On 15 July 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that it will not introduce a policy rule (beleidsregel) in respect of ‘incidents’ within the meaning of the Act on the Financial Supervision (Wet op het financieel toezicht, AFS) and the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen, BGfo) (the Policy Rule).
In 2015, the AFM invited market parties to respond to a consultation on a draft proposal of the Policy Rule. The Policy Rule aimed to further explain the term ‘incident’, as the BGfo only contains a broad definition of this term and the AFM noticed that there was a need for further explanation by financial undertakings. The AFM has now decided not to adopt the Policy Rule, because market parties indicated that such a policy rule should come from the AFM and the Dutch Central Bank (De Nederlandsche Bank) together.
View the AFM’s new item (Dutch only), 15 July 2016.
View the AFM’s feedback statement (Dutch only), 7 July 2016.