest in haar periodieke column in Het Financieele Dagblad . Ze stelt dat dat geldt voor de eindexamenkandidaten het afgelopen jaar, voor de betrokkenen bij het coronabeleid en ook voor de financiële sector en haar toezichthouder. De column van Laura van Geest…
Why this matters
This is an opinion column by AFM Chair Laura van Geest discussing regulatory supervision philosophy and learning culture in financial services. It addresses how supervisors can balance enforcement with growth-oriented approaches, using examples from banking (anti-money laundering) and accounting sectors.
Met zo’n 175 professionals uit de pensioenwereld, was het AFM-pensioenevent op 4 juni afgeladen vol. Uit de enquête achteraf bleek dat een ruime meerderheid van de deelnemers tevreden was over het event. Enkelen stoorden zich aan de discussie tussen de AFM en de Pensioenfederatie bij de break-outsessie over…
Why this matters
This is an informational article about an AFM pension industry event covering cost transparency, choice guidance, and survivor pensions. The content discusses regulatory engagement with pension funds, execution organizations, and insurers on conduct and disclosure matters.
Waarover maken pensioenspecialisten zich concreet druk in de pensioentransitie? En welke tip hebben ze voor de AFM? In deze interviewserie stellen we drie vaste vragen aan een pensioenprominent. Vandaag Jeroen Steenvoorden, ombudsman pensioenen: ‘Een goede toezichthouder is soepel op het moment dat iets goed gaat, en…
Why this matters
Interview with pension ombudsman discussing Dutch pension system transition, focusing on member communication, choice guidance, and regulatory oversight. Content is informational/editorial rather than announcing new regulatory requirements.
Aflevering 8 van de AFM-pensioenpodcast 'Toezicht aan tafel' gaat over het opheffen van de leenrestrictie en transparant communiceren daarover naar je deelnemers. Verder aandacht voor fouten in digitale tools voor keuzebegeleiding. De luisteraarsvraag is dit keer van Jeroen Steenvoorden, de ombudsman pensioenen.
Why this matters
AFM podcast episode discussing pension plan loan restrictions removal and transparent member communication requirements. Covers conduct of business and disclosure obligations for pension providers. Informational/educational content from regulator, not urgent directive.
Veel pensioenuitvoerders gebruiken online tools voor keuzebegeleiding. Een aantal van die tools hebben we grondig geanalyseerd. In te veel gevallen stuitten we daarbij op fouten.
Why this matters
AFM guidance on testing online pension choice guidance tools for errors. Addresses consumer protection risks from faulty calculations and the need for proper testing procedures involving multiple expertise areas. Informational bulletin preceding a full investigation report.
Vrijwillige voortzetting van de pensioenregeling kan het mislopen van compensatie voorkomen. Stel je deelnemers in staat om hierover een passende keuze te maken. Deelnemers moeten weten dat deze keuze bestaat en wat de voorwaarden zijn.
Why this matters
AFM guidance on pension scheme voluntary continuation and compensation communication. Addresses inadequate disclosure practices by pension administrators regarding participant choice options and financial consequences. Informational regulatory guidance requiring improved consumer communication standards.
De Autoriteit Financiële Markten (AFM) is een professionele en doelmatige toezichthouder die haar wettelijke taken doeltreffend uitvoert en aantoonbare resultaten boekt. Dat blijkt uit de onafhankelijke evaluatie van het functioneren van de AFM als zelfstandig bestuursorgaan (zbo) over de periode 2021–2025. In het…
Why this matters
This is an informational news article announcing the AFM's five-year regulatory evaluation results (2021-2025). The evaluation covers the AFM's supervisory effectiveness across multiple domains including crypto, cybersecurity, and sustainability. It is a positive assessment with recommendations for improvement.
Donderdag 25 juni sprak Laura van Geest (bestuursvoorzitter AFM) bij de presentatie van de Netspar-bundel Het Nieuwe Pensioenlandschap: ‘Daarbij stond voor mij één vraag centraal: niet hoe we hier zijn gekomen, maar wat nodig is om future fit te zijn. Voor mij zit dat in iets ogenschijnlijk eenvoudigs: dat mensen…
Why this matters
Speech by AFM board chair on pension system reform, focusing on consumer understanding and trust in pension arrangements. Informational content addressing regulatory perspective on pension landscape challenges rather than prescriptive regulatory action.
De Autoriteit Financiële Markten (AFM) en De Nederlandsche Bank (DNB) consulteren wijzigingen in regels voor financiële ondernemingen in Caribisch Nederland. Het betreft regels die zijn vastgelegd in een beleidsregel en een regeling: de Beleidsregel AFM en DNB toepassing en uitvoering Wfm BES en Wwft BES 2012 en de…
Why this matters
AFM and DNB consultation on updated regulatory rules for financial enterprises in Caribbean Netherlands. Covers application of Wfm BES and Wwft BES legislation. Consultation period runs until 28 August 2026 with expected implementation in H2 2026.
Per 19 juni treedt de herziene Distance Marketing of Financial Services Directive (DMFSD) in werking. De DMFSD bevat regels ter bescherming van consumenten bij het online sluiten van overeenkomsten voor financiële diensten. De regels gaan over precontractuele informatie, een ontbindingsrecht voor consumenten en…
Why this matters
AFM regulatory guidance on DMFSD implementation (effective 19 June 2024) regarding consumer protection in online financial services. Addresses dark patterns and manipulative design in digital customer journeys across multiple financial sectors.
Per 20 november 2026 treedt de herziene richtlijn consumentenkrediet (CCDII) in werking. Aanbieders van consumptief krediet krijgen te maken met nieuwe en aangepaste verplichtingen. Daarnaast gaan voorheen uitgezonderde kredietvormen, zoals achteraf betalen ('buy now, pay later’), óók vallen onder de Wft. Check of uw…
Why this matters
AFM announcement regarding implementation of revised Consumer Credit Directive (CCDII) effective November 20, 2026. Covers expansion of regulatory scope to include buy-now-pay-later and other previously exempted credit forms.
Accountantsorganisaties zijn een belangrijke schakel in de naleving van de sancties tegen Rusland. Zij moeten niet alleen zelf voldoen, maar ook controleren of controlecliënten zich daaraan houden. Zo niet, dan zijn stappen nodig. Daar mag de maatschappij op vertrouwen. Accountantsorganisaties met een reguliere…
Why this matters
AFM and BFT joint regulatory update on sanctions risk management among accounting firms with regular licenses. Addresses awareness of Russia sanctions compliance, client screening, and control procedures. Informational guidance with improvement recommendations for the accounting sector's sanctions risk controls.
In its SREP Market Overview 2025, the AFM notes that many firms have their foundations in order, but that implementation is lagging behind. Internal control and IT risks, in particular, require improvement. The message is clear: ensure that policies are not merely in place, but that they demonstrably work in practice.
Why this matters
AFM's SREP Market Overview 2025 provides regulatory guidance on implementation gaps in internal controls, IT risk management, and governance. This is informational content highlighting supervisory expectations rather than announcing new rules.
This is a general newsletter subscription announcement from AFM highlighting their commitment to fair and transparent financial markets. It contains no specific regulatory requirements, deadlines, or actionable guidance.
This is a general newsletter announcement from AFM promoting fair and transparent financial markets. It contains no specific regulatory requirements, deadlines, or actionable guidance. The content is informational and promotional in nature, addressing the AFM's broad mandate across multiple sectors and firm types.
Advanced AI models can speed up the process of identifying and combining vulnerabilities. As a result, organisations have less time to address vulnerabilities and mitigate incidents. Small and medium-sized enterprises in particular, with less advanced security or older systems, may be relatively more vulnerable. The…
Why this matters
AFM speech addressing AI-driven cyber threats and resilience requirements. Applies broadly across financial services sectors with emphasis on vulnerability management, patch management, and incident response. Classified as informational/advisory content rather than binding regulation, hence null urgency.
Sections 16 and 16b of the Dutch Audit Firms Supervision Act (Wta) ensure that Auditors occupy a central position within the audit firm, enabling them to act in the public interest. Auditors must have a decisive influence within the audit firm. Following market consultation, the Netherlands Autoriteit Financiële…
AI Analysis
The AFM published a refined interpretation of Wta Articles 16 and 16b after market consultation, saying the rules require auditors to occupy a central governance role and to have decisive influence in audit firms. The guidance matters because the AFM will assess not only formal ownership and voting structures but also whether investor rights, shareholder agreements, and approval rights undermine auditors’ real control, especially in firms with private equity or other external capital.
Key dates
03 March 2026 Deadline
- Deadline for submitting consultation responses on the interpretation of Wta Articles 16 and 16b
15 June 2026
- AFM publishes the refined interpretation and feedback statement on Wta Articles 16 and 16b
Suggested considerations
Audit firms must review their governance model to confirm that auditors genuinely hold a central position in both management and ownership decision-making.
Audit firms must test whether their current structure gives auditors decisive influence in practice, not just on paper.
Audit firms with external capital must review shareholder agreements, voting agreements, veto rights, and reserved matters to ensure these do not override auditor control.
Audit firms must assess whether approval rights are limited to fundamental matters and do not extend to routine business control or editorial influence over audit judgments.
Compliance teams must map who actually determines day-to-day policy and who can block or steer decisions in practice.
What changed
- The AFM has refined its interpretation of Wta Articles 16 and 16b after receiving market feedback, while keeping the core principle that auditors must remain central and influential in the firm.
The AFM now expressly states that auditors must have decisive influence within the audit firm, not merely formal status or nominal voting rights.
The AFM confirms that the requirements also apply when an audit firm admits external investors, including private equity investors.
The AFM indicates that it will look at the actual exercise of control, not just the legal form, when assessing compliance with the Wta.
The AFM’s interpretation allows investor participation only so long as it does not prevent auditors from using their majority rights in practice or from acting in the public interest.
Compliance impact
The compliance impact is high because the AFM is signaling a substantive supervisory focus on whether investor-backed governance models preserve auditor independence and real control. Firms that rely on formal majority ownership without effective auditor decision-making power may face supervisory intervention, remediation demands, or pressure to restructure governance arrangements.
This is a general newsletter subscription announcement from AFM (Dutch financial regulator) emphasizing their commitment to fair markets and market conduct. No specific regulatory requirement, deadline, or enforcement action is mentioned. Content is informational/promotional in nature, therefore urgency is null.
Met een aantal aandachtspunten wil de Autoriteit Financiële Markten (AFM) financiële ondernemingen wijzen op de omgang met cliëntenonderzoek bij politiek prominente personen, politically exposed persons (PEPs). Uit een AFM-onderzoek blijkt dat ondernemingen bijvoorbeeld niet altijd maatwerk verrichten, terwijl elke…
Why this matters
AFM guidance on PEP (politically exposed persons) client due diligence procedures. Addresses AML/financial crime compliance with focus on risk-based approach, avoiding discrimination, proper definitions, outsourcing oversight, and staff training.
De Autoriteit Financiële Markten (AFM) diende in 2020 een tuchtklacht in tegen een externe accountant van een accountantsorganisatie met een reguliere vergunning, vanwege het in het maatschappelijk verkeer brengen van twee controleverklaringen waarop niet vertrouwd kon worden. Deze klacht werd eerder al grotendeels…
Why this matters
AFM enforcement action against external accountant for audit quality failures. Disciplinary case upheld on appeal regarding insufficient professional skepticism and inadequate audit evidence collection. Informational news update on regulatory enforcement and professional standards maintenance in financial services.
Waarover maken pensioenspecialisten zich concreet druk in de pensioentransitie? En welke tip hebben ze voor de AFM? In deze interviewserie stellen we drie vaste vragen aan een pensioenprominent. Vandaag Elske Heringa, onder andere vicevoorzitter van Bedrijfstakpensioenfonds Levensmiddelen: De overgang naar het nieuwe…
Why this matters
Interview-based news article featuring pension fund governance insights. Discusses board member competencies, diversity and inclusion in pension fund governance, and participant communication in the context of Dutch pension system transition. No regulatory action or deadline-driven content; informational in nature.
Het partnerpensioen is in het nieuwe stelsel standaard op risicobasis geregeld. Bij slechts een klein gedeelte van de actieve deelnemers die in 2024 overgingen naar het nieuwe stelsel, blijkt de dekking van het partnerpensioen dicht bij het maximum van 50 procent van het pensioengevend salaris, blijkt uit ‘Sector in…
Why this matters
AFM informational update on partner pension (partnerpensioen) coverage changes in the new Dutch pension system. Focuses on consumer protection through disclosure requirements and conduct expectations for pension providers and employers to inform participants about coverage gaps.
Van de eerste groep actieve deelnemers die overging naar het nieuwe pensioenstelsel (allemaal bij verzekeraars en ppi’s) blijkt een substantieel deel beperkt pensioen op te bouwen. Dat is een van de bevindingen in ‘Sector in beeld pensioenen 2026’, dat we vorige week publiceerden.
Why this matters
AFM regulatory update on pension sector transition to new system. Focuses on consumer protection issues (limited pension accrual, unrealistic expectations, information gaps) and reporting findings from 'Sector in beeld pensioenen 2026'. Informational content about regulatory monitoring and consumer complaint data.
Aflevering 7 van de AFM-pensioenpodcast Toezicht aan tafel staat in het teken van onze publicatie ‘Sector in beeld pensioenen 2026’.
Why this matters
AFM podcast discussing pension accumulation gaps ('grey area') among participants at insurers and PPIs based on 2024 data analysis. Focuses on consumer awareness of limited pension benefits and pension transition progress. Informational content from regulator, no immediate action required.
Voor gepensioneerden van wie het pensioenfonds invaart in de Flexibele Premieregeling (FPR) kan de keuze voor een variabele of vaste uitkering ingewikkeld zijn. En eventueel zelf een aanbieder zoeken voor een vaste uitkering eveneens. Het is belangrijk dat hun pensioenuitvoerder hen goed begeleidt bij de keuze voor…
Why this matters
AFM guidance on pension fund operators' obligations to properly guide retirees choosing between fixed and variable pension payouts under the Flexible Premium Regulation (FPR).
The escalation of the Middle East conflict leaves the global economy in a clearly worse state than previously expected. Higher inflation expectations, lower growth and heightened uncertainty are also affecting the financial sector, according to the annual Financial Stability Report from the Dutch Authority for the…
Tijdens de verenigingsdag van het Verbond van Verzekeraars stond Hanzo van Beusekom (AFM) stil bij de impact van data en digitalisering op de verzekeringssector. In zijn speech schetste hij hoe technologische ontwikkelingen het mogelijk maken om premies steeds persoonlijker te maken. Dat biedt kansen, zoals beter…
Why this matters
AFM speech addressing balance between data-driven personalization and insurance solidarity principles. Focuses on conduct expectations for insurers regarding algorithmic pricing and risk of consumer exclusion. Informational/guidance content rather than binding regulation, hence null urgency.
Vooral jongeren blijven achter bij het maken van beleggingskeuzes. Terwijl zij juist nog een lange beleggingshorizon hebben. Dat schrijft de Autoriteit Financiële Markten (AFM) in haar rapport ‘Sector in beeld pensioenen 2026’, gebaseerd op data van pensioenuitvoerders over 2024. Dit jaar bevat het rapport ook…
Why this matters
AFM sector report on pension developments in 2024, focusing on young participants' investment choices, complaint handling procedures, and transition to new pension system. Informational content for pension providers regarding conduct standards and disclosure requirements.
AFM-bestuursvoorzitter Laura van Geest verzorgde op 20 mei de keynote tijdens de AFME Sustainability Conference in Amsterdam.
Why this matters
This is a speech by AFM board chair at AFME Sustainability Conference emphasizing sustainability as economic necessity. It is informational/news content rather than regulatory requirement, hence null urgency.
Een gelijk speelveld, meer duidelijkheid voor marktpartijen, ruimte voor verantwoorde innovatie en een zorgvuldige bescherming van beleggers. Vanuit die visie wil de AFM zorgen voor meer duidelijkheid over beleggingsconcepten, waaronder automatisch herbalanceren en risicoafbouw binnen execution-only. De markt vroeg…
Why this matters
AFM announces regulatory clarification initiative on execution-only investment services, specifically addressing automatic rebalancing and lifecycle investing. This is informational guidance development with consultation expected Q3 2026.
De Autoriteit Financiële Markten (AFM) waarschuwt voor telefoontjes van mogelijke oplichters die uit naam van de AFM bellen en zo proberen u gevoelige informatie te laten delen.
Why this matters
AFM consumer warning about phone spoofing fraud targeting financial sector customers. Alerts about identity theft, credential harvesting, and unauthorized access attempts. Applies broadly across financial services as threat affects all regulated entities and their customers.
Vanaf 11 oktober 2027 verkort de afwikkelingscyclus voor effectentransacties van T+2 naar T+1. Dit vraagt om aanpassingen in systemen en processen in de hele kapitaalmarktketen. Om de voortgang te monitoren, roept de Autoriteit Financiële Markten (AFM) marktpartijen op om twee T+1-gereedheidsenquêtes in te vullen. Het…
Why this matters
AFM announcement regarding T+1 settlement cycle transition (from T+2 to T+1 effective October 11, 2027). Calls for market participants to complete readiness surveys by June 9, 2026.
De Europese Anti-Witwasautoriteit (AMLA) heeft op 12 mei in een persbericht het definitieve eligibility reporting package gepubliceerd en kondigt aan dat zij extra data opvraagt via de nationale toezichthouders. Financiële ondernemingen onder Nederlands toezicht hoeven geen afzonderlijke rapportage volgens het…
Why this matters
AFM announcement clarifying that Dutch financial firms will not receive separate AMLA eligibility reporting requests, as requirements are integrated into existing questionnaires. This is informational guidance on regulatory implementation for anti-money laundering compliance under the new European AMLA framework.
On 12 November 2025, the Dutch Authority for the Financial Markets (AFM) issued an instruction to Euronext Amsterdam N.V. (Euronext) due to breach of the rules on providing access for central securities depositories (CSDs). Euronext complied with the instruction. European legislation requires trading venues to provide…
AI Analysis
AFM has issued and published an instruction against Euronext Amsterdam for breaching the **open access obligations under Article 53(1) of CSDR** by imposing restrictive conditions on CSDs’ access to its transaction feeds, linked to a new settlement model. Euronext has withdrawn the conditions and confirmed continued and new access for non‑linked CSDs, signalling that trading venues must ensure any changes to settlement models, default CSDs or connectivity rules do not directly or indirectly restrict non‑discriminatory, transparent CSD access.
Key dates
12 November 2025
- AFM issues an instruction to Euronext Amsterdam for breach of CSDR Article 53(1) open access rules and sets a period for remediation
13 May 2026
- AFM publishes the instruction decision after it becomes irrevocable and confirms that Euronext has remediated by withdrawing the restrictive conditions and confirming continued and new access for CSDs
Suggested considerations
Trading venues must review settlement models, CSD linkage arrangements and related policies to ensure that all conditions for CSD access to transaction feeds are non‑discriminatory, transparent, and fully aligned with Article 53(1) of CSDR.
Compliance and legal teams must identify and remove any contractual or operational provisions that directly or indirectly favour a linked or in‑house CSD over independent or alternative CSDs in terms of access to transaction feeds.
Trading venues must implement internal governance and change‑management controls to ensure that future settlement model changes, including the introduction of a preferred CSD, are subject to ex‑ante compliance review against CSDR open access obligations.
Market infrastructure firms must establish documented criteria and procedures for handling CSD access requests, ensuring these criteria are objective, transparent, and applied consistently to linked and non‑linked CSDs.
Compliance functions should conduct periodic audits of access arrangements, transaction feed connectivity, and any associated fees or technical requirements to confirm that no indirect barriers to CSD access exist.
What changed
- Trading venues subject to CSDR must ensure that access for central securities depositories to transaction feeds is provided on a non‑discriminatory and transparent basis as required by Article...
Conditions or criteria attached to the designation of an alternative CSD (other than a venue’s preferred or “linked” CSD) that have the effect of limiting access to transaction feeds are treated as a...
AFM has clarified, through enforcement, that settlement model changes and associated contractual or operational conditions are within the scope of supervisory scrutiny for compliance with CSDR open...
Euronext has withdrawn three announced conditions that restricted access for certain CSDs and has confirmed continued access for CSDs with existing connectivity to its transaction feeds.
Euronext has also confirmed access for other CSDs that requested access to act as alternative CSDs, establishing a practical expectation that trading venues respond positively to reasonable access...
Compliance impact
Non‑compliance with CSDR open access obligations can lead to formal instructions, ongoing supervisory monitoring, reputational damage through public enforcement decisions, and potentially further sanctions where breaches are not timely remediated. Given the centrality of CSD access to post‑trade infrastructure, persistent breaches may also trigger broader scrutiny of governance, conflicts of interest, and competition concerns.
Mensen ervaren discriminatie, ook in hun contact met banken. Banken erkennen het probleem van ervaren discriminatie in hun dienstverlening, zo blijkt uit ons onderzoek naar hoe banken discriminatie tegengaan. Deelnemende banken deelden constructief en open met ons wat zij doen om discriminatie tegen te gaan…
Why this matters
AFM regulatory guidance on combating discrimination in banking services. Informational update outlining five expectations for banks to actively address discrimination in customer service, with emphasis on governance, detection, organizational culture, communication, and complaint handling.
Het convenant tussen de Autoriteit Financiële Markten (AFM) en Stichting DSI over de vakbekwaamheid van beleggingsprofessionals is een efficiënt en effectief instrument binnen het risicogestuurde toezicht van de AFM. Dat is de conclusie van de audit door onderzoeksbureau KWINK groep in opdracht van de AFM. Het…
Why this matters
AFM audit report on DSI covenant for professional competency requirements under MiFID II and Wft. Informational news about covenant effectiveness, renewal plans, and recommendations for improvement. Addresses professional qualification standards for investment professionals at regulated firms.
This is a general newsletter subscription announcement from AFM (Dutch financial regulator) emphasizing their commitment to fair markets and market conduct. It contains no specific regulatory requirements, deadlines, or actionable guidance. Classified as informational/promotional content with null urgency.
Around 800,000 Dutch households have sufficient financial resources to invest but do not do so, even though they may face financial shortfalls in the future. For this group, it may therefore be appropriate to allow their available assets to generate higher returns, in order to strengthen their future financial…
Why this matters
AFM press release on research findings regarding household investment barriers and opportunities. Focuses on consumer protection and conduct by promoting responsible investing while lowering barriers for non-investors. Informational content about regulatory commitment to sustainable financial well-being.
The Dutch Authority for the Financial Markets (AFM) has adopted a decision regarding the deferred publication of the volume of certain transactions in Dutch sovereign bonds. Pursuant to this decision, which enters into force on 4 May 2026, market operators and investment firms operating a trading venue shall make…
Why this matters
AFM regulatory decision on deferred publication requirements for sovereign bond transactions. Affects market operators and investment firms operating trading venues. Implements MiFIR transparency rules with extended deferral periods for large transactions (€15-50M).
Per 1 september 2026 treedt Richard Doornbosch toe tot het bestuur van de Autoriteit Financiële Markten (AFM). Hij wordt als bestuurslid verantwoordelijk voor het toezicht op de kwaliteit van de accountantscontrole en verslaggeving en de integriteit en veerkracht van de kapitaalmarkten. De benoeming is voor een…
Why this matters
This is an informational press release announcing the appointment of Richard Doornbosch as board member of the AFM (Dutch Financial Authority) responsible for capital markets and accounting oversight. It is governance/organizational news rather than a regulatory requirement or enforcement action.
De Europese anti-witwas- en anti-terrorismefinanciering autoriteit (AMLA) is twee openbare consultaties gestart. De ontwerpinstrumenten geven richting aan hoe meldingsplichtige instellingen de risico’s op witwassen en terrorismefinanciering moeten identificeren, beoordelen en beheersen. Hiermee wordt gewerkt aan een…
Why this matters
AMLA launches public consultations on AML-CFT risk assessment guidelines and regulatory technical standards for group-wide minimum requirements. This is informational content announcing consultation periods (deadline May 8, 2026) affecting multiple financial sectors on anti-money laundering and counter-terrorism...
Financial institutions are working to make their digital services accessible. This is important, because it ensures that people with disabilities can manage their finances independently. To provide further guidance to the sector, the Autoriteit Financiële Markten (AFM) shares expectations and points of attention in…
AI Analysis
AFM’s third EAA update makes clear that Dutch financial institutions must not only fix accessibility gaps, but also **assign clear internal accountability**, **embed accessibility compliance in governance and monitoring**, and **submit more specific non-compliance notifications**. AFM also announced a **sector-wide compliance review in the coming months**, with a focus on whether websites meet WCAG criteria, especially **level A** requirements, so compliance teams should treat this as an active supervisory campaign rather than routine guidance.
Key dates
28 June 2025
- The European Accessibility Act came into force, and Dutch national measures began applying to covered new products and services
Coming months (TBD, est. late 2026) Deadline
- AFM will conduct an accessibility compliance review of the sector, focusing on WCAG compliance, especially level A criteria
23 April 2026 Deadline
- AFM published its third EAA update and announced a forthcoming sector compliance review
Suggested considerations
Firms should map all consumer-facing digital services and identify which websites, apps, and digital documents fall within EAA/WCAG scope.
Firms should assign a named internal owner for accessibility compliance, monitoring, remediation tracking, and regulatory notifications.
Firms should document accessibility risks and remediation plans for each in-scope digital service, including the precise pages, functions, or documents affected.
Firms should embed accessibility checks into design, development, testing, and change-management processes so compliance is monitored continuously.
Firms should review EAA non-compliance notifications and make them more specific, including the exact accessibility issues, affected locations, and remediation status.
What changed
- AFM expects financial institutions to identify accessibility risks in their digital services and implement improvements that meet the required WCAG criteria.
AFM expects firms to embed and monitor accessibility through internal processes, rather than treating accessibility as a one-off remediation project.
AFM is emphasizing clear accountability for safeguarding digital accessibility, which means firms should be able to show who owns accessibility compliance, monitoring, and remediation internally.
AFM says EAA notifications of non-compliance must be more specific, because current submissions often do not describe the exact accessibility issues or where they are located.
AFM has published further instructions on how to answer certain questions in the EAA notification form, indicating a stronger supervisory focus on the quality of regulatory reporting.
Compliance impact
The compliance risk is material because AFM is moving from guidance to active review and may directly challenge firms with shortcomings. In practice, poor documentation, vague notifications, or weak governance can expose firms to supervisory intervention, remediation orders, and escalating scrutiny over the accessibility of consumer-facing channels.
On 20 April 2026, the Dutch Authority for the Financial Markets (AFM) imposed an administrative fine of €297,000 on Arrowstreet Capital, Limited Partnership for the systematically incorrect notifications of its net short positions in two companies listed on Euronext Amsterdam. Arrowstreet thus violated the rules on…
AI Analysis
AFM has imposed an administrative fine of €297,000 on Arrowstreet Capital, LP for **systematic underreporting and underdisclosure of net short positions** in two Euronext Amsterdam issuers between July 2020 and November 2024, caused by an error in its short position calculation methodology. The case underscores that AFM expects robust calculation, control and reporting frameworks around short selling, and that repeated methodology errors leading to incorrect notifications and public disclosures will be treated as serious violations of the EU short selling and Dutch transparency regimes, even where firms later cooperate.
Key dates
July 2020
– Start of the period in which Arrowstreet’s incorrect calculation methodology led to systematically incorrect net short position notifications to AFM and underdisclosures to the public
November 2024
– End of the period during which Arrowstreet violated short selling rules through inaccurate notifications and disclosures of its net short positions in Just Eat Takeaway.com and Galapagos
20 April 2026
– AFM imposes an administrative fine of €297,000 on Arrowstreet Capital, LP for the systematic incorrect notifications and underdisclosures of net short positions
22 April 2026
– AFM publishes the enforcement notice stating that the case has been settled via a simplified procedure and is closed
Suggested considerations
Review and document the firm’s methodology for calculating net short positions in EU‑listed shares, ensuring alignment with the EU Short Selling Regulation and AFM’s thresholds and definitions, including aggregation rules and treatment of derivatives.
Perform a comprehensive back‑testing and reconciliation of historical and current net short position calculations against trade data, positions and corporate actions to identify any systemic discrepancies or underreporting risks.
Implement or enhance controls that validate short position calculations prior to submission, including independent second‑line checks, exception reporting, and automated variance checks for large movements or threshold breaches.
Map all AFM short selling notification and disclosure thresholds and timing requirements into the firm’s surveillance and reporting systems, ensuring automated alerts when positions reach, exceed or fall below relevant levels.
Establish robust governance over short selling reporting, including clear ownership between trading, operations, risk and compliance, formal sign‑off procedures, and regular reporting to senior management on short‑selling compliance.
What changed
- AFM has reaffirmed strict enforcement of notification and disclosure obligations for net short positions in shares admitted to trading on Euronext Amsterdam, including the expectation of accurate...
The case confirms AFM’s interpretation that systematic underreporting (wrong figures in 101 notifications) and underdisclosure to the public (wrong figures in 85 cases) constitutes a material breach...
AFM emphasises that net short positions must be notified promptly and accurately, and that disclosures above the public threshold are a key tool for market participants to understand negative...
AFM demonstrates that self‑reporting, prompt correction, full cooperation and remediation can result in a reduced fine and simplified settlement, signalling a clear incentive structure for firms to...
The publication reinforces that AFM will use the short selling register and underlying notifications to monitor for market abuse, market distortion and systemic risks, increasing scrutiny on firms...
Compliance impact
Non‑compliance with AFM short selling notification and disclosure obligations can result in significant administrative fines, reputational damage, and heightened supervisory scrutiny, particularly where errors are systemic or affect numerous notifications. AFM’s willingness to reduce the fine in this case was contingent on proactive self‑reporting and remediation, but the underlying violations still triggered a sizeable penalty and public enforcement notice.