{
 "node": "nl-cm-kg",
 "door": "https://mcp.nl-cm-kg.ai",
 "market": "nl",
 "jurisdiction_namespace": "nl-eco-10060",
 "chapter": "nl.chapter.v15",
 "source": "Book of Markets mirror (allooloocmkgapex/book), read at request time",
 "kind": "book-section",
 "family": "AIO",
 "version": "nl.aio.v9",
 "supersedes": "nl.aio.v8",
 "book_path": "nl/sections/nl.aio.v9.json",
 "book_sha256": "sha256:cbec7e671a5ebce595de2550ab36766f575141861bcecda7396ea15ba4f730e0",
 "section": {
  "section_id": "book:nl:aio",
  "family": "AIO",
  "schema": "SM-ECO-10060 canonical text v1.0 (2026-10-30) · chapter schema v0.1 (unratified) · Appendix C",
  "schema_version": "Appendix C 0.2 (TMKT-01: manufacturer_evidence_accepted)",
  "version": "nl.aio.v9",
  "supersedes": "nl.aio.v8",
  "market": "nl",
  "node": "nl-cm-kg",
  "produced_at": "2026-11-01T20:03:11Z",
  "observed": {
   "earliest_read": "2026-10-31T01:49:25Z",
   "latest_read": "2026-11-01T19:57:50Z"
  },
  "fields": [
   {
    "name": "duty_revision_ref",
    "value": "not_found",
    "read_at": "2026-10-31T02:25:02Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
     "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie"
    ]
   },
   {
    "name": "product_scope",
    "value": [
     {
      "instrument_class": "effect",
      "rule": "Artikel 1:1 Wft",
      "covers": "verhandelbaar aandeel; verhandelbare obligatie of een ander verhandelbaar schuldinstrument",
      "cfi_categories": "ES,DB",
      "source_url": "https://wetten.overheid.nl/BWBR0020368",
      "source_date": "29-09-2026",
      "read_at": "2026-10-31T22:38:15Z"
     },
     {
      "instrument_class": "turbo",
      "rule": "Artikel 1 Besluit beperkingen aan turbo's",
      "covers": "een verhandelbare obligatie waarvan de waarde is afgeleid van een onderliggende waarde en de financiering van de onderliggende waarde of een ander verhandelbaar schuldinstrument",
      "cfi_categories": "DB",
      "source_url": "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
      "source_date": "2020-12-22",
      "read_at": "2026-10-31T22:36:07Z"
     },
     {
      "instrument_class": "Financial instruments",
      "rule": "MiFID II",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     },
     {
      "instrument_class": "structured products",
      "rule": "MiFID II",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     },
     {
      "instrument_class": "structured deposits",
      "rule": "MiFID II",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     }
    ],
    "read_at": "2026-10-31T22:38:42Z",
    "pages_checked": [
     "https://wetten.overheid.nl/BWBR0020368",
     "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://eur-lex.europa.eu/eli/dir/2014/65/2024-03-28/eng/pdf"
    ],
    "source_url": "https://wetten.overheid.nl/BWBR0020368",
    "source_date": "29-09-2026",
    "conflict": {
     "values": [
      {
       "object": {
        "instrument_class": "financieel instrument",
        "rule": "Artikel 1:1 Wft",
        "covers": "effect; geldmarktinstrument; recht van deelneming in een beleggingsinstelling of icbe, niet zijnde een effect",
        "cfi_categories": "DY,CI"
       },
       "source_url": "https://wetten.overheid.nl/BWBR0020368",
       "quote": "a. effect; b. geldmarktinstrument; c. recht van deelneming in een beleggingsinstelling of icbe, niet zijnde een effect;",
       "source_date": "29-09-2026",
       "reason": "review UNSUPPORTED: SUPPORTED, The page excerpt explicitly lists the claimed categories (a, b, c) under \"financieel instrument\" as defined in the context of the Dutch market (nl) and the Wft (Wet op het financieel toezic"
      }
     ],
     "reason": "objects that did not verify (each with its reason)",
     "selection_rule": "none — unresolved"
    }
   },
   {
    "name": "client_categories",
    "value": "not_found",
    "read_at": "2026-10-31T20:07:43Z",
    "pages_checked": [
     "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1614763384811&uri=CELEX:02014L0065-20220228"
    ],
    "conflict": {
     "values": [
      {
       "value": [
        {
         "identifier": "retailcliënt",
         "criteria": "de niet-professionele belegger",
         "rule": "Artikel 1 Besluit beperkingen aan turbo's",
         "source_url": "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
         "source_date": "2020-12-22",
         "read_at": "2026-10-31T18:40:43Z"
        }
       ],
       "source_url": "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
       "source_date": "2020-12-22",
       "superseded": "not read from MiFID II (Directive 2014/65/EU) Annex II (professional clients), Article 4(1)(11) (retail client) and Article 30 (eligible counterparties), as transposed in this market (BOOK-05)"
      }
     ],
     "reason": "held value superseded by a reading under the named rule",
     "selection_rule": "none — the held value is not the value"
    }
   },
   {
    "name": "target_market",
    "value": [
     {
      "criterion": "The investment product should meet the needs, characteristics and objectives of the target group",
      "applicability": "manufacturers, for each investment product"
     }
    ],
    "read_at": "2026-10-31T01:49:25Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
     "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie"
    ],
    "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
    "source_date": "3 October 2023"
   },
   {
    "name": "negative_target_market",
    "value": "not_found",
    "read_at": "2026-10-31T18:42:06Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL"
    ],
    "conflict": {
     "values": [
      {
       "prose": "According to Article 32b(2) BGfo, there is no need to define a negative target market with regard to sustainability objectives for financial instruments with sustainability factors. (Please note that target market categories other than sustainability must always be defined for the negative target market.)",
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling"
      },
      {
       "value": [
        {
         "rule": "No need to define a negative target market with regard to sustainability objectives for financial instruments with sustainability factors (Article 32b(2) BGfo); other target market categories must always be defined for the negative target market"
        }
       ],
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "source_date": "3 October 2023",
       "held_from": "the earlier section version (BOOK-02 reading)"
      }
     ],
     "reason": "unstructured",
     "selection_rule": "none — a value that is only a paragraph is not a value (BOOK-03)"
    }
   },
   {
    "name": "distribution_conditions",
    "value": [
     {
      "condition": "The investment firm has an adequate process",
      "party": "investment firm",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     },
     {
      "condition": "The distribution strategy is consistent with the target group",
      "party": "investment firm",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     },
     {
      "condition": "identify a target group itself and determine how the distribution is to take place",
      "party": "distributor",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     },
     {
      "condition": "identify the target group and tailor the distribution strategy accordingly",
      "party": "manufacturer",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     }
    ],
    "read_at": "2026-10-31T20:07:43Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie"
    ],
    "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
    "source_date": "3 October 2023",
    "conflict": {
     "values": [
      {
       "object": {
        "condition": "make all reasonable efforts to ensure that the product information from that manufacturer is reliable and adequate",
        "party": "distributor",
        "discharged_by": "",
        "rule": ""
       },
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "quote": "If the investment product has not been developed/manufactured by a manufacturer that falls under the scope of MiFID II, the distributor must make all reasonable efforts to ensure that the product information from that manufacturer is reliable and adequate.",
       "source_date": null,
       "reason": "review PARTIAL: PARTIAL\n\nThe excerpt includes the exact quoted sentence supporting the condition, but the claimed value lacks details about the broader context (e.g., MiFID II scope, distributor obligations beyond \"r"
      },
      {
       "object": {
        "condition": "financial instruments must also comply with sustainability objectives",
        "party": "",
        "discharged_by": "",
        "rule": "Article 32b BGfo"
       },
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "quote": "Article 32b of the Decree on Conduct of Business Supervision of Financial Undertakings under the Wft (BGfo) now adds that financial instruments must also comply with sustainability objectives.",
       "source_date": null,
       "reason": "unstructured: required key(s) ['party'] not stated"
      }
     ],
     "reason": "objects that did not verify (each with its reason)",
     "selection_rule": "none — unresolved"
    }
   },
   {
    "name": "required_assessments",
    "value": [
     {
      "assessment": "assessment of the risk/return profile of the product",
      "trigger": "For each investment product",
      "party": "manufacturer",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     },
     {
      "assessment": "check whether the investment product may pose a threat to the orderly functioning or the stability of financial markets",
      "trigger": "Before the investment firm markets the product",
      "party": "investment firm",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     },
     {
      "assessment": "review investment products on a regular basis",
      "trigger": "on a regular basis, taking into account any event that could materially affect the potential risks for the target group",
      "party": "Investment firms",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     },
     {
      "assessment": "review whether the financial instruments ... function as intended",
      "trigger": "prior to any further issue or launch, if they are aware of any event that could materially affect the potential risk to investors (crucial events)",
      "party": "investment firms",
      "discharged_by": "appropriate action, such as filing a notification with the AFM",
      "rule": "Commission Delegated Directive supplementing Directive 2014/65/EU (MiFID II), Article 9(15)",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     },
     {
      "assessment": "regularly evaluate the selection process of investment products",
      "trigger": "regularly",
      "party": "distributor",
      "discharged_by": "inform the manufacturer about this and about the sale of the investment product",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T20:06:55Z"
     }
    ],
    "read_at": "2026-10-31T20:07:48Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/~/profmedia/files/consultaties/2020/productinterventie-turbo-openbare-consultatie.pdf?la=nl-NL",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie"
    ],
    "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
    "source_date": "3 October 2023",
    "conflict": {
     "values": [
      {
       "object": {
        "assessment": "scenario analyses",
        "trigger": "",
        "party": "investment firm",
        "discharged_by": "",
        "rule": ""
       },
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "quote": "In addition, the investment firm must ensure that all relevant risks for the target group are evaluated. To this end, the investment firm must inter alia perform scenario analyses.",
       "source_date": null,
       "reason": "unstructured: required key(s) ['trigger'] not stated"
      },
      {
       "object": {
        "assessment": "The cost structure must also be assessed",
        "trigger": "",
        "party": "investment firm",
        "discharged_by": "",
        "rule": ""
       },
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "quote": "To this end, the investment firm must inter alia perform scenario analyses. The cost structure must also be assessed.",
       "source_date": null,
       "reason": "unstructured: required key(s) ['trigger'] not stated"
      },
      {
       "object": {
        "assessment": "product evaluation based on both quantitative and qualitative criteria",
        "trigger": "",
        "party": "developers and distributors",
        "discharged_by": "",
        "rule": "Guidelines 73 and 77"
       },
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "quote": "Both developers and distributors need to perform the product evaluation based on both quantitative and qualitative criteria",
       "source_date": null,
       "reason": "unstructured: required key(s) ['trigger'] not stated"
      }
     ],
     "reason": "objects that did not verify (each with its reason)",
     "selection_rule": "none — unresolved"
    }
   },
   {
    "name": "product_documentation",
    "value": "not_found",
    "read_at": "2026-10-31T18:42:21Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie"
    ],
    "conflict": {
     "values": [
      {
       "object": {
        "document": "product information",
        "party": "manufacturer",
        "rule": "the distributor must make all reasonable efforts to ensure that the product information from that manufacturer is reliable and adequate"
       },
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "quote": "If the investment product has not been developed/manufactured by a manufacturer that falls under the scope of MiFID II, the distributor must make all reasonable efforts to ensure that the product information from that manufacturer is reliable and adequate.",
       "source_date": null,
       "reason": "review PARTIAL: **PARTIAL**\n\nThe excerpt includes the exact supporting quote for the rule but does not explicitly confirm its direct application to *product documentation* (e.g., whether \"product information\" refers "
      }
     ],
     "reason": "no object verified",
     "selection_rule": "none — unresolved"
    }
   },
   {
    "name": "manufacturer_distributor_roles",
    "value": [
     {
      "actor": "manufacturer",
      "role": "must have a process in place for the development, approval and revision of investment products",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     },
     {
      "actor": "distributor",
      "role": "must identify a target group itself and determine how the distribution is to take place",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     }
    ],
    "read_at": "2026-10-31T18:42:23Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie"
    ],
    "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
    "source_date": "3 October 2023"
   },
   {
    "name": "review_triggers",
    "value": [
     {
      "event": "review investment products",
      "period_or_condition": "on a regular basis, taking into account any event that could materially affect the potential risks for the target group",
      "party": "Investment firms",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     },
     {
      "event": "crucial events",
      "period_or_condition": "prior to any further issue or launch",
      "party": "investment firms",
      "rule": "Commission Delegated Directive supplementing Directive 2014/65/EU (MiFID II), Article 9(15)",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     },
     {
      "event": "evaluate the selection process of investment products",
      "period_or_condition": "regularly",
      "party": "distributor",
      "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
      "source_date": "3 October 2023",
      "read_at": "2026-10-31T18:40:43Z"
     }
    ],
    "read_at": "2026-10-31T18:42:24Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie"
    ],
    "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
    "source_date": "3 October 2023",
    "conflict": {
     "values": [
      {
       "object": {
        "event": "review their product development process arrangements",
        "period_or_condition": "on a regular basis",
        "party": "Financial firms",
        "rule": ""
       },
       "source_url": "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
       "quote": "Financial firms should review their product development process arrangements on a regular basis. If the review gives cause to do so, they must tighten these arrangements.",
       "source_date": null,
       "reason": "verified but undated: the source bears no date (order: source_date or not_found)"
      },
      {
       "object": {
        "event": "financial products reviewed",
        "period_or_condition": "on a regular basis, and whenever there are grounds to do so",
        "party": "financial firm",
        "rule": ""
       },
       "source_url": "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
       "quote": "The financial products must also be reviewed on a regular basis, and whenever there are grounds to do so.",
       "source_date": null,
       "reason": "verified but undated: the source bears no date (order: source_date or not_found)"
      }
     ],
     "reason": "objects that did not verify (each with its reason)",
     "selection_rule": "none — unresolved"
    }
   },
   {
    "name": "evidence_requirements",
    "value": [
     {
      "context": "Notification of crucial events to the AFM",
      "information": [
       "the impact of the event on the functioning of the product",
       "the target group or groups to whom the product was sold",
       "the implications for that target group or those target groups",
       "the implications for the distribution strategy",
       "the measures taken or to be taken"
      ]
     }
    ],
    "read_at": "2026-10-31T01:49:25Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/press-news/esma-news/esma-updates-its-guidance-product-governance",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie",
     "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:72024L0790MLT_202504189",
     "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=PI_COM:C(2021)2612",
     "https://eur-lex.europa.eu/legal-content/en/ALL/?uri=celex:32014L0065"
    ],
    "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
    "source_date": "3 October 2023"
   },
   {
    "name": "manufacturer_evidence_accepted",
    "read_at": "2026-11-01T19:57:50Z",
    "pages_checked": [
     "https://wetten.overheid.nl/BWBR0020420",
     "https://www.afm.nl/~/profmedia/files/onderwerpen/mifid-ii/norminformerende-brief-productgovernance.pdf",
     "https://www.afm.nl/nl-nl/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie",
     "https://www.afm.nl/nl-nl/sector/adviseurs-bemiddelaars-en-gevolmachtigde-agenten/informatie-voor-gevolmachtigd-agenten/wettelijke-normen-voor-mede-ontwikkelaars-en-distributeurs-van-verzekeringsproducten",
     "https://www.afm.nl/nl-nl/sector/verzekeraars/toezicht/wettelijke-normen-voor-mede-ontwikkelaars-en-distributeurs-van-verzekeringsproducten",
     "https://www.afm.nl/~/profmedia/files/wet-regelgeving/idd/faq-idd.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie"
    ],
    "conflict": {
     "values": [
      {
       "object": {
        "item": "negative_target_market",
        "evidence": "informatie over [...] de doelgroep en bijbehorende distributiestrategie; de doelgroepbepaling van de ontwikkelaar als uitgangspunt",
        "rule": "artikel 32b, derde lid, BGfo"
       },
       "source_url": "https://www.afm.nl/~/profmedia/files/onderwerpen/mifid-ii/norminformerende-brief-productgovernance.pdf",
       "quote": "Uw onderneming dient informatie van de ontwikkelaars te verkrijgen van wie u producten distribueert. Het gaat onder andere om informatie over het product, de doelgroep en bijbehorende distributiestrategie.",
       "source_date": "15 januari 2020",
       "reason": "review PARTIAL: PARTIAL\n\nThe excerpt mentions the requirement to obtain information from developers about the product, target market, and distribution strategy (aligning with the claimed quote and rule). However, it "
      },
      {
       "object": {
        "item": "product_scope_statement",
        "evidence": "informatie over het product",
        "rule": "artikel 32b, derde lid, BGfo"
       },
       "source_url": "https://www.afm.nl/~/profmedia/files/onderwerpen/mifid-ii/norminformerende-brief-productgovernance.pdf",
       "quote": "Uw onderneming dient informatie van de ontwikkelaars te verkrijgen van wie u producten distribueert. Het gaat onder andere om informatie over het product, de doelgroep en bijbehorende distributiestrategie.",
       "source_date": "15 januari 2020",
       "reason": "review PARTIAL: PARTIAL\n\nThe excerpt mentions the requirement to obtain information from developers, including \"informatie over het product\" (as stated in the claimed value), and explicitly references \"artikel 32b, d"
      }
     ],
     "reason": "no object verified",
     "selection_rule": "none — unresolved"
    },
    "value": "not_found"
   },
   {
    "name": "exceptions",
    "value": "not_found",
    "read_at": "2026-10-31T18:42:29Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie"
    ],
    "conflict": {
     "values": [
      {
       "object": {
        "exception": "no need to define a negative target market with regard to sustainability objectives",
        "condition": "financial instruments with sustainability factors",
        "provision": "Article 32b(2) BGfo"
       },
       "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
       "quote": "According to Article 32b(2) BGfo, there is no need to define a negative target market with regard to sustainability objectives for financial instruments with sustainability factors.",
       "source_date": null,
       "reason": "review PARTIAL: **PARTIAL**\n\nThe excerpt explicitly confirms the exception in **Article 32b(2) BGfo** (no need to define a negative target market for sustainability objectives in financial instruments *with* sustaina"
      },
      {
       "object": {
        "exception": "Providers of investment objects are exempt",
        "condition": "if they satisfy the criteria set out in Article 2(1)(a) of the Exemption Regulations",
        "provision": "Article 2(1)(a) Vrijstellingsregeling Wft"
       },
       "source_url": "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
       "quote": "*Providers of investment objects are exempt if they satisfy the criteria set out in Article 2(1)(a) of the Exemption Regulations under the Financial Supervision Act (Vrijstellingsregeling Wft).",
       "source_date": null,
       "reason": "verified but undated: the source bears no date (order: source_date or not_found)"
      }
     ],
     "reason": "no object verified",
     "selection_rule": "none — unresolved"
    }
   },
   {
    "name": "orderability_profile_ref",
    "value": "not_found",
    "read_at": "2026-10-31T02:25:04Z",
    "pages_checked": [
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/press-news/esma-news/esma-updates-its-guidance-product-governance",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie",
     "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:72024L0790MLT_202504189",
     "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=PI_COM:C(2021)2612",
     "https://eur-lex.europa.eu/legal-content/en/ALL/?uri=celex:32014L0065"
    ]
   },
   {
    "name": "sources",
    "value": [
     {
      "document": "ESMA Guidelines on MiFID II product governance requirements (updated as of 3 October 2023)",
      "status": "The AFM applies these guidelines in its supervision of the product governance standards."
     }
    ],
    "read_at": "2026-10-31T01:49:25Z",
    "pages_checked": [
     "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
     "https://www.esma.europa.eu/sites/default/files/2023-11/ESMA35-335435667-4520_Compliance_table_on_ESMA_Guidelines_on_MiFID_II_product_governance__2023_.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie",
     "https://www.afm.nl/en/sector/actueel/2023/september/sb-productgovernancevereisten",
     "https://www.esma.europa.eu/press-news/esma-news/esma-updates-its-guidance-product-governance",
     "https://www.afm.nl/~/profmedia/files/rapporten/2019/review-mifid2-service-provision-professional-investors-eng.pdf",
     "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie",
     "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:72024L0790MLT_202504189",
     "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=PI_COM:C(2021)2612",
     "https://eur-lex.europa.eu/legal-content/en/ALL/?uri=celex:32014L0065"
    ],
    "source_url": "https://www.afm.nl/en/sector/themas/belangrijke-europese-wet--en-regelgeving/mifid-ii/bescherming-beleggers/productontwikkeling",
    "source_date": "3 October 2023"
   }
  ],
  "reading": {
   "run": "reads/TMKT01-2026-11-01",
   "order": "TMKT-01 (2026-11-01): manufacturer_evidence_accepted read against the regime's distributor and manufacturer provisions, per required item (Appendix C 0.2)",
   "read_at": "2026-11-01T19:57:46Z",
   "engines": {
    "search": "perplexity sonar",
    "reader": "claude-opus-5-5",
    "review": "mistral-large-latest (review-only)"
   },
   "pages": {
    "https://wetten.overheid.nl/BWBR0020420": {
     "status": 200,
     "sha256": "sha256:f0f056a8b3ae475a9a4f6114fe3ec2e17b9b289e0166aab52c63e82477910ba5",
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     "last_modified": null
    },
    "https://www.afm.nl/~/profmedia/files/onderwerpen/mifid-ii/norminformerende-brief-productgovernance.pdf": {
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     "read_at": "2026-11-01T19:57:23Z",
     "last_modified": "Tue, 17 Nov 2020 12:51:19 GMT"
    },
    "https://www.afm.nl/nl-nl/sector/themas/dienstverlening-aan-consumenten/informatieverstrekking/productontwikkeling-en--distributie": {
     "status": 200,
     "sha256": "sha256:9b6e44297d4ed3c5cb636d96896159e1ddc77b970691a0f2a79fe9df5ce67b68",
     "read_at": "2026-11-01T19:57:23Z",
     "last_modified": null
    },
    "https://www.afm.nl/nl-nl/sector/adviseurs-bemiddelaars-en-gevolmachtigde-agenten/informatie-voor-gevolmachtigd-agenten/wettelijke-normen-voor-mede-ontwikkelaars-en-distributeurs-van-verzekeringsproducten": {
     "status": 200,
     "sha256": "sha256:70d702137ad20018ba57161fb2a09ada33cd237e18a91ef3745327c6b1b454ca",
     "read_at": "2026-11-01T19:57:23Z",
     "last_modified": null
    },
    "https://www.afm.nl/nl-nl/sector/verzekeraars/toezicht/wettelijke-normen-voor-mede-ontwikkelaars-en-distributeurs-van-verzekeringsproducten": {
     "status": 200,
     "sha256": "sha256:77d3b0c93637b29bce906748908a865d8afe191534b43f715ae86b6fbb3d0411",
     "read_at": "2026-11-01T19:57:23Z",
     "last_modified": null
    },
    "https://www.afm.nl/~/profmedia/files/wet-regelgeving/idd/faq-idd.pdf": {
     "status": 200,
     "sha256": "sha256:ed71d1cc147ad87da617c452877999736396e69a91977e49da3080ab90371eae",
     "read_at": "2026-11-01T19:57:23Z",
     "last_modified": "Tue, 13 Dec 2022 10:33:33 GMT"
    },
    "https://www.afm.nl/en/sector/themas/dienstverlening-aan-consumenten/financiele-producten/productontwikkeling--en-distributie": {
     "status": 200,
     "sha256": "sha256:3ba28c5899c3033ba06bef11e90010fc04aa5d6b5fc1c8a25f2f363690af9a0a",
     "read_at": "2026-11-01T19:57:23Z",
     "last_modified": null
    }
   },
   "counts": {
    "filled": 0,
    "not_found": 1,
    "conflict": 0,
    "inferred": 0,
    "kept": 0,
    "unstructured": 0
   },
   "notes": {
    "manufacturer_evidence_accepted": "0 of 4 items accepted — the regime names no manufacturer evidence on the pages read · was: no object verified"
   },
   "correction": {
    "order": "TMKT-01",
    "at": "2026-11-01T20:03:11Z",
    "of": "nl.aio.v8",
    "what": "manufacturer_evidence_accepted in its §7.2 form: no item accepted on the pages read, so the field is not_found with every page checked; the reading is the one of the version superseded, not made again"
   }
  }
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