AFM NL

The Dutch Authority for the Financial Markets (AFM) is providing good practices for incident notification by investment firms. Based on a deep-dive review, we have identified several possible causes for the failure of firms to notify incidents to the AFM. We recently published a report with the findings of...

The maximum permitted loan interest rate will be reduced to 21% with effect from 1 July 2023. The maximum permitted loan interest rate is currently 22%. Under the BES Islands Financial Markets Decree, the maximum loan interest and the maximum late payment fee is set by ministerial order. The note...

The legal definition of the term ‘cost of credit ’ (kredietvergoeding) has been amended. The new definition will take effect from 1 July. Under the new definition, all fees charged in connection with a loan qualify as part of the cost of credit. This will give consumers better insight into...

The Dutch Authority for the Financial Markets (AFM) has imposed an administrative fine on Mr. Lars Windhorst on the 11th of May 2023 for failure to immediately notify the disposal of a substantial holding. The disposal concerned a holding of more than 93% in Fyber N.V., a listed company...

The standard amounts for the calculation of maximum consumer loans will change from 1 May 2023. The standard amounts apply to loans provided from 1 April 2021. These standard amounts are laid down in Section 2:5 of the RfmBES and are adjusted annually.  Credit providers are not allowed to grant...

The AFM looks back on a year that started with a sense of optimism because of the ending of the coronavirus pandemic. But the sentiment shifted quickly after the invasion of Ukraine, a huge spike in gas prices and record inflation. The AFM also saw the impact of this...

From 1 January 2024, stricter transparency requirements will apply to the reporting of information on sustainability (ESG) in the annual reports of the largest listed companies under the new Corporate Sustainability Reporting Directive (CSRD). This means, for example, that the impact of climate change on the development of the...

Digitalisation is going to have a major impact on the insurance market over the next decade. As more consumer data become available, insurers will increasingly be able to offer personalised insurance products. This provides opportunities, but it also creates risks, for example as regards solidarity. These are some of...

On 29 March 2023, the Dutch Authority for the Financial Markets (AFM) imposed an administrative fine of € 1,700,000 on the global asset manager Janus Henderson Group plc. The fine has been imposed because Janus Henderson notified the AFM late of its shareholding of 3.02% in the company Renewi,...

The Policy Rule on Suitability 2012 (Policy Rule) clarifies what the supervisory authorities understand by 'suitability' and which aspects are taken into account in assessing the fitness and propriety of a policymaker. The Policy Rule also clearly states when policymakers must or can be assessed and what information and...

The Digital Regulation Cooperation Platform (SDT) will create two additional so-called Chambers for the coordination of its oversight over digital platforms and artificial intelligence. Other regulators will also be involved in these Offices. The SDT was founded in October 2021 by the Netherlands Authority for Consumers and Markets (ACM),...

The European Securities and Markets Authority (ESMA) has recently published an opinion that provides clarity as to when systems operated by market parties qualify as multilateral systems. Based on this ESMA opinion, market parties can check whether their systems qualify as multilateral systems and whether they are operating under...