On 29 November 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release stating that it expects that market parties will exert their maximum efforts to comply with the recast Markets in Financial Instruments Directive (MiFID II) (the Press Release).
In its Press Release, the AFM indicates, among other things, that in exercising its supervisory tasks it will put emphasis on investor protection and the implementation of safeguards for the proper functioning of the capital markets. Where it concerns investor protection, the AFM will focus on cost transparency and product development. In addition, the AFM will continue on subjects such as professional competence (vakbekwaamheid), the provision of information, the quality of investment services and commissions (provisies). In the area of capital markets, the AFM will focus on transaction reporting, transparency of the market and the rules aimed at maintaining an orderly market structure.
Although the AFM emphasizes that it expects that market parties comply with MiFID II as of 3 January 2018, it also indicates that it is able to give some leeway where it concerns compliance with rules that have only recently become available, as a result of which it cannot reasonably be expected from market parties that they are fully compliant from 3 January 2018 onwards. In that case, individual market parties will need to be able to demonstrate that this applies to them and that they have taken all necessary steps to be compliant with MiFID II in that respect as soon as possible.
View the Press Release (Dutch only), 29 November 2017.