## Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program:: Technical Note-Securities Supervision-Selected Issues Regarding the Regulators, Auditor Oversight, and Collective Investment Scheme Management

_IMF Staff Country Reports, April 13, 2017_

## Source details

**Canonical URL:** [Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program:: Technical Note-Securities Supervision-Selected Issues Regarding the Regulators, Auditor Oversight, and Collective Investment Scheme Management](https://www.imf.org/en/publications/cr/issues/2017/04/13/kingdom-of-the-netherlands-netherlands-financial-sector-assessment-program-technical-note-44816)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/04/13/kingdom-of-the-netherlands-netherlands-financial-sector-assessment-program-technical-note-44816/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/04/13/kingdom-of-the-netherlands-netherlands-financial-sector-assessment-program-technical-note-44816/index.json)
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## Bibliographic details
- Published: April 13, 2017
- Series: IMF Staff Country Reports

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### Executive summary and scope
- This Technical Note discusses the findings and recommendations of the Financial Sector Assessment Program for the Netherlands regarding auditor oversight, collective investment fund management, and regulatory issues.
- The legal regime and the day-to-day supervision activities conducted by the Netherlands Authority for the Financial Markets and the Dutch central bank are described as extensive and consistent with international expectations.
- The approach to the supervision of the small but growing crowd-funding sector strikes a fair balance between enhancing innovation and protecting investors.
- The Dutch regime for audits and auditor oversight complies with the expectations of the International Organization of Securities Commissions and appears to work well in practice.

### Key findings on supervisory framework
- The legal regime and routine supervision activities by:
  - Netherlands Authority for the Financial Markets
  - Dutch central bank
  are extensive and consistent with international expectations.
- Supervision of the crowd-funding sector:
  - Characterized as small but growing.
  - Regulatory approach balances innovation and investor protection.

### Auditor oversight and audit regime
- The Dutch regime for audits and auditor oversight:
  - Complies with the expectations of the International Organization of Securities Commissions.
  - Appears to work well in practice.
- Subject coverage includes:
  - Audit standards and procedures
  - Auditing and compliance audit
  - Audit client and audit firm relationships
  - Quality-control system and risk management

### Collective investment scheme management
- Focus areas include:
  - Collective investment fund management and fund managers
  - Mutual funds, UCITS fund, open-end fund, unit trust
  - Management company operations and investment fund oversight
- Keywords linked to this theme: fund manager, investment fund, mutual funds, open-end fund, UCITS fund, unit trust.

### Thematic subjects and keywords (as listed)
- Audit standards and procedures, Auditing, Compliance audit, Financial institutions, Financial sector policy and analysis, Financial sector stability, Mutual funds, Public financial management (PFM)
- Keywords: audit client, audit firm, Audit standards and procedures, Auditing, business operation, Compliance audit, CR, Europe, Financial sector stability, fund manager, Global, investment fund, ISCR, management company, Mutual funds, open-end fund, quality-control system, risk management, UCITS fund, unit trust

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## Content in this bundle

- **Country Report**
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  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr1791.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2017/04/13/kingdom-of-the-netherlands-netherlands-financial-sector-assessment-program-technical-note-44816_