Regulatory update :
the Netherlands
AFM publishes AIFMD II update
The Dutch Authority for the Financial Markets (the AFM) has published an update highlighting upcoming additional regulatory requirements for AIFMs that manage funds providing loans (loan-originating funds). These requirements follow from the revised AIFMD (AIFMD II) and will apply as of 16 April 2026.
Key Areas Subject to Additional Requirements
AIFMs managing funds that grant loans will need to comply with enhanced obligations, particularly in relation to:
- fund structure, as AIFMs must assess whether their lending funds are structured as open-ended or closed-ended funds, given that the applicable requirements and risk considerations may differ depending on the structure.
- characteristics and terms of the loans, such as features, conditions and risk profile of loans granted by the fund, including maturity, repayment terms and borrower characteristics.
- credit risk management and monitoring, meaning that AIFMs are expected have robust policies and procedures in place for credit risk management, including ongoing monitoring of loan performance and concentration risks.
Investment firm fined by the AFM for breaches of advertising rules
An investment firm was fined by the AFM for repeatedly breaching advertising rules.
Investment firms are required to ensure that their advertising materials are fair, clear and not misleading. They must also clearly indicate the risks associated with an investment service, especially when highlighting potential benefits. In several of the reviewed advertisements, as well as on the fined company’s website, this was not the case: the indication of risks appeared in smaller font size than the rest of the text, and the colour contrast with the background was too low. This is in breach of the applicable rules.
AIFs can use the published reasoning for the fine to assess whether their advertisements and websites align with the AFMs expectations and, if necessary, to update communications to avoid fines.
New ‘simplified procedure’ the settlement of regulatory fines
The Dutch Central Bank (DNB) and AFM have published a joint policy on a ‘simplified procedure’ to settle fines imposed to financial entities. Under the simplified procedure, the prosecuted financial entity and/or natural person can accept the imposed fine and acknowledge the transgression. In consequence, DNB (or AFM) can reduce the amount of the fine by 15%. Application of the simplified procedure is always a voluntary choice for the financial entity or natural person.
DNB introduces stricter enforcement of capital and liquidity requirements
DNB has adopted a new enforcement policy under which it will more strictly supervise compliance with capital and liquidity requirements by regulated institutions, including AIFMs. Under the new approach, DNB will, in principle, immediately initiate formal enforcement proceedings upon identifying a breach of capital or liquidity requirements. The primary objective is rapid remediation of the shortfall.
AIFMs are encouraged to strengthen their internal controls to reduce the risk of enforcement action, including by:
- ensuring that internal monitoring systems provide timely alerts of (impending) shortfalls;
- assessing whether internal governance and reporting provide sufficient insight into applicable regulatory requirements;
- ensuring that remedial measures (capital injections, capital planning and liquidity actions) can be executed without delay;
- staying informed of supervisory developments via the DNB News Service;
- contacting DNB at an early stage in the event of an actual or anticipated undershoot.
AFM calls on AIFMs to align fund names with ESG-guidance
A recent study by the AFM shows that funds with sustainability-related names do not yet always fully comply with the European Guidelines on Sustainability-Related Fund Names (the ‘Fund Name Guidelines’). This creates a risk that investors will not get a clear picture of a fund’s sustainability profile. Fund managers are therefore urged to immediately review their documentation and internal monitoring in line with the Fund Name Guidelines and implement necessary changes as soon as possible.
Date announced for informative session with DNB and AFM
DNB and the AFM organise a joint event on 10 June 2026. During this informative session, the Dutch regulators will welcome AIFMs to inform them on new regulatory policies. Further details will follow.
New templates available for EBA reports
DNB has published the templates to be used for EBA reports on its website. Although the content of the reports remains largely unchanged, the technical structure has been updated. As a result, older Excel templates can no longer be processed correctly.
No changes in FBO-taxonomy
DNB has confirmed that no changes have been made to the existing taxonomy on FBO reporting. As such, AIFMs may continue to report by using the previous version 5.0.0.