On 5 June 2019, the FCA announced that it has signed an agreement with the Dutch Authority for the Financial Markets (AFM) to work more closely together to protect and enhance the integrity and stability of both countries financial systems.
Since the UK announced its intention to withdraw from the EU, several financial institutions currently operating in the UK and the Netherlands have applied for a licence to operate in the respective jurisdictions. Close cooperation and information sharing between the FCA and AFM is vital to ensuring effective oversight of these firms as well as capital markets, and allowing both to more effectively fulfil their roles as regulators.
Andrew Bailey, Chief Executive of the FCA said:
“We have always had a strong relationship with the Dutch AFM and this agreement strengthens that relationship. Given the increasing interconnectedness of financial services markets, having close relationships with other countries’ regulators helps to ensure that we can protect consumers and maintain our oversight of firms and markets”