{ "title": "Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Securities Regulation and Supervision", "publication": "IMF Staff Country Reports, June 18, 2024", "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603", "canonical": "https://www.imf.org/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603", "overlayPath": "/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603/index.md", "summary": "This paper describes a technical note on securities regulation and supervision in The Netherlands. Regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands Financial Sector Assessment Program (FSAP), with further reforms underway.", "sections": [ { "heading": "Summary of scope and context", "content": "- Technical note on securities regulation and supervision in The Netherlands.\n- Notes that regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands Financial Sector Assessment Program (FSAP), with further reforms underway.\n- Observes that the securities market landscape in the Netherlands has changed markedly since the last FSAP, largely in response to Brexit.\n- States that the Netherlands is now of EU-wide significance in relation to the trading of securities, particularly equities, which has brought challenges for the national authorities." }, { "heading": "Key findings", "content": "- The established trading venues are growing and diversifying their offerings.\n- New “fintech” entrants with business models that combine trading and post-trading operations in new ways are emerging on the horizon.\n- The expansion and diversification of the market have created supervisory challenges for the Autoriteit Financiële Markten (AFM).\n- A continuing focus on trading system operational resilience is needed." }, { "heading": "Policy implications and recommendations", "content": "- Enhancements to the legislative framework are needed to ensure that the Autoriteit Financiële Markten can:\n - Continue to supervise efficiently and effectively an expanded and more diverse market.\n - Engage credibly with international counterparts.\n- Authorities should prioritize further enhancements of their supervisory approach to address market growth, diversification, and fintech entrants.\n- Maintain and strengthen measures focused on trading system operational resilience." }, { "heading": "Subject areas and keywords (as provided)", "content": "- Subject: Asset and liability management; Financial derivatives; Financial institutions; Financial regulation and supervision; Financial Sector Assessment Program; Financial sector policy and analysis; International organization; Liquidity; Liquidity management; Liquidity risk; Monetary policy.\n- Keywords: Europe; Financial derivatives; Financial Sector Assessment Program; Global; Liquidity; Liquidity management; Liquidity risk; managers directive; markets authority; money market funds; trading obligation; trading venue." }, { "heading": "Publication metadata (as provided)", "content": "- Pages: 39\n- Volume: 2024\n- Issue: 173\n- Series: Country Report No. 2024/173\n- DOI: https://doi.org/10.5089/9798400280146.002\n- Stock No: 1NLDEA2024009\n- ISBN: 9798400280146\n- ISSN: 1934-7685\n- Publication date: June 18, 2024\n\nSource: Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Securities Regulation and Supervision (IMF Staff Country Reports).\n\n---\n\n Content in this bundle\n\n- Technical Note on Securities Regulation and Supervision; IMF Country Report No. 24/173; May 28, 2024\n - Technical Note on Securities Regulation and Supervision; IMF Country Report No. 24/173; May 28, 2024 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Technical Note on Securities Regulation and Supervision; IMF Country Report No. 24/173; May 28, 2024 (PDF){rel=\"external\" type=\"application/pdf\"}" } ], "bullets": [ "[Markdown version](/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603/index.md)", "[Structured JSON version](/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603/index.json)", "[Bundle manifest](/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603/bundle-manifest.json)", "Published: June 18, 2024", "Series: IMF Staff Country Reports", "DOI: https://doi.org/10.5089/9798400280146.002", "Technical note on securities regulation and supervision in The Netherlands.", "Notes that regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands Financial Sector Assessment Program (FSAP), with further reforms underway.", "Observes that the securities market landscape in the Netherlands has changed markedly since the last FSAP, largely in response to Brexit.", "States that the Netherlands is now of EU-wide significance in relation to the trading of securities, particularly equities, which has brought challenges for the national authorities.", "The established trading venues are growing and diversifying their offerings.", "New “fintech” entrants with business models that combine trading and post-trading operations in new ways are emerging on the horizon.", "The expansion and diversification of the market have created supervisory challenges for the Autoriteit Financiële Markten (AFM).", "A continuing focus on trading system operational resilience is needed.", "Enhancements to the legislative framework are needed to ensure that the Autoriteit Financiële Markten can:", "Authorities should prioritize further enhancements of their supervisory approach to address market growth, diversification, and fintech entrants.", "Maintain and strengthen measures focused on trading system operational resilience.", "Subject: Asset and liability management; Financial derivatives; Financial institutions; Financial regulation and supervision; Financial Sector Assessment Program; Financial sector policy and analysis; International organization; Liquidity; Liquidity management; Liquidity risk; Monetary policy.", "Keywords: Europe; Financial derivatives; Financial Sector Assessment Program; Global; Liquidity; Liquidity management; Liquidity risk; managers directive; markets authority; money market funds; trading obligation; trading venue.", "Pages: 39", "Volume: 2024", "Issue: 173", "Series: Country Report No. 2024/173", "DOI: https://doi.org/10.5089/9798400280146.002", "Stock No: 1NLDEA2024009", "ISBN: 9798400280146", "ISSN: 1934-7685", "Publication date: June 18, 2024", "**Technical Note on Securities Regulation and Supervision; IMF Country Report No. 24/173; May 28, 2024**" ], "related": [ { "title": "Technical Note on Securities Regulation and Supervision; IMF Country Report No. 24/173; May 28, 2024", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2024/english/1nldea2024009.pdf", "summary": { "path": "/-/media/files/publications/cr/2024/english/1nldea2024009.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/cr/2024/english/1nldea2024009.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603/index.md", "json": "/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603/index.json", "bundleManifest": "/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550603/bundle-manifest.json" }, "generatedAtUtc": "2026-09-11T13:41:50.379Z" }