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Professional expertise requirements For The Caribbean Netherlands

All persons who work in the financial sector in the Caribbean Netherlands and have customer contact must comply to the professional expertise requirements, as laid down in various Caribbean Netherlands  laws (Wfm BES: Article 3:11, Bfm BES: Articles 3:27 - 3:29, and Bfm BES: Article 2:2). They must, in any case, have completed a training programme made available by the financial enterprise or a third party or have equivalent experience. De facto managers at advisory and intermediary firms must also have a recognised diploma. It is the responsibility of the enterprise to ensure that the employees have sufficient demonstrable professional knowledge.

Professional expertise requirements for insurance advisory and intermediary firms

De facto managers at advisory and intermediary firms

De facto managers at firms that provide insurance advice or intermediary services in the Caribbean Netherlands must have a recognised diploma. This recognised diploma must be a recognised Wft (the Dutch Financial Supervision Act) diploma or a diploma recognised by the Central Bank of Curaçao and Sint Maarten (CBCS). De facto managers who provide advice and/or act as intermediaries in non-life insurance and/or life insurance are only required to have a diploma for non-life insurance or life insurance respectively.

Employees (who are not de facto managers) at advisory and intermediary firms

Employees are defined as persons who work in the financial sector in the Caribbean Netherlands and other natural persons (such as temporary employment agency employees, seconded employees and salaried agents) who provide insurance advice or insurance intermediary services under the responsibility of an enterprise. They must comply to the professional expertise requirements and, in any case, have completed a training programme made available by the financial enterprise or a third party or have equivalent experience.

Professional expertise requirements for advisory and intermediary firms that provide advice and/or act as intermediaries in financial products (except insurance)

The professional expertise requirements for providing advice and/or acting as an intermediary in financial products apply to de facto managers, employees and other natural persons (such as temporary employment agency employees, seconded employees and salaried agents) who provide financial services in the Caribbean Netherlands under the responsibility of advisory and intermediary firms. These persons must have completed a training programme made available by the firm or a third party or have equivalent experience. These rules do not apply to advisers and/or intermediaries in non-life insurance and/or life insurance.

Credit Providers, Insurers and Banks

The professional expertise requirements for providing credit apply to de facto managers, employees and other natural persons who provide financial services in the Caribbean Netherlands under the responsibility of advisory and intermediary firms. Natural persons are, for example, temporary employment agency employees, seconded employees and salaried agents. They must have completed a relevant training programme made available by a financial enterprise or a third party or have equivalent experience.

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