IMF Staff Country Reports

Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Securities Regulation and Supervision

June 18, 2024

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International Monetary Fund. Monetary and Capital Markets Department "Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Securities Regulation and Supervision", IMF Staff Country Reports 2024, 173 (2024), accessed December 21, 2024, https://doi.org/10.5089/9798400280146.002

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Summary

This paper describes a technical note on securities regulation and supervision in The Netherlands. Regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands Financial Sector Assessment Program (FSAP), with further reforms underway. The securities market landscape in the Netherlands has also changed markedly since the last FSAP, largely in response to Brexit. The Netherlands is now of EU-wide significance in relation to the trading of securities, particularly equities, which has brought challenges for the national authorities. Further enhancements of its approach and a continuing focus on trading system operational resilience are now needed. The established venues are growing and diversifying their offerings, and ‘fintech’ new entrants with business models combining trading and post-trading operations in new ways are on the horizon. Enhancements to the legislative framework are now needed to ensure that the Autoriteit Financiële Markten can continue to supervise efficiently and effectively an expanded and more diverse market, and to engage credibly with international counterparts.

Subject: Asset and liability management, Financial derivatives, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Financial sector policy and analysis, International organization, Liquidity, Liquidity management, Liquidity risk, Monetary policy

Keywords: Europe, Financial derivatives, Financial Sector Assessment Program, Global, Liquidity, Liquidity management, Liquidity risk, Managers directive, Markets authority, Money market funds, Trading obligation, Trading venue

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