Nieuw boetebeleid voor niet-gemelde tekortkomingen in transactierapportages

Key dates

2026-10-14

AFM publishes the policy on fines for deficiencies in MiFIR transaction reporting that firms fail to report voluntarily.

Suggested considerations

• Firms should compare their transaction-reporting incident procedures with the new AFM thresholds, while recognising that the AFM’s existing incident process can require notification before those thresholds are reached.
• Compliance teams may wish to establish documented escalation triggers for missing or late reports exceeding 100,000 transactions or 25% over at least two weeks, and for incomplete, inaccurate or incorrectly submitted reports exceeding 500,000 transactions or 50% over at least four weeks.
• Firms should consider treating the thresholds as minimum enforcement indicators rather than safe harbours, because the AFM separately expects firms to report significant incidents immediately and requires firms to decide reportability based on all available information.
• Transaction-reporting owners may wish to monitor rejected reports, failed resubmissions, invalid or missing LEIs, duplicate or unnecessary reports, and data-field errors, with evidence of detection dates, affected populations, root cause and remediation.
• Firms should consider retaining a defensible audit trail for incidents not reported to the AFM, including the issue scope, the reportability assessment, root-cause analysis, corrective controls and management approval.
• Where notification is required, firms should consider using the AFM incident form promptly rather than waiting for the investigation to finish, updating the AFM as facts develop and documenting any request for additional time.
• Senior management and compliance committees may wish to review recurring incidents and prior infringements because a second infringement within five years has a stated starting fine of €50,000, twice the first-infringement amount.
• Firms should consider validating their procedures against Article 26 of MiFIR, Article 15(2) of Delegated Regulation (EU) 2017/590 and the Dutch Wft framework, including the requirement to report transactions completely, accurately and no later than the end of the following working day.

What changed

The AFM has formalised when an unreported transaction-reporting deficiency will be treated as involving a substantial quantity of transactions. For missing or late reports, the threshold is more than 100,000 affected transactions or more than 25% of reportable transactions over a period of at least two weeks. For incomplete, inaccurate or incorrectly submitted reports, the threshold is more than 500,000 affected transactions or more than 50% of reportable transactions over a period of at least four weeks. If the firm does not report the qualifying deficiency voluntarily, the AFM will impose an administrative fine under the policy, with an indicative amount of €25,000 for a first infringement and €50,000 for a second infringement within five years. The AFM also states that it will conduct p

Who is affected

• EU-authorised investment firms subject to MiFIR transaction-reporting obligations in the Netherlands
• Dutch branches of investment firms responsible for transaction reporting to the AFM
• Investment firms reporting transactions directly or through transaction-reporting arrangements where the firm remains responsible for data quality and incident escalation

Related regulations

• MiFIR
• MiFID II
• Commission Delegated Regulation (EU) 2017/590 (RTS 22)
• Wet op het financieel toezicht (Wft)
• Besluit bestuurlijke boetes financiële sector