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This Act has come into force on 1 July 2012 and amends the current rules regarding the expertise required of day–to-day policy makers at financial undertakings and of members of the supervisory body at those undertakings.
This Act has come into force on 1 July 2012 and amends the
current rules regarding the expertise required of
day–to-day policy makers at financial undertakings and of
members of the supervisory body at those undertakings. The existing
expertise test has been replaced by a wider suitability test.
In addition, the rules concerning cooperation between
supervisors in the granting of licences have changed: if one of the
two supervisors is uncertain about the integrity or suitability of
a managing or supervisory director, the negative view will prevail,
even if this is not the licensing supervisor's view.
The Authority Financial Markets
("AFM") and the Dutch Central Bank
("DNB") have published an information
bulletin on how the new suitability requirements affect the
assessment of persons nominated for positions in the financial
sector.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
