Council of Financial Supervisors promulgates rules on integrity-screening

Frank Graaf/Michel Jurgens, Clifford Chance, Amsterdam

The Dutch Council of Financial Supervisors (consisting of delegates from the Securities Board of the Netherlands, the Dutch Central Bank and the Dutch Insurance Chamber) has established uniform policy rules for the integrity-screening of persons involved in the policy formulation of financial institutions (ie. credit, insurance, investment and securities institutions as well as stock exchanges and exchange offices) and certain shareholders of some of these institutions. The policy rules, which have been published in the Official Gazette and are effective as from 21 April 2000, state the possible ways in which the antecedents of relevant persons may be obtained and the various grounds on which the integrity-assessment will be based. The questionnaires used by the different regulatory authorities are from now on identical.