Explanation of the AFM on the ESA guidelines
The text blocks below can be unfolded. This contains an explanation of how the AFM applies specific ESA guidelines and to which target group they apply.Guidelines on Liquidity Management Tools (ESMA)
The ESMA Guidelines on the use of liquidity management tools (LMTs) by UCITS and openended AIFs were issued pursuant to Article 18a, paragraph 4, of the UCITS Directive and Article 16, paragraph 2h, of the AIFMD. The Guidelines clarify how fund managers should manage liquidity risks under both normal and stressed market conditions, including by setting out more detailed requirements on the selection, calibration and activation of appropriate LMTs.
What is the objective of the Guidelines?
The objective of the Guidelines is to strengthen the liquidity risk management of investment funds and to mitigate liquidity risks. In addition, the Guidelines aim to ensure a consistent application of EU law and a harmonised supervisory approach across the European Union.
How does the AFM apply the Guidelines in its supervision?
The AFM will supervise the selection, design, activation and deactivation of LMTs by fund managers. In doing so, the AFM assesses whether managers have selected at least two relevant LMTs per fund and whether these choices are appropriate in light of the characteristics of the fund. Fund managers are required to notify the AFM in a timely manner of the selected LMTs as well as the activation and deactivation of those tools. As of 18 March 2026, a new notification procedure is in place for submitting LMT‑related notifications through the AFM portal.
Which financial undertakings are subject to the Guidelines?
The Guidelines apply to managers of UCITS and open-ended AIFs, including MMF managers. When do the Guidelines apply?By 16 April 2026, managers must have selected at least two LMTs for each open‑ended fund under management. By that date, managers must also have established policies and procedures governing the activation and deactivation of the selected LMTs. Funds established before 16 April 2026 may benefit from a one‑year transitional period, limited to the practical implementation of the detailed characteristics and parameters of the selected LMTs.
More information
The full ESMA Guidelines can be consulted on the ESMA website. The AFM addressed the new liquidity management requirements in its AIFMD II‑update of 18 March 2026.
ESMA Guidelines for the criteria on the assessment of knowledge and competence under the Markets in Crypto Assets Regulation (MiCA)
These ESMA guidelines outline how crypto-asset service providers (CASPs) should ensure their staff providing advice or information about crypto-assets or crypto-asset services possess the necessary level of knowledge and competence to fulfil their obligations.
What is the purpose of the guidelines?
The objectives of these guidelines are to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS) and to ensure the common, uniform and consistent application of the provisions in Articles 68(5) and 81(7) of Regulation (EU) 2023/1114 (MiCA). The guidelines aim to promote greater convergence in the criteria for the assessment of knowledge and competence of staff providing advice or information about crypto-assets or crypto-asset services and their application. These guidelines provide important guidance to assist CASPs in meeting their obligations to act in the best interest of their clients and to assist competent authorities to adequately assess how CASPs meet these obligations.
How does the AFM apply the guidelines in its supervision?
The AFM performs a risk-based assessment of the application of undertakings to be authorized as CASPs. Furthermore, assessing the continued compliance with these guidelines is part of ongoing CASP risk-based supervision. During authorization, as well as during ongoing supervision, CASPs must be able to demonstrate they have an effective framework in place to ensure they comply with the guidelines.
Which financial undertakings do the guidelines apply to?
These guidelines are addressed to competent authorities and crypto-asset service providers as defined in Article 3(1)(15) of MiCA.
When will the guidelines come into effect?
These guidelines apply from 28 July 2026.
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ESMA guidelines on outsourcing to cloud service providers
ESMA has published a revised version of the Guidelines on outsourcing to cloud service providers. These guidelines were published by ESMA in 2020 and applicable starting from 2021. In the revised version of the Guidelines there are no material changes to the content, but ESMA amended the scope of the addressees to exclude financial entities covered by DORA.
What is the purpose of the guidelines?
The purpose of the guidelines is to help firms identify, address and monitor the risks that may arise from their cloud outsourcing arrangements and to support a convergent approach to the supervision of cloud outsourcing arrangements. In light of the application of DORA (Regulation (EU) 2022/2554), ESMA amended the scope of the addressees in the revised Guidelines to exclude financial entities covered by DORA.Which financial undertakings do the guidelines apply to?
These guidelines apply to competent authorities and to (i) depositaries of alternativeinvestment funds (AIFs) referred to in Article 21(3)(c) and in Article 21(3), third subparagraph, of the AIFMD, where they are not financial entities to which DORA applies, and (ii) depositaries of UCITS referred to in Article 23(2)(c) of the UCITS Directive, where they are not financial entities to which DORA applies
How does the AFM apply the guidelines in its supervision?
AFM complies with the revised ESMA guidelines and the amended scope of the addressees.When will the guidelines come into effect?
These guidelines apply from 30 September 2025 and to all cloud outsourcing arrangements entered into, renewed or amended on or after this date.More information
Download the full document.
Joint Guidelines on the system established by the European Supervisory Authorities for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants by competent authorities
The joint Guidelines aim at establishing consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS), and at ensuring the common, uniform and consistent application of Union law with regard to the use of the system established by the ESAs for the exchange by competent authorities of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants in accordance with the legal acts referred to in Articles 1(2) of the Founding Regulations.
What is the purpose of the guidelines?
These Guidelines clarify the use of the ESAs Information System by competent authorities and the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders in accordance with the legal acts referred to in Article 1(2) of Regulation (EU) 1093/2010, Article 1(2) of Regulation (EU) 1094/2010 and Article 1(2) of Regulation (EU) 1095/2010 on the basis of Articles 31a thereof.How does the AFM apply the guidelines in its supervision?
The AFM uses the information system set up by the ESAs to exchange information on the expertise and reliability of holders of qualifying holdings, directors, and key function holders of financial institutions. This includes entering, searching for, and requesting relevant data within two weeks of receiving an application or notification. Additionally, the AFM processes information requests from other authorities and responds within two weeks, in compliance with sectoral provisions. The AFM also keeps the contact points up to date.Which financial undertakings do the guidelines apply to?
These Guidelines are addressed to competent authorities referred to in Articles 4(2) of Regulation (EU) No 1093/2010 and Regulation (EU) No 1094/2010 and in Article 4(3) of Regulation (EU) No 1095/2010.
When will the guidelines come into effect?
These guidelines apply from 22 April 2025.More information
Download the full document here.
Joint EBA and ESMA Guidelines on the suitability assessment of shareholders and members, whether direct or indirect, with qualifying holdings in issuers of asset-referenced tokens and in crypto-asset service providers
What is the purpose of the guidelines?
The guidelines concern broader assessment criteria for acquisitions or increases in qualifying holdings. These include five key suitability standards and prior notification to competent authorities, mirroring processes established in MiFID II and in CRD. The guidelines ensure consistency with existing frameworks, particularly the Joint European Supervisory Authorities Guidelines for assessing qualifying holdings. They do not introduce new criteria but reference to established methodologies, promoting uniformity across financial sectors.Key elements addressed include assessing the repute of shareholders, the legitimacy of funding sources, and the identification of indirect.
How does the AFM apply the guidelines in its supervision?
DNB is mandated to assess holders of qualifying holdings in CASPs. However, the AFM will take these guidelines in account in cases such as the rejection of a license application. In such a situation, the AFM will adopt DNB’s verdict.Which financial undertakings do the guidelines apply to?
Joint Guidelines lay down the methodology that NCAs should use for the assessment of the suitability of the shareholder or member that has qualifying holdings, whether direct or indirect;- in an applicant issuer seeking for an authorisation under Article 18 of MiCA, in accordance with the mandate set out by Article 21(3) of that Regulation
- in an applicant CASP seeking for authorisation under Article 62 of MiCA, in accordance with the mandate set out by Article 63(11) of that Regulation
And for the assessment of the suitability of a proposed acquirer of direct or indirect qualifying holdings:
- in an issuer of ARTs authorised under Article 21 of MiCA, in accordance with the criteria set out by Article 42(1), points (a) to (e) of that Regulation;
- in a CASP authorised under Article 63 of that Regulation, in accordance with the criteria set out by Article 84(1), points (a) to (e) of that Regulation.
When will the guidelines come into effect?
These guidelines apply from 4 February 2025.
More information
Joint EBA and ESMA Guidelines on the suitability assessment of members of management body of issuers of asset-referenced tokens and of crypto-asset service providers
These joint guidelines outline the criteria National Competent Authorities (NCAs) must take into consideration when assessing the suitability of management body members of issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 (MiCA).