Netherlands Authority for the Financial Markets
|Netherlands Authority for the Financial Markets|
The Netherlands Authority for the Financial Markets has been responsible for supervising the operation of the financial markets since March 1, 2002. AFM supervises the conduct of the entire financial market sector: savings, investment, insurance and loans. By supervising the conduct of the financial markets, AFM aims to make a contribution to the efficient operation of these markets.
In September 2020, AFM published a study in which it recommended major changes to MiFID II’s rules for fixed income and derivatives trading, charging that the regulation’s focus on transparency has been counterproductive.
The changes put forward by the AFM include permanently waiving pre-trade transparency requirements for illiquid instruments, eradicating the reference data requirements and ISINs for illiquid instruments, and expanding certain requirements to systematic internalisers (SIs) for OTC derivatives trading.
AFM is the successor of the STE (Securities Board of the Netherlands/Stichting Toezicht Effectenverkeer), which supervised all of the participants in the securities trade. The establishment of AFM is a result of the policy document review of the supervision of the financial market sector of the Ministry of Finance. Accordingly, sector-based supervision has been replaced by function-based supervision, which is divided into prudential supervision and supervision of market conduct.
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Executive Board Members: