Assessment of management board members, supervisory board members and (co-) policymakers
Management board members, supervisory board members and (co-)policymakers of supervised institutions in the Caribbean Netherlands (‘BES’) are assessed for integrity. Day-to-day policymakers are also assessed for suitability. Depending on the type of institution, this assessment is carried out by DNB or AFM. The types of institutions where DNB carries out its assessments are credit institutions, electronic money institutions, money transaction offices, trust offices, (company) pension funds and life, non-life and in-kind funeral insurers.
Why an assessment?
Reliable management board members, supervisory board members and other (co-)policymakers contribute towards the stability and integrity of the financial sector. This guarantees that account holders, investors, policyholders, pension scheme members, customers and other interested parties can rely on financial companies and pension funds. The assessment also stems from the conditions for the granting of a licence or a declaration of no objection on the grounds of the financial supervision laws for the Caribbean Netherlands.
DNB has an independent task to ensure the integrity of the financial sector in the Caribbean Netherlands and must therefore form its own opinion regarding the reliability of the (co-)policymakers of the financial companies established in the Caribbean Netherlands, alongside a possible opinion of the supervisor in the country where the financial undertaking has its registered seat.
The integrity assessment is applicable to (day-to-day) policymakers such as management board members and branch managers, but also (co-)policymakers such as supervisory board members and some shareholders (with a qualifying holding of 10% or more). The objective is to establish whether the integrity of the (co-)policymakers, as based on his intentions, actions and antecedents, is beyond any doubt. Attention is devoted in this connection to various aspects, such as the possible presence of criminal, tax and supervisory antecedents. The assessment starts with the completion of the ‘Questionnaire (BES Islands)’ by the person being assessed. Other information that must always be supplied in addition to the ‘Questionnaire (BES Islands)’ for this assessment are a curriculum vitae (see question 8 of the questionnaire) and a legible copy of a valid passport.
On the grounds of the BES Financial Markets Decree (‘Bfm BES’), the integrity of a (co-)policymaker of an institutions in the Caribbean Netherlands is beyond doubt for a term of 3 years. However, if any change in the relevant facts or circumstances gives reasonable cause for a new assessment, a reassessment can be carried out within this term.
After the 3-year term, the integrity of the (co-)policymaker is reassessed by DNB. This takes place on the initiative of DNB, where the institution is required to re-nominate the persons to be assessed by means of the BES Questionnaire.
The day-to-day policymakers of institutions in the Caribbean Netherlands are assessed for suitability. Apart from persons who are designated as day-to-day policymakers according to the legal structure, this also concerns persons who exercise actual influence on the institutions’s policy making. This assessment is intended to establish whether a person is suitable. For instance, a person who is unable to make sufficient time available may be competent, but unsuitable for the position.
Regarding the suitability assessment, reference is made to the ’Competence Policy Rule 2011’ and the ‘Suitability Policy Rule 2012’ (after this has become effective) of DNB and AFM. This policy rule was drawn up for supervised undertakings in European Netherlands. When applied to institutions in the Caribbean Netherlands, account is taken of the nature, scale and complexity of the relevant undertaking in the Caribbean Netherlands. This policy rule provides clarity on the manner in which policymakers must or can be assessed and the information and antecedents that the supervisor takes on board in the assessment. The policy rule is applicable to the policymakers of all institutions under the supervision of DNB and/or AFM.
The suitability assessment takes account of:
- the policymaker’s position;
- the nature, scale, complexity and risk profile of the undertaking;
- the composition and performance of the policymakers collectively.
The undertaking’s situation and the policymaker’s position are taken into consideration in the suitability assessment. If the undertaking intends to alter these circumstances (e.g. a change in position), it must notify DNB of this intention.
The decision-making term for assessments of management board members, supervisory board members and (co-)policymakers in connection with applications for a licence to operate or a declaration of no objection is in principle 13 weeks. The assessment forms part of the application in question.
Submission of forms
To accelerate the assessment process, you can already send the form plus enclosures by email to firstname.lastname@example.org or by fax to +31 (0) 20 524 9106. We will send you confirmation of receipt as soon as possible. However, you must also still send the physical documents, provided with a signature. If you have any questions about the assessment procedure, please call the Expert Centre Fit and Proper Testing and Information Services (Expertisecentrum Toetsing en Informatievoorziening) on +31 (0) 20 524 6211.