AFS is subject to dual supervision by the Dutch Authority for the Financial Markets (AFM) for conduct and market integrity, and De Nederlandsche Bank (DNB) for prudential oversight. The regulatory framework is primarily driven by MiFID II1 / MiFIR2 (investment services and trading venues), MAR3 (market abuse and STOR9 reporting), and IFR/IFD4 (capital and risk requirements), complemented by ESMA5 guidance and delegated regulations. Further important parts of the regulatory framework consist of DORA6 and the Wwft7 and per 10 July 2027, the new AML8 Regulation. This results in comprehensive obligations regarding transaction reporting, client protection, sound business operations, market surveillance and capital adequacy