• Home
  • Practice Areas
    • Asset Management & Pension Sector
    • Financial Services Regulation
    • Securities Markets & Investment Firms
  • Compliance Actualia
  • Contact
  • Spring naar de hoofdnavigatie
  • Door naar de hoofd inhoud
  • Home
  • Practice Areas
    • Asset Management & Pension Sector
    • Financial Services Regulation
    • Securities Markets & Investment Firms
  • Compliance Actualia
  • Contact

FMLA

Financial Markets Lawyers

Banks and insurance companies have improved their supervision on distribution channels

16 januari 2012

According to research conducted by the Dutch Authority for the Financial Markets in 2011, providers of financial products have improved their supervision on intermediaries.

In 2010, the Dutch Authority for the Financial Markets (“AFM”) has identified significant shortcomings with regard to chain control executed by banks and insurance companies. Providers of financial products are responsible to ensure that the distribution channels act in compliance with the legal requirements. Subsequently, said providers are obliged to guarantee the quality of the distribution channel. According to the AFM, a number of intermediaries have not been compliant with the legal requirements relating to:

customer duty of care;
integrity; and
expertise.
In 2011, the AFM has reassessed the manner in which providers of financial products have picked up their responsibilities with regard to chain control. Said research has resulted in the following conclusions: (i) the banks and insurance companies that have participated in the survey have taken measures to improve their chain control. For example, said providers have been responding more alertly when licenses of intermediaries have been revoked by the supervisory authorities; (ii) providers have taken measures enabling them to closely monitor the quality of intermediaries. However, the AFM has identified significant differences between measures taken by providers; and (iii) settlement of portfolios resulting from the revocation of the license of an intermediary by the supervisory authority must take place within three months.

Geplaatst in: Financial Services Regulation News


Recent:


Derivatenwetgeving (EMIR)

10 januari 2014

European Market Infrastructure Regulation (EMIR) betreft een Europese verordening. Ondernemingen die in het verleden derivaten zijn aangegaan die nog(...)

Provisieverbod beleggingsdienstverlening een feit

10 januari 2014

Op 17 december 2013 is in het Staatsblad het Wijzigingsbesluit financiële markten 2014 gepubliceerd. Hiermee is het provisieverbod voor(...)

AFM agenda 2014

8 januari 2014

De AFM heeft haar agenda voor 2014 gepubliceerd waarin de doestellingen, de thema’s en andere plannen voor 2014 uiteen(...)

Provsieverbod beleggingsdiensverlening een feit

8 januari 2014

Op 17 december 2013 is in het Staatsblad het Wijzigingsbesluit financiële markten 2014 gepubliceerd. Hiermee is het provisieverbod voor(...)

Wetsvoorstel pensioencommunicatie

7 januari 2014

Eind november heeft het Ministerie van Sociale Zaken en Werkgelegenheid (SZW) het wetsvoorstel Pensioencommunicatie ter consultatie gepubliceerd. Partijen hebben(...)


Alle berichten

Disclaimer |Terms of Business |Privacy statement |Credits