As of 1 July 2012, the pre-appointment screening criteria for policy-makers of financial undertakings will be amended.
On 3 February 2012, the Royal Decree (the “Decree”) establishing the date of entry into force of the new “suitability” requirements for daily policy-makers and supervisory officers of financial undertakings was published in the Dutch Government gazette (Staatscourant). Pursuant to that decree, the new rules holding, inter alia, replacement of the current “expertise” (deskundigheid) criterion by a “suitability” (geschiktheid) criterion will enter into force on 1 July 2012. According to the explanatory statements to the relevant legislative proposal, the “suitability” criterion is broader than the “expertise” criterion, because it encompasses not only the knowledge and experience of the relevant person, but also the person’s overall skills and professional behavior.
The Decree contains different transitional provisions with respect to persons that are already in office at the time of entry into force of the Decree. The applicable transitional regime depends on the function of the relevant person and on the type and size of the relevant financial undertaking.