The AFM and the Dutch Central Bank may share confidential information with the Court of Audit (Algemene Rekenkamer), subject to certain conditions. A new bill to this effect was submitted to the Dutch parliament last month.
Existing confidentiality provisions prevent the Dutch Central Bank and the AFM from passing confidential information to the Court of Audit. According to the Minister of Finance, this means that the Court of Audit has insufficient means to investigate the effectiveness of the supervision conducted by the two financial supervisors. The new bill is aimed at remedying this. But the Court of Audit’s tasks will not be extended to include an assessment of the quality of supervision.
For the Dutch text of the new bill please read ‘wetsvoorstel Spoedwet Algemene Rekenkamer’.