During a meeting on 3 June 2019 in London, the FCA and the AFM signed a joint agreement to formalise this partnership.
Since the UK announced its intention to withdraw from the EU, several financial institutions currently operating in the UK and the Netherlands have applied for a licence to operate in the respective countries. Close cooperation and information sharing between the FCA and AFM is vital to developing global markets, ensuring effective oversight of firms and capital markets, and allowing both to more effectively fulfil their roles as regulators.
The agreement builds on the strong bond the UK and Dutch authorities already have and it also develops the relationship in areas such as FinTech, a pro-active and data-led approach to supervision and encouraging proper behaviour within firms.
Alongside information sharing, the FCA and AFM will also share best practice approaches, explore the scope for secondments between the regulators and expert training opportunities. These are intended to foster even stronger and sustainable relationships between the two.
This will apply in both a Deal and No Deal scenario and will accompany the Multilateral Memorandum of Understanding between the FCA and EU regulators announced in February 2019.