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Information exchange under the Act on the Supervision of Trust Offices

Published: 07 August 2008

DNB exercises supervision of trust offices based on information from or about that undertaking or those involved in its management. This information will usually be confidential.

The fundamental assumption in the Wet toezicht trustkantoren or Wtt [Act on the Supervision of Trust Offices] is that confidential information will remain within the walls of DNB. In a limited number of clearly defined cases, DNB may supply confidential information to several persons or institutions.

The exceptions to the obligation of secrecy have been incorporated in Sections 13 and 15 Wtt. These stipulate that DNB may provide confidential information to other financial supervisors in or outside the Netherlands. In particular, these sections govern DNB´s right to provide information to the Autoriteit Financiële Markten (Netherlands Authority for the Financial Markets/AFM), insofar as it relates to the trustworthiness of directors, supervisory board members, policymakers and holders of qualifying holdings in trust offices.

Sections 14 and 16 Wtt further stipulate that under special conditions DNB is allowed to ask for information or start an investigation at trust offices for the benefit of foreign agencies. If necessary, DNB may permit an officer of an interested foreign agency to participate in such an investigation.

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