Netherlands Authority for the Financial Markets
| Autoriteit Financiële Markten | |
| Agency overview | |
|---|---|
| Formed | March 2002 |
| Preceding agency |
|
| Jurisdiction | Kingdom of the Netherlands |
| Headquarters | Amsterdam, Netherlands |
| Employees | 700 |
| Agency executive |
|
| Website | http://www.afm.nl |
The Netherlands Authority for the Financial Markets (Dutch: Autoriteit Financiële Markten) is the financial services regulatory authority for the Netherlands. Its role is comparable to the role of the SEC in the United States.
History
[edit]The Netherlands Authority for the Financial Markets (AFM) was set up on 1 March 2002 as the successor to the Securities Board of the Netherlands (Dutch: Stichting Toezicht Effectenverkeer or STE, itself established in 1989). As part of the legislation that created the AFM, its responsibilities were greatly expanded to cover all financial products, including savings, investments, loans, insurance and accounting.[1]
The AFM falls under the political responsibility of the Minister of Finance but is an autonomous administrative authority, which means that the AFM operates autonomously based on the powers given by the Minister of Finance.[citation needed]
Responsibilities and operations
[edit] | This section needs additional citations for verification. (July 2021) |
The Netherlands Authority for the Financial Markets is the body responsible for regulating behaviour on the financial markets in the Netherlands. This includes regulating the behaviour of all parties involved with the savings, loans, investment and insurance markets. It includes regulating all organisations that provide financial products and those that issue products, including stock exchanges.
The AFM has the following three aims:[2]
- making the financial markets more accessible
- promoting the smooth operation of the financial markets
- promoting confidence in the financial markets.
The public, the business sector and the government all depend on the financial products offered on the various markets for many of their activities. Confidence in the orderly and honest operation of these markets is therefore crucial.
The AFM works in conjunction with the De Nederlandsche Bank which is responsible for prudential regulation in the Netherlands.
Administration
[edit]The executive board of the AFM consists of:[3]
- Laura van Geest (chair, since February 2020)
- Hanzo van Beusekom (since September 2018)
- Jos Heuvelman (since September 2018)
Linda Sas is COO since 1 May 2021.
International
[edit]With the advent of Euronext stock exchange which is not only located in Amsterdam, but also in Paris, Brussels, London and Lisbon, the AFM works closely with the regulators in those other countries to regulate this cross border stock exchange.[citation needed]
The AFM is a member of the European Securities and Markets Authority (ESMA).[4] ESMA is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system by enhancing the protection of investors and promoting stable and orderly financial markets. The AFM also participates in the International Organization of Securities Commissions (IOSCO), which brings together more than 80 securities regulators from all around the world. In its role as an audit supervisor, AFM is also a member of the International Forum of Independent Audit Regulators (IFIAR).[5]
See also
[edit]- Securities Commission
- Economy of the Netherlands
- List of financial regulatory authorities by jurisdiction
References
[edit]- ^ "About the Dutch Authority for the Financial Markets | AFM". www.afm.nl. Retrieved 2018-05-31.
- ^ "Strategic objectives | What do we do? | AFM". www.afm.nl. Retrieved 2018-05-31.
- ^ "Members of the executive board AFM". www.afm.nl. Retrieved 2019-01-07.
- ^ "NCAs in ESMA Board of Supervisors". ESMA. Retrieved 7 January 2019.
- ^ "Member Directory – IFIAR".