The Dutch Authority for the Financial Markets has published its 2025 supervisory agenda, setting out its oversight priorities in response to faster-moving trends in digitalisation, sustainability and internationalisation, alongside the continued impact of the Netherlands’ pension transition. The agenda draws on the trends and risks identified in AFM Trendzicht 2025. A key focus is the financial sector’s growing reliance on technology and data, and the potential systemic impact of the dominant position of a small group of large US “big tech” firms. The AFM warns that the failure of a single critical party in the service chain could disrupt a large part of the sector, while large-scale cyber risks could cause substantial financial losses and threaten financial stability, affecting both consumers and financial institutions. The agenda also highlights how geopolitical tensions are sharpening international relationships and increasing fragmentation between trade blocs through tariffs and sanctions, with possible future US-EU regulatory divergence in areas such as sustainability and cryptoassets creating risks of regulatory and supervisory arbitrage that could undermine market integrity.

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