The assessment process

Persons who determine the policy of an enterprise either solely or jointly or who supervise such policy must be proper and fit for the performance of their tasks. Persons nominated for these positions at a financial enterprise are assessed by the FMCA and/or De Nederlandsche Bank (DNB) for propriety and fitness. This page sets out the steps of the FMCA assessment process.

What can you expect?

The enterprise (hereinafter: ‘the applicant’) is responsible for nominating proper and fit candidates.

The FMCA assesses whether a person is fit for the position on the basis of the Policy Rule on Fitness 2012 (Beleidsregel Geschiktheid 2012, only available in Dutch). Among other things, the FMCA verifies this on the basis of a CV, references and a so-called fitness matrix (geschiktheidsmatrix). In addition, the candidate’s propriety must be beyond doubt. The FMCA assesses this on this basis of the Financial Supervision Act (Wet op het financieel toezicht or ‘Wft’) and the Decree on Conduct of Business Supervision of Financial Undertakings under the Wft (Besluit Gedragstoezicht financiële ondernemingen Wft). On the basis of public and non-public sources, we verify that the propriety form has been completed fully and truthfully.

Step 1: notification of proposed appointment

If an enterprise wishes to appoint a person in charge of day-to-day policy, a supervisory board member or a co-policymaker, it must notify the FMCA in advance (preferably to our FMCA Portal).

The FMCA will process the application as soon as the information is complete. The processing term is 6 to 8 weeks. The FMCA will normally inform the applicant within 13 weeks of receipt of the complete application.

Step 3: decision

All the information provided and obtained will be included in the assessment of your propriety and fitness. You will be informed as soon as the FMCA has reached a decision regarding the assessment of your propriety and fitness. The enterprise will be informed in writing in the event of a positive decision regarding your proposed appointment. If the proposed decision is negative, the FMCA will contact both you and the applicant.

Step 4: appointment or rejection

Following a positive decision by the FMCA you may be appointed to the proposed position and registered at the Chamber of Commerce.

If the FMCA intends to reject your nomination, you and the enterprise will be given the opportunity to state your views on such intended decision. These will be considered by the FMCA when reaching its final decision. If following your views the FMCA’s final decision is negative, you may submit your objections to the decision to the FMCA. If the objector wishes to state its views verbally, the hearing committee in the objection procedure will be chaired by an independent external chairperson. An appeal to the district court may be made against the ruling on the objection. Thereafter, a higher appeal may also be made against the ruling of the district court.