2022 Act amending the Financial Markets Act

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Published: 01 June 2021

Een boek over WFT wet op financieel toezicht die op een tafel ligt

The 2022 Act amending the Financial Markets Act includes proposals for amendments to a number of Acts, including the Financial Supervision Act (Wet op het financieel toezicht – Wft). We have listed the main changes for payment institutions and electronic money institutions below.

Segregated assets account

Payment institutions and electronic money institutions will be allowed to open a segregated assets account in order to segregate the funds of customers and the institutions’ own funds. This will offer them an alternative for having to secure third-party funds through a customer accounts foundation.

Audit of financial statements

The audit requirement for financial statements as laid down in Section 3:72(7) of the Wft will be extended to include payment institutions and electronic money institutions. In recent years we found that the data in the financial statements of payment institutions and electronic money institutions are not always fully reliable. To increase the reliability of these data and improve their usefulness for our prudential supervision, we have decided to make auditing of these statements compulsory. A large number of institutions already submit their annual financial statements including an independent auditor's report, and they can of course continue to do so. The audit requirement will not apply to payment institutions and electronic money institutions that only provide account information services.

The Act amending the Financial Markets Act is expected to enter into force by mid‑2022. See the government website for more information about the public consultation (in Dutch only).

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