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 The existing expertise test has been replaced by a wider suitability test.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.
