Decree on Conduct of Business Supervision of Financial Undertakings under the Wft

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The Decree on Conduct of Business Supervision of Financial Undertakings under the Wft (Besluit Gedragstoezicht financiële ondernemingen Wft) elaborates the provisions of part 4 of the Financial Supervision Act (Wet op het financieel toezicht / Wft), namely the part on the conduct of business supervision of financial undertakings. The rules in this decree are in principle set out per subject in the same order as in the part of the Act dealing with the conduct of business supervision of financial undertakings.

Published: 01 January 2007

The Decree on Conduct of Business Supervision of Financial Undertakings under the Wft has the following 15 chapters:

  1. Introductory provisions
  2. Expertise of staff
  3. Trustworthiness
  4. Sound business operations
  5. Controlled business operations
  6. Outsourcing of activities
  7. Handling of complaints
  8. Provision of services with due care
  9. Reporting obligations
  10. Supplementary rules on offers
  11. Supplementary rules on the provision of intermediary services
  12. Supplementary rules on the provision of reinsurance intermediary services
    1. Supplementary rules on the provision of Clearing and settlement systems
  13. Supplementary rules on acting as a clearing institution
  14. Supplementary rules on the provision of investment services
    1. Premium Pension Institutions
  15. Final provisions

Chapter 1 of the Decree includes the definitions of and the rules for holders of a dispensation as referred to in section 4:3 of the Financial Supervision Act. This concerns a prohibition against performing, in the Netherlands or from the Netherlands in another Member State, an information society service as referred to in article 15d(3) of Volume 3 of the Dutch Civil Code (Burgerlijk Wetboek) in the pursuit of a profession or business as an intermediary to acquire or receive, beyond a closed circle, repayable funds from parties other than professional market operators, as well as a section about reporting on the affiliation of institutions with a holder of a group authorisation.

Chapters 10 to 14 include rules based on provisions from Chapter 4.3 of the Financial Supervision Act. These rules contain additional provisions regarding certain financial services.

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