Evaluation 2022
In 2022, the AFM and DNB will evaluate the Policy Rule. The evaluation of the Policy Rule consisted of two parts:
- The internal collection of experiences from supervisory practice and a public consultation. From 15 July to 15 September 2022, market parties were able to provide input on the amendments proposed by the AFM and DNB. The results of this consultation have been explained in a feedback statement; and
- The evaluation of the cooperation agreements between the AFM and DNB in the assessment of suitability and the exchange of information and antecedents in the case of a company that is supervised by both supervisors. In accordance with section 1.8 of the Policy Rule, a joint DNB-AFM panel periodically assesses assessments based on this Policy Rule.
The most important outcomes
Relevant competencies
The suitability of a policymaker is in any case apparent from the education, work experience and competencies of the policymaker. Relevant competencies for demonstrating suitability are included in the appendix to the Policy Rule. These competencies have been evaluated and, where necessary, refined, updated, added or deleted. This is not intended to change the content, but a clarification. The list of competences is neither exhaustive nor cumulative;
Diversity
An additional explanation has been included about diversity in the collective as a result of specific requirements from legislation and regulations. The NV Law Modernization Act sets specific requirements for increasing gender diversity at the top of large and listed companies. The revised EBA/ESMA guidelines for assessing the suitability of members of the management body and key function holders have strengthened the diversity requirements. The ESMA guidelines on the management body of market operators and data reporting service providers also have concrete objectives in terms of diversity. The regulator encourages diversity in the collective of policymakers. Differences in type of knowledge, experience, age, gender and professional and geographical background provide a broad view and different perspectives;
Classification of the groups
The Policy Rule uses a classification of settings into groups. The classification of the groups has been revised to better align with applicable suitability standards and in response to supervisory experience. Trust offices are added to group A. In order to correctly determine the suitability of policymakers of trust offices, the ‘principle-based’ framework of the companies in group A is most appropriate. Added to group B are the managers of a qualifying social entrepreneurship fund and of a qualifying venture capital fund, authorized (sub)agents and investment holding companies. The scope of group C is adjusted to advisers, intermediaries or reinsurance intermediaries or holders of an exemption as referred to in Section 4:3(4) of the Wft;
Cooperation AFM-DNB
The evaluation of the cooperation agreements between the AFM and DNB has not led to any changes in these agreements. It follows from the evaluation of the cooperation agreements that they are working properly. The way in which the AFM and DNB cooperate is also seen at European level as an example of good cooperation between national supervisors.
More information
The amendment decree has been published in the Government Gazette. The Policy Rule and relevant appendices to the consultation, including the feedback statement, can be found on Open Book Supervision.