Regulatory Alerts2026-05-13
Directive to Euronext Amsterdam for breach of open access rules
The Dutch Authority for the Financial Markets (AFM) has issued a formal direction to Euronext Amsterdam N.V. for violating Article 53(1) of the Central Securities Depositories Regulation (CSDR) by imposing three restrictive conditions on alternative central securities depositories (CSDs). The AFM determined that these conditions—limiting CSDs to one per market or asset class, mandating TARGET2-Securities connectivity, and requiring specific issuer/investor CSD linkages—unlawfully restrict non-discriminatory open access to transaction feeds without demonstrating a threat to market stability or systemic risk. Consequently, the AFM ordered Euronext Amsterdam to immediately cease applying these conditions to ensure compliance with EU open access rules and promote competition in settlement infrastructure.