Regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands FSAP, with further reforms underway. Major reforms for securities and derivatives trading were implemented through Markets in Financial Instruments Directive and Regulation II (MiFID II) in 2018, and revisions agreed in 2023 will bring further changes in the coming years, including plans to support greater consolidation of transaction data. In asset management, the Alternative Investment Fund Managers Directive (AIFMD) review is incorporating among other changes enhanced provisions on liquidity management, and for Undertakings for Collective Investment in Transferable Securities (UCITS) a new regulatory regime for depositories was put in place.