The AFM and the CPAB conclude a cooperation agreement in cross-border supervision of accounting firms

On the 6th of July 2012, the AFM concluded an agreement with the Canadian Public Accountability Board (CPAB), the supervisor of accounting firms in Canada. This agreement makes it possible for the CPAB and the AFM to exchange information.

The agreement offers the AFM the possibility to expand its supervision of accountants and accounting firms that audit the reporting of companies listed in the Netherlands, to include accountant(s) that are active in Canada. There are currently two Canadian accounting firms that are registered with the AFM as a third-country audit organisation. These accounting firms audit the reporting of companies listed in the Netherlands, but which are established in Canada.

The provision of personal data to the CPAB is possible, because Canada is deemed capable of guaranteeing a suitable level of protection for the process of forwarding personal data from the AFM to the CPAB. The AFM is consequently authorised to provide confidential information to the Canadian supervisor.

The agreement was signed on 6 July 2012, by Gerben Everts on behalf of the AFM and by Brian Hunt on behalf of the CPAB.

There are currently no Dutch licencees who have a registration with the CPAB.

The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers’ and the business sector’s confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.