AFM Needs 10 Percent More Budget Because Of Brexit

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AFM Needs 10 percent more Budget because of Brexit. Supervisor of the Netherlands Authority for the Financial Markets (AFM) needs 10 percent extra budget because of the financial institutions that move to the Netherlands from the United Kingdom.

 

A spokesperson for the regulator confirmed after AFM board chairman Merel van Vroonhoven stated, according to the reports

Converted is probably about 8 million pounds. The AFM now has a budget of approximately 87 million pounds.

The more budget is needed for investments in IT and the hiring of new people.

Without an alliance between the United Kingdom and the European Union,

 the regulator will need even more money, according to Van Vroonhoven.

Thirty to fifty financial institutions to the Netherlands
Approximately thirty to fifty financial institutions have applied for a license from the AFM because of the British departure from the European Union.

In October last year, the AFM said it had conducted 150 talks with interested parties.

Van Vroonhoven then assumed that 30 to 40 percent of European trade in financial instruments would settle in the Netherlands.

In addition to the financial institutions, the European medicines watchdog EMA moves to Amsterdam.

The BBC would also consider establishing a European headquarters in the capital to ensure that the broadcaster can maintain to broadcast in the European Union.

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