Fit and proper assessment

Integrity (Proper)

Persons who (co-)determine the policy of a financial enterprise or supervise this policy must possess the required integrity for the performance of their duties. The AFM establishes whether integrity of the tested persons is beyond doubt. This concerns intentions, actions and antecedents that conflict with the performance of the duties.
  
In this regard, the AFM primarily looks at antecedents. Section 3:4 of the Financial Markets (BES Islands) Act, Sections 3:1 through 3:3, and Annex 1 of the Financial Markets (BES Islands) Decree describe how the AFM conducts an integrity assessment.

Fitness (Fit) 

Persons who determine the day-to-day policy of a financial enterprise or supervise this policy must be fit for the performance of their duties. This is stated in Section 3:5 of the Financial Markets (BES Islands) Act. The requirement for the fitness assessment consists of adequate knowledge, experience and professional conduct. This requirement is further elaborated on (in the Policy Rule on Suitability 2012, only available in Dutch). 

For financial enterprises in the BES Islands, this aligns with this policy rule (this follows from Section 2 of the Policy Rule AFM and DNB application and enforcement Wfm BES and Wwft BES 2012). In the Policy Rule on fitness, enterprises are classified into categories based on criteria such as scale, nature, complexity and risk profile.  Read more about these categories and how fitness is determined per category.

When are you required to report a change regarding your integrity?

A reporting obligation applies if any facts or circumstances arise that may influence the assessment of your integrity. This could include, for example: 

• involvement as a suspect in a criminal case;
• a traffic offense, such as driving under the influence of alcohol or drugs; 
• a tax penalty (including cooperation with the voluntary disclosure scheme of the Tax and Customs Administration); 
• a measure imposed by another supervisory authority, such as a fine or warning from the Central Bank of Curaçao and Sint Maarten (CBCS) or De Nederlandsche Bank (DNB);
• involvement in a bankruptcy or suspension of payments of an enterprise where you are or were a director, policymaker or supervisory board member;
• Other events (including matters about which you are in doubt) that could be relevant to the integrity assessment.