Legislative proposal transparent supervision financial markets pending in the House of Representatives

On 4 September 2017 the Minister of Finance sent the legislative proposal transparent supervision financial markets to the Dutch House of Representatives (link, in Dutch). The proposal introduces broader powers for the supervisory authorities, the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB), to publish violations by financial companies. The AFM and DNB can publish a warning in case of all violations of regulations or prohibitions under or pursuant to the Dutch Financial Supervision Act, if this is necessary to prevent or limit damages. Furthermore, they can publish a warning or a decision to impose an administrative sanction without delay in cases of urgency in response to information that the offender itself exposed about violations. Finally, the proposal introduces a legal basis for DNB to disclose certain key data that are published by banks.