News 20/01/26

Invitation to the audit sector: respond to the interpretation of Wta Articles 16 and 16b

The number of private equity investments in the audit sector has increased significantly in recent years. The Dutch Audit Firms Supervision Act (Wta) sets preconditions for this, so that auditors can fulfil their responsibility to act in the public interest. With an interpretation of Articles 16 and 16b, the AFM aims to provide more clarity about their application. We invite the sector to respond – this is possible until 3 March 2026.

In short

Articles 16 and 16b contribute to acting in the public interest and providing counter pressure
The AFM aims to provide clarity with its interpretation
We ask market parties to respond
Consultation responses are possible until 3 March 2026

Articles 16 and 16b contribute to acting in the public interest and providing counter pressure

Articles 16 and 16b of the Wta are intended to ensure that auditors occupy a central position within the audit firm, both at management level and at shareholder level. For example, Article 16 of the Wta states that the day-to-day policy of an audit firm is determined by – in short – auditors. Under Article 16b of the Wta, the majority of the voting rights in an audit firm must be held by auditors. This helps auditors to take responsibility for (continuing to) act in the public interest and, where necessary, can offer counter pressure against the financial incentives of external investors.

The AFM aims to provide clarity with its interpretation

There are different interpretations of the application of Articles 16 and 16b of the Wta, as became clear from the discussions we held with several audit firms, external investors and legal advisers. For this reason, we are now publishing a proposed interpretation of these articles. This interpretation provides further clarification of the principles underlying these articles – as an additional explanation of the standard in accordance with the law and the legislative history. In this way, we aim to contribute to clarity and consistency regarding the application of laws and regulations.

We ask market parties to respond

We want to assess whether our proposed interpretation contributes to a current, clear and practically applicable interpretation of Articles 16 and 16b of the Wta. To this end, we would like to draw on the knowledge, experience and insights of stakeholders. We therefore invite market parties to respond to our draft (see download at the bottom of this page). Responses can be submitted until 3 March. After the consultation period, we will assess the responses and adjust the interpretation where necessary. We will publish the final version on afm.nl, together with a 'feedback statement' explaining what has been done with the responses from the consultation.

Consultation responses are possible until 3 March 2026

Please email your response, comments and/or suggestions for improvement to the AFM no later than 3 March 2026.
This can be done via wta@afm.nl, stating 'Consultation on the interpretation of Articles 16 and 16b of the Wta'.
Please also indicate whether you consent to the publication of your response, and whether you consent to the publication of personal data included in your comment.