procedure

The introduction of the Investment Firm Directive (IFD) and Investment Firm Regulation (IFR) has led to additional agreements between the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB) regarding supervision.
These additional agreements pertain to sharing information and jointly supervising investment firms and managers of investment institutions and UCITS providing MiFID services.
The AFM and DNB are responsible for supervising investment firms and managers of investment institutions and UCITS. The AFM is the primary regulator in terms of granting licenses, while DNB conducts prudential supervision and consolidated basis oversight. This means that both AFM and DNB have a supervisory mandate in certain areas and supervisory tasks.
Efficient and targeted supervision requires close cooperation between the AFM and DNB. Despite the division of powers in the law, both regulators may have similar questions.
For example, a risk in the investment process could lead to inquiries regarding AFM’s oversight requirements as well as prudential aspects. There can also be overlap concerning topics that concern both individual investment firms and consolidated entities. Therefore, the AFM and DNB have established further agreements to minimize unnecessary burdens on the institutions.
Regarding remuneration policies, it is important for institutions to know that the information they must provide to supervisory authorities on behalf of the European Banking Authority is collected by the AFM. This includes information on remuneration, gender pay gap, high earners, and diversity, both on an individual and consolidated basis.

Other Features
agreement
AIFM
banks
capital management companies
CIS
compliance
cooperation
investment firms
process
regulatory
remuneration
reporting
risk
transparency
UCITS
Date Published: 2023-09-11
Regulatory Framework: Investment Firms Directive (IFD), Investment Firms Regulation (IFR)
Regulatory Type: procedure

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