Dutch regulator receives 2,752 signals about malpractices in fin sector in H1 2019
The number of enquiries AFM received in the first six months of 2019 exceeded 10,000.
The Authority for the Financial Markets of the Netherlands (AFM) received 2,752 signals about wrongdoings in the financial sector in the first half of 2019. The regulator also answered more than 10,000 questions about supervision and laws and regulations during the period.
In terms of the nature of enquiries, the regulator says these were various. Some consumers wanted to know whether a given entity has an AFM license or what they can do if a mortgage provider is unclear about costs. The regulator received more than 1,700 questions from consumers in the first half of the year.
The bulk of the notifications from investors concerned Forex and cryptocurrencies, the data shows. The regulator says it has been in touch with Facebook about misleading ads of cryptocurrencies.
Let’s recall that, in April this year, the European Securities and Markets Authority (ESMA) issued a positive opinion regarding the national product intervention measures introduced by AFM. These measures concerned the restriction of offering of CFDs to retail clients and the ban on the offering of binary options. The Dutch measures are in line with those introduced by ESMA. ESMA has found that the national measures outlined by the Dutch regulator are justified and proportionate and that it is necessary for national regulators to take product intervention measures that are at least as stringent as ESMA’s measures.
