The AFM on the international stage
The international aspects of its work are very important to the Dutch Authority for the Financial Markets (AFM). Most of the legislation concerning financial supervision is the result of choices made at not only European but also global level. The AFM tries to ensure that it is permanently represented in both European and global cooperative bodies that address issues relating to the supervision of conduct on the financial markets. International contacts are also essential for ongoing supervisory tasks.
By actively participating in international consultations, the AFM makes a significant contribution to the international activities of the securities regulators in Europe and beyond. Within the European Union the AFM participates in the European Securities and Markets Authority (ESMA), which is both an advisory body for the European Commission and a cooperative body for the securities regulators involved. In addition, the AFM participates in working groups focussed on conduct within the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the Joint Committee of the 3 ESAs. Furthermore, AFM participates in the European Systemic Risk Board (ESRB). There are countless expert and operational groups active within these European Authorities, which of course can count AFM experts among their members.
At global level the International Organization of Securities Commissions (IOSCO) is the most important organisation for securities regulators. The AFM is one of the 34 members of IOSCO's Board. A number of permanent and temporary working groups fall under the aegis of the Board.
The AFM also works closely on a bilateral basis with a large number of its fellow supervisory authorities in other countries both within Europe and abroad. The law allows the AFM the freedom to make written agreements with national and international supervisory authorities in the form of a covenant, a Memorandum of Understanding (MoU) or an Exchange of Letters.