Licence application

There are costs associated with licence applications. There are also costs if the AFM has to perform a test, such as a properness or suitability test. These costs will be charged even if the AFM rejects the application or does not consider it, or if you withdraw the application. In addition, companies pay annual levies to the AFM.

Explanation of costs

Once you have submitted a licence application, the AFM performs work. The AFM passes on the average cost of this work to you. You will receive an invoice even if the AFM rejects or does not consider your application, or if you withdraw your application. An overview of the costs is shown below.

Advisers, intermediaries, authorised agents, sub-authorised agents and reinsurance brokers:

• licence application €1,500;
• properness test, per person in charge of day-to-day policy, co-policy maker or supervisory director €700;
• suitability test, per person in charge of day-to-day policy or supervisory director €1,000;
• suitability test, per person in charge of day-to-day policy or supervisory director who has already been tested in a similar role €0;
• properness test, per previously tested person in charge of day-to-day policy or supervisory director* €0.

Providers of credit:

• licence application €14,600;
• properness test, per person in charge of day-to-day policy, co-policy maker or supervisory director €700;
• properness test, per previously tested person in charge of day-to-day policy or supervisory director* €0;
• suitability test, per person in charge of day-to-day policy or supervisory director €2,900;
• suitability test, per person in charge of day-to-day policy or supervisory director who has already been tested for a credit provider* €0;
• properness test, per previously tested person in charge of day-to-day policy or supervisory director* €0.
*If, while processing the registration of a previously tested person, the AFM has doubts about their properness and/or suitability, the AFM must perform a full re-test. For the re-test, the AFM will charge the rate that applies to an untested person. For example, a full re-test will be performed following bankruptcy, a negligence penalty or a criminal conviction.

Invoice for licence application costs

Once you receive the invoice, you have up to six weeks to pay these one-off costs.

Avoid unnecessary costs

Before applying for a licence, check that the company meets all of the requirements. Once you apply for a licence, you will be charged the associated costs, regardless of whether the licence is issued.

More information about licence costs and supervision

If your organisation comprises multiple affiliated companies, you can expand your licence into a collective licence. A collective licence is designed for organisations with multiple independent establishments that would otherwise need a separate licence for each independent establishment.

Conditions

You can expand your licence into a collective licence only if your company is a legal entity with full legal capacity. In other words, your company must be a private limited company (BV), public limited company (NV), association, cooperative, mutual society or foundation.

To be eligible to expand your licence into a collective licence, you must meet a number of conditions, including:

• The professional competence of the employees of the group company must be guaranteed.
• The properness of the persons in charge of day-to-day policy, co-policy makers, internal supervisors and employees of the group company must be guaranteed.

Decision-making timeframe

The AFM must make a decision within 13 weeks of receiving your application. This timeframe may be extended by eight weeks. The affiliated companies registered on the licence will be published in the register of the AFM.

Costs

A licence extension costs €300 per request. A cost of €500 applies for each registered affiliated company.

If you are a licence holder and you have affiliated companies, you can register them with us. To do so, you must hold a collective licence. As the central organisation, you are responsible for ensuring the affiliated company complies with the legal rules. Accordingly, you must have the necessary powers (under articles of association or an agreement) to ensure the affiliated company complies with the Financial Supervision Act (Wft).

Qualifications required for people working in professions subject to the Financial Supervision Act

All advisers of the affiliated company must hold the relevant qualifications required for people working in professions subject to the Financial Supervision Act (Wft).

Conditions

To register an affiliated company, you must meet a number of conditions, including:

• As the central organisation, you must have sufficient powers to prevent the affiliated company from taking actions that would breach the Wft. You must be able to exercise these powers under an agreement or articles of association.
• The affiliated company must have authorised your company to represent it in dealings with the AFM.
• You must be able to provide an organisational chart showing the ownership relationships.
• If your company holds a licence for acting as an intermediary in relation to insurance, reinsurance, mortgage loans or the national regime, the affiliated company must hold professional liability insurance for the relevant services.
• If your company holds a licence for offering loans, the affiliated company must be affiliated with the Credit Registration Agency (BKR). You must supply proof of the BKR registration of the affiliated company with your registration application.

Timeframe

You will receive a decision on the registration of the affiliated company within eight weeks. You can track the progress of your registration application in the Pending section in My Portal. Affiliated companies are published in the register of the AFM.

Costs

The cost for registering an affiliated company is €500 per affiliated company. If you register 20 or more affiliated companies at the same time, the maximum you will pay is €10,000.

Avoid unnecessary costs

At the time the application for registration is submitted, all advisers must hold the qualifications required for people working in professions subject to the Financial Supervision Act (Wft). Check whether the company meets all of the requirements before applying for a licence.

Once you apply for a licence, you will be charged the associated costs, regardless of whether the affiliated company becomes registered.

Registering affiliated companies
Cancelling the registration of affiliated companies

 

A licence holder who has a licence to offer and/or act as an intermediary in relation to a financial product can register affiliated intermediaries. An affiliated intermediary is a financial services provider who deals exclusively in a single product from a single supplier, or who acts on behalf of another intermediary.

An affiliated intermediary may give advice and act as an intermediary for multiple providers and multiple products. These advisers and products may not be in competition with each other.

Conditions

To register an affiliated intermediary, a number of conditions must be met:

• The affiliated intermediary may only act as an intermediary for one provider, or they may act for multiple providers, provided they do not deal in competing financial products.
• If the affiliated intermediary acts for a provider in relation to insurance, it may act in the name of and on behalf of the provider(s), without collecting premiums or amounts reserved for the client.
• As a provider or intermediary, you are fully responsible for an intermediary who acts for you as an affiliated intermediary. You must therefore ensure that this intermediary complies with the Financial Supervision Act (Wft).
• If you are an intermediary and would like to register an affiliated intermediary, you can only do so if the affiliated intermediary acts solely in relation to insurance.

Confirmation

You will receive confirmation of the registration of the affiliated intermediary or intermediaries. The affiliated intermediary or intermediaries will be included in the register of the AFM.

Costs

The cost for registering an affiliated intermediary is €200 per affiliated intermediary. If you register 20 or more affiliated intermediaries at the same time, the maximum you will pay is €4,000.

Registering an affiliated intermediary
Cancelling the registration of an affiliated intermediary