meta_id 3338302

On July 8, 2026, the Netherlands enacted legislation implementing European Union Directive 2024/790, which revises the Markets in Financial Instruments Directive (MiFID II). The Implementation Act for the Revised MiFID II 2026 amends the Financial Supervision Act (Wet op het financieel toezicht) to transpose the revised directive into Dutch law. The amendments introduce several key changes affecting investment firms and market operators. These include revised definitions of multilateral systems and investment firms with systematic internalisation; enhanced order execution requirements, including disclosure obligations regarding execution venues; and strengthened data quality standards for multilateral trading facilities and organised trading facilities. The legislation expands position management controls to cover both commodity derivatives and emission rights derivatives, requiring market operators and investment firms to implement circuit breaker mechanisms that temporarily halt or limit trading during significant price movements or disorderly market conditions. Additional provisions require market operators to publish information on their websites detailing the circumstances triggering trading halts and the technical parameters used to determine them. The amendments also modify reporting requirements for commodity derivatives and emission rights derivatives, establishing weekly or bi-weekly reporting obligations depending on whether options are traded on the platform. Investment firms trading outside regulated venues must provide daily position breakdowns to central competent authorities or relevant supervisory bodies. The Authority for Financial Markets (Autoriteit Financiële Markten) gains enhanced powers to restore orderly market functioning when market operators fail to implement required trading halts. The legislation amends various provisions of the Financial Supervision Act, including modifications to conduct supervision sections and updates to regulatory scope definitions affecting non-financial entities engaged in hedging activities. The act enters into force on a date to be determined by royal decree, which may differ for various provisions.