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17 July 2018 Supervision Supervision label Q&A

We have launched a pilot project for involving external experts in our fit and proper assessments, in tandem with the AFM, which will run until July 2019. What does the pilot project entail?

We launched the pilot project in response to the recommendations of the Ottow Committee. Its aim is to strengthen the independence and professionalism of the assessment process, as well as its public support.

DNB and the AFM have each engaged their own experts, whose tasks and activities are identical. We selected the experts on the basis of their governance experience and expertise.

They can be involved in initial assessments for both propriety and fitness. They will have access to the assessment file, take part in the assessment interview and participate in subsequent deliberations. They are engaged at the supervisory authority's request, meaning the appointee cannot request their involvement. However, if an appointee objects to the involvement of an external expert, that objection will be granted.

External experts will also be involved in reviewing paper-based assessments in terms of their substance and the process. These assessments do not involve an interview. The experts function independently and make their own judgements.

The pilot project also involves the appointment of a confidential adviser. Complaints about an appointee's treatment or procedural conflicts may be submitted to the confidential adviser, who is not involved in forming a judgement on the substance of the assessment. The confidential adviser can be reached at vertrouwenspersoon.toetsingen@dnb.nl

An appointee who disagrees with a provisional or definitive decision may present their views and file an objection. The confidential adviser is not involved in this.

Lastly, the pilot project also involves the appointment of an external chair of our appeals committee, who is responsible for what happens during an appeal hearing. He or she monitors the process, overseeing the careful gathering of all relevant facts to get to the heart of the matter.

The AFM appointed an independent chair of its appeals committee some time ago.

All external experts have been appointed for the duration of the pilot project.

sector

  • Banks
  • Clearing & Settlement Systems
  • Clearing institutions
  • Collective investment schemes
  • Electronic money institutions
  • Exchange transaction
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Premium Pension institutions
  • Trust offices