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ARTICLE · 18 DECEMBER 2014

Financial Markets Supervision Act To Be Amended: Get Ready

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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Several amendments to the Financial Markets Supervision Act will come into force shortly.

NetherlandsFinance and Banking
Francine Schlingmann
Francine Schlingmann
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Several amendments to the Financial Markets Supervision Act will come into force shortly. Financial undertakings should be prepared for a broader application of the "fit and proper" test. Also, a wider range of their employees will have to take the "bankers' oath". Undertakings will also have to bring their remuneration policies in line with a stricter bonus cap.

Scope of the "fit and proper" test extended

The current fit and proper requirements that apply to daily policy makers and supervisory board members at banks and insurance companies will be extended. Persons working under the responsibility of banks and insurance companies will be subject to the fit and proper test if they:

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