Supervision
The supervision of clearing and settlement of a trading platform (either a regulated market or an MTF) is possible on the basis of provisions included in the licence for a trading platform.
The AFM and DNB jointly exercise supervision of clearing houses/central counterparties (CCP) and of the settlement platform (Central Securities Depository – CSD). The AFM also exercises direct statutory supervision of the settlement platform under the Securities (Bank Giro Transactions) Act [Wet giraal effectenverkeer, or Wge].
EMIR
The introduction of the European Market Infrastructure Regulation (EMIR) makes it possible to also exercise direct supervision of clearing houses. EMIR is introduced in anticipation of a harmonisation of supervision of CCPs in the European Union.The supervision of the various institutions is exercised in collaboration with supervisors in the other countries in which the institutions operate. The AFM has concluded a Memorandum of Understanding with all supervisors in this regard.