3.6.5 Fit and proper requirements

This is also what happened in the case of the fit and proper requirements. The Dutch legislator took a uniform approach to the fit and proper rules due to the functional structure of the Wft. By the same token, the Dutch supervisors adopted the high CRD IV standards across all sectors, taking into account the proportionality principle (with the exception of ‘good repute’).

These standards, laid down in joint policy rules (Beleidsregel Geschiktheid), divide the different financial institutions into three groups.1 Although all persons must fulfil the same criteria, this may lead to different requirements depending on the specific function and institution, and also how these criteria are assessed differs from group to group. For example, in the case of banks, insurance companies and pension funds (Group A), an in-depth ex ante assessment is performed by the supervisory authorities by reference to all five criteria, whereas in the case of UCITS and AIFMD asset managers, depositories and data reporting services providers (Group B) and trust offices (Group C) only minimum requirements are assessed in advance, although all criteria still need to be fulfilled on an ongoing basis.