Financial
Supervision Act
Chapter 1.3 Collaboration of supervisors
Section 1.3.1 Collaboration of supervisors at national level
Article 1:46 Adjustment of legislation
- 1. The supervisors
shall work together where it concerns the adoption of generally binding
rules and policy rules, in order to ensure that these shall be uniform
as much a possible, to the extent that they relate to matters that fall
within the scope of prudential supervision as well as the supervision
of conduct.
- 2. The matters referred to in paragraph 1
shall include in any event:
a. the use of powers as listed in Section 1.4.2;
b. the reliability referred to in Article 3:9
and 4:10;
c. the credentials as referred to in Article
3:8 and 4:9;
d. the controlled and sound operations referred
to in Articles 3:17, paragraph 2, under (a) and (b), and 4:14, paragraph
2, under (a) and (b), and;
e. other issues to be specified by Order in
Council.
Article 1:47 Required advice of the other supervisor for taking specific
measures
- 1. The supervisor
shall not take a decision on measures as referred to in paragraph 2 than
after it has granted the other supervisor a reasonable period of time
to bring forward its views on the matter. The first sentence does not
apply if the other supervisor does not exercise any supervision in regard
of the question whether the relevant person or enterprise complies with
the provisions of the present Act.
- 2. The measures are:
a. the appointment of a guardian under Article
1:76;
b. the withdrawal of a licence under Article
1:104, opening words and under (b), (c), (d), (e), (f) or (j);
c. imposing a prohibition as referred to in
Articles 1:58, paragraph 2, 1:58a, paragraph 2, 1:58b, paragraph 2, 1:58c,
paragraph 3, 1:59, paragraph 2, 1:67, paragraph 1, 1:77, paragraph 1,
third sentence, 4:4, paragraph 1, or 4:4a, and;
d. a designation on the basis of Article 1:75
intending to send away a person who is making or co-making the policy
of a financial enterprise, or intending to send away a person who belongs
to a body responsible for supervising the policy and the general state
of affairs of a financial enterprise, and;
e. the withdrawal of a designation on the basis
of Article 2:105, paragraph 4, if it concerns a financial enterprise over
which the Dutch Central Bank exercises prudential supervision.
- 3. The view is brought forward in writing,
unless the urgent nature of the measure should, given the interests involved,
oppose to this. In such a case, a verbally brought forward view shall
be sufficient, on the understanding that it will be confirmed in writing
as soon as possible. Where the supervisor takes a decision as referred
to in paragraph 1 that differs from the view brought forward by the other
supervisor, the decision shall state the reasons for this. The view or
the written confirmation of a verbally brought forward view forms an integral
part of the decision to take a supervisory measure.
- 4. Paragraph 1 and 3 apply accordingly to
requests for bankruptcy made on the basis of Article 212k or 213b of the
Bankruptcy Act (Faillissementswet) and to requests for emergency regulations
made on the basis of Section 3.5.5.
Article 1:47a Required consultation when issuing a licence to certain
investment firms
The Authority for the Financial Markets shall consult the Dutch Central
Bank before granting a licence to an investment firm which:
a. is a subsidiary of a bank, life insurer
or non-life insurer to which a licence has been issued in a Member State;
b. is a subsidiary of a parent company of a
bank, life insurer or non-life insurer to which a licence has been issued
in a Member State;
c. is controlled by a person who also exercises
control over a bank, life insurer or non-life insurer to which a licence
has been issued in a Member State.
Article 1:47b Required advice before granting a declaration of no objection
The Dutch Central Bank shall offer to the Authority for the Financial
Markets the opportunity to give advice before it grants a declaration
of no objection as meant in Article 2:95, if the applicant:
a. is a management company of an institution
for collective investments in negotiable securities or an investment firm
to which the Authority for the Financial Markets has granted a licence
as referred to in Article 2:65, paragraph 2, respectively, Article 2:96;
b. is the parent company of a management company
of an institution for collective investments in negotiable securities
or of an investment firm as referred to under (a);
c. is a person who has control over a management
company of an institution for collective investments in negotiable securities
or over an investment firm as referred to under (a).
Article 1:47c Assessment of the credentials of policymakers of a bank
or insurer
- 1. If a supervisor, pursuant to the present
Act, has to make an assessment of the credentials of a person who lays
down or will lay down the daily policy of a bank or insurer or who forms
or will form a part of a body charged with the exercise of supervision
over the policy and general state of affairs of a bank or insurer, such
supervisor shall, without delay, ask the other supervisor, under the supply
of all relevant data, for its advice on the matter.
- 2. Where the supervisor has the intention
to assess that a person as meant in paragraph 1 possesses the credentials
required pursuant to the present Act, it shall notify the other supervisor,
under the supply of all relevant data, of its intended assessment.
- 3. Where the supervisor has the intention
to make a positive assessment on the unquestionable reliability of a person
who lays down or will lay down, either solely or also with others, the
policy of a financial enterprise or of a person who forms or will form
a part of a body charged with the exercise of supervision over the policy
and general state of affairs of a financial enterprise, it shall notify
the other supervisor, under the supply of all relevant data, of its intended
assessment.
- 4. After the other supervisor, after having
taken knowledge of the intended assessment as referred to in paragraph
2 and 3, has notified that it sees no reason to make a binding recommendation
as referred to in Article 1:49, the supervisor may announce its assessment
or a decision related to it to the financial enterprise.
Article 1:48 Required advice before taking a decision on certain applications
for a licence or approval
- 1. If the Dutch Central Bank in the context
of processing an application as referred to in Articles 2:13, 2:22, 2:32,
2:33, 2:42, 2:43, 2:54a, 3:33 or 3:110, paragraph 4 and 5, is required
to assess whether the applicant meets the requirements set by or pursuant
to Part IV ‘Conduct Supervision Financial Enterprises’, it
shall request the advice of the Authority for the Financial Markets before
rendering a decision on such application.
- 2. If the Authority for the Financial Markets
in the context of processing an application as referred to in Articles
2:67, 2:68 or 2:99, is required to assess whether the applicant meets
the requirements set by or pursuant to Part III ‘Prudential Supervision
Financial Enterprises’, it shall request the advice of the Dutch
Central Bank before rendering a decision on such application.
- 3. The supervisor whose advice is requested
as referred to in paragraph 1 or 2, shall give its advice in writing within
six weeks after the receipt of such request.
- 4. If the Authority for the Financial Markets
in the context of an application for approval as referred to in Articles
2:122, 2:127 or 2:130 or in the context of a notification of change as
referred to in Article 4:26, paragraph 1 or 2, has to assess whether the
financial situation of the applicant or, respectively, of the financial
enterprise involved is adequate, it shall request the advice of the Dutch
Central Bank in this respect. The Dutch Central Bank shall give its advice
in writing within three weeks after the receipt of such request.
- 5. If the supervisor that has requested for
advice considers to deviate from the advice given, it shall provide the
supervisor which has given the advice the opportunity to explain its advice
verbally.
- 6. The advice referred to in paragraph 1,
2 or 4 shall form a part of the decision relating to the licence or approval.
Article 1:49 Binding recommendation in case of insufficient credentials
- 1. If a supervisor, either of its own motion
or on account of a notification as referred to in Article 1:47c, paragraph
2, ascertains that the person who lays down or will lay down the daily
policy of a bank or insurer to which the other supervisor is granting
or will grant a licence or that the person who forms or will form a part
of a body charged with the exercise of supervision over the policy and
general state of affairs of a bank or insurer, not or no longer possesses
the credentials as required under law, it may make a binding recommendation
to the other supervisor in regard of the content of an assessment or decision
to be made concerning the credentials of that person or measures to be
taken as meant in Section 1.4.2.
- 2. If a supervisor, either of its own motion
or on account of a notification as referred to in Article 1:47c, paragraph
2, ascertains that the reliability of the person who lays down or will
lay down the daily policy of a bank or insurer to which the other supervisor
is granting or will grant a licence or of the person who forms or will
form a part of a body charged with the exercise of supervision over the
policy and general state of affairs of a bank or insurer, is not or no
longer unquestionable , it may make a binding recommendation to the other
supervisor in regard of the content of an assessment or decision to be
made concerning the reliability of that person or measures to be taken
as meant in Section 1.4.2.
- 3. A binding recommendation as referred to
in paragraph 1 or 2 shall be reasoned and submitted in writing, unless
its urgent nature, given the interests involved, opposes to this. In the
last case a reasoned verbal recommendation will be sufficient, on the
understanding that it has to be confirmed in writing as soon as possible.
- 4. The supervisor to which the binding recommendation
meant in paragraph 1 or 2 is addressed, shall execute it as soon as possible.
The written recommendation, mentioning the reasons for it, or the written
confirmation of a reasoned verbal recommendation forms an integral part
of the decision executing the binding recommendation.
Article 1:50 Supervision over a financial enterprise of a financial conglomerate
- 1. Article 1:54, paragraph 1 up to and including
4, shall apply accordingly to the Authority for the Financial Markets
if it exercises supervision over a financial enterprise which forms a
part of a financial conglomerate as referred to in Article 3:290.
- 2. Article 1:54, paragraph 1 up to and including
4, shall apply accordingly to the collaboration between the Dutch Central
Bank and the Authority for the Financial Markets in the exercise of the
supervision as referred to in Section 3.6.4.
Section 1.3.2 Collaboration with other Member States in general
§ 1.3.2.1 Collaboration and exchange of data and information
Article 1:51 Provision of data and information to supervisory authorities
of other Member States
- 1. The supervisor shall work together with
the supervisory authorities of other Member States where this is required
for the fulfilment of its duties on the basis of the present Act or for
the fulfilment of the duties of those supervisory authorities.
- 2. When performing its duties the supervisor
shall take into consideration the consequences which its decisions may
have, especially in emergency situations, for the stability of the financial
system of other Member States involved, which consideration is based on
the information available at the relevant moment.
- 3. Upon request, the supervisor shall supply
a supervisory authority of another Member State, with due observance of
paragraph 3 and of Article 1:90, paragraph 1 up to and including 3, with
all data and information required for the fulfilment of the duties of
that supervisory authority.
- 4. If the request concerns a management company
of an institution for collective investments in negotiable securities,
an investment firm or an institution for collective investments in negotiable
securities, the Authority for the Financial Markets may only decide not
to supply data or information, if:
a. the supply of the data or information is
not compatible with Dutch sovereignty, national security or public order;
b. legal proceedings are already pending in
the Netherlands on the same charge and against the same person;
c. a final and binding judgment has already
been rendered in the Netherlands on the same charge and against the same
person.
- 5. The Authority for the Financial Markets
shall notify the supervisory authority of the other Member State of its
reasoned decision referred to in paragraph 3.
- 6. Where a supervisory authority of another
Member State in which a market operator holding a licence as referred
to in Article 5:26, paragraph 1, takes appropriate measures in order to
facilitate access to the trade in its system for members from that Member
State or for long-distance unit-holders, requests the Authority for the
Financial Markets for the names of the members of or unit-holders on the
regulated market concerned, the Authority for the Financial Markets shall
provide these names within a reasonable time to that supervisory authority.
Article 1:51a Collaboration of the Dutch Central Bank with supervisory
authorities of other Member States
- 1. The Dutch Central Bank shall work together
with the relevant supervisory authorities of other Member States for the
purpose of exercising supervision as referred to in Section 3.6.2. In
that context, the Dutch Central Bank, if so requested, shall furnish all
relevant information to these supervisory authorities, with due observance
of Article 1:90, paragraph 1 up to and including 3.
- 2. The Dutch Central Bank shall provide of
its own motion the relevant supervisory authorities of other Member States
with all information that is essential for them to fulfil their supervisory
duties as referred to in Section 3.6.2.
- 3. Essential information as referred to in
paragraph 2 shall in any event include information on:
a. the group structure, the major investment
firms and banks of the group, as well as the supervisory authorities of
other Member States that supervise the investment firms and banks of the
group;
b. procedures for gathering information from
the investment firms and banks of the group, as well as for the verification
of this information;
c. developments at investment firms, banks
or other enterprises of the group that could have serious detrimental
consequences for the investment firms or banks;
d. major sanctions and special measures imposed
by the Dutch Central Bank or the supervisory authorities of other Member
States with regard to the financial enterprises referred to in Section
3.6.2.
- 4. If the Dutch Central Bank supervises a
Dutch investment firm or Dutch bank which is a subsidiary of an EU parent
investment firm or an EU parent bank and it requires information about
the introduction of approaches or methods as described pursuant to the
present Act and this information has already been furnished to the supervisory
authority that supervises that EU parent investment firm or EU parent
bank, it shall address that supervisory authority first.
- 5. Before taking a decision that affects
the supervisory duties as referred to in Section 3.6.2 of another supervisory
authority involved, the Dutch Central Bank shall consult with that supervisory
authority on:
a. changes in share ownership, the organisation
or the management structure of investment firms and banks in the group,
and;
b. major sanctions or special measures.
- 6. The Dutch Central Bank shall ask advice
from the supervisory authority of another Member State that exercises
supervision on a consolidated basis, before taking a decision as to imposing
a sanction or measure as referred to in paragraph 5, under (b).
- 7. In urgent situations, the Dutch Central
Bank may refrain from asking advice as referred to in paragraph 6. In
that case it shall inform the supervisory authorities of other Member
States of its decision without delay.
- 8. If the Dutch Central Bank obtains knowledge
in its capacity as Central Bank of a situation as referred to in Article
1:93a, it shall warn without delay the supervisory authority of the Member
State charged with exercising supervision on a consolidated basis and
it shall supply all information to that supervisory authority it requires
for the fulfilment of its duties.
Article 1:51b Information to be provided due to Recast Directive Collective
Investment Schemes
- 1. The supervisor shall provide of its own
motion, without delay, the relevant supervisory authorities of other Member
States with all information required for the fulfilment of the duties
of those supervisory authorities on the basis of the Recast Directive
Collective Investment Schemes.
- 2. The Authority for the Financial Markets
shall provide, without delay, the supervisory authority of the Member
State of the registered seat of an institution for collective investments
in negotiable securities with information about irregularities in the
management company having its registered seat in the Netherlands, where
such information may have essential influence on the proper fulfilment
of duties by the management company with respect to the institution for
collective investments in negotiable securities and on the non-compliance
by that management company with what is provided under the present Act.
- 3. The Authority for the Financial Markets
shall provide, without delay, the supervisory authority of the Member
State of the registered seat of the management company with information
about irregularities in the institution for collective investments in
negotiable securities having its registered seat in the Netherlands, where
such information may have essential influence on the proper fulfilment
of duties by the management company or on the non-compliance by that management
company with what is provided under the Recast Directive Collective Investment
Schemes.
- 4. The Authority for the Financial Markets
shall notify the supervisory authority of another Member State of changes
in data meant in Article 2:122, paragraph 2, or of a change in the investment
compensation scheme.
Article 1:51c Request for a qualification as significant branch office
- 1. Where the Dutch Central Bank exercises
supervision over a branch office in the Netherlands of an investment firm
or bank having its registered seat in another Member State, it may request
the supervisory authority of another Member State exercising supervision
on a consolidated basis or, when no supervision on a consolidated basis
is exercised, the supervisory authority of the Member State of the registered
seat of the investment firm or bank in question to qualify that branch
office as significant.
- 2. Such request shall specify the reasons
why the branch office may be qualified as significant, and in particular:
a. when it concerns a bank: whether the market
share in deposits of the branch office in the Netherlands is more than
2 percent;
b. the consequences to be expected of a postponement
or ending of the activities of the investment firm or bank meant in paragraph
1 on the liquidity of the market and the payment, clearing and settlement
systems in the Netherlands, or;
c. the size and importance of the branch office,
where it concerns the number of clients, within the banking or financial
system in the Netherlands.
- 3. Where the Dutch Central Bank exercises
supervision over an investment firm or bank having its registered seat
in the Netherlands or exercises supervision on a consolidated basis over
a Dutch investment firm or Dutch bank, and it receives a request of a
supervisory authority of another Member State to qualify a branch office
of that investment firm or bank, which branch office is located in that
other Member State, as significant, it shall, after it has reached an
agreement with the involved supervising authority on the qualification
of the branch office as significant, take a decision in regard of the
qualification of that branch office as significant.
- 4. If the Dutch Central Bank has not taken
a decision on the qualification of a branch office as significant within
two months after receipt of a request as meant in paragraph 2, then the
Dutch Central Bank shall decide at the latest within two months thereafter
whether the branch office is to be qualified as significant. When making
that decision, the Dutch Central Bank shall take the point of view and
reservations of the involved supervisory authority into account.
- 5. The Dutch Central Bank shall send a decision
as referred to in paragraph 3 and 4 to the involved supervisory authority
Article 1:51d Consequences of the status of significant branch office
- 1. Where the Dutch Central Bank exercises
supervision over an investment firm or bank having its registered seat
in the Netherlands, it shall send the information meant in Article 1:51a,
paragraph 3, under (c) and (d), to the supervisory authority of the Member
State where a significant branch office of that financial enterprise is
located and it shall exercise the supervisory activities meant in Article
3:278b, paragraph 1, under (c), in collaboration with that supervisory
authority.
- 2. Where the Dutch Central Bank exercises
supervision over a significant branch office located in the Netherlands
of an investment firm or bank having its registered seat in another Member
State, it shall, in the exercise of supervisory activities as meant in
Article 3:278b, paragraph 1, under (c), collaborate with the supervisory
authority of the registered seat of the financial enterprise in question.
Article 1:51e Relation to the European Banking Authority
The Dutch Central Bank shall participate in the activities of the European
Banking Authority and observe and keep to the directions, recommendations,
standards and other measures adopted by the European Banking Authority,
unless it derogates therefrom on well substantiated grounds.
Article 1:52 Supervisor’s right to demand information from any person
- 1. The supervisor may demand information
from any person for the fulfilment of its duties on the basis of the present
Subsection (§ 1.3.2.1) where this is required for the fulfilment
of the duties of a supervisory authority in another Member State.
- 2. Articles 5:13 and 5:20 of the General
Administrative Law Act shall apply accordingly.
Article 1:53 Consequences of an affiliation between Dutch insurer and
European insurer
- 1. If a Dutch reinsurer, life insurer or
non-life insurer and a European reinsurer, life insurer or non-life insurer
are affiliated as referred to in Article 3:268, paragraph 1, under (i),
the Dutch Central Bank shall, of its own motion and with due observance
of Article 1:90, paragraph 1 up to and including 3, provide the supervisory
authority in each of the other Member States concerned with all information
that seems essential for the supervision to be exercised by that supervisory
authority.
- 2. If a Dutch reinsurer, life insurer or
non-life insurer is affiliated as referred to in Article 3:268, paragraph
1, under (i) with an investment firm or a bank having its registered seat
in another Member State, the Dutch Central Bank shall, with due observance
of Article 1:90, paragraph 1 up to and including 3, provide the supervisory
authorities that are charged with the supervision over those other financial
enterprises with all the information that may facilitate the fulfilment
of their duties.
Article 1:54 Collaboration in regard of financial conglomerates
- 1. For the purpose of exercising supervision
as referred to in Section 3.6.4, the Dutch Central Bank shall work together
with the relevant supervisory authorities of other Member States. In that
context, the Dutch Central Bank shall, with due observance of Article
1:90, paragraph 1 up to and including 3, provide these supervisory authorities
with all relevant information if so requested and furnish these authorities
of its own motion with all essential information.
- 2. The collaboration referred to in paragraph
1 shall comprise at least the gathering and exchange of information with
regard to the following aspects:
a. the group structure referred to in Article
3:289, under (e), all the major enterprises belonging to the financial
conglomerate and the supervisory authorities of other Member States responsible
for supervising the group’s regulated entities meant in Article
3:289, under (d);
b. the financial conglomerate’s strategic
policies;
c. the financial conglomerate’s financial
situation, in particular on capital adequacy, intra-group transactions,
risk concentration as referred to in Article 3:289, under (l), and profitability;
d. the financial conglomerate’s main
shareholders and management;
e. the operations at financial conglomerate
level;
f. the procedures for gathering information
from the enterprises in the financial conglomerate and the verification
of this information;
g. developments at regulated entities or other
group members of the financial conglomerate which could have serious detrimental
consequences for the regulated entities;
h. major sanctions and special measures imposed
by the supervisory authorities of other Member States with regard to the
financial conglomerate or sections thereof.
- 3. Before taking a decision relating to the
matters listed below, the Dutch Central Bank shall consult the supervisory
authorities of other Member States responsible for supervising regulated
entities in the financial conglomerate, where such decision is of importance
for the supervisory duties of those supervisory authorities:
a. changes in share ownership, in the organisation
or in the management structure of a regulated entity which require its
approval;
b. major sanctions or special measures in respect
of a regulated entity.
- 4. Without prejudice to the consultations
referred to in paragraph 3, the Dutch Central Bank may omit such consultations
in urgent situations or where the consultations may jeopardise the effectiveness
of its decision. In that case it shall inform the supervisory authorities
of other Member States of its decision without delay.
- 5. Upon the request of the coordinator referred
to in Article 3:293, paragraph 1, the Dutch Central Bank shall ask the
parent company having its registered seat in the Netherlands which, alone
or together with another enterprise, heads the group to which a regulated
entity belongs, to provide all information relevant for the fulfilment
of the coordinator’s duties.
- 6. If the Dutch Central Bank is not the coordinator
and the coordinator deems it necessary that, with a view to the supervision
referred to in Section 3.6.4, measures are to be taken against a mixed
financial holding company having its registered seat in the Netherlands,
the Dutch Central Bank shall take, upon the coordinator’s request,
the reasonably necessary measures against that mixed financial holding
company by using the powers conferred on it by virtue of the present Act.
Article 1:54a Market operators granting access to its market for trade
from other Member States
If a market operator to which a licence as referred to in Article 5:26,
paragraph 1, has been granted, has taken measures in another Member State
enabling unit-holders on or members of the regulated market to trade on
that market from that Member State, and the activities of the regulated
market are of significant importance for the operation of the securities
markets and the protection of the investors in that Member State, the
Authority for the Financial Markets shall make arrangements with the relevant
supervisory authorities in that Member State about the performance of
its supervisory activities, all without prejudice to Article 1:51
§ 1.3.2.1a Committees of supervisors
Article 1:54b Establishing a committee of supervisors
- 1. When the Dutch Central Bank exercises,
pursuant to Section 3.6.2, supervision on a consolidated basis over a
Dutch investment firm or Dutch bank, it shall establish a committee of
supervisors in order to facilitate the fulfilment of the duties meant
in Articles 1:93a and 3:278b, with due observance of Article 1:90, paragraph
1 up to and including 3, and in order to look after an appropriate coordination
and collaboration with the relevant supervisory authorities of other Member
States.
- 2. If the Dutch Central Bank exercises supervision
over an investment firm or bank having its registered seat in the Netherlands
and which investment firm or bank has in other Member States only branch
offices located there of which at least one is qualified as significant,
then the Dutch Central Bank shall establish in collaboration with the
relevant supervisory authorities of the Member States where such significant
branch office is located, a committee of supervisors in order to facilitate
the collaboration as referred to in Articles 1:51 and 1:51d, all without
prejudice to paragraph 1.
- 3. The Dutch Central Bank decides which of
the relevant supervisory authorities shall participate in a meeting or
activity of the committee of supervisors.
- 4. When making a decision as meant in paragraph
3, the Dutch Central Bank shall take into account the relevance of the
supervisory activities to be planned or coordinated for the involved supervisory
authorities and in particular also the consequences that its decision
may have for the stability of the financial system in the involved Member
States and the obligations imposed pursuant to Article 1:51d.
- 5. Where the Dutch Central Bank exercises
supervision over an investment firm or bank as meant in paragraph 2, it
shall notify, with due observance of Section 1.5.1, the European Banking
Authority of the supervisory activities of the committee of supervisors,
including the supervisory activities in emergency situations, and it shall
provide the European Banking Authority with all information that is of
special importance for the convergence of supervision.
- 6. Further rules may be set by Order in Council
in regard of the duties of the Dutch Central Bank within the committee
of supervisors.
Article 1:54c Participation of the Dutch Central Bank in the committee
of supervisors
The Dutch Central Bank shall participate in the relevant committee of
supervisors if it exercises supervision over a subsidiary of an EU parent
investment firm, an EU parent bank, an EU parent holding or over a significant
branch office located in the Netherlands of an investment firm or bank
as referred to in Article 1:51c. It may participate as well in its capacity
as Central Bank.
§ 1.3.2.2 Collaboration in the context of supervision of compliance
Article 1:55 Right of supervisor to request other supervisory authorities
for verification of data or an investigation
- 1. If a management company, investment firm,
reinsurer, payment institution, electronic money institution, reinsurer,
bank, life insurer or non-life insurer having its registered seat in the
Netherlands has a branch office in another Member State, the supervisor
may, for the purpose of supervision in respect to the question whether
the financial enterprise has complied with the present Act:
a. request the supervisory authority of the
other Member State to verify data or information at the branch office,
or;
b. after having notified the supervisory authority
of the other Member State, itself verify data or information at the branch
office or arrange for such data or information to be verified.
- 2. If the Dutch Central Bank for the purpose
of exercising supervision on a consolidated basis wishes to verify data
or information at an enterprise based in another Member State as referred
to in Chapter 3.6, it may, for the purpose of such supervision:
a. request the supervisory authority of the
other Member State to verify data or information at that enterprise;
b. after having notified the supervisory authority
of the other Member State, itself verify data or information at the enterprise
or arrange for such data or information to be verified.
- 3. If the supervisor for the purpose of exercising
supervision over a management company of an institution for collective
investments in negotiable securities or over an institution for collective
investments in negotiable securities wishes the verify data or information
or wishes to start an investigation at an enterprise seated in another
Member State, it may, in conformity with Articles 6 up to and including
11 of the Regulation for Institutions for Collective Investments in Negotiable
Securities:
a. request the supervisory authority of the
other Member State to verify data or information or to start an investigation
at that enterprise, or;
b. after having obtained the consent of the
supervisory authority of the other Member State to do so, itself verify
data or information or start an investigation at that enterprise or arrange
for such data or information to be verified or for such investigation
to be conducted.
- 4. Paragraph 1 shall apply accordingly with
respect to payment service agents and persons to whom work has been outsourced
by a payment institution or electronic money institution.
Article 1:56 Right of other supervisory authorities to request the supervisor
for verification of data or an investigation
- 1. If a management company, investment firm,
payment service provider, electronic money institution, reinsurer, bank,
life insurer or non-life insurer having its registered seat in another
Member State, has a branch office in the Netherlands, the supervisory
authority of that other Member State may, after having notified the supervisor,
verify data or information at the branch office that is required for exercising
supervision over that management company, investment firm, payment service
provider, electronic money institution, reinsurer, bank, life insurer
or non-life insurer.
- 2. The supervisory authority of the other
Member State may furthermore request the supervisor to verify data or
information at the branch office that is required for exercising supervision
over that management company, investment firm, payment service provider,
electronic money institution, reinsurer, bank, life insurer or non-life
insurer. The supervisor shall comply with such request or shall provide
the supervisory authority of the other Member State the opportunity to
verify data or information at the branch office or to arrange that such
data or information can be verified on its behalf.
- 3. If a supervisory authority of another
Member State, for the purpose of exercising supervision in regard of the
question whether the Recast Directive Collective Investment Schemes has
been complied with, wishes to verify data or information or wishes to
start an investigation at an enterprise seated in the Netherlands, it
may request the Authority for the Financial Markets to conduct such verification
or investigation. The Authority of the Financial Markets shall comply
with such request or shall provide the supervisory authority of the other
Member State the opportunity to verify data or information itself at the
branch office or to start an investigation itself or to arrange that such
data or information can be verified or that such investigation can be
conducted on behalf of such supervisory authority.
- 4. If a supervisory authority of another
Member State, for the purpose of exercising supervision on a consolidated
basis over a bank seated in the Netherlands, wishes to verify data or
information at an enterprise located in the Netherlands, it may request
the Dutch Central Bank to conduct such verification or investigation.
The Dutch Central Bank shall comply with such request or shall provide
the supervisory authority the opportunity to verify the data or information
itself or to arrange that such data or information can be verified on
its behalf.
- 5. For the purpose of a verification as referred
to in paragraph 1 or 2, the supervisor may demand information from the
branch office or enterprise, respectively. Articles 5:13, 5:17 and 5:20
of the General Administrative Law Act shall apply accordingly.
- 6. Paragraph 1, 2 and 4 shall apply accordingly
with respect to payment service agents of payment service providers seated
in another Member State that have obtained a licence from a supervisory
authority of that Member State to provide payment services, and with respect
to persons to whom work has been outsourced by payment service providers
seating in another Member State that have obtained a licence from a supervisory
authority of that Member State to provide payment services.
- 7. Paragraph 1, 2 and 5 shall apply accordingly
with respect to agents of electronic money institutions seated in another
Member State that have obtained a licence from a supervisory authority
of that Member State allowing them to provide payment services, and with
respect to persons to whom work has been outsourced by an electronic money
institution seated in another Member State
Article 1:56a Verification by an expert / verification of a long-distance
member of a regulated market
- 1. If an investment firm having its registered
seat in another Member State has a branch office in the Netherlands, the
Authority for the Financial Markets may, upon the request of the supervisory
authority of that other Member State, arrange for an expert to verify
data or information or conduct an investigation at the branch office.
- 2. If an investment firm having its registered
seat in the Netherlands is a long-distance member of a regulated market
to which a license is granted in another Member State, the supervisory
authority of that other Member State may itself, after having notified
the Authority for the Financial Markets, verify data or information at
this member itself or arrange that such data or information can be verified
or that such an investigation can be conducted on its behalf
Article 1:56b Right of refusal of the Authority for the Financial Market
- 1. The Authority for the Financial Markets
may only refuse a request for collaboration in the conduct of an investigation
or a request as referred to in Article 1:56, insofar as such request relates
to a management company of an institution for collective investments in
negotiable securities, an investment firm or a collective investments
in negotiable securities or or a request as meant in Article 1:56a, if:
a. the investigation or the verification of
data or information is not compatible with Dutch sovereignty, national
security or public order;
b. legal proceedings are already pending in
the Netherlands on the same charge and against the same person;
c. a final and binding judgment has already
been rendered in the Netherlands on the same charge and against the same
person.
- 2. The Authority for the Financial Markets
shall notify the supervisory authority of the other Member State of its
decision, with mention of its reasons.
Article 1:57 Verification of data or information relating to a group member
- 1. If a supervisory authority of another
Member State, for the purpose of exercising supervision as meant in Section
3.6.4, requests for the verification of data or information relating to
a group member as referred to in Article 3:289, under (f), having its
registered seat in the Netherlands, the Dutch Central Bank shall comply
with such request or shall provide the involved supervisory authority
the opportunity to verify the data or information itself or to arrange
that such data or information can be verified on its behalf.
- 2. The Dutch Central Bank may demand the
provision of information for the purpose of a verification as referred
to in paragraph 1. Articles 5:13, 5:17 and 5:20 of the General Administrative
Law Act shall apply accordingly.
§ 1.3.2.3 Collaboration in the context of enforcement
Article 1:58 Instructions and sanctions in case of non-compliance by a
financial enterprise
- 1. If a management company having its registered
seat in another Member State that is managing an institution for collective
investments in negotiable securities, or a bank, life insurer or non-life
insurer having its registered seat in another Member State, that pursues
its business or provides financial services from a branch office in the
Netherlands, or that provides services to the Netherlands, does not comply
with an instruction as referred to in Article 1:75 issued by the supervisor,
the supervisor shall notify the supervisory authority of the other Member
State thereof.
- 2. Without prejudice to Articles 1:79 and
1:80, the supervisor may, after having notified the supervisory authority
of the Member State where the financial enterprise has its registered
seat, decide that the relevant financial enterprise is no longer allowed
to enter into new contracts in the Netherlands, if that financial enterprise
fails to comply with what is provided by or pursuant to the present Act:
a. despite of the measures taken by the supervisory
authority of the Member State where the financial enterprise has its registered
seat;
b. if these measures are inadequate, or;
c. if the supervisory authority referred to
under (a) has not taken measures.
- 3. Without prejudice to Articles 1:79 and
1:80, the supervisor may, after having notified the supervisory authority
of the Member State where the financial enterprise has its registered
seat, decide that the relevant management company is no longer allowed
to manage and administer a specific institution for collective investments
in negotiable securities having its registered seat in the Netherlands,
if it does not comply with what is provided by or pursuant to the present
Act:
a. despite of the measures taken by the supervisory
authority of the Member State where the management company has its registered
seat;
b. if these measures are inadequate, or;
c. if the supervisory authority referred to
under (a) has not taken measures.
- 4. The supervisor shall announce a decision
taken on the basis of paragraph 2 and 3 in the Government Gazette ('Staatscourant')
as soon as the period for appeal has expired or, where an appeal has been
lodged, as soon as a final and binding decision has been rendered on appeal.
- 5. Paragraph 1 and 2 shall apply accordingly
to:
a. persons providing insurance brokerage services
having their registered seat in another Member State;
b. payment service providers, on the understanding
that for this purpose a branch office shall include as well a payment
service agent or a person to whom work is outsourced;
c. electronic money institutions having their
registered seat in another Member State, on the understanding that for
this purpose a branch office shall include as well a payment service agent
or a person to whom work is outsourced;
d. financial service providers having their
registered seat in another Member State, that conduct the business of
a financial institution, a bank or an insurer;
e. persons providing reinsurance brokerage
services having their registered seat in another Member State.
Article 1:58a Non-compliance with an obligation by an EU investment firm
- 1. If an investment firm having its registered
seat in another Member State provides investment services or performs
investment activities in the Netherlands by providing services or operating
from a branch office in the Netherlands, fails to fulfil the obligations
imposed pursuant to Part IV ‘Conduct Supervision Financial Enterprises’
or Part V ‘Conduct Supervision Financial Markets’, the supervisor
shall notify the supervisory authority of the other Member State thereof.
- 2. Without prejudice to Articles 1:79 and
1:80, the supervisor may, after having notified the supervisory authority
of the Member State where the investment firm has its registered seat,
decide that the investment firm is no longer allowed to enter into new
contracts in the Netherlands, if it continues to act in a manner that
clearly harms the interests of investors or the orderly operation of the
financial markets:
a. despite of the measures taken by the supervisory
authority of the Member State where it has its registered seat;
b. if these measures are inadequate; or
c. if the supervisory authority referred to
under (a) has not taken measures.
- 3. Article 1:58, paragraph 3, shall apply
accordingly.
Article 1:58b Non-compliance with an instruction by an EU investment firm
- 1. If an investment firm having its registered
seat in another Member State provides investment services or performs
investment activities from a branch office in the Netherlands, fails to
comply with an instruction issued by the supervisor as referred to in
Article 1:75, the supervisor shall notify the supervisory authority of
the other Member State thereof.
- 2. In the situation referred to in paragraph
1, the supervisor may also decide that the relevant investment firm is
no longer allowed to enter into new contracts in the Netherlands, all
without prejudice to Sections 1:79 and 1:80.
- 3. Article 1:58, paragraph 3, shall apply
accordingly.
Article 1:58c Non-compliance by an EU market operator or EU investment
firm operating a multilateral trading facility
- 1. If a market operator having its registered
seat in another Member State makes its facilities available to members
based in the Netherlands or long-distance unit-holders, fails to fulfil
the obligations imposed pursuant to Part IV ‘Conduct Supervision
Financial Enterprises’ or Part V ‘Conduct Supervision Financial
Markets’, the supervisor shall notify the supervisory authority
of the other Member State thereof.
- 2. Paragraph 1 shall apply accordingly to
an investment firm having its registered seat in another Member State
which operates a multilateral trading facility in the Netherlands.
- 3. Without prejudice to Article 1:79 and
1:80, the supervisor may, after having notified the supervisory authority
of the Member State where the investment firm or the market operator has
its registered seat, decide that the relevant investment firm or market
operator is no longer allowed to make its facilities available to members
based in the Netherlands or long-distance unit-holders, if it continues
to act in a manner that clearly harms the interests of investors or the
orderly operation of the financial markets:
a. despite of the measures taken by the supervisory
authority of the Member State where it has its registered seat;
b. if these measures are inadequate, or;
c. if the supervisory authority referred to
under (a) has not taken measures.
- 4. Article 1:58, paragraph 3, shall apply
accordingly.
Article 1:58d Instructions given to an EU reinsurer
- 1. If the supervisor issues an instruction
as referred to in Article 1:75 to a reinsurer having its registered seat
in another Member State and that reinsurer pursues its business from a
branch office situated in the Netherlands or provides services to the
Netherlands, the supervisor shall simultaneously notify the supervisory
authority of the other Member State thereof.
- 2. Article 1:58, paragraph 2 and 3, shall
apply accordingly.
Article 1:59 Instructions to a Dutch financial enterprise upon request
of another supervisory authority
- 1. If a management company, investment firm,
payment institution, electronic money institution, reinsurer, bank, life
insurer, premium pension institution or non-life insurer having its registered
seat in the Netherlands and pursuing its business or performing financial
or other services to another Member State from a branch office in the
other Member State, fails to comply with the statutory regulations applicable
in that other Member State, the supervisor shall without delay, after
having received a notification to that effect from the supervisory authority
of that other Member State, issue an instruction to the relevant management
company, investment firm, payment institution, electronic money institution,
reinsurer, bank, life insurer, premium pension institution or non-life
insurer to follow, within a reasonable time set by the supervisor, the
line of conduct as set out in the instruction order, in order to put an
end to the violation of the statutory regulations applicable in that other
Member State.
- 2. If the instruction has not or not sufficiently
been complied with, the supervisor may, after having notified the involved
supervisory authority thereof, decide that the relevant management company,
investment firm, payment institution, electronic money institution, reinsurer,
bank, life insurer, premium pension institution or non-life insurer is
not allowed to enter into new contracts in that other Member State.
- 3. The supervisor shall inform the supervisory
authority of the other Member State of the measures taken on the basis
of paragraph 1 or 2.
- 4. Paragraph 1 up to and including 3 shall
apply accordingly with respect to payment service agents and persons to
whom work has been outsourced by a payment institution or electronic money
institution.
Article 1:59a Information duty in regard of a feeder institution seated
in another Member State
- 1. The Authority for the Financial Markets
shall notify, without delay, a feeder institution for collective investments
in negotiable securities having its registered seat in the Netherlands
of the decisions and measures taken and of the ascertained violations
of what is provided pursuant to Articles 4:57a up to and including 4:57c,
4:61a and 4:61b and of all notifications made on the basis of Article
4:27 relating to a master institution for collective investments in negotiable
securities having its registered seat in the Netherlands in which the
feeder institution for collective investments in negotiable securities
participates or, where applicable, relating to the management company,
custodian or auditor of the master institution for collective investments
in negotiable securities.
- 2. The Authority for the Financial Markets
shall notify, without delay, the supervisory authority of the Member State
where the feeder institution for collective investments in negotiable
securities has its registered seat, of the decisions and measures taken
and of the ascertained violations of what is provided pursuant to Articles
4:57a up to and including 4:57c, 4:61a and 4:61b and of all notifications
made on the basis of Article 4:27 relating to the master institution for
collective investments in negotiable securities having its registered
seat in the Netherlands or, where applicable, relating to its auditor,
management company or custodian. The Authority for the Financial Markets
shall send a copy of these notifications to the feeder institution for
collective investments in negotiable securities.
§ 1.3.2.4 Consultation in the context of other procedures and notification
of certain decisions
Article 1:60 Consultation duty when granting a licence
- 1. The Authority for the Financial Markets
shall consult the supervisory authority of the Member State involved before
granting a licence to a management company which:
a. is a subsidiary of a management company,
investment firm, reinsurer, bank, life insurer or non-life insurer that
has been licensed in another Member State;
b. is a subsidiary of a parent company of a
management company, investment firm, reinsurer, bank, life insurer or
non-life insurer that has been licensed in another Member State;
c. is controlled by a person that also exercises
control over a management company, investment firm, reinsurer, bank, life
insurer or non-life insurer that has been licensed in another Member State.
- 2. The Authority for the Financial Markets
shall consult the supervisory authority of the Member State involved before
granting a licence to an investment firm which:
a. is a subsidiary of an investment firm, reinsurer,
bank, life insurer or non-life insurer that has been licensed in another
Member State;
b. is a subsidiary of a parent company of an
investment firm, reinsurer, bank, life insurer or non-life insurer that
has been licensed in another Member State;
c. is controlled by a person that also exercises
control over an investment firm, reinsurer, bank, life insurer or non-life
insurer that has been licensed in another Member State.
- 3. The Dutch Central Bank shall consult the
supervisory authority of the Member State involved before granting a licence
to a bank which:
a. is a subsidiary of a bank that has been
licensed in another Member State;
b. is a subsidiary of a parent company of a
bank that has been licensed in another Member State;
c. is controlled by a person that also exercises
control over a bank that has been licensed in another Member State.
- 4. The Dutch Central Bank shall consult the
supervisory authority of the Member State involved before granting a licence
to a life insurer or non-life insurer which:
a. is a subsidiary of an investment firm, reinsurer,
bank, life insurer or non-life insurer that has been licensed in another
Member State;
b. is a subsidiary of a parent company of an
investment firm, reinsurer, bank, life insurer or non-life insurer that
has been licensed in another Member State;
c. is controlled by a natural or legal person
that also exercises control over an investment firm, reinsurer, bank,
life insurer or non-life insurer that has been licensed in another Member
State.
Article 1:60a Consultation and information by the Authority for the Financial
Markets in relation to management companies
- 1. The Authority for the Financial Markets
shall consult the supervisory authority of the Member State of the registered
seat of the management company before it shall decide not to approve an
application as referred to in Article 2:72, paragraph 2.
- 2. Upon request of the supervisory authority
of the Member State where the management company having its registered
seat in the Netherlands intends to manage an institution for collective
investments in negotiable securities, the Authority for the Financial
Markets shall provide further information in respect of:
a. the extent of the licence granted to the
management company;
b. the arrangements made relating to the possibility
to outsource work as referred to in Article 4:16;
c. the agreement concerning the management
and custody as referred to in Article 4:43.
Article 1:61 Information duty in relation to a withdrawal or change of
a licence
- 1. The supervisor shall inform the supervisory
authorities of the Member States in which a financial enterprise having
its registered seat in the Netherlands conducts its business or performs
financial services from a branch office, or to which a financial enterprise
provides services, of the withdrawal of the licence referred to in Article
2:11, paragraph 1, 2:27, paragraph 1, 2:65 or 2:96 granted to that financial
enterprise.
- 2. Before the Authority for the Financial
Markets withdraws the licence of a management company as referred to in
Article 2:65 having its registered seat in the Netherlands, the Authority
for the Financial Markets shall consult the supervisory authority of the
Member State where that management company performs its activities from
a branch office located there or through the performance of services.
- 3. The Authority for the Financial Markets
shall inform the supervisory authority of the Member State where the management
company performs its activities from a branch office located there or
through the performance of services, of a change in the licence of the
management company and of possible restrictions in respect of the types
of institutions for collective investments for negotiable securities which
may be managed and administered by the management company.
- 4. The Authority for the Financial Markets
shall inform the supervisory authority of a Member State where units in
an institution for collective investments in negotiable securities having
its registered seat in the Netherlands are offered from a branch office
located there or by means of the performance of services and, if the management
company of an institution for collective investments in negotiable securities
has its seat in another Member State, the supervisory authority of the
Member State of the registered seat of the management company, of the
withdrawal of a licence as referred to in Article 2:65 and of other measures
taken against the institution for collective investments in negotiable
securities.
- 5. If a financial enterprise having its registered
seat in another Member State conducts its business or performs financial
services from a branch office in the Netherlands, or provides services
to the Netherlands, and the supervisory authority of that Member State
has informed the supervisor of the withdrawal of the licence of that financial
enterprise by that supervisory authority, the supervisor shall make this
notification public.
Article 1:62 A declaration of no objection for a management company
The Dutch Central Bank shall give the supervisory authority of the Member
State involved the opportunity to give its advice before issuing a declaration
of no objection as referred to in Article 3:95, if the applicant:
a. is a management company of an institution
for collective investments in negotiable securities, an investment firm,
a reinsurer, a bank, a life insurer or non-life insurer to which a licence
has been granted in another Member State;
b. is the parent company of a management company
of an institution for collective investments in negotiable securities,
an investment firm, a reinsurer, a bank, a life insurer or a non-life
insurer as meant under (a);
c. is a person who otherwise controls a management
company of an institution for collective investments in negotiable securities,
an investment firm, a reinsurer, a bank, a life insurer or a non-life
insurer as meant under (a).
Article 1:63 Dispensation for a life insurer or non-life insurer or withdrawal
of a dispensation for a financial enterprise
- 1. Before granting a dispensation to a life
insurer or non-life insurer as referred to in Article 3:60, paragraph
1, the Dutch Central Bank shall give the supervisory authority of the
Member State referred to in Article the opportunity to give its advice.
- 2. Before withdrawing a dispensation as referred
to in Article 3:60, paragraph 1, the Dutch Central Bank shall request
the supervisory authority of the Member State involved that granted a
similar dispensation to the same financial enterprise to withdraw this
dispensation at the time proposed by the supervisor.
- 3. If the supervisory authority of the Member
State referred to in Article 3:60, paragraph 1, so requests, the Dutch
Central Bank shall withdraw a dispensation as referred to in that Article
at the time proposed by that supervisory authority.
Article 1:64 Financial enterprise having a supervisory status certificate
no longer meets requirements
If a financial enterprise having its registered seat in the Netherlands
in regard of which a supervisory status certificate is issued, no longer
meets the provisions of Article 3:110, paragraph 3 up to and including
6, the Dutch Central Bank shall inform the supervisory authorities of
other Member States in which that financial enterprise conducts its business
or performs financial services from a branch office, or to which it provides
services.
§ 1.3.2.5 Provision of information by the Dutch Central Bank to supervisory
authorities of other Member States relating to reinsurers having their
registered seat in a non-Member State
Article 1:64a Licence to conduct the business of a reinsurer granted to
a subsidiary of a non-EU enterprise
The Dutch Central Bank shall notify the relevant supervisory authorities
of the other Member States of a license for conducting the business of
a reinsurer that has been granted under the present Act to a subsidiary
of an enterprise governed by the law of a non-Member State.
Article 1:64b Declaration of no objection in respect of a qualified shareholder’s
participation in a reinsurer
The Dutch Central Bank shall notify the relevant supervisory authorities
of the other Member States of a declaration of no objection issued as
referred to in Article 3:95 in respect of a qualified shareholder’s
participation in a reinsurer, if the reinsurer, due to that qualified
shareholder’s participation, becomes a subsidiary of an enterprise
governed by the law of a non-Member State.
Section 1.3.3 Collaboration with supervisory authorities of non-Member
States
Article 1:65 Exchange of data and information with supervisory authorities
of non-Member States
- 1. The supervisor may supply a supervisory
authority of a non-Member State with confidential data or information
if the guarantees applicable under the law of that State with regard to
non-disclosure of this data and information are at least equivalent to
those applicable under Article 1:90, paragraph 1, and to the extent that
the exchange is made for the purpose of exercising supervision by the
supervisory authority involved. Article 1:90, paragraph 1 up to and including
3, shall apply accordingly.
- 2. The Authority for the Financial Markets
may supply confidential data or information in respect of an investment
firm, a multilateral trading facility or a market operator to the following
persons or bodies in a non-Member State:
a. a person charged in that State with the
statutory audit of the annual accounts of financial enterprises, or with
the administration of compensation schemes, insofar as the data or information
is supplied for the purpose of the exercise of that person’s duties;
b. a body responsible in that State for exercising
supervision over persons charged with the statutory audit of the annual
accounts of a financial enterprise;
c. a person who in that State is involved in
the liquidation and winding-up of an investment firm or a similar procedure;
d. a body responsible in that State for exercising
supervision over persons who are involved in the liquidation and winding-up
of investment firms and other similar procedures.
- 3. The Authority for the Financial Markets
may only apply paragraph 2 if the guarantees applicable under the law
of the State involved with regard to non-disclosure of data and information
are at least equivalent to those applicable under Article 1:90, and to
the extent that the exchange is made for the purpose of the exercise of
the duties by the person or body involved.
- 4. Insofar as the data and information referred
to in paragraph 2 have been obtained from a supervisory authority of a
non-Member State, the Authority for the Financial Markets shall not disclose
it to a person or body as referred to in paragraph 2, unless the supervisory
authority from which the data and information was obtained has expressly
consented to the disclosure of the data and information and, where applicable,
has consented to the use of this data and information for a purpose other
than that for which it was supplied.
- 5. Immediately after an agreement has been
concluded under observance of paragraph 1 or 2 with a supervisory authority
of a non-Member State or a person or body as referred to in paragraph
2, in order to exchange data and information, the supervisor shall send
a copy of that agreement to the Minister.
Article 1:66 Non EU insurer not complying with an instruction
- 1. If a reinsurer, life insurer or non-life
insurer having its registered seat in a non-Member State does not comply,
when performing services to the Netherlands from another Member State,
with an instruction issued by the Dutch Central Bank as referred to in
Article 1:75, the Dutch Central Bank shall notify the supervisory authority
of that Member State thereof.
- 2. Article 1:58, paragraph 2 and 4, shall
apply accordingly.
Article 1:67 Non EU clearing institution or in kind insurer not complying
with instructions
- 1. If a clearing institution or a funeral
expenses and benefits in kind insurer having its registered seat in another
State fails to comply with an instruction issued by the supervisor as
referred to in Article 1:75, the supervisor, where appropriate, may decide
that the relevant clearing institution or funeral expenses and benefits
in kind insurer is no longer allowed to enter into new contracts in the
Netherlands by means of providing services, all without prejudice to Article
1:79 and 1:80.
- 2. Article 1:58, paragraph 4, shall apply
accordingly.
Article 1:68 Supervisor’s right to demand information from any person
- 1. The supervisor may request information
from any person where this is done for the purpose of implementing Treaties
on the exchange of data or information, or for the purpose of implementing
agreements on the exchange of data and information as referred to in Article
1:65 concluded with supervisory authorities.
- 2. Articles 5:13 and 5:20 of the General
Administrative Law Act shall apply accordingly.
Section 1.3.4. Collaboration and exchange of data and information with
institutions of the European Union
Article 1:69 Collaboration between supervisor and European institutions
- 1. The supervisor shall work together with
the European Commission, the European supervisory authorities, the Joint
Committee of the European supervisory authorities and the European Committee
for systemic risks, where this is required for the fulfilment of its duties
under the present Act or for the fulfilment of the duties of those institutions.
- 2. The supervisor shall provide, with due
observance of Article 1:90, paragraph 1 and 3, the European Commission,
the European supervisory authorities, the Joint Committee of the European
supervisory authorities and the European Committee for systemic risks
with all data and information required for the fulfilment of their duties.
- 3. For the purpose of implementing binding
EU-juridical acts, further rules may be set by Ministerial Regulation
with respect to collaboration and settlement of disputes within the European
System for financial supervision and the provision of data and information
to institutions belonging to the European Commission.
Article 1:70 Supervisor’s right to demand information from any person
- 1. The supervisor may for the purpose of
the fulfilment of its duties request on the basis of Article 1:69 from
any person any information where this is required for the fulfilment of
the duties of the European Commission, the European supervisory authorities,
the Joint Committee of the European supervisory authorities and the European
Committee for systemic risks.
- 2. Articles 5:13 and 5:20 of the General
Administrative Law Act shall apply accordingly.
Article 1:71 [repealed on 01-07-2012]
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