Suitability requirements for the director of a financial enterprise

Specific antecedents are examined for this purpose. This can involve matters involving criminal records, financial matters (such as a bankruptcy or other financial problems), tax issues (e.g., a penalty from the tax authorities), or investigations by the supervisory authority (such as the CBCS, DNB, AFM, or another foreign supervisory authority).

 

Suitability is determined on the basis of the 2012 Suitability Policy Rule. This policy rule stipulates that the suitability of advisers, intermediaries and authorised agents in insurance can be demonstrated by knowledge, experience and professional attitude. Within the enterprise there are also rules for the professional expertise, for which a  a diploma is needed. These diplomas are identified/mentioned in Section 2:2 of the Financial Markets (BES islands) Regulations 'Regeling financiële markten BES', and are the same as the diplomas required by the CBCS.

 

Directors must meet the requirements upon taking office and must continue to do so thereafter. New facts, which could imply that a different assessment would be made concerning the suitability and trustworthiness of a director, must be reported to the AFM.