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The Netherlands Authority for the Financial Markets (Dutch: Autoriteit Financiële Markten) is the financial services regulatory authority for the Netherlands. Its role is comparable to the role of the SEC in the United States.
History The Netherlands Authority for the Financial Markets was set up on 1 March 2002 as the successor to the Securities Board of the Netherlands (Dutch: Stichting Toezicht Effectenverkeer - STE). As part of the legislation that created the AFM, its responsibilities were greatly expanded to cover all financial products, including savings, investments, loans, insurance and accounting. The AFM falls under the political responsibility of the Minister of Finance but is an autonomous administrative authority, which means that the AFM operates autonomously based on the powers given by the Minister of Finance. With the advent of Euronext stock exchange which is not only located in Amsterdam, but also in Paris, Brussels, London and Lisbon, the AFM works closely with the regulators in those other countries to regulate this cross border stock exchange. The AFM is a member of the Committee of European Securities Regulators (CESR), which is actively contributing to the harmonisation of financial regulation in Europe. The AFM also participates in the International Organization of Securities Commissions (IOSCO), which brings together more than 80 securities regulators from all around the world. From Wikipedia, the free encyclopedia : Administration of financial markets |
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