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Exchange of information under the Financial Supervision Act


Published: 01 January 2007

DNB exercises supervision on financial undertakings on the basis of information supplied by or about these undertakings or the persons involved in them. This information is generally confidential in nature. The Financial Supervision Act (Wet op het financieel toezicht (Wft)) therefore provides for the principle that confidential information is secret and that this information shall remain within DNB. In certain exhaustively listed cases, however, DNB is permitted to supply confidential information to specific persons or bodies.

The exceptions to the obligation of secrecy are listed in sections 1:90, 1:91 and 1:92 of the Wft

Pursuant to Section 1:90 of the Wft, DNB may provide confidential information to other financial supervisors in or outside the Netherlands. To use this provision, a number of conditions must first be met, which are described in Section 1:90(1) of the Wft.

Sections 1:91 and 1:92 provide for the competence to supply confidential data in the context of an insolvency procedure, such as a bankruptcy proceeding or the emergency regulation.

Exchange of information between supervisors

Chapter 1.3 of the Wft contains specific instructions for the exchange of information with other supervisory authorities. A distinction is made between the supervisory authorities of other Member States and those of non-Member States.

Chapter 1.3 of the Wft also provides for instructions governing the supply of information to the Commission of the European Communities. This information may relate to, for instance, the granting of an authorisation, the granting of a declaration of no-objection and general difficulties which financial undertakings may encounter.