On 20 July 2026, the Dutch Minister of Finance published the Implementation Act on the review of MiFID II 2026 (Implementatiewet herziening MiFID II 2026, the Implementation Act) in the Dutch Government Gazette. Please refer to our earlier blog about the delayed implementation of the MiFID II review.
The Implementation Act amends the Dutch Act on the Financial Supervision (Wet op het financieel toezicht, AFS), implementing the amended Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation.
The main changes to the AFS are set out below.
- Systematic internalisers (SIs): Currently, whether an investment firm qualifies as a SI is based on quantitative criteria. These quantitative criteria are replaced by qualitative criteria based on the internal processing of equities. Investment firms retain the option to apply the rules for SIs, even if they do not meet the specified qualitative criteria.
- Non-financial entities dealing on own account: The exemption from the AFS for certain entities dealing on own account is clarified. Non-financial entities that (1) deal on own account for the purposes of liquidity management or to mitigate risks directly related to their commercial activities or their cash management activities and (2) are a member or participant of a trading venue, are exempt from the AFS, provided that they are not a market maker, do not execute clients’ orders and do not use high-frequency algorithmic trading techniques.
- Quality of data to be submitted to consolidated tape providers: Investment firms and market operators are required to have arrangements in place to ensure that they comply with quality requirements to the data they supply to the consolidated tape provider (CTP).
- Periodic reports on the execution of client orders: The requirement for investment firms to periodically provide information to clients on the execution of client orders will cease to apply. It is expected that the establishment of a CTP will allow clients to gain adequate insight into the quality of the order execution policies of investment firms.
- Rules for trading venues: The rules on mechanisms for trading venues to limit excessive volatility on financial markets are extended to also apply to emergency situations. In addition, trading venues are required to publish information on their website on the circumstances that may lead to the suspension or the restriction of trading, and the principles for determining the key technical parameters used for that purpose.
- Trading venues dealing in emission allowances: An obligation for trading venues dealing in emission allowance derivatives to apply position management control is introduced, as well as several reporting requirements for trading venues dealing in commodity and/or emission allowance derivatives.
The date of entry into force of the Implementation Act is yet to be announced. The Implementation Act is available here (Dutch only).