The ACM’s 2026 agenda and its first “State of the Market” report signal a regulator preparing for deeper intervention in digital markets, energy and sustainability, and growing concern for market power. Here is what will shape enforcement and your compliance priorities in the year ahead.

The Netherlands Authority for Consumers and Markets (ACM) enters 2026 with a clearer and more assertive strategic posture. On 26 January 2026, it released both its annual agenda and the first-ever State of the Market report.

Together, we see that these documents signal a regulator that is sharpening its priorities and expanding its focus across competition, digital markets, energy, and broader public‑interest concerns. This pairing creates the narrative foundation for expanded instruments for the ACM, specifically call‑in powers for below‑threshold deals and a Dutch market‑investigation or “new competition tool” framework.

The report’s emphasis on increasing market concentration and systemic dependencies effectively lays the groundwork for these proposals, and we see a direct connection to the legislative consultation on expanding the ACM’s powers to review non‑notifiable mergers.

1. State of the Market: Three trends reshaping Dutch competition enforcement

The State of the Market report highlights three developments that will steer the ACM’s work in 2026 and beyond:

1. Rising concentration and weakening market dynamics. Over the past decade, concentration levels have grown while entry, exit and churn have declined—suggesting reduced competitive pressure and greater risk of incumbents entrenching their position.
2. Growing reliance on a small number of non‑EU technology providers. ACM highlights what it calls “extreme dependence” on a few large, non‑European companies - especially in digital infrastructure such as cloud services. This dependency raises concerns about resilience and long‑term strategic autonomy.
   
   
3. Competition policy seen as part of a wider resilience and innovation agenda.  ACM emphasizes that competition contributes not only to price and quality, but also to innovation, resilience to shocks, and the broader economic transitions the Netherlands faces (geopolitical, energy, digital, environmental).

2. ACM Agenda 2026: A sharper, more interventionist regulator

Against the backdrop outlined by its State of the Market report, the ACM’s Agenda 2026 sets out a programme focused on digital, energy and sustainability‑linked sectors, while expanding its oversight of transactions, data access and platform behaviour.

• Private equity under closer review. The ACM recognises the positive role of private capital but warns that buy‑and‑build strategies can create local dominance, reduce customer choice and put downward pressure on quality, particularly in credence‑goods sectors. Examples include price increases in veterinary care and risks to service quality in childcare and parts of the healthcare sector. The ACM is seeking call‑in powers for sub‑threshold transactions and market investigation powers under a Dutch version of the "New Competition Tool".

• Digital platforms and the attention economy. Digital platforms competing for user attention become a priority, particularly in social media, gaming, and streaming sectors. The ACM is concerned about manipulation, reduced consumer autonomy and broader societal harms such as polarisation and risks to minors. Expect continued overlap between competition, consumer protection, data protection and platform supervision regimes. Initiatives include:
  • Investigating the trafficking of vapes on Snapchat under the Digital Services Act.
  • Assessing dark patterns in loot boxes and virtual currencies for the EU Digital Fairness Act.
  • Completing the ongoing investigation into bol.com
  • Publishing findings from market inquires on digital learning tools, algorithmic pricing in the aviation sector, and low-speed internet, as a precursor to further intervention.
• Cloud services and digital infrastructure. The ACM highlights the Dutch economy’s reliance on a small number of non European cloud providers, raising concerns about switching barriers, systemic dependency and geopolitical risk. In 2026 it plans to:
  • Evaluate whether existing rules sufficiently address unfair practices in the cloud sector.
  • Finalise two joint inquiries with the European Commission into whether Amazon and Microsoft’s cloud businesses act as gatekeepers.
  • Conclude its investigation into possible abuse of dominance by an international software provider.
• Data access, innovation and resilience. The ACM considers data access restrictions a growing barrier to innovation and resilience for Dutch and European companies. Looking ahead, it is considering:
  • Incorporating resilience explicitly into merger control assessments.
  • Raising evidentiary standards for mergers claiming innovation benefits.
  • Deploying its new Data Act powers to enforce access, portability and interoperability.
  • Issuing guidance on the use of generative AI in online customer interactions.
• Energy markets and infrastructure: Transforming the energy system remains a core focus. With grid congestion the most acute challenge, the ACM plans to:
  • Support the development of district heating networks.
  • Assess grid operators’ investment plans.
  • Launch a grid congestion monitoring dashboard.
  • Prepare for the introduction of cost-based heat tariffs.
• Sustainability and responsible business conduct: The ACM will continue to prioritise sustainability‑related enforcement, including greenwashing investigations, claims oversight, product guarantees, lifespan and repairability. The authority is also readying itself to enforce forthcoming EU rules on responsible business conduct for large companies.

Looking ahead

The combined picture from both reports is one of a regulator expanding in scope, coordination and a holistic, assertive approach, while laying the analytical groundwork for a broader intervention toolkit. For companies with Dutch operations or aspirations, we expect this to lead to the following implications:

• Higher compliance expectations in digital markets, platforms, cloud, data access, AI and algorithmic practices.
  • We expect the ACM to move earlier on issues tied to design choices and interoperability. We recommend that companies integrate competition, consumer and digital regulation compliance so they stay ahead rather than react.
• Increased scrutiny of private‑equity‑driven consolidation and below threshold transactions.
  • We see the timing of the ACM’s publications as signalling a renewed push for call in powers. Investors who prepare their transaction rationale documents early will be best positioned when questions concerning consolidation transactions arise.
• Scepticism towards sustainability claims and other consumer facing conduct.
  • We anticipate faster intervention on green claims and product‑lifecycle representations. In our practice, we increasingly advise clients to maintain real‑time claim substantiation and evidence rooms.
• Stricter oversight in sectors with public‑interest dimensions, including energy, childcare and digital communications.
  • We expect the ACM to apply a broader resilience lens here, making it essential for companies active in these sectors to build regulatory compliance into day-to-day commercial activities.
• Rising emphasis on resilience and strategic autonomy, with greater scrutiny of reliance on non‑EU cloud and other technology providers.
  • Cloud dependency is already becoming a theme for 2026. Companies may want to think ahead and prepare for credible switching and interoperability options.

In practical terms, companies may wish to revisit competition‑law risk assessments, ensure compliance with evolving digital regulation frameworks, and factor regulatory considerations into investment and transaction planning at an earlier stage. We increasingly find that a short early‑stage discussion can materially reduce friction later, particularly as the ACM connects resilience, data access and competition in a more systematic and holistic way. Our team is ready to discuss how these trends affect your pipeline for 2026 and beyond.