The UK’s Financial Conduct Authority (FCA) and the Dutch Authority for the Financial Markets (AFM) have signed an agreement to work closer together.
This agreement aims to let the two regulators work more closely to protect and enhance the integrity and stability of both financial ecosystems.
Since the UK began its withdrawal from Europe, numerous financial institutions operating in the UK and the Netherlands have applied for a license to operate in the respective countries. The FCA and AFM collaborating and sharing information will ensure successful oversight of firms and capital markets, they said.
In addition to improved information sharing, the regulators will disclose best practice approaches, explore the score for secondments between the regulators and expert training opportunities.
The agreement builds on a close relationship already present between the two regulators, which have worked together in fostering FinTech, with a pro-active supervision of behaviour within firms.
AFM chair Merel van Vroonhoven said, “We are looking forward to working together in this partnership. We see UK financial institutions moving to the Netherlands, especially international regulated markets, other trading platforms and traders. Their choice for the Netherlands will impact our capital markets and trading infrastructure.
“The closer cooperation with the FCA will put us in a better position to protect investors and capital markets through the sharing of information and expertise to minimise risks.”
The FCA has been signing a number of partnership agreements with foreign regulators, as it prepares for the UK leaving the EU.
Earlier in the year, the regulator signed two Memoranda of Understandings (MoU) with the Australian Securities and Investments Commission (ASIC) to ensure continued interactions following Brexit.
It also recently signed renewed agreements with the US Securities and Exchange Commission, and the EU’s EIOPA.
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