Regulatory Alerts2017-03-09
Added · Updated
Assessment interview with DNB and the AFM
De Nederlandsche Bank (DNB) and the Authority for the Financial Markets (AFM) jointly prepare for and attend each other's assessment interviews under specific conditions. The AFM participates in DNB interviews for large enterprises with important policymaker positions, complex assessments, or infrastructure supervision, while DNB joins AFM interviews for investment firms and fund managers in similar circumstances. Each authority independently assesses fitness and propriety from its own perspective, with a negative assessment by either resulting in a negative decision.
Factsheet
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The two supervisory authorities may decide to attend assessment interviews of the other authority.
Published: 09 March 2017
The candidate will be informed in advance if both DNB and the AFM will be attending the interview. The supervisory authorities will jointly prepare the interview and agree on their respective roles. Each authority will ask questions from its own perspective and relating to its own area of responsibility. For instance, DNB will focus on strategy, business models and sound and ethical operational management. The AFM will focus on the candidate's knowledge and experience of the duty of care with respect to consumers, and how customer interests are safeguarded in operational management.
In the case of banks and insurance companies, the AFM will devote specific attention to the product approval and review process (PARP), the institution's vision on how to deal with unit-linked insurance policies or the risk of non-matching service provision. In the case of listed banks and insurance companies, the AFM will also look at how the institution deals with issues such as market abuse and inside information.
Opinion
DNB and the AFM will each independently assess the candidate on fitness and propriety. If either of these assessments is negative, a negative decision will be issued.
The AFM joins DNB assessment interviews
The AFM will join DNB assessment interviews in case of\
appointments involving important policymaker positions (e.g. CEO, CFO, COO) at large enterprises;
aspects with respect to the enterprise or the candidate that are relevant to the AFM's supervision;
significant events or past antecedents in which the candidate may have been involved;
appointments to publicity-sensitive positions or enterprises
in other situations where assessment is complex or demands extra attention;
assessment interviews with central clearing counterparties, clearing institutions and settlement agents, since the AFM is responsible for supervision of their infrastructure.
DNB joins AFM assessment interviews
DNB will join AFM assessment interviews in case of
appointments involving important policymaker positions (e.g. CEO, CFO, COO) at large enterprises where the AFM is responsible for issuing authorisation, such as an investment firm or an investment fund manager;
aspects with respect to the enterprises or candidates that are relevant to DNB's supervision;
significant events or past antecedents in which the candidate may have been involved;
appointments to publicity-sensitive positions or enterprises.
other situations where assessment is complex or demands extra attention.
Fit and proper assessments
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