A policymaker or co-policymaker can only be appointed after approval of the AFM. However, the Market Monitor 2019 (MM) shows that various institutions have filled in names of day-to-day policymakers and co-policymakers that are unknown to the AFM as such.
The AFM points institutions to the Financial Markets (BES Islands) Act and the Financial Markets (BES Islands) Decree.
Prohibited to appoint policymakers without permission
Section 3.7 of the Financial Markets (BES Islands) Act states that it is prohibited to appoint persons who determine or co-determine the policy of a financial undertaking without the prior permission of the supervising authority. This also applies to members of a body charged with the supervision of the policy and the general course of affairs within the financial undertaking.
Intentions to change must be reported
Article 2.9 of the Financial Markets (BES Islands) Decree states that a financial undertaking should inform the supervising authority of the intention to change the persons that determine the day-to-day policy of the financial undertaking or determine or co-determine the policy of the financial undertaking. This also applies to members of a body charged with the supervision of the policy and the general course of affairs within the financial undertaking.
Several institutions have not reported such changes. The AFM has notified the institutions concerned. If they remain in default, the AFM can decide to take enforcement action.
The AFM is committed to promoting fair and transparent financial markets.
As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.