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15 May 2018 Supervision Supervision label Factsheet

In principle, assessments are non-recurrent. However, if someone takes up a new position, they must be reassessed for that specific position. And if the facts or circumstances relating to a position have changed, it may be necessary that we reassess the fitness or propriety, or both, of a previously assessed policymaker or co-policymaker. We will of course inform them if this is the case.

Reasonable grounds

Because the person concerned is already in office and a negative decision could have serious repercussions, a reassessment is carried out only if there are reasonable grounds to do so. Reasonable grounds arise if a management or supervisory board member, or the institution for which they are a policymaker or co-policymaker, has breached laws or regulations. However, this must involve a breach on the grounds of which we would have issued a negative decision on this person's initial assessment.

There are several ways in which we can be informed about changed facts or circumstances, e.g. through our regular supervision activities, through notification by the person or institution concerned, or by a third party (such as another supervisory authority, a market operator or the Tax and Customs Administration).

Procedure

If we decide to initiate a reassessment, we will inform the person involved. Reassessment comprises background screening, desk research and one or more interviews with the person in question. The institution for which they are a policymaker or co-policymaker will also be informed of the reassessment, unless we believe there are compelling reasons not to do so.

Decision-making and consequences

Our Executive Directors of Supervision decide on the outcome of the reassessment. They are not involved in establishing the reasonable ground for reassessment. If the reassessment does not result in a negative decision, the policymaker or co-policymaker can stay in office. However, if they are found to be unfit for the position, we will issue a provisional instruction for dismissal. This only relates to the position for which the policymaker or co-policymaker was assessed for fitness. If the reassessment results in a negative opinion on their propriety, however, the instruction for dismissal applies to all positions that this person holds within the financial sector. There is an opportunity to present a statement of views following a provisional instruction for dismissal, and an option for objection, appeal and further appeal following the final decision. If the policymaker or co-policymaker resigns of their own accord, we no longer have any legal grounds for issuing an instruction or provisional instruction for dismissal.

Cooperation with the AFM

Just as with initial assessments, we may cooperate with the Dutch Authority for the Financial Markets (AFM) in reassessments. If the policymaker or co-policymaker is subject to both our and the AFM's supervision, we will inform the AFM of our decision for reassessment. The AFM may then decide to join the procedure. Consequently, reassessment may impact the policymaker's or co-policymaker's positions at institutions under the AFM's supervision. The reverse may also apply, in the event of a reassessment initiated by the AFM.

sector

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